UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10183

BRIGHTHOUSE FUNDS TRUST I

(Exact name of registrant as specified in charter)

125 High Street, Suite 732

Boston, MA 02110

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Kristi Slavin -------------------------- c/o Brighthouse Investment Advisers, LLC 125 High Street, Suite 732 Boston, MA 02110	Brian D. McCabe, Esq. -------------------------- Ropes and Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199

Registrant’s telephone number, including area code: (980) 949-5121

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Item 1:  Report to Shareholders.

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

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Managed By AllianceBernstein L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B shares of the AB Global Dynamic Allocation Portfolio returned -20.43%. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

MARKET ENVIRONMENT / CONDITIONS

U.S., international, and emerging-market stocks declined during the annual period ended December 31, 2022. In response to persistently high inflation, central banks—led by the U.S. Federal Reserve (the “Fed”)—took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional rate raises, including four consecutive increases of 0.75%. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its higher-for-longer conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks were pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Fixed-income government bond market yields rose sharply, and bond prices fell significantly in all major developed markets, as most central banks raised interest rates to combat high and persistent inflation. Lower than expected inflation numbers late in the period led to optimism that central bank policy rate increases would moderate. Longer-term bonds fell the most in the United Kingdom and eurozone, and by the least in Japan. Securitized assets generally outperformed other credit-risk sectors. Global investment-grade corporate bonds, which typically have longer maturities and are more sensitive to changes in yields than high-yield corporate bonds, underperformed global treasury bonds (“treasuries”)—trailing U.S. Treasuries in the U.S. while outperforming eurozone treasuries in the euro bloc. Developed-market high-yield corporate bonds modestly outperformed global treasuries, trailing in the U.S. and outperforming in the eurozone relative to respective treasury markets. Emerging-market sovereign bonds trailed as the U.S. dollar gained on the vast majority of currencies. Emerging-market corporate bonds and local-currency bonds also fell sharply. Brent crude oil prices were extremely volatile and rose during the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

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

The AB Global Dynamic Allocation Portfolio return was negative and underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the twelve-month period ending on December 31, 2022. During this period, the Portfolio’s interest rate swap overlay position was the major detractor to performance over the period. The Portfolio’s relative overweight allocation to U.S. large-cap stocks also detracted from performance. A relative underweight allocation to U.S. small-cap stocks contributed to performance as did an underweight to international bonds.

The Portfolio began the year modestly overweight equity, motivated by our expectation that pent-up consumer and corporate demand, strong consumer and corporate quality metrics, and supportive policies would continue to support the global economic expansion. The Portfolio was underweight to bonds primarily due to our concerns that strong growth and higher inflation would lead markets to bring forward expectations for the end of extraordinary monetary policies, negatively impacting fixed income investments.

By the end of February, the Portfolio had moved to an underweight to equities. The Omicron COVID-19 surge had resulted in economies delaying their reopening schedules, which made the supply-demand imbalance persist longer than expected. When combined with the fact that inflation had largely surpassed central bank targets, the odds of a monetary policy mistake increased, especially since some of the inflation drivers were not tied to policy measures. Additionally at this time Ukraine-Russia tensions were not only meaningful from a geopolitical tail-risk perspective but also as it related to the upside risks to commodity prices. The team maintained an underweight to equities for the remainder of the year as, inflation continued to unsettle markets. Supply constraints and disruptions related to the various paces at which different parts of the global economy have reopened since the worst of the pandemic continue to push prices higher. Most concerning to central bank policymakers is that the increase in prices moved beyond goods markets that were impacted by supply-chain or commodity-related disruptions. Service prices in the western world have surged as well, making it clear that slowing demand will be necessary to bring the global economy back into equilibrium.

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

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Managed By AllianceBernstein L.P.

Portfolio Manager Commentary*—(Continued)

The Portfolio ended the period with an underweight to risk assets, including developed market equities and real assets, although the Portfolio did begin to moderate that underweight in December. The Portfolio maintained its tactical underweight to bonds, as rising rates and upside risks of inflation suggest to us that bond yields may continue to rise. However, we continue to closely monitor the underweight due to the sharp repricing in monetary policy rate expectations as well as emerging signs that the primary drivers of extreme inflation are easing. The Portfolio also increased its overweight to emerging market equities as China’s zero-COVID policy was abandoned and growth became a priority.

The Portfolio was overweight cash at the end of the period. The Portfolio held an overweight to the Canadian dollar, the Australian dollar and the Japanese yen. The Portfolio was underweight the U.S. dollar, British pound sterling, and the Swiss franc.

Daniel Loewy

Alexander Barenboym

Caglasu Altunkopru

Portfolio Managers

AllianceBernstein L.P.

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

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk (past 36 months).

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

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

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
AB Global Dynamic Allocation Portfolio
Class B		-20.43		0.26		3.65
Dow Jones Moderate Portfolio Index		-14.97		3.26		5.66

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Equity Sectors

	% of Net Assets
Information Technology		8.6
Financials		7.9
Health Care		7.6
Real Estate		6.5
Industrials		6.2

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		29.8
Foreign Government		9.8
U.S. Treasury		1.2

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

AB Global Dynamic Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a)	Actual		0.90	%	$	1,000.00	$	977.10	$	4.49
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.67	$	4.58

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—57.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.9%
Airbus SE		30,560	$	3,633,653
BAE Systems plc		161,589		1,670,053
Boeing Co. (The) (a) (b)		12,177		2,319,597
Dassault Aviation S.A.		1,303		221,079
Elbit Systems, Ltd.		1,374		223,591
General Dynamics Corp.		4,906		1,217,228
Howmet Aerospace, Inc.		8,065		317,842
Huntington Ingalls Industries, Inc.		871		200,922
Kongsberg Gruppen ASA		4,670		198,201
L3Harris Technologies, Inc.		4,174		869,068
Lockheed Martin Corp.		5,148		2,504,450
MTU Aero Engines AG		2,770		599,540
Northrop Grumman Corp.		3,173		1,731,220
Raytheon Technologies Corp.		32,211		3,250,734
Rheinmetall AG		2,266		451,353
Rolls-Royce Holdings plc (a)		429,778		481,175
Safran S.A.		17,671		2,208,225
Singapore Technologies Engineering, Ltd.		79,154		198,105
Textron, Inc.		4,615		326,742
Thales S.A.		5,521		705,785
TransDigm Group, Inc.		1,124		707,727
				24,036,290
Air Freight & Logistics—0.3%
C.H. Robinson Worldwide, Inc. (b)		2,703		247,487
Deutsche Post AG		51,248		1,929,069
DSV A/S		9,679		1,535,148
Expeditors International of Washington, Inc. (b)		3,569		370,891
FedEx Corp.		5,215		903,238
Nippon Express Holdings, Inc.		4,003		228,281
SG Holdings Co., Ltd.		14,938		208,235
United Parcel Service, Inc. - Class B		15,966		2,775,529
Yamato Holdings Co., Ltd.		14,728		234,135
				8,432,013
Airlines—0.1%
Alaska Air Group, Inc. (a)		2,765		118,729
American Airlines Group, Inc. (a) (b)		14,177		180,331
ANA Holdings, Inc. (a) (b)		8,348		177,845
Delta Air Lines, Inc. (a)		13,988		459,646
Deutsche Lufthansa AG (a)		30,305		251,841
Japan Airlines Co., Ltd. (a) (b)		7,368		151,145
Qantas Airways, Ltd. (a)		46,854		188,647
Singapore Airlines, Ltd.		69,272		285,472
Southwest Airlines Co. (a)		12,944		435,824
United Airlines Holdings, Inc. (a)		7,128		268,726
				2,518,206
Auto Components—0.2%
Aisin Corp.		7,661		204,055
Aptiv plc (a)		5,910		550,398
BorgWarner, Inc.		5,167		207,972
Bridgestone Corp. (b)		29,519		1,050,927
Cie Generale des Etablissements Michelin SCA		35,074		975,299
Continental AG		5,753		343,718
Auto Components—(Continued)
Denso Corp.		22,405		1,098,329
Koito Manufacturing Co., Ltd.		10,597		157,851
Sumitomo Electric Industries, Ltd.		36,700		416,313
Valeo		10,728		191,224
				5,196,086
Automobiles—1.1%
Bayerische Motoren Werke AG		17,118		1,527,870
Ferrari NV		6,517		1,394,351
Ford Motor Co.		86,157		1,002,006
General Motors Co.		31,808		1,070,021
Honda Motor Co., Ltd.		84,286		1,927,128
Isuzu Motors, Ltd.		29,975		350,106
Mazda Motor Corp.		28,829		217,919
Mercedes-Benz Group AG		41,483		2,722,261
Nissan Motor Co., Ltd.		119,232		375,133
Renault S.A. (a)		9,903		329,949
Stellantis NV (Milan-Traded Shares)		113,776		1,611,629
Subaru Corp.		31,906		489,582
Suzuki Motor Corp.		19,059		613,188
Tesla, Inc. (a) (b)		58,104		7,157,251
Toyota Motor Corp.		548,263		7,493,187
Volkswagen AG		1,551		245,196
Volvo Car AB - Class B		30,212		138,029
Yamaha Motor Co., Ltd. (b)		15,324		348,238
				29,013,044
Banks—3.6%
ABN AMRO Bank NV		20,880		288,388
AIB Group plc		55,286		213,109
ANZ Group Holdings, Ltd.		154,578		2,490,084
Banco Bilbao Vizcaya Argentaria S.A.		313,680		1,894,243
Banco Santander S.A.		868,267		2,600,316
Bank Hapoalim B.M.		64,688		583,573
Bank Leumi Le-Israel B.M.		79,293		660,969
Bank of America Corp.		152,504		5,050,932
Bank of Ireland Group plc		55,335		524,670
Banque Cantonale Vaudoise		1,558		149,636
Barclays plc		831,061		1,597,786
BNP Paribas S.A.		57,434		3,268,415
BOC Hong Kong Holdings, Ltd.		190,064		646,087
CaixaBank S.A.		229,203		899,686
Chiba Bank, Ltd. (The)		26,875		196,963
Citigroup, Inc.		42,250		1,910,968
Citizens Financial Group, Inc.		10,813		425,708
Comerica, Inc.		2,854		190,790
Commerzbank AG (a)		54,675		517,003
Commonwealth Bank of Australia		87,970		6,140,402
Concordia Financial Group, Ltd.		55,194		230,946
Credit Agricole S.A.		62,167		655,305
Danske Bank A/S		35,710		703,508
DBS Group Holdings, Ltd.		93,646		2,370,781
DNB Bank ASA		48,092		952,132
Erste Group Bank AG		17,826		568,428
Fifth Third Bancorp		14,969		491,133
FinecoBank Banca Fineco S.p.A.		31,337		522,248

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

See accompanying notes to consolidated financial statements.

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
First Republic Bank		3,986	$	485,854
Hang Seng Bank, Ltd.		39,611		655,866
HSBC Holdings plc (Hong Kong-Traded Shares)		1,031,508		6,432,968
Huntington Bancshares, Inc.		31,462		443,614
ING Groep NV		194,765		2,376,213
Intesa Sanpaolo S.p.A.		863,719		1,926,948
Israel Discount Bank, Ltd. - Class A		63,953		336,116
Japan Post Bank Co., Ltd.		20,911		179,671
JPMorgan Chase & Co.		63,975		8,579,047
KBC Group NV		12,942		830,970
KeyCorp		20,346		354,427
Lloyds Banking Group plc		3,526,018		1,936,253
M&T Bank Corp.		3,831		555,725
Mediobanca Banca di Credito Finanziario S.p.A.		31,293		300,673
Mitsubishi UFJ Financial Group, Inc.		618,009		4,169,107
Mizrahi Tefahot Bank, Ltd.		7,939		257,186
Mizuho Financial Group, Inc.		124,714		1,762,674
National Australia Bank, Ltd.		163,734		3,317,927
NatWest Group plc		273,275		872,331
Nordea Bank Abp		173,814		1,858,859
Oversea-Chinese Banking Corp., Ltd.		175,061		1,588,473
PNC Financial Services Group, Inc. (The)		8,947		1,413,089
Regions Financial Corp.		20,384		439,479
Resona Holdings, Inc.		110,987		609,710
Shizuoka Financial Group, Inc.		22,629		181,881
Signature Bank		1,373		158,197
Skandinaviska Enskilda Banken AB - Class A		83,152		956,934
Societe Generale S.A.		41,742		1,047,313
Standard Chartered plc		128,852		967,127
Sumitomo Mitsui Financial Group, Inc.		67,518		2,720,589
Sumitomo Mitsui Trust Holdings, Inc.		17,506		610,827
SVB Financial Group (a)		1,289		296,650
Svenska Handelsbanken AB - A Shares		74,916		753,826
Swedbank AB - A Shares		46,829		795,565
Truist Financial Corp.		28,936		1,245,116
U.S. Bancorp		29,496		1,286,321
UniCredit S.p.A.		99,321		1,412,369
United Overseas Bank, Ltd.		61,013		1,399,253
Wells Fargo & Co.		82,747		3,416,624
Westpac Banking Corp.		181,008		2,846,896
Zions Bancorp N.A. (b)		3,283		161,392
				98,684,269
Beverages—1.1%
Anheuser-Busch InBev S.A. (b)		44,907		2,699,727
Asahi Group Holdings, Ltd.		23,594		734,660
Brown-Forman Corp. - Class B		3,989		261,998
Budweiser Brewing Co. APAC, Ltd. (144A)		87,286		274,587
Carlsberg AS - Class B		5,040		667,178
Coca-Cola Co. (The)		84,909		5,401,061
Coca-Cola Europacific Partners plc		10,654		589,379
Coca-Cola HBC AG (a)		10,444		249,289
Constellation Brands, Inc. - Class A		3,476		805,563
Davide Campari-Milano NV		27,024		273,894
Diageo plc		117,721		5,198,475
Heineken Holding NV		5,252		404,401
Beverages—(Continued)
Heineken NV		13,401		1,259,045
Ito En, Ltd.		2,856		104,204
Keurig Dr Pepper, Inc.		18,535		660,958
Kirin Holdings Co., Ltd. (b)		42,568		652,153
Molson Coors Beverage Co. - Class B (b)		4,106		211,541
Monster Beverage Corp. (a) (b)		8,391		851,938
PepsiCo, Inc.		30,107		5,439,131
Pernod Ricard S.A.		10,669		2,097,094
Remy Cointreau S.A.		1,199		202,159
Suntory Beverage & Food, Ltd.		7,195		245,501
Treasury Wine Estates, Ltd.		37,319		344,838
				29,628,774
Biotechnology—0.9%
AbbVie, Inc.		38,572		6,233,621
Amgen, Inc.		11,670		3,065,009
Argenx SE (a)		290		109,279
Argenx SE (a)		2,557		963,537
Biogen, Inc. (a)		3,166		876,729
CSL, Ltd.		24,905		4,856,246
Genmab A/S (a)		3,403		1,441,434
Gilead Sciences, Inc.		27,343		2,347,396
Grifols S.A. (a)		15,123		175,369
Incyte Corp. (a)		4,028		323,529
Moderna, Inc. (a)		7,339		1,318,231
Regeneron Pharmaceuticals, Inc. (a)		2,338		1,686,844
Swedish Orphan Biovitrum AB (a)		8,802		181,857
Vertex Pharmaceuticals, Inc. (a)		5,595		1,615,724
				25,194,805
Building Products—0.4%
A.O. Smith Corp. (b)		2,803		160,444
AGC, Inc. (b)		9,971		330,311
Allegion plc		1,916		201,678
Assa Abloy AB - Class B		51,819		1,114,933
Carrier Global Corp.		18,359		757,309
Cie de Saint-Gobain		25,569		1,255,279
Daikin Industries, Ltd.		12,881		1,981,478
Geberit AG		1,855		878,417
Johnson Controls International plc		15,027		961,728
Kingspan Group plc		8,018		431,715
Lixil Corp.		14,762		224,966
Masco Corp.		4,920		229,616
Nibe Industrier AB - B Shares		77,839		727,874
Rockwool International A/S - B Shares		475		112,052
TOTO, Ltd.		7,351		248,762
Trane Technologies plc		5,055		849,695
Xinyi Glass Holdings, Ltd.		91,957		170,961
				10,637,218
Capital Markets—1.5%
3i Group plc		49,447		802,855
abrdn plc		110,562		251,833
Ameriprise Financial, Inc.		2,360		734,833
Amundi S.A.		3,188		181,144

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

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Capital Markets—(Continued)
ASX, Ltd.		10,047	$	460,742
Bank of New York Mellon Corp. (The)		16,042		730,232
BlackRock, Inc.		3,289		2,330,684
Cboe Global Markets, Inc.		2,314		290,338
Charles Schwab Corp. (The)		33,311		2,773,474
CME Group, Inc.		7,841		1,318,543
Credit Suisse Group AG (b)		225,117		676,356
Daiwa Securities Group, Inc.		68,966		305,735
Deutsche Bank AG		106,851		1,211,103
Deutsche Boerse AG		9,823		1,694,868
EQT AB		15,360		327,358
Euronext NV (144A)		4,421		327,705
FactSet Research Systems, Inc.		829		332,603
Franklin Resources, Inc. (b)		6,197		163,477
Futu Holdings, Ltd. (ADR) (a)		3,147		127,926
Goldman Sachs Group, Inc. (The)		7,447		2,557,151
Hargreaves Lansdown plc		18,035		186,915
Hong Kong Exchanges & Clearing, Ltd.		62,270		2,691,007
Intercontinental Exchange, Inc.		12,183		1,249,854
Invesco, Ltd.		9,924		178,533
Japan Exchange Group, Inc.		25,841		373,465
Julius Baer Group, Ltd. (a)		11,054		642,525
London Stock Exchange Group plc		17,015		1,468,123
Macquarie Group, Ltd.		18,982		2,154,936
MarketAxess Holdings, Inc.		821		228,969
Moody’s Corp.		3,443		959,289
Morgan Stanley		29,213		2,483,689
MSCI, Inc.		1,756		816,838
Nasdaq, Inc.		7,394		453,622
Nomura Holdings, Inc.		149,474		556,355
Northern Trust Corp.		4,546		402,275
Partners Group Holding AG		1,174		1,043,557
Raymond James Financial, Inc.		4,237		452,723
S&P Global, Inc.		7,432		2,489,274
SBI Holdings, Inc.		12,695		243,396
Schroders plc		37,074		194,886
Singapore Exchange, Ltd.		44,322		296,396
St. James’s Place plc		27,963		370,289
State Street Corp.		8,020		622,111
T. Rowe Price Group, Inc.		4,924		537,011
UBS Group AG		173,112		3,226,736
				41,921,734
Chemicals—1.3%
Air Liquide S.A.		27,055		3,848,284
Air Products & Chemicals, Inc.		4,839		1,491,670
Akzo Nobel NV		9,399		627,158
Albemarle Corp.		2,555		554,077
Arkema S.A.		3,073		277,185
Asahi Kasei Corp.		64,435		457,875
BASF SE		47,485		2,357,355
Celanese Corp.		2,175		222,372
CF Industries Holdings, Inc.		4,347		370,364
Chr Hansen Holding A/S		5,516		397,664
Clariant AG (a)		11,234		178,771
Corteva, Inc.		15,677		921,494
Chemicals—(Continued)
Covestro AG		10,063		393,697
Croda International plc		7,227		577,571
Dow, Inc.		15,667		789,460
DuPont de Nemours, Inc. (b)		10,927		749,920
Eastman Chemical Co.		2,679		218,178
Ecolab, Inc.		5,409		787,334
EMS-Chemie Holding AG		363		245,347
Evonik Industries AG		10,896		209,200
FMC Corp.		2,748		342,950
Givaudan S.A.		478		1,457,294
ICL Group, Ltd.		36,600		263,934
International Flavors & Fragrances, Inc. (b)		5,562		583,120
Johnson Matthey plc		9,526		245,230
JSR Corp.		9,171		180,745
Koninklijke DSM NV		9,037		1,107,896
Linde plc (b)		10,872		3,546,229
LyondellBasell Industries NV - Class A		5,551		460,900
Mitsubishi Chemical Group Corp.		66,193		341,994
Mitsui Chemicals, Inc.		9,602		215,324
Mosaic Co. (The)		7,532		330,429
Nippon Paint Holdings Co., Ltd. (b)		42,894		339,410
Nippon Sanso Holdings Corp.		8,783		126,509
Nissan Chemical Corp.		6,592		290,170
Nitto Denko Corp.		7,388		424,991
Novozymes A/S - B Shares		10,592		537,889
OCI NV		5,476		195,408
Orica, Ltd.		22,787		232,849
PPG Industries, Inc.		5,127		644,669
Sherwin-Williams Co. (The)		5,145		1,221,063
Shin-Etsu Chemical Co., Ltd.		19,388		2,362,146
Sika AG		7,551		1,821,976
Solvay S.A.		3,859		391,150
Sumitomo Chemical Co., Ltd.		77,046		275,872
Symrise AG		6,865		746,860
Toray Industries, Inc.		71,695		397,993
Tosoh Corp.		13,185		156,444
Umicore S.A.		10,906		402,356
Yara International ASA		8,612		378,652
				35,697,428
Commercial Services & Supplies—0.2%
Brambles, Ltd.		71,701		588,874
Cintas Corp.		1,876		847,239
Copart, Inc. (a)		9,332		568,226
Dai Nippon Printing Co., Ltd.		11,512		230,789
Rentokil Initial plc		129,712		797,247
Republic Services, Inc.		4,480		577,875
Rollins, Inc.		5,049		184,491
Secom Co., Ltd.		10,867		619,912
Securitas AB - B Shares		24,946		207,664
TOPPAN, Inc.		13,625		201,146
Waste Management, Inc.		8,206		1,287,357
				6,110,820
Communications Equipment—0.3%
Arista Networks, Inc. (a)		5,377		652,499

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

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Communications Equipment—(Continued)
Cisco Systems, Inc.		90,336	$	4,303,607
F5, Inc. (a)		1,299		186,420
Juniper Networks, Inc.		7,038		224,934
Motorola Solutions, Inc.		3,641		938,322
Nokia Oyj		279,770		1,299,923
Telefonaktiebolaget LM Ericsson - B Shares		150,900		883,726
				8,489,431
Construction & Engineering—0.2%
ACS Actividades de Construccion y Servicios S.A.		11,193		320,707
Bouygues S.A.		11,968		359,040
Eiffage S.A.		4,330		426,962
Ferrovial S.A.		25,196		659,111
Kajima Corp.		21,442		249,426
Obayashi Corp.		32,922		248,897
Quanta Services, Inc.		3,120		444,600
Shimizu Corp.		27,984		149,085
Skanska AB - B Shares		17,561		278,751
Taisei Corp.		9,343		300,984
Vinci S.A.		27,805		2,777,025
				6,214,588
Construction Materials—0.2%
CRH plc		39,034		1,545,458
HeidelbergCement AG		7,537		429,860
Holcim AG (a)		28,659		1,477,864
James Hardie Industries plc		23,126		414,203
Martin Marietta Materials, Inc.		1,361		459,977
Vulcan Materials Co.		2,899		507,644
				4,835,006
Consumer Finance—0.1%
American Express Co.		13,085		1,933,309
Capital One Financial Corp.		8,373		778,354
Discover Financial Services		5,959		582,969
Synchrony Financial		10,510		345,358
				3,639,990
Containers & Packaging—0.1%
AMCOR plc		32,783		390,445
Avery Dennison Corp.		1,773		320,913
Ball Corp.		6,857		350,667
International Paper Co.		7,898		273,508
Packaging Corp. of America		2,045		261,576
Sealed Air Corp.		3,168		158,020
SIG Group AG (a)		15,753		345,256
Smurfit Kappa Group plc		12,836		475,579
Westrock Co.		5,548		195,068
				2,771,032
Distributors—0.1%
D’ieteren Group		1,291		248,543
Genuine Parts Co.		3,085		535,278
Jardine Cycle & Carriage, Ltd.		5,108		109,135
LKQ Corp.		5,687		303,743
Distributors—(Continued)
Pool Corp.		864		261,213
				1,457,912
Diversified Consumer Services—0.0%
IDP Education, Ltd.		10,848		200,471
Diversified Financial Services—0.6%
Berkshire Hathaway, Inc. - Class B (a)		39,373		12,162,320
Eurazeo S.E.		2,294		143,188
EXOR NV (a)		5,636		411,411
Groupe Bruxelles Lambert NV		5,171		414,211
Industrivarden AB - A Shares		6,828		166,433
Industrivarden AB - C Shares		8,025		195,257
Investor AB - A Shares		25,875		482,456
Investor AB - B Shares		94,194		1,708,422
Kinnevik AB - B Shares (a)		12,614		174,131
L E Lundbergforetagen AB - B Shares		3,977		169,529
M&G plc		128,202		291,408
Mitsubishi HC Capital, Inc.		33,467		164,868
ORIX Corp.		61,800		996,513
Sofina S.A. (b)		806		178,353
Wendel S.E.		1,411		132,241
				17,790,741
Diversified Telecommunication Services—0.7%
AT&T, Inc. (c)		155,457		2,861,963
Bezeq The Israeli Telecommunication Corp., Ltd.		105,159		181,421
BT Group plc		356,911		484,628
Cellnex Telecom S.A. (a)		28,097		934,383
Deutsche Telekom AG		167,569		3,342,410
Elisa Oyj		7,410		392,771
HKT Trust & HKT, Ltd.		192,145		234,857
Infrastrutture Wireless Italiane S.p.A.		17,038		172,108
Koninklijke KPN NV		169,666		524,940
Lumen Technologies, Inc. (b)		20,779		108,466
Nippon Telegraph & Telephone Corp.		61,795		1,763,881
Orange S.A.		103,143		1,025,592
Singapore Telecommunications, Ltd.		426,901		819,587
Spark New Zealand, Ltd.		96,760		331,663
Swisscom AG		1,341		733,957
Telecom Italia S.p.A. (a)		505,179		117,378
Telefonica Deutschland Holding AG		52,783		130,051
Telefonica S.A.		267,781		969,816
Telenor ASA		36,175		338,191
Telia Co. AB		137,431		351,729
Telstra Corp., Ltd.		209,076		567,754
United Internet AG		4,917		99,412
Verizon Communications, Inc.		91,618		3,609,749
				20,096,707
Electric Utilities—1.0%
Acciona S.A. (b)		1,279		235,239
Alliant Energy Corp.		5,474		302,220
American Electric Power Co., Inc.		11,207		1,064,105
BKW AG		1,092		149,000
Chubu Electric Power Co., Inc.		33,310		344,701

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

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
CK Infrastructure Holdings, Ltd.		31,935	$	167,158
CLP Holdings, Ltd.		84,346		615,455
Constellation Energy Corp.		7,130		614,677
Duke Energy Corp.		16,797		1,729,923
Edison International		8,321		529,382
EDP - Energias de Portugal S.A.		142,580		710,304
Electricite de France S.A.		30,140		387,174
Elia Group S.A.		1,714		243,554
Endesa S.A.		16,405		309,554
Enel S.p.A.		420,492		2,261,527
Entergy Corp.		4,438		499,275
Evergy, Inc.		5,007		315,090
Eversource Energy		7,558		633,663
Exelon Corp.		21,636		935,324
FirstEnergy Corp.		11,842		496,653
Fortum Oyj		22,858		380,765
HK Electric Investments & HK Electric Investments, Ltd.		134,397		88,696
Iberdrola S.A.		312,473		3,655,152
Kansai Electric Power Co., Inc. (The)		36,399		353,328
Mercury NZ, Ltd.		35,029		123,631
NextEra Energy, Inc.		42,862		3,583,263
NRG Energy, Inc.		5,130		163,237
Origin Energy, Ltd.		88,349		463,846
Orsted A/S		9,781		887,399
PG&E Corp. (a)		35,123		571,100
Pinnacle West Capital Corp.		2,466		187,515
Power Assets Holdings, Ltd.		71,721		392,848
PPL Corp.		16,060		469,273
Red Electrica Corp. S.A.		20,882		362,738
Southern Co. (The)		23,190		1,655,998
SSE plc		55,199		1,138,529
Terna - Rete Elettrica Nazionale		72,266		534,896
Tokyo Electric Power Co. Holdings, Inc. (a)		78,928		284,964
Verbund AG		3,516		296,542
Xcel Energy, Inc.		11,933		836,623
				28,974,321
Electrical Equipment—0.6%
ABB, Ltd.		81,262		2,475,060
AMETEK, Inc.		5,008		699,718
Eaton Corp. plc		8,689		1,363,738
Emerson Electric Co.		12,899		1,239,078
Fuji Electric Co., Ltd.		6,558		249,732
Generac Holdings, Inc. (a)		1,392		140,119
Legrand S.A.		13,798		1,110,980
Mitsubishi Electric Corp.		99,908		988,998
Nidec Corp.		23,121		1,204,072
Prysmian S.p.A.		13,227		489,652
Rockwell Automation, Inc.		2,518		648,561
Schneider Electric SE		28,050		3,944,936
Siemens Energy AG (a)		22,506		423,452
Vestas Wind Systems A/S		52,210		1,525,375
				16,503,471
Electronic Equipment, Instruments & Components—0.5%
Amphenol Corp. - Class A		12,976		987,993
Azbil Corp.		6,010		152,188
CDW Corp.		2,950		526,811
Corning, Inc.		16,597		530,108
Halma plc		19,683		470,318
Hamamatsu Photonics KK		7,320		352,121
Hexagon AB - B Shares		100,629		1,057,788
Hirose Electric Co., Ltd.		1,550		193,887
Ibiden Co., Ltd.		5,862		213,554
Keyence Corp.		10,060		3,938,537
Keysight Technologies, Inc. (a)		3,926		671,621
Kyocera Corp.		16,595		828,162
Murata Manufacturing Co., Ltd.		29,699		1,489,978
Omron Corp.		9,632		469,786
Shimadzu Corp.		12,198		347,915
TDK Corp.		20,109		652,959
TE Connectivity, Ltd.		6,977		800,960
Teledyne Technologies, Inc. (a)		1,022		408,708
Trimble, Inc. (a)		5,403		273,176
Venture Corp., Ltd.		14,051		179,137
Yokogawa Electric Corp.		11,868		188,027
Zebra Technologies Corp. - Class A (a)		1,130		289,743
				15,023,477
Energy Equipment & Services—0.1%
Baker Hughes Co.		22,072		651,786
Halliburton Co.		19,785		778,540
Schlumberger NV. (b)		30,855		1,649,508
Tenaris S.A.		24,254		425,646
				3,505,480
Entertainment—0.6%
Activision Blizzard, Inc.		15,530		1,188,821
Bollore SE		45,760		256,439
Capcom Co., Ltd.		8,941		286,750
Electronic Arts, Inc.		5,762		704,001
Embracer Group AB (a)		32,848		148,486
Koei Tecmo Holdings Co., Ltd.		5,964		107,492
Konami Group Corp.		4,838		219,996
Live Nation Entertainment, Inc. (a)		3,100		216,194
Netflix, Inc. (a)		9,701		2,860,631
Nexon Co., Ltd. (b)		24,609		548,942
Nintendo Co., Ltd.		57,071		2,389,883
Sea, Ltd. (ADR) (a)		18,682		972,024
Square Enix Holdings Co., Ltd.		4,457		206,935
Take-Two Interactive Software, Inc. (a)		3,418		355,916
Toho Co., Ltd.		5,816		225,058
UBISOFT Entertainment S.A. (a)		4,940		140,222
Universal Music Group NV		37,501		905,243
Walt Disney Co. (The) (a)		39,771		3,455,304
Warner Bros Discovery, Inc. (a) (b)		48,193		456,870
				15,645,207

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

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—5.4%
Abacus Property Group		46,408	$	83,038
abrdn Property Income Trust, Ltd.		35,098		26,529
Acadia Realty Trust (b)		8,514		122,176
Activia Properties, Inc.		68		213,298
Advance Logistics Investment Corp.		61		67,101
Advance Residence Investment Corp.		119		307,342
Aedifica S.A.		3,665		298,282
AEON REIT Investment Corp.		157		184,340
Agree Realty Corp. (b)		8,004		567,724
AIMS APAC REIT		51,650		47,854
Alexander & Baldwin, Inc.		6,603		123,674
Alexandria Real Estate Equities, Inc.		18,146		2,643,328
Allied Properties Real Estate Investment Trust		11,629		219,869
American Assets Trust, Inc.		4,473		118,535
American Homes 4 Rent Trust - Class A - Class A		28,328		853,806
American Tower Corp.		10,157		2,151,862
Americold Realty Trust, Inc. (b)		24,740		700,389
Apartment Income REIT Corp.		13,775		472,620
Apartment Investment & Management Co. - Class A		13,696		97,516
Apple Hospitality REIT, Inc.		19,677		310,503
Arena REIT		29,726		76,678
Argosy Property, Ltd.		77,321		57,261
Armada Hoffler Properties, Inc.		6,104		70,196
Artis Real Estate Investment Trust (b)		7,378		49,096
Ascencio		442		24,857
Ascendas Real Estate Investment Trust		488,093		999,316
Assura plc		267,790		176,519
AvalonBay Communities, Inc.		15,925		2,572,206
Balanced Commercial Property Trust, Ltd.		50,301		53,681
Big Yellow Group plc		15,553		215,901
Boardwalk Real Estate Investment Trust (b)		3,406		124,342
Boston Properties, Inc.		17,526		1,184,407
Brandywine Realty Trust		15,501		95,331
British Land Co. plc (The)		129,862		620,947
Brixmor Property Group, Inc.		27,427		621,770
Broadstone Net Lease, Inc. (b)		15,836		256,702
BWP Trust		44,848		119,316
Camden Property Trust		11,885		1,329,694
Canadian Apartment Properties (b)		15,603		491,829
Capital & Counties Properties plc		67,746		87,256
CapitaLand Ascott Trust		182,800		143,404
CapitaLand Integrated Commercial Trust		740,693		1,129,394
CareTrust REIT, Inc.		8,828		164,024
Carmila S.A. (a)		5,267		75,182
CDL Hospitality Trusts		80,544		75,245
Centerspace (b)		1,352		79,322
Centuria Industrial REIT		48,283		102,458
Centuria Office REIT		42,559		44,309
Champion REIT		183,706		72,402
Charter Hall Long Wale REIT		60,599		180,594
Charter Hall Retail REIT		45,224		116,097
Charter Hall Social Infrastructure REIT		30,476		70,459
Choice Properties Real Estate Investment Trust (b)		23,543		256,643
Civitas Social Housing plc		56,313		42,992
Cofinimmo S.A.		2,971		266,931
Comforia Residential REIT, Inc.		60		135,209
Community Healthcare Trust, Inc. (b)		2,159		77,292
Equity Real Estate Investment Trusts—(Continued)
Corporate Office Properties Trust		10,284		266,767
Cousins Properties, Inc.		13,860		350,519
Covivio		7,113		423,532
CRE Logistics REIT, Inc.		49		68,579
Crombie Real Estate Investment Trust (b)		9,470		110,926
Cromwell European Real Estate Investment Trust		29,400		47,169
Cromwell Property Group		130,735		59,213
Crown Castle, Inc.		9,447		1,281,391
CT Property Trust, Ltd.		21,324		17,702
CubeSmart (b)		20,551		827,178
Custodian Reit PLC		37,346		42,139
Daiwa House REIT Investment Corp.		310		691,900
Daiwa Office Investment Corp.		25		121,573
Daiwa Securities Living Investments Corp.		191		166,772
Derwent London plc		10,257		293,865
Dexus		154,802		813,762
Dexus Industria REIT		19,570		38,240
DiamondRock Hospitality Co.		19,183		157,109
Digital Realty Trust, Inc. (b)		32,700		3,278,829
Douglas Emmett, Inc. (b)		15,534		243,573
Dream Industrial Real Estate Investment Trust (b)		22,568		194,845
Easterly Government Properties, Inc. (b)		8,341		119,026
EastGroup Properties, Inc.		3,822		565,885
Empire State Realty Trust, Inc. - Class A (b)		12,175		82,060
Empiric Student Property plc		54,022		55,000
EPR Properties (b)		6,794		256,270
Equinix, Inc.		10,503		6,879,780
Equity Commonwealth		9,590		239,462
Equity LifeStyle Properties, Inc.		16,345		1,055,887
Equity Residential		41,483		2,447,497
ESR-LOGOS REIT		495,957		136,519
Essential Properties Realty Trust, Inc. (b)		12,856		301,730
Essex Property Trust, Inc.		7,441		1,576,897
Eurocommercial Properties NV		4,673		112,727
Extra Space Storage, Inc.		15,158		2,230,954
Far East Hospitality Trust		89,650		41,380
Federal Realty Investment Trust		8,967		906,026
First Capital Real Estate Investment Trust		19,487		241,932
First Industrial Realty Trust, Inc.		12,097		583,801
Fortune Real Estate Investment Trust		126,130		102,455
Four Corners Property Trust, Inc. (b)		7,608		197,275
Frasers Centrepoint Trust		99,400		155,954
Frasers Logistics & Industrial Trust		261,150		225,638
Frontier Real Estate Investment Corp. (b)		45		175,058
Fukuoka REIT Corp.		67		86,922
Gaming and Leisure Properties, Inc.		22,484		1,171,192
Gecina S.A.		7,149		728,372
Getty Realty Corp. (b)		3,852		130,390
Global Net Lease, Inc.		9,515		119,604
Global One Real Estate Investment Corp.		88		72,225
GLP J-REIT		631		725,970
Goodman Group		87,498		1,027,981
Goodman Property Trust		101,061		128,841
GPT Group (The)		275,749		787,593
Granite Real Estate Investment Trust		5,466		278,871
Great Portland Estates plc		19,807		118,237
Growthpoint Properties Australia, Ltd.		25,616		51,899

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

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
H&R Real Estate Investment Trust (b)		24,280	$	217,157
Hamborner REIT AG		6,533		47,086
Hammerson plc		357,778		102,696
Hankyu Hanshin REIT, Inc.		62		72,037
Health Care & Medical Investment Corp.		33		45,140
Healthcare Realty Trust, Inc. - Class A		34,868		671,906
Healthpeak Properties, Inc.		61,402		1,539,348
Heiwa Real Estate REIT, Inc.		89		102,548
Highwoods Properties, Inc.		9,532		266,705
Home Invest Belgium S.A.		850		19,859
Home Reit plc		72,879		33,557
HomeCo Daily Needs		159,443		139,324
Hoshino Resorts REIT, Inc.		24		129,370
Host Hotels & Resorts, Inc. (b)		80,759		1,296,182
Hotel Property Investments, Ltd.		17,583		42,588
Hudson Pacific Properties, Inc. (b)		12,658		123,162
Hulic REIT, Inc.		117		145,664
ICADE		3,001		129,760
Ichigo Office REIT Investment Corp.		108		69,828
Immobiliare Grande Distribuzione SIIQ S.p.A.		5,971		19,894
Impact Healthcare Reit plc		28,723		36,385
Independence Realty Trust, Inc.		20,549		346,456
Industrial & Infrastructure Fund Investment Corp.		175		202,391
Ingenia Communities Group		33,956		103,193
Inmobiliaria Colonial Socimi S.A.		31,333		202,336
Innovative Industrial Properties, Inc.		2,542		257,632
InterRent Real Estate Investment Trust		12,021		113,640
Intervest Offices & Warehouses NV		2,150		44,241
InvenTrust Properties Corp. (b)		6,152		145,618
Invincible Investment Corp.		450		173,952
Invitation Homes, Inc.		68,828		2,040,062
Irish Residential Properties REIT plc		40,957		48,835
Iron Mountain, Inc. (b)		6,341		316,099
Japan Excellent, Inc. (b)		114		113,779
Japan Hotel REIT Investment Corp.		413		242,954
Japan Logistics Fund, Inc.		82		195,626
Japan Metropolitan Fund Investment Corp.		1,001		795,565
Japan Prime Realty Investment Corp. (b)		85		239,034
Japan Real Estate Investment Corp.		185		810,252
JBG SMITH Properties		9,831		186,592
Kenedix Office Investment Corp.		69		167,720
Kenedix Residential Next Investment Corp.		95		148,356
Kenedix Retail REIT Corp.		56		108,347
Keppel DC REIT		117,557		155,456
Keppel Pacific Oak US REIT		78,050		35,871
Keppel REIT		198,682		135,082
Killam Apartment Real Estate Investment Trust (b)		10,430		124,867
Kilroy Realty Corp.		10,700		413,769
Kimco Realty Corp.		69,101		1,463,559
Kite Realty Group Trust		19,929		419,505
Kiwi Property Group, Ltd.		144,766		83,616
Klepierre S.A. (a)		28,380		656,442
Land Securities Group plc		104,513		786,029
Lar Espana Real Estate Socimi S.A.		5,449		24,650
LaSalle Logiport REIT		165		201,256
Lendlease Global Commercial.		168,324		88,652
Lexington Realty Trust		24,885		249,348
Equity Real Estate Investment Trusts—(Continued)
Life Storage, Inc.		7,756		763,966
Link REIT		303,524		2,228,632
LondonMetric Property plc		87,408		181,935
LTC Properties, Inc. (b)		3,632		129,045
LXI REIT plc		139,176		189,297
Macerich Co. (The) (b)		19,678		221,574
Manulife US Real Estate Investment Trust		147,550		44,308
Mapletree Industrial Trust		173,612		287,961
Mapletree Logistics Trust		469,154		557,508
Mapletree Pan Asia Commercial Trust		330,285		412,177
Medical Properties Trust, Inc. (b)		54,662		608,935
Mercialys S.A.		8,154		85,529
Merlin Properties Socimi S.A.		30,682		289,124
Mid-America Apartment Communities, Inc.		13,104		2,057,197
Mirai Corp.		151		51,826
Mirvac Group		567,366		821,908
Mitsubishi Estate Logistics REIT Investment Corp.		45		144,209
Mitsui Fudosan Logistics Park, Inc.		50		183,233
Montea NV		1,215		87,139
Mori Hills REIT Investment Corp.		146		174,607
Mori Trust Sogo REIT, Inc.		92		102,771
National Health Investors, Inc.		3,788		197,809
National Retail Properties, Inc.		16,378		749,457
National Storage Affiliates Trust		7,784		281,158
National Storage REIT		106,193		167,000
Necessity Retail REIT, Inc. (The)		12,192		72,299
NETSTREIT Corp. (b)		5,000		91,650
NewRiver REIT plc		28,026		26,417
NexPoint Residential Trust, Inc.		2,055		89,434
Nextensa S.A.		341		18,952
Nippon Accommodations Fund, Inc.		43		197,547
Nippon Building Fund, Inc. (b)		222		991,393
Nippon Prologis REIT, Inc.		324		758,799
NIPPON REIT Investment Corp. (b)		40		105,476
Nomura Real Estate Master Fund, Inc.		634		787,353
NorthWest Healthcare Properties Real Estate Investment Trust (b)		19,273		135,224
NSI NV		1,640		40,811
NTT UD REIT Investment Corp.		125		130,573
Office Properties Income Trust		4,379		58,460
Omega Healthcare Investors, Inc. (b)		21,614		604,111
One REIT, Inc.		23		43,932
Orion Office REIT, Inc. (b)		5,183		44,263
Orix JREIT, Inc.		243		344,588
OUE Commercial Real Estate Investment Trust		197,550		49,208
Paramount Group, Inc. (b)		17,107		101,616
Park Hotels & Resorts, Inc.		20,498		241,671
Parkway Life Real Estate Investment Trust		35,600		99,881
Pebblebrook Hotel Trust (b)		11,845		158,605
Phillips Edison & Co., Inc. (b)		10,700		340,688
Physicians Realty Trust (b)		20,853		301,743
Picton Property Income, Ltd. (The)		50,429		48,733
Piedmont Office Realty Trust, Inc. - Class A		11,230		102,979
Precinct Properties New Zealand, Ltd.		122,528		98,186
Primaris Real Estate Investment Trust (b)		9,039		97,733
Primary Health Properties plc		121,386		162,743
Prime US REIT		59,000		23,835
Prologis, Inc.		105,007		11,837,439

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

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Equity Real Estate Investment Trusts—(Continued)
Prosperity REIT		107,900	$	27,511
PRS REIT plc (The)		47,579		51,148
Public Storage		17,857		5,003,353
Realty Income Corp. (b)		71,250		4,519,387
Regency Centers Corp.		19,137		1,196,063
Region RE, Ltd.		104,305		192,279
Regional REIT, Ltd. (144A)		40,529		28,879
Residential Secure Income plc (144A)		17,050		17,324
Retail Estates NV		1,001		66,615
Retail Opportunity Investments Corp.		10,993		165,225
Rexford Industrial Realty, Inc.		16,897		923,252
RioCan Real Estate Investment Trust (b)		27,846		434,554
RLJ Lodging Trust		14,644		155,080
RPT Realty (b)		7,619		76,495
Ryman Hospitality Properties, Inc.		4,937		403,748
Sabra Health Care REIT, Inc.		21,101		262,285
Safehold, Inc.		2,465		70,548
Safestore Holdings plc		18,895		216,067
Samty Residential Investment Corp.		37		32,530
Sankei Real Estate, Inc.		43		29,191
SBA Communications Corp.		2,353		659,569
Scentre Group		745,016		1,448,652
Schroder Real Estate Investment Trust, Ltd.		45,227		23,025
Segro plc		172,716		1,596,677
Sekisui House REIT, Inc.		379		214,795
Service Properties Trust (b)		15,023		109,518
Shaftesbury plc		17,075		75,553
Simon Property Group, Inc.		37,205		4,370,843
SITE Centers Corp. (b)		17,789		242,998
SL Green Realty Corp. (b)		5,892		198,678
SmartCentres Real Estate Investment Trust (b)		11,892		235,205
SOSiLA Logistics REIT, Inc.		61		63,573
SPH REIT		99,150		66,325
Spirit Realty Capital, Inc.		12,769		509,866
STAG Industrial, Inc. (b)		16,493		532,889
Star Asia Investment Corp.		148		62,003
Starhill Global REIT		131,450		52,897
Starts Proceed Investment Corp.		23		41,418
Stockland		343,430		848,007
STORE Capital Corp.		23,355		748,761
Stride Property Group		44,398		39,809
Summit Hotel Properties, Inc.		9,562		69,038
Summit Industrial Income REIT		16,187		271,258
Sun Communities, Inc.		11,207		1,602,601
Sunlight Real Estate Investment Trust		99,350		42,799
Sunstone Hotel Investors, Inc. (b)		19,393		187,336
Suntec Real Estate Investment Trust		193,628		199,570
Supermarket Income Reit plc		114,200		141,627
Takara Leben Real Estate Investment Corp.		55		41,509
Tanger Factory Outlet Centers, Inc. (b)		9,276		166,411
Target Healthcare REIT plc		57,123		55,419
Terreno Realty Corp.		6,775		385,294
Tokyu REIT, Inc.		86		135,521
Triple Point Social Housing REIT plc (144A)		33,583		24,883
Tritax Big Box REIT plc		172,204		288,914
Tritax EuroBox plc (144A)		74,396		55,261
UDR, Inc.		36,449		1,411,670
Equity Real Estate Investment Trusts—(Continued)
UK Commercial Property Trust, Ltd.		67,831		47,704
Unibail-Rodamco-Westfield (a)		15,523		809,979
Unibail-Rodamco-Westfield (Interim Shares) (a)		50		2,603
UNITE Group plc (The)		29,394		323,656
United Urban Investment Corp.		274		313,390
Universal Health Realty Income Trust (b)		1,164		55,558
Urban Edge Properties (b)		10,452		147,269
Urban Logistics REIT plc		42,438		69,053
Vastned Retail NV		1,535		34,750
Ventas, Inc.		45,465		2,048,198
Veris Residential, Inc. (a)		7,857		125,162
VICI Properties, Inc.		109,548		3,549,355
Vicinity Centres		547,608		745,085
Vital Healthcare Property Trust		44,835		63,796
Vornado Realty Trust (b)		19,716		410,290
Warehouse Reit plc		36,550		46,132
Warehouses De Pauw NV		22,751		650,557
Washington Real Estate Investment Trust		7,959		141,670
Waypoint REIT		65,653		122,807
Welltower, Inc.		53,681		3,518,790
Wereldhave NV		3,693		49,406
Weyerhaeuser Co.		16,150		500,650
Workspace Group plc		13,176		70,733
WP Carey, Inc. (b)		18,995		1,484,459
Xenia Hotels & Resorts, Inc.		10,427		137,428
Xior Student Housing NV		2,512		77,971
				148,435,723
Food & Staples Retailing—0.7%
Aeon Co., Ltd.		33,832		712,154
Carrefour S.A.		30,695		513,591
Coles Group, Ltd.		69,085		782,372
Costco Wholesale Corp.		9,663		4,411,160
Endeavour Group, Ltd.		69,445		301,587
HelloFresh SE (a)		8,600		188,542
J Sainsbury plc		90,893		238,595
Jeronimo Martins SGPS S.A.		14,597		315,630
Kesko Oyj - B Shares		14,086		311,702
Kobe Bussan Co., Ltd.		7,863		226,972
Koninklijke Ahold Delhaize NV		54,064		1,553,469
Kroger Co. (The)		14,205		633,259
Ocado Group plc (a)		29,266		220,232
Seven & i Holdings Co., Ltd.		38,955		1,666,431
Sysco Corp.		11,114		849,665
Tesco plc		385,920		1,046,331
Walgreens Boots Alliance, Inc. (b)		15,649		584,647
Walmart, Inc.		31,096		4,409,102
Welcia Holdings Co., Ltd.		4,782		111,390
Woolworths Group, Ltd.		62,759		1,433,169
				20,510,000
Food Products—1.2%
Ajinomoto Co., Inc.		23,605		719,746
Archer-Daniels-Midland Co.		12,229		1,135,463
Associated British Foods plc		18,367		349,919
Barry Callebaut AG		187		370,493

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

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Food Products—(Continued)
Campbell Soup Co. (b)		4,393	$	249,303
Chocoladefabriken Lindt & Spruengli AG		6		617,951
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		54		550,289
Conagra Brands, Inc.		10,473		405,305
Danone S.A.		33,191		1,748,631
General Mills, Inc.		12,996		1,089,715
Hershey Co. (The)		3,204		741,950
Hormel Foods Corp.		6,314		287,603
J.M. Smucker Co. (The) (b)		2,325		368,419
JDE Peet’s NV		5,272		152,382
Kellogg Co.		5,565		396,451
Kerry Group plc - Class A		8,233		742,924
Kikkoman Corp.		7,558		399,510
Kraft Heinz Co. (The) (b)		17,377		707,418
Lamb Weston Holdings, Inc.		3,135		280,144
McCormick & Co., Inc. (b)		5,464		452,911
MEIJI Holdings Co., Ltd.		5,760		295,779
Mondelez International, Inc. - Class A		29,899		1,992,768
Mowi ASA		21,300		363,664
Nestle S.A.		142,175		16,419,148
Nisshin Seifun Group, Inc.		10,030		125,742
Nissin Foods Holdings Co., Ltd.		3,245		256,921
Orkla ASA		38,830		280,544
Salmar ASA		3,356		131,966
Tyson Foods, Inc. - Class A		6,318		393,295
WH Group, Ltd.		422,817		245,985
Wilmar International, Ltd.		99,316		309,418
Yakult Honsha Co., Ltd.		6,672		435,098
				33,016,855
Gas Utilities—0.1%
APA Group		60,602		443,706
Atmos Energy Corp. (b)		3,052		342,038
Enagas S.A. (b)		12,782		212,515
Hong Kong & China Gas Co., Ltd. (b)		575,048		546,719
Naturgy Energy Group S.A.		7,573		196,988
Osaka Gas Co., Ltd.		19,368		313,261
Snam S.p.A.		103,572		502,863
Tokyo Gas Co., Ltd.		20,141		395,949
				2,954,039
Health Care Equipment & Supplies—1.3%
Abbott Laboratories		38,203		4,194,307
Alcon, Inc.		25,835		1,774,464
Align Technology, Inc. (a)		1,585		334,277
Asahi Intecc Co., Ltd.		11,295		186,139
Baxter International, Inc.		10,986		559,956
Becton Dickinson & Co.		6,222		1,582,255
BioMerieux		2,178		229,041
Boston Scientific Corp. (a)		31,231		1,445,058
Carl Zeiss Meditec AG		2,082		262,778
Cochlear, Ltd.		3,415		474,156
Coloplast A/S - Class B		6,143		719,767
Cooper Cos., Inc. (The)		1,076		355,801
Demant A/S (a)		4,844		134,698
Health Care Equipment & Supplies—(Continued)
Dentsply Sirona, Inc.		4,700		149,648
DexCom, Inc. (a)		8,564		969,787
DiaSorin S.p.A.		1,315		184,268
Edwards Lifesciences Corp. (a)		13,524		1,009,026
EssilorLuxottica S.A.		15,036		2,737,997
Fisher & Paykel Healthcare Corp., Ltd.		29,697		422,700
Getinge AB - B Shares		11,826		246,253
Hologic, Inc. (a)		5,446		407,415
Hoya Corp.		18,668		1,806,226
IDEXX Laboratories, Inc.		1,816		740,855
Intuitive Surgical, Inc. (a)		7,790		2,067,077
Koninklijke Philips NV		45,977		690,080
Medtronic plc		28,986		2,252,792
Olympus Corp.		63,150		1,116,220
ResMed, Inc.		3,194		664,767
Siemens Healthineers AG		14,580		729,378
Smith & Nephew plc		44,807		598,611
Sonova Holding AG		2,778		660,989
STERIS plc		2,182		402,994
Straumann Holding AG		5,777		654,206
Stryker Corp.		7,345		1,795,779
Sysmex Corp.		8,697		529,737
Teleflex, Inc.		1,023		255,372
Terumo Corp.		33,377		943,863
Zimmer Biomet Holdings, Inc.		4,577		583,568
				34,872,305
Health Care Providers & Services—1.0%
AmerisourceBergen Corp.		3,391		561,923
Amplifon S.p.A.		6,507		194,384
Cardinal Health, Inc.		5,943		456,838
Centene Corp. (a)		12,469		1,022,583
Chartwell Retirement Residences		21,419		133,513
Cigna Corp.		6,656		2,205,399
CVS Health Corp.		28,640		2,668,962
DaVita, Inc. (a)		1,215		90,724
Elevance Health, Inc.		5,236		2,685,911
Fresenius Medical Care AG & Co. KGaA		10,575		345,889
Fresenius SE & Co. KGaA		21,840		614,466
HCA Healthcare, Inc.		4,696		1,126,852
Henry Schein, Inc. (a)		2,969		237,134
Humana, Inc.		2,761		1,414,156
Laboratory Corp. of America Holdings		1,972		464,366
McKesson Corp.		3,136		1,176,376
Molina Healthcare, Inc. (a)		1,267		418,389
NMC Health plc (a)(d)(e)		8,180		0
Quest Diagnostics, Inc.		2,544		397,983
Ramsay Health Care, Ltd.		9,530		421,234
Sonic Healthcare, Ltd.		23,662		482,449
UnitedHealth Group, Inc.		20,406		10,818,853
Universal Health Services, Inc. - Class B		1,434		202,036
				28,140,420
Health Care Technology—0.0%
M3, Inc.		22,826		621,806

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

See accompanying notes to consolidated financial statements.

BHFTI-13

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—0.9%
Accor S.A. (a)		8,837	$	219,559
Aristocrat Leisure, Ltd.		30,954		639,240
Booking Holdings, Inc. (a)		866		1,745,232
Caesars Entertainment, Inc. (a)		4,678		194,605
Carnival Corp. (a) (b)		21,533		173,556
Chipotle Mexican Grill, Inc. (a)		606		840,819
Compass Group plc		91,300		2,109,664
Darden Restaurants, Inc.		2,674		369,894
Domino’s Pizza, Inc.		783		271,231
Entain plc		30,514		489,252
Evolution AB		9,453		923,216
Expedia Group, Inc. (a)		3,317		290,569
Flutter Entertainment plc (a)		8,636		1,183,344
Galaxy Entertainment Group, Ltd.		111,959		741,337
Genting Singapore, Ltd.		306,581		218,787
Hilton Worldwide Holdings, Inc.		5,984		756,138
InterContinental Hotels Group plc		9,540		549,110
La Francaise des Jeux SAEM		5,471		219,798
Las Vegas Sands Corp. (a)		7,168		344,566
Lottery Corp., Ltd. (The) (a)		115,072		350,719
Marriott International, Inc. - Class A		6,018		896,020
McDonald’s Corp.		16,050		4,229,656
McDonald’s Holdings Co. Japan, Ltd. (b)		4,524		172,134
MGM Resorts International		7,118		238,667
Norwegian Cruise Line Holdings, Ltd. (a) (b)		9,193		112,522
Oriental Land Co., Ltd.		10,342		1,506,697
Royal Caribbean Cruises, Ltd. (a) (b)		4,785		236,523
Sands China, Ltd. (a)		125,524		415,857
Sodexo S.A. (b)		4,598		439,858
Starbucks Corp.		25,031		2,483,075
Whitbread plc		10,414		323,971
Wynn Resorts, Ltd. (a)		2,258		186,217
Yum! Brands, Inc.		6,207		794,993
				24,666,826
Household Durables—0.4%
Barratt Developments plc		51,843		248,944
Berkeley Group Holdings plc		5,647		257,116
DR Horton, Inc.		6,898		614,888
Electrolux AB - Series B		11,149		150,894
Garmin, Ltd.		3,366		310,648
Iida Group Holdings Co., Ltd.		7,463		112,805
Lennar Corp. - Class A (b)		5,563		503,451
Mohawk Industries, Inc. (a) (b)		1,150		117,553
Newell Brands, Inc.		8,211		107,400
NVR, Inc. (a)		67		309,043
Open House Group Co., Ltd.		4,049		146,867
Panasonic Holdings Corp.		114,186		956,223
Persimmon plc		16,518		243,824
PulteGroup, Inc.		5,050		229,926
SEB S.A.		1,288		108,264
Sekisui Chemical Co., Ltd.		19,170		266,752
Sekisui House, Ltd.		83,006		1,468,042
Sharp Corp. (b)		11,693		84,162
Sony Group Corp.		65,198		4,971,733
Taylor Wimpey plc		180,679		222,727
Household Durables—(Continued)
Whirlpool Corp.		1,189		168,196
				11,599,458
Household Products—0.6%
Church & Dwight Co., Inc.		5,299		427,152
Clorox Co. (The)		2,687		377,067
Colgate-Palmolive Co.		18,197		1,433,742
Essity AB - Class B		31,485		826,416
Henkel AG & Co. KGaA		5,427		350,013
Kimberly-Clark Corp.		7,365		999,799
Procter & Gamble Co. (The)		52,129		7,900,671
Reckitt Benckiser Group plc		36,996		2,573,776
Unicharm Corp.		20,863		800,040
				15,688,676
Independent Power and Renewable Electricity Producers—0.1%
AES Corp. (The)		14,571		419,062
Corp. ACCIONA Energias Renovables S.A.		3,405		131,595
EDP Renovaveis S.A.		14,845		328,162
Meridian Energy, Ltd.		65,340		215,954
RWE AG		33,213		1,476,876
				2,571,649
Industrial Conglomerates—0.7%
3M Co.		12,077		1,448,274
CK Hutchison Holdings, Ltd.		138,769		833,076
DCC plc		5,090		251,275
General Electric Co.		23,922		2,004,424
Hitachi, Ltd.		50,075		2,520,017
Honeywell International, Inc.		14,697		3,149,567
Investment AB Latour - B Shares		7,760		147,317
Jardine Matheson Holdings, Ltd.		8,283		421,172
Keppel Corp., Ltd.		75,298		408,461
Lifco AB - B Shares		12,112		201,609
Melrose Industries plc		209,613		340,771
Siemens AG		39,551		5,489,388
Smiths Group plc		18,734		361,181
Toshiba Corp.		20,170		707,014
				18,283,546
Insurance—2.1%
Admiral Group plc		9,342		241,447
Aegon NV		91,957		466,483
Aflac, Inc.		12,545		902,487
Ageas SA		8,311		369,773
AIA Group, Ltd.		617,027		6,797,789
Allianz SE		21,118		4,540,923
Allstate Corp. (The)		5,897		799,633
American International Group, Inc.		16,589		1,049,088
Aon plc - Class A		4,601		1,380,944
Arch Capital Group, Ltd. (a)		8,057		505,818
Arthur J. Gallagher & Co.		4,589		865,210
Assicurazioni Generali S.p.A.		57,427		1,019,867
Assurant, Inc.		1,161		145,195
Aviva plc		144,388		769,609

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

See accompanying notes to consolidated financial statements.

BHFTI-14

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
AXA S.A.		96,633	$	2,693,232
Baloise Holding AG		2,393		369,644
Brown & Brown, Inc.		5,114		291,345
Chubb, Ltd.		9,111		2,009,887
Cincinnati Financial Corp.		3,473		355,600
Dai-ichi Life Holdings, Inc.		50,654		1,150,276
Everest Re Group, Ltd.		860		284,892
Gjensidige Forsikring ASA		10,411		204,303
Globe Life, Inc.		1,977		238,327
Hannover Rueck SE		3,125		621,216
Hartford Financial Services Group, Inc. (The)		7,049		534,526
Insurance Australia Group, Ltd.		126,613		409,208
Japan Post Holdings Co., Ltd.		122,919		1,036,276
Japan Post Insurance Co., Ltd.		10,132		178,312
Legal & General Group plc		308,788		932,585
Lincoln National Corp.		3,379		103,803
Loews Corp.		4,363		254,494
Marsh & McLennan Cos., Inc.		10,886		1,801,415
Medibank Private, Ltd.		142,381		283,899
MetLife, Inc. (f)		14,616		1,057,760
MS&AD Insurance Group Holdings, Inc.		23,038		737,354
Muenchener Rueckversicherungs-Gesellschaft AG		7,244		2,355,487
NN Group NV		14,449		590,116
Phoenix Group Holdings plc		38,776		285,563
Poste Italiane S.p.A.		27,010		263,401
Principal Financial Group, Inc. (b)		5,057		424,383
Progressive Corp. (The)		12,760		1,655,100
Prudential Financial, Inc.		8,115		807,118
Prudential plc		142,139		1,923,515
QBE Insurance Group, Ltd.		76,183		695,910
Sampo Oyj - A Shares		24,804		1,296,959
Sompo Holdings, Inc.		16,190		718,881
Suncorp Group, Ltd.		64,850		531,780
Swiss Life Holding AG		1,594		822,844
Swiss Re AG		15,594		1,462,870
T&D Holdings, Inc.		27,406		394,445
Tokio Marine Holdings, Inc.		94,921		2,031,933
Travelers Cos., Inc. (The)		5,177		970,636
Tryg A/S		18,713		443,846
W.R. Berkley Corp.		4,456		323,372
Willis Towers Watson plc (b)		2,399		586,747
Zurich Insurance Group AG		7,779		3,717,392
				57,704,918
Interactive Media & Services—1.1%
Adevinta ASA (a)		14,774		97,582
Alphabet, Inc. - Class A (a) (c)		130,805		11,540,925
Alphabet, Inc. - Class C (a) (c)		116,990		10,380,523
Auto Trader Group plc		48,686		303,814
Kakaku.com, Inc.		6,764		108,792
Match Group, Inc. (a)		6,173		256,118
Meta Platforms, Inc. - Class A (a) (c)		49,754		5,987,396
REA Group, Ltd.		2,744		206,633
Scout24 SE		4,163		209,161
Seek, Ltd.		17,400		247,712
Z Holdings Corp.		138,065		349,040
				29,687,696
Internet & Direct Marketing Retail—0.8%
Amazon.com, Inc. (a)		193,353		16,241,652
Delivery Hero SE (a)		8,790		421,106
eBay, Inc.		11,985		497,018
Etsy, Inc. (a) (b)		2,762		330,832
Just Eat Takeaway.com NV (a)		9,507		202,445
Prosus NV (a)		42,883		2,944,152
Rakuten Group, Inc. (a) (b)		44,192		200,576
Zalando SE (a)		11,660		413,359
ZOZO, Inc.		6,533		162,203
				21,413,343
IT Services—1.5%
Accenture plc - Class A		13,799		3,682,125
Adyen NV (a)		1,121		1,551,258
Akamai Technologies, Inc. (a) (b)		3,468		292,352
Amadeus IT Group S.A. (a)		23,291		1,201,118
Automatic Data Processing, Inc.		9,065		2,165,266
Bechtle AG		4,294		151,945
Broadridge Financial Solutions, Inc.		2,557		342,970
Capgemini SE		8,467		1,420,033
Cognizant Technology Solutions Corp. - Class A		11,296		646,018
Computershare, Ltd.		28,178		502,693
DXC Technology Co. (a)		5,015		132,898
Edenred		12,911		702,541
EPAM Systems, Inc. (a) (b)		1,251		410,003
Fidelity National Information Services, Inc.		13,263		899,895
Fiserv, Inc. (a)		13,953		1,410,230
FleetCor Technologies, Inc. (a)		1,636		300,500
Fujitsu, Ltd.		10,167		1,346,396
Gartner, Inc. (a)		1,725		579,841
Global Payments, Inc.		6,046		600,489
GMO Payment Gateway, Inc.		2,204		183,260
International Business Machines Corp. (b)		19,703		2,775,956
Itochu Techno-Solutions Corp.		5,073		118,818
Jack Henry & Associates, Inc.		1,590		279,140
MasterCard, Inc. - Class A		18,613		6,472,298
NEC Corp.		12,756		446,300
Nexi S.p.A. (a)		30,515		239,868
Nomura Research Institute, Ltd.		17,491		415,804
NTT Data Corp.		32,416		476,983
Obic Co., Ltd.		3,614		534,298
Otsuka Corp.		5,942		188,044
Paychex, Inc.		6,988		807,533
PayPal Holdings, Inc. (a)		25,229		1,796,809
SCSK Corp.		7,922		119,574
TIS, Inc.		11,645		308,667
VeriSign, Inc. (a)		2,036		418,276
Visa, Inc. - Class A (b)		35,668		7,410,384
Wix.com, Ltd. (a)		2,973		228,416
Worldline S.A. (a)		12,367		482,565
				42,041,564
Leisure Products—0.1%
Bandai Namco Holdings, Inc.		10,340		648,437
Hasbro, Inc.		2,832		172,780
Shimano, Inc. (b)		3,775		601,463

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

See accompanying notes to consolidated financial statements.

BHFTI-15

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Leisure Products—(Continued)
Yamaha Corp.		7,258	$	267,771
				1,690,451
Life Sciences Tools & Services—0.6%
Agilent Technologies, Inc.		6,516		975,119
Bachem Holding AG - Class B		1,750		152,630
Bio-Rad Laboratories, Inc. - Class A (a)		468		196,789
Bio-Techne Corp.		3,424		283,781
Charles River Laboratories International, Inc. (a)		1,110		241,869
Danaher Corp.		14,282		3,790,729
Eurofins Scientific SE		6,984		502,932
Illumina, Inc. (a)		3,427		692,939
IQVIA Holdings, Inc. (a)		4,069		833,697
Lonza Group AG		3,851		1,895,377
Mettler-Toledo International, Inc. (a)		491		709,716
PerkinElmer, Inc.		2,754		386,166
QIAGEN NV (a)		11,785		593,122
Sartorius Stedim Biotech		1,436		467,841
Thermo Fisher Scientific, Inc.		8,547		4,706,747
Waters Corp. (a)		1,306		447,410
West Pharmaceutical Services, Inc.		1,615		380,090
				17,256,954
Machinery—1.2%
Alfa Laval AB		15,059		435,759
Alstom S.A.		16,533		405,924
Atlas Copco AB - A Shares		138,868		1,644,108
Atlas Copco AB - B Shares		80,697		862,195
Caterpillar, Inc.		11,517		2,759,013
CNH Industrial NV		52,904		849,647
Cummins, Inc. (b)		3,076		745,284
Daifuku Co., Ltd.		5,242		246,696
Daimler Truck Holding AG (a)		23,405		725,163
Deere & Co.		6,067		2,601,287
Dover Corp.		3,132		424,104
Epiroc AB - A Shares		34,116		623,447
Epiroc AB - B Shares		20,120		324,309
FANUC Corp.		9,917		1,480,032
Fortive Corp.		7,760		498,580
GEA Group AG		7,898		322,620
Hitachi Construction Machinery Co., Ltd.		5,672		127,821
Hoshizaki Corp.		5,683		200,097
Husqvarna AB - B Shares		21,274		149,894
IDEX Corp.		1,647		376,060
Illinois Tool Works, Inc.		6,147		1,354,184
Indutrade AB		14,126		287,053
Ingersoll Rand, Inc.		8,796		459,591
Knorr-Bremse AG		3,783		206,721
Komatsu, Ltd.		47,796		1,036,942
Kone Oyj - Class B		17,573		910,218
Kubota Corp. (b)		52,744		726,566
Kurita Water Industries, Ltd.		5,425		225,205
Makita Corp.		11,629		272,279
MINEBEA MITSUMI, Inc.		18,740		281,255
MISUMI Group, Inc.		14,654		321,225
Mitsubishi Heavy Industries, Ltd.		16,595		656,718
Machinery—(Continued)
NGK Insulators, Ltd.		12,061		153,821
Nordson Corp.		1,179		280,272
Otis Worldwide Corp.		9,168		717,946
PACCAR, Inc. (b)		7,586		750,786
Parker-Hannifin Corp.		2,800		814,800
Pentair plc		3,588		161,388
Rational AG		269		159,430
Sandvik AB		55,124		995,276
Schindler Holding AG		1,221		219,312
Schindler Holding AG (Participation Certificate)		2,121		398,258
SKF AB - B Shares		19,752		302,269
SMC Corp.		2,961		1,253,183
Snap-on, Inc.		1,162		265,505
Spirax-Sarco Engineering plc		3,827		491,734
Stanley Black & Decker, Inc. (b)		3,225		242,262
Techtronic Industries Co., Ltd.		71,139		792,134
Toyota Industries Corp.		7,619		415,395
VAT Group AG (144A) (a)		1,409		388,061
Volvo AB - A Shares		10,413		198,229
Volvo AB - B Shares (a)		78,017		1,412,627
Wartsila Oyj Abp		24,000		202,811
Westinghouse Air Brake Technologies Corp.		3,968		396,046
Xylem, Inc.		3,931		434,651
Yaskawa Electric Corp.		12,500		402,158
				34,388,351
Marine—0.1%
AP Moller - Maersk A/S - Class A		163		361,634
AP Moller - Maersk A/S - Class B		262		588,469
Kuehne & Nagel International AG		2,812		653,463
Mitsui OSK Lines, Ltd.		17,679		443,040
Nippon Yusen KK (b)		25,130		595,338
SITC International Holdings Co., Ltd.		67,999		150,098
ZIM Integrated Shipping Services, Ltd. (b)		4,274		73,470
				2,865,512
Media—0.3%
Charter Communications, Inc. - Class A (a)		2,418		819,944
Comcast Corp. - Class A		96,070		3,359,568
CyberAgent, Inc.		21,793		193,840
Dentsu Group, Inc. (b)		11,130		351,373
DISH Network Corp. - Class A (a) (b)		5,476		76,883
Fox Corp. - Class A (b)		6,686		203,054
Fox Corp. - Class B		3,070		87,341
Hakuhodo DY Holdings, Inc.		11,850		120,023
Informa plc		74,581		559,158
Interpublic Group of Cos., Inc. (The)		8,530		284,134
News Corp. - Class A		8,412		153,098
News Corp. - Class B		2,606		48,055
Omnicom Group, Inc.		4,469		364,536
Paramount Global - Class B (b)		11,016		185,950
Pearson plc		34,014		385,547
Publicis Groupe S.A.		11,812		750,072
Vivendi SE		37,253		356,477
WPP plc		56,091		556,863
				8,855,916

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

See accompanying notes to consolidated financial statements.

BHFTI-16

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—1.1%
Anglo American plc		65,695	$	2,569,508
Antofagasta plc		20,336		377,541
ArcelorMittal S.A.		27,243		712,293
BHP Group, Ltd.		261,902		8,108,806
BlueScope Steel, Ltd.		24,317		277,176
Boliden AB		14,192		533,684
Fortescue Metals Group, Ltd.		87,550		1,220,560
Freeport-McMoRan, Inc.		31,196		1,185,448
Glencore plc		505,084		3,377,383
IGO, Ltd.		35,235		320,228
JFE Holdings, Inc.		25,413		295,076
Mineral Resources, Ltd.		8,838		464,912
Newcrest Mining, Ltd.		45,873		639,562
Newmont Corp.		17,314		817,221
Nippon Steel Corp.		41,808		727,917
Norsk Hydro ASA		69,074		517,331
Northern Star Resources, Ltd.		60,236		441,086
Nucor Corp.		5,711		752,767
Pilbara Minerals, Ltd. (a)		131,163		334,230
Rio Tinto plc		58,134		4,079,043
Rio Tinto, Ltd.		19,192		1,512,527
South32, Ltd.		238,541		645,711
Steel Dynamics, Inc.		3,653		356,898
Sumitomo Metal Mining Co., Ltd.		12,851		457,173
voestalpine AG		6,092		160,803
				30,884,884
Multi-Utilities—0.4%
Ameren Corp.		5,636		501,153
CenterPoint Energy, Inc.		13,733		411,853
CMS Energy Corp.		6,331		400,942
Consolidated Edison, Inc.		7,735		737,223
Dominion Energy, Inc.		18,161		1,113,632
DTE Energy Co.		4,226		496,682
E.ON SE		116,072		1,158,448
Engie S.A.		94,428		1,352,590
National Grid plc		189,225		2,272,853
NiSource, Inc.		8,856		242,832
Public Service Enterprise Group, Inc.		10,883		666,801
Sempra Energy		6,857		1,059,681
Veolia Environnement S.A.		34,409		883,985
WEC Energy Group, Inc.		6,881		645,163
				11,943,838
Multiline Retail—0.2%
Dollar General Corp.		4,952		1,219,430
Dollar Tree, Inc. (a)		4,605		651,331
Next plc		6,606		465,133
Pan Pacific International Holdings Corp.		19,593		363,714
Target Corp.		10,116		1,507,689
Wesfarmers, Ltd.		58,635		1,830,924
				6,038,221
Oil, Gas & Consumable Fuels—2.5%
Aker BP ASA		16,382		510,645
Ampol, Ltd.		12,357		237,194
Oil, Gas & Consumable Fuels—(Continued)
APA Corp.		7,123		332,502
BP plc		972,775		5,656,914
Chevron Corp.		39,286		7,051,444
ConocoPhillips		27,772		3,277,096
Coterra Energy, Inc. (b)		17,356		426,437
Devon Energy Corp.		14,285		878,670
Diamondback Energy, Inc.		3,878		530,433
ENEOS Holdings, Inc.		157,618		536,672
Eni S.p.A.		129,251		1,846,252
EOG Resources, Inc.		12,785		1,655,913
EQT Corp. (b)		8,071		273,042
Equinor ASA		49,252		1,766,590
Exxon Mobil Corp.		90,918		10,028,255
Galp Energia SGPS S.A.		25,915		350,668
Hess Corp.		6,079		862,124
Idemitsu Kosan Co., Ltd.		10,788		252,451
Inpex Corp. (b)		53,416		569,980
Kinder Morgan, Inc. (b)		43,252		781,996
Marathon Oil Corp.		14,782		400,149
Marathon Petroleum Corp.		10,878		1,266,090
Neste Oyj		21,873		1,010,270
Occidental Petroleum Corp.		16,257		1,024,028
OMV AG		7,665		395,792
ONEOK, Inc.		9,748		640,444
Phillips 66		10,494		1,092,215
Pioneer Natural Resources Co.		5,207		1,189,227
Repsol S.A.		71,334		1,137,157
Santos, Ltd.		164,231		805,301
Shell plc		375,566		10,672,729
Targa Resources Corp.		4,942		363,237
TotalEnergies SE (b)		128,638		8,028,960
Valero Energy Corp.		8,595		1,090,362
Washington H Soul Pattinson & Co., Ltd.		11,247		211,623
Williams Cos., Inc. (The) (b)		26,583		874,581
Woodside Energy Group, Ltd.		98,165		2,375,112
				70,402,555
Paper & Forest Products—0.1%
Holmen AB - B Shares		4,890		194,542
Mondi plc		25,207		428,102
Oji Holdings Corp.		41,143		166,431
Stora Enso Oyj - R Shares		28,308		399,923
Svenska Cellulosa AB SCA - Class B		31,119		393,479
UPM-Kymmene Oyj		27,594		1,034,388
				2,616,865
Personal Products—0.6%
Beiersdorf AG		5,224		599,463
Estee Lauder Cos., Inc. (The) - Class A		5,057		1,254,692
Haleon plc (a)		262,584		1,050,305
Kao Corp. (b)		24,558		983,071
Kobayashi Pharmaceutical Co., Ltd.		2,795		192,263
Kose Corp. (b)		1,739		188,922
L’Oreal S.A.		12,487		4,479,622
Shiseido Co., Ltd.		20,680		1,019,123
Unilever plc		131,593		6,638,733
				16,406,194

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

See accompanying notes to consolidated financial statements.

BHFTI-17

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—3.8%
Astellas Pharma, Inc.		94,913	$	1,439,934
AstraZeneca plc		80,109		10,872,022
Bayer AG		50,791		2,622,465
Bristol-Myers Squibb Co.		46,581		3,351,503
Catalent, Inc. (a) (b)		3,910		175,989
Chugai Pharmaceutical Co., Ltd. (b)		34,723		882,316
Daiichi Sankyo Co., Ltd.		90,595		2,903,347
Eisai Co., Ltd.		13,033		853,647
Eli Lilly and Co.		17,205		6,294,277
GSK plc		210,281		3,656,746
Hikma Pharmaceuticals plc		8,411		157,941
Ipsen S.A.		1,962		211,442
Johnson & Johnson		57,356		10,131,937
Kyowa Kirin Co., Ltd.		13,916		320,126
Merck & Co., Inc.		55,264		6,131,541
Merck KGaA		6,682		1,294,037
Nippon Shinyaku Co., Ltd.		2,586		147,338
Novartis AG		111,845		10,131,067
Novo Nordisk A/S - Class B		85,586		11,588,340
Ono Pharmaceutical Co., Ltd.		18,798		439,736
Organon & Co.		5,548		154,956
Orion Oyj - Class B		5,514		302,240
Otsuka Holdings Co., Ltd.		20,204		657,763
Pfizer, Inc.		122,435		6,273,569
Recordati Industria Chimica e Farmaceutica S.p.A.		5,434		225,876
Roche Holding AG		36,323		11,414,933
Roche Holding AG (Bearer Shares)		1,383		536,010
Sanofi		58,976		5,706,555
Shionogi & Co., Ltd.		13,703		681,703
Takeda Pharmaceutical Co., Ltd.		77,713		2,427,296
Teva Pharmaceutical Industries, Ltd. (ADR) (a)		57,030		520,114
UCB S.A.		6,556		516,382
Viatris, Inc.		26,453		294,422
Zoetis, Inc.		10,213		1,496,715
				104,814,285
Professional Services—0.5%
Adecco Group AG		8,334		274,059
Bureau Veritas S.A.		15,291		402,433
CoStar Group, Inc. (a)		8,638		667,545
Equifax, Inc.		2,670		518,941
Experian plc		47,595		1,620,304
Intertek Group plc		8,400		409,986
Jacobs Solutions, Inc.		2,784		334,275
Leidos Holdings, Inc.		2,979		313,361
Nihon M&A Center Holdings, Inc.		15,726		195,063
Persol Holdings Co., Ltd.		9,243		196,291
Randstad NV		6,244		381,301
Recruit Holdings Co., Ltd.		74,529		2,370,310
RELX plc		99,242		2,749,577
Robert Half International, Inc.		2,390		176,454
SGS S.A.		331		766,371
Teleperformance		3,057		729,476
Verisk Analytics, Inc.		3,424		604,062
Wolters Kluwer NV		13,572		1,417,719
				14,127,528
Real Estate Management & Development—1.1%
Abrdn European Logistics Income plc (144A)		36,076		29,960
ADLER Group S.A. (144A) (a) (b)		8,392		12,089
Aeon Mall Co., Ltd.		10,917		141,015
Allreal Holding AG		1,335		217,432
Amot Investments, Ltd.		15,448		90,734
Aroundtown S.A.		114,205		266,608
Atrium Ljungberg AB - B Shares		4,074		66,886
Azrieli Group, Ltd.		5,609		372,657
CA Immobilien Anlagen AG (a)		3,808		115,263
Capitaland Investment, Ltd.		369,612		1,022,157
Castellum AB (b)		23,653		285,394
Catena AB		2,777		103,469
CBRE Group, Inc. - Class A (a)		7,006		539,182
Cibus Nordic Real Estate AB		4,382		60,358
City Developments, Ltd.		63,891		391,243
Citycon Oyj (a)		6,659		44,622
CK Asset Holdings, Ltd.		282,965		1,742,160
CLS Holdings plc		15,278		29,428
Corem Property Group AB - B Shares		61,822		49,958
Daito Trust Construction Co., Ltd.		3,239		332,890
Daiwa House Industry Co., Ltd.		31,016		711,690
Deutsche Euroshop AG		854		20,234
Deutsche Wohnen SE		4,496		95,764
Dios Fastigheter AB		8,131		58,992
Entra ASA (144A)		5,029		54,336
ESR Group, Ltd. (144A)		101,586		213,226
Fabege AB		23,072		196,912
Fastighets AB Balder - B Shares (a)		87,622		410,036
Grainger plc		67,127		203,850
Grand City Properties S.A.		8,729		85,905
Hang Lung Properties, Ltd.		102,649		199,301
Heiwa Real Estate Co., Ltd.		2,932		81,284
Helical plc		9,364		37,778
Henderson Land Development Co., Ltd.		73,637		257,111
Hiag Immobilien Holding AG		334		29,615
Hongkong Land Holdings, Ltd.		159,619		732,032
Hufvudstaden AB - A Shares		9,878		140,716
Hulic Co., Ltd. (b)		57,565		453,046
Hysan Development Co., Ltd.		55,939		180,457
Intershop Holding AG		107		69,831
Kennedy-Wilson Holdings, Inc. (b)		10,788		169,695
Kojamo Oyj		17,943		265,835
LEG Immobilien SE		10,695		696,954
Lendlease Corp Ltd		34,927		186,198
Lifestyle Communities, Ltd.		8,662		112,306
Mitsubishi Estate Co., Ltd.		164,873		2,133,571
Mitsui Fudosan Co., Ltd.		130,632		2,386,508
Mobimo Holding AG		666		169,482
Neobo Fastigheter AB (a)		10,180		19,073
New World Development Co., Ltd.		206,421		581,939
Nomura Real Estate Holdings, Inc.		16,409		350,803
NP3 Fastigheter AB		2,538		48,425
Nyfosa AB		16,721		129,612
Pandox AB (a)		8,115		90,801
Peach Property Group AG (a)		1,088		19,317

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

See accompanying notes to consolidated financial statements.

BHFTI-18

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Management & Development—(Continued)
Phoenix Spree Deutschland, Ltd.		8,500	$	25,359
Platzer Fastigheter Holding AB - Class B		4,941		38,979
PSP Swiss Property AG		4,152		488,265
Sagax AB - Class B		25,740		586,245
Samhallsbyggnadsbolaget i Norden AB (b)		101,807		170,876
Shurgard Self Storage S.A.		2,294		105,447
Sino Land Co., Ltd.		509,774		634,921
Sirius Real Estate, Ltd.		99,290		88,471
Stendorren Fastigheter AB (a)		1,250		23,054
StorageVault Canada, Inc. (b)		21,891		97,329
Sumitomo Realty & Development Co., Ltd.		52,477		1,235,630
Sun Hung Kai Properties, Ltd.		205,869		2,817,239
Swire Pacific, Ltd. - Class A		25,241		221,375
Swire Properties, Ltd.		156,427		395,734
Swiss Prime Site AG		11,022		957,051
TAG Immobilien AG		13,919		90,119
Tokyo Tatemono Co., Ltd. (b)		18,240		220,803
Tricon Residential, Inc. (b)		22,291		171,874
UOL Group, Ltd.		68,919		346,101
VGP NV		937		78,348
Vonovia SE		102,246		2,409,668
Wallenstam AB		30,712		129,802
Wharf Real Estate Investment Co., Ltd.		229,060		1,335,448
Wihlborgs Fastigheter AB		24,436		184,797
				30,359,075
Road & Rail—0.4%
Aurizon Holdings, Ltd.		93,323		235,386
Central Japan Railway Co.		7,456		917,256
CSX Corp.		46,712		1,447,138
East Japan Railway Co.		15,632		891,914
Grab Holdings, Ltd. - Class A (a) (b)		65,822		211,947
Hankyu Hanshin Holdings, Inc.		11,776		350,096
J.B. Hunt Transport Services, Inc.		1,812		315,940
Keio Corp.		5,361		197,108
Keisei Electric Railway Co., Ltd.		6,745		192,939
Kintetsu Group Holdings Co., Ltd.		8,850		293,343
MTR Corp., Ltd. (b)		80,124		424,521
Norfolk Southern Corp.		5,124		1,262,656
Odakyu Electric Railway Co., Ltd.		14,946		194,804
Old Dominion Freight Line, Inc.		1,999		567,276
Tobu Railway Co., Ltd.		9,796		229,364
Tokyu Corp.		27,364		344,644
Union Pacific Corp.		13,623		2,820,915
West Japan Railway Co.		11,402		497,662
				11,394,909
Semiconductors & Semiconductor Equipment—2.0%
Advanced Micro Devices, Inc. (a)		35,217		2,281,005
Advantest Corp.		9,812		633,464
Analog Devices, Inc.		11,340		1,860,100
Applied Materials, Inc.		18,978		1,848,078
ASM International NV		2,426		614,168
ASML Holding NV		21,015		11,375,481
Broadcom, Inc.		8,809		4,925,376
Disco Corp.		1,502		431,777
Semiconductors & Semiconductor Equipment—(Continued)
Enphase Energy, Inc. (a)		2,955		782,957
First Solar, Inc. (a)		2,172		325,344
Infineon Technologies AG		67,516		2,056,381
Intel Corp.		89,574		2,367,441
KLA Corp.		3,094		1,166,531
Lam Research Corp.		2,988		1,255,856
Lasertec Corp.		3,902		648,131
Microchip Technology, Inc.		12,053		846,723
Micron Technology, Inc.		24,065		1,202,769
Monolithic Power Systems, Inc. (b)		970		343,002
NVIDIA Corp.		54,626		7,983,044
NXP Semiconductors NV		5,729		905,354
ON Semiconductor Corp. (a)		9,451		589,459
Qorvo, Inc. (a)		2,251		204,031
QUALCOMM, Inc.		24,499		2,693,420
Renesas Electronics Corp. (a)		60,605		547,718
Rohm Co., Ltd.		4,571		326,195
Skyworks Solutions, Inc.		3,500		318,955
SolarEdge Technologies, Inc. (a)		1,214		343,890
STMicroelectronics NV		35,335		1,256,158
SUMCO Corp. (b)		18,104		242,242
Teradyne, Inc. (b)		3,420		298,737
Texas Instruments, Inc.		19,933		3,293,330
Tokyo Electron, Ltd.		7,722		2,293,924
Tower Semiconductor, Ltd. (a)		5,655		246,765
				56,507,806
Software—2.5%
Adobe, Inc. (a)		10,210		3,435,971
ANSYS, Inc. (a)		1,899		458,779
Autodesk, Inc. (a)		4,740		885,764
AVEVA Group plc		6,256		242,986
Cadence Design Systems, Inc. (a)		5,975		959,824
Ceridian HCM Holding, Inc. (a)		3,339		214,197
Check Point Software Technologies, Ltd. (a)		5,187		654,392
CyberArk Software, Ltd. (a)		2,134		276,673
Dassault Systemes SE		34,460		1,242,871
Fortinet, Inc. (a)		14,278		698,051
Intuit, Inc.		6,154		2,395,260
Microsoft Corp. (c)		162,696		39,017,755
Nemetschek SE		3,042		155,373
Nice, Ltd. (a)		3,288		637,388
NortonLifeLock Inc		12,773		273,725
Oracle Corp.		33,138		2,708,700
Oracle Corp. Japan		2,045		133,056
Paycom Software, Inc. (a) (b)		1,060		328,929
PTC, Inc. (a)		2,306		276,812
Roper Technologies, Inc.		2,313		999,424
Sage Group plc (The)		52,321		469,888
Salesforce, Inc. (a)		21,706		2,877,999
SAP SE		53,987		5,571,426
ServiceNow, Inc. (a)		4,407		1,711,106
Synopsys, Inc. (a)		3,337		1,065,471
Temenos AG		3,307		182,679
Trend Micro, Inc. (a) (b)		6,980		326,401
Tyler Technologies, Inc. (a)		907		292,426

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

See accompanying notes to consolidated financial statements.

BHFTI-19

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Software—(Continued)
WiseTech Global, Ltd.		7,587	$	261,629
Xero, Ltd. (a)		7,038		335,963
				69,090,918
Specialty Retail—0.8%
Advance Auto Parts, Inc.		1,323		194,521
AutoZone, Inc. (a)		425		1,048,127
Bath & Body Works, Inc.		4,980		209,857
Best Buy Co., Inc.		4,372		350,678
CarMax, Inc. (a)(b)		3,472		211,410
Fast Retailing Co., Ltd.		3,017		1,828,315
H & M Hennes & Mauritz AB - B Shares		37,511		404,917
Hikari Tsushin, Inc.		1,080		151,930
Home Depot, Inc. (The)		22,421		7,081,897
Industria de Diseno Textil S.A.		56,396		1,501,721
JD Sports Fashion plc		130,757		199,597
Kingfisher plc		100,535		287,723
Lowe’s Cos., Inc. (b)		13,943		2,778,003
Nitori Holdings Co., Ltd.		4,158		539,260
O’Reilly Automotive, Inc. (a)		1,391		1,174,046
Ross Stores, Inc.		7,634		886,078
TJX Cos., Inc. (The)		25,560		2,034,576
Tractor Supply Co.		2,422		544,877
Ulta Beauty, Inc. (a)		1,130		530,049
USS Co., Ltd.		10,629		168,445
				22,126,027
Technology Hardware, Storage & Peripherals—1.7%
Apple, Inc.		327,546		42,558,052
Brother Industries, Ltd.		12,258		185,489
Canon, Inc. (b)		51,717		1,118,275
FUJIFILM Holdings Corp.		18,625		939,691
Hewlett Packard Enterprise Co.		28,345		452,386
HP, Inc.		19,853		533,450
Logitech International S.A.		8,976		557,115
NetApp, Inc.		4,794		287,928
Ricoh Co., Ltd.		29,087		223,105
Seagate Technology Holdings plc		4,261		224,171
Seiko Epson Corp.		14,513		210,658
Western Digital Corp. (a)		6,832		215,550
				47,505,870
Textiles, Apparel & Luxury Goods—0.9%
Adidas AG		8,939		1,220,264
Burberry Group plc		20,376		497,888
Cie Financiere Richemont S.A. - Class A		26,988		3,492,399
Hermes International		1,638		2,527,663
Kering S.A.		3,872		1,981,622
LVMH Moet Hennessy Louis Vuitton SE		14,208		10,321,329
Moncler S.p.A.		10,645		566,641
NIKE, Inc. - Class B		27,567		3,225,615
Pandora A/S		4,689		330,823
Puma SE		5,461		331,385
Ralph Lauren Corp. (b)		936		98,907
Swatch Group AG (The)		2,776		144,795
Swatch Group AG (The) - Bearer Shares		1,508		428,115
Textiles, Apparel & Luxury Goods—(Continued)
Tapestry, Inc.		5,493		209,174
VF Corp. (b)		7,204		198,902
				25,575,522
Tobacco—0.4%
Altria Group, Inc.		39,286		1,795,763
British American Tobacco plc		110,500		4,384,056
Imperial Brands plc		46,679		1,166,255
Japan Tobacco, Inc. (b)		62,040		1,254,453
Philip Morris International, Inc.		33,817		3,422,619
				12,023,146
Trading Companies & Distributors—0.5%
AerCap Holdings NV (a)		7,018		409,290
Ashtead Group plc		22,829		1,304,145
Brenntag SE		8,014		512,381
Bunzl plc		17,465		582,935
Fastenal Co.		12,537		593,251
IMCD NV		2,962		423,079
ITOCHU Corp.		61,454		1,921,477
Marubeni Corp.		79,948		913,628
Mitsubishi Corp.		65,290		2,112,244
Mitsui & Co., Ltd.		74,097		2,154,540
MonotaRO Co., Ltd.		12,989		183,678
Reece, Ltd.		11,462		110,229
Sumitomo Corp.		58,235		965,660
Toyota Tsusho Corp.		11,047		404,952
United Rentals, Inc. (a)		1,527		542,726
WW Grainger, Inc. (b)		988		549,575
				13,683,790
Transportation Infrastructure—0.1%
Aena SME S.A. (a)		3,893		490,287
Aeroports de Paris (a)		1,542		207,372
Auckland International Airport, Ltd. (a)		64,716		321,511
Getlink SE		22,628		362,610
Transurban Group		158,956		1,403,614
				2,785,394
Water Utilities—0.1%
American Water Works Co., Inc.		3,966		604,498
Severn Trent plc		12,860		412,416
United Utilities Group plc		35,028		420,036
				1,436,950
Wireless Telecommunication Services—0.4%
KDDI Corp.		83,388		2,520,329
SoftBank Corp.		148,496		1,679,007
SoftBank Group Corp.		62,354		2,640,571
T-Mobile U.S., Inc. (a)		13,132		1,838,480
Tele2 AB - B Shares		29,454		239,995
Vodafone Group plc		1,365,401		1,384,065
				10,302,447
Total Common Stocks (Cost $1,185,833,619)				1,579,510,753

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

See accompanying notes to consolidated financial statements.

BHFTI-20

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—30.0%

Security Description	Principal Amount*		Value
Federal Agencies—0.9%
Federal Home Loan Bank 2.500%, 02/13/24		2,175,000	$	2,121,534
Federal Home Loan Mortgage Corp.
2.750%, 06/19/23		9,329,000		9,250,279
6.250%, 07/15/32 (b)		2,364,000		2,757,208
Federal National Mortgage Association
2.875%, 09/12/23		8,502,000		8,392,726
6.625%, 11/15/30 (b)		1,525,000		1,788,314
7.250%, 05/15/30		1,788,000		2,144,978
				26,455,039
U.S. Treasury—29.1%
U.S. Treasury Bonds
2.250%, 08/15/46		19,880,600		14,069,407
2.250%, 08/15/49 (b)		4,197,400		2,950,641
2.250%, 02/15/52		15,608,800		10,854,213
2.375%, 11/15/49		4,579,300		3,309,618
2.375%, 05/15/51		24,855,800		17,832,095
2.500%, 02/15/45		5,470,900		4,118,776
2.750%, 08/15/47 (b)		2,337,700		1,823,863
2.875%, 05/15/43		5,417,100		4,421,496
2.875%, 08/15/45 (b)		29,768,500		23,968,294
2.875%, 05/15/49		3,659,800		2,944,852
2.875%, 05/15/52 (b)		9,094,300		7,286,808
3.000%, 05/15/45		1,329,600		1,095,362
3.000%, 02/15/47		3,206,300		2,624,532
3.000%, 05/15/47 (b)		3,558,700		2,911,183
3.000%, 02/15/48		1,975,100		1,618,888
3.000%, 08/15/48		9,323,800		7,656,442
3.000%, 02/15/49		2,720,900		2,240,704
3.125%, 11/15/41		1,999,900		1,728,117
3.125%, 02/15/43		9,885,800		8,433,823
3.625%, 08/15/43		24,408,000		22,438,198
3.750%, 08/15/41		3,613,400		3,426,943
3.750%, 11/15/43		487,200		456,636
4.000%, 11/15/52		1,512,200		1,514,326
4.375%, 05/15/41 (b)		530,600		549,668
4.500%, 08/15/39		301,900		320,120
5.250%, 11/15/28		3,963,700		4,199,045
5.500%, 08/15/28		5,597,100		5,987,585
6.000%, 02/15/26 (g)		31,745,700		33,376,387
6.125%, 11/15/27		18,628,100		20,310,450
6.250%, 05/15/30		854,700		974,458
6.375%, 08/15/27		2,592,500		2,837,775
6.875%, 08/15/25		2,470,400		2,623,546
U.S. Treasury Notes
0.250%, 06/30/25 (b)		8,513,900		7,712,729
0.250%, 08/31/25		34,141,300		30,700,497
0.250%, 09/30/25 (b)		11,534,100		10,356,360
0.375%, 04/30/25		11,201,100		10,222,754
0.375%, 12/31/25		11,063,100		9,887,213
0.375%, 01/31/26		27,091,900		24,104,383
0.500%, 02/28/26		11,035,000		9,832,789
0.625%, 08/15/30		4,004,800		3,152,372
0.750%, 04/30/26		6,627,600		5,924,712
U.S. Treasury—(Continued)
U.S. Treasury Notes
0.750%, 05/31/26		9,318,100		8,310,216
0.875%, 09/30/26 (b)		9,132,700		8,109,195
1.125%, 10/31/26 (b)		9,196,500		8,225,479
1.250%, 12/31/26		6,774,600		6,066,707
1.375%, 11/15/31		7,259,500		5,908,552
1.500%, 08/15/26 (b)		2,030,700		1,850,951
1.500%, 01/31/27 (b)		6,697,800		6,047,119
1.500%, 02/15/30 (b)		6,315,400		5,381,905
1.625%, 02/15/26		11,760,100		10,876,255
1.625%, 08/15/29		9,431,400		8,184,318
1.625%, 05/15/31		33,445,800		28,127,134
1.750%, 07/31/24		6,316,400		6,041,785
1.750%, 11/15/29		11,386,000		9,925,834
1.875%, 02/28/27		13,519,000		12,381,503
1.875%, 02/15/32		19,871,900		16,857,736
2.000%, 05/31/24 (b)		10,430,000		10,049,061
2.000%, 02/15/25 (b)		23,431,200		22,294,421
2.000%, 08/15/25		16,706,400		15,775,149
2.000%, 11/15/26		33,782,600		31,234,389
2.125%, 11/30/23 (b)		4,198,800		4,100,719
2.125%, 05/15/25 (b) (g)		44,542,400		42,327,460
2.250%, 11/15/25		9,040,300		8,556,503
2.250%, 02/15/27		9,640,500		8,971,314
2.250%, 08/15/27		31,517,500		29,154,919
2.250%, 11/15/27		33,211,800		30,604,155
2.375%, 08/15/24		1,865,100		1,799,530
2.375%, 05/15/27		46,256,900		43,125,525
2.375%, 05/15/29 (b)		12,563,700		11,421,189
2.500%, 01/31/24		3,936,400		3,843,372
2.625%, 02/15/29		8,538,200		7,891,165
2.750%, 02/15/28		2,279,600		2,143,447
2.750%, 08/15/32		12,599,000		11,472,964
2.875%, 05/15/28		3,859,700		3,641,838
2.875%, 05/15/32		26,193,900		24,139,316
3.125%, 11/15/28		9,904,400		9,446,708
4.125%, 10/31/27		5,838,000		5,859,437
4.125%, 11/15/32		3,207,400		3,273,052
				806,218,382
Total U.S. Treasury & Government Agencies (Cost $922,572,759)				832,673,421
Foreign Government—9.8%
Sovereign—9.8%
Australia Government Bonds
1.750%, 06/21/51 (AUD)		237,000		93,511
2.500%, 05/21/30 (AUD)		5,507,000		3,410,192
3.250%, 04/21/29 (AUD)		1,346,000		887,163
3.750%, 04/21/37 (AUD)		1,486,000		954,914
4.750%, 04/21/27 (AUD)		1,450,000		1,030,227

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

See accompanying notes to consolidated financial statements.

BHFTI-21

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Belgium Government Bonds
0.900%, 06/22/29 (144A) (EUR)		2,970,000	$	2,814,475
1.600%, 06/22/47 (144A) (EUR)		1,293,400		986,797
2.600%, 06/22/24 (144A) (EUR)		1,391,195		1,485,630
4.250%, 03/28/41 (144A) (EUR)		983,000		1,169,805
5.000%, 03/28/35 (144A) (EUR)		962,000		1,204,469
5.500%, 03/28/28 (EUR)		440,800		534,567
Bundesrepublik Deutschland Bundesanleihe
Zero Coupon, 02/15/31 (EUR)		2,993,000		2,629,865
Zero Coupon, 08/15/31 (EUR)		2,458,000		2,134,217
Zero Coupon, 08/15/50 (EUR)		1,916,000		1,071,647
0.500%, 02/15/26 (EUR)		10,966,518		11,044,736
1.250%, 08/15/48 (EUR)		404,000		336,369
2.500%, 07/04/44 (EUR)		1,063,600		1,137,389
3.250%, 07/04/42 (EUR)		702,500		834,168
4.250%, 07/04/39 (EUR)		1,677,500		2,193,770
5.500%, 01/04/31 (EUR)		2,832,600		3,674,766
Canadian Government Bonds
1.500%, 06/01/26 (CAD)		1,477,000		1,018,715
3.500%, 12/01/45 (CAD)		2,505,000		1,896,659
5.750%, 06/01/29 (CAD)		5,971,000		5,030,149
Denmark Government Bonds
0.500%, 11/15/29 (DKK)		4,004,000		497,825
4.500%, 11/15/39 (DKK)		4,060,000		728,359
Finland Government Bonds
0.125%, 09/15/31 (144A) (EUR)		729,000		609,935
0.500%, 04/15/26 (144A) (EUR)		1,288,000		1,285,318
1.375%, 04/15/47 (144A) (EUR)		462,000		363,443
French Republic Government Bond OAT
Zero Coupon, 05/25/32 (EUR)		338,000		273,790
0.500%, 05/25/25 (EUR)		3,110,000		3,154,826
0.500%, 05/25/26 (EUR)		7,888,399		7,829,569
1.250%, 05/25/36 (144A) (EUR)		4,341,800		3,641,827
1.500%, 05/25/50 (144A) (EUR)		1,327,000		972,289
2.250%, 05/25/24 (EUR)		2,032,800		2,159,846
2.500%, 05/25/30 (EUR)		11,465,800		12,003,468
3.250%, 05/25/45 (EUR)		4,228,900		4,501,564
4.000%, 04/25/60 (EUR)		292,000		363,323
Ireland Government Bonds
0.200%, 10/18/30 (EUR)		1,930,000		1,674,463
2.000%, 02/18/45 (EUR)		483,000		413,911
5.400%, 03/13/25 (EUR)		1,140,800		1,287,974
Italy Buoni Poliennali Del Tesoro
0.950%, 09/15/27 (EUR)		520,000		489,258
1.500%, 04/30/45 (144A) (EUR)		232,000		140,421
1.650%, 03/01/32 (144A) (EUR)		3,928,000		3,335,609
1.800%, 03/01/41 (144A) (EUR)		469,000		325,264
3.750%, 09/01/24 (EUR)		9,653,000		10,418,958
3.850%, 09/01/49 (144A) (EUR)		2,727,000		2,553,561
5.000%, 08/01/39 (144A) (EUR)		2,969,000		3,255,457
5.250%, 11/01/29 (EUR)		9,596,200		10,991,127
Japan Government Forty Year Bond 1.700%, 03/20/54 (JPY)		63,950,000		498,863
Japan Government Ten Year Bonds
0.100%, 09/20/26 (JPY)		605,100,000		4,605,934
0.100%, 12/20/29 (JPY)		767,550,000		5,716,095
Sovereign—(Continued)
Japan Government Ten Year Bonds
0.100%, 06/20/31 (JPY)		501,750,000		3,693,926
0.500%, 12/20/24 (JPY)		1,601,350,000		12,310,409
Japan Government Thirty Year Bonds
0.400%, 12/20/49 (JPY)		549,350,000		3,180,403
0.500%, 09/20/46 (JPY)		1,021,600,000		6,335,181
0.700%, 06/20/51 (JPY)		741,650,000		4,534,158
0.700%, 12/20/51 (JPY)		120,200,000		732,804
1.800%, 09/20/43 (JPY)		140,250,000		1,162,267
1.900%, 09/20/42 (JPY)		436,950,000		3,682,645
2.300%, 03/20/40 (JPY)		571,750,000		5,103,187
Japan Government Twenty Year Bonds
0.500%, 09/20/36 (JPY)		732,900,000		5,277,617
0.500%, 12/20/41 (JPY)		141,200,000		937,973
1.500%, 03/20/33 (JPY)		230,600,000		1,918,176
1.700%, 12/20/31 (JPY)		195,350,000		1,643,060
1.700%, 09/20/32 (JPY)		376,150,000		3,186,355
1.700%, 09/20/33 (JPY)		418,500,000		3,539,616
2.100%, 06/20/29 (JPY)		555,050,000		4,689,504
Japan Government Two Year Bond
0.005%, 09/01/23 (JPY)		1,525,850,000		11,630,711
0.005%, 04/01/24 (JPY)		1,016,200,000		7,742,602
Mexican Bonos 10.000%, 11/20/36 (MXN)		39,667,100		2,178,377
Netherlands Government Bonds
Zero Coupon, 07/15/31 (144A) (EUR)		1,730,000		1,464,776
Zero Coupon, 01/15/52 (144A) (EUR)		313,000		162,208
2.750%, 01/15/47 (144A) (EUR)		486,000		525,337
3.750%, 01/15/42 (144A) (EUR)		905,600		1,099,231
5.500%, 01/15/28 (144A) (EUR)		2,276,500		2,754,111
Norway Government Bonds
1.250%, 09/17/31 (144A) (NOK)		4,362,000		380,678
3.000%, 03/14/24 (144A) (NOK)		10,370,000		1,056,604
Poland Government Bond 5.750%, 04/25/29 (PLN)		6,492,000		1,404,092
Republic of Austria Government Bonds
Zero Coupon, 02/20/31 (144A) (EUR)		1,380,000		1,154,344
0.750%, 10/20/26 (144A) (EUR)		1,522,000		1,515,358
3.150%, 06/20/44 (144A) (EUR)		1,483,000		1,577,221
4.150%, 03/15/37 (144A) (EUR)		267,000		316,808
Singapore Government Bonds
2.125%, 06/01/26 (SGD)		1,024,000		746,479
2.750%, 03/01/46 (SGD)		550,000		427,057
3.375%, 09/01/33 (SGD)		731,000		558,319
Spain Government Bonds
0.350%, 07/30/23 (EUR)		2,380,000		2,517,149
1.000%, 10/31/50 (144A) (EUR)		1,318,000		734,885
1.450%, 10/31/27 (144A) (EUR)		1,403,000		1,391,597
1.950%, 07/30/30 (144A) (EUR)		6,064,000		5,903,038
2.900%, 10/31/46 (144A) (EUR)		1,182,000		1,088,346
4.200%, 01/31/37 (144A) (EUR)		1,390,000		1,558,991
4.400%, 10/31/23 (144A) (EUR)		1,028,000		1,115,509
4.700%, 07/30/41 (144A) (EUR)		1,213,000		1,448,902
6.000%, 01/31/29 (EUR)		3,371,400		4,167,588
Sweden Government Bonds
1.000%, 11/12/26 (144A) (SEK)		15,990,000		1,441,054

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

See accompanying notes to consolidated financial statements.

BHFTI-22

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Foreign Government—(Continued)

Security Description	Shares/ Principal Amount*		Value
Sovereign—(Continued)
Sweden Government Bonds
1.500%, 11/13/23 (144A) (SEK)		3,330,000	$	315,380
Swiss Confederation Government Bond 4.000%, 02/11/23 (CHF)		415,000		450,246
United Kingdom Gilt
0.375%, 10/22/30 (GBP)		3,348,000		3,161,958
1.000%, 01/31/32 (GBP)		2,009,000		1,922,602
1.750%, 01/22/49 (GBP)		1,069,000		826,812
2.250%, 09/07/23 (GBP)		1,170,000		1,401,203
3.250%, 01/22/44 (GBP)		1,710,900		1,832,254
4.250%, 12/07/46 (GBP)		5,267,100		6,560,697
6.000%, 12/07/28 (GBP)		2,928,400		3,967,522
Total Foreign Government (Cost $343,603,005)				272,093,804
Preferred Stocks—0.1%
Automobiles—0.1%
Bayerische Motoren Werke (BMW) AG		3,077		262,060
Dr. Ing HC F Porsche AG (a)		5,895		598,085
Porsche Automobil Holding SE		7,948		436,039
Volkswagen AG		9,595		1,195,909
				2,492,093
Household Products—0.0%
Henkel AG & Co. KGaA		9,221		641,910
Life Sciences Tools & Services—0.0%
Sartorius AG		1,264		499,855
Total Preferred Stocks (Cost $4,321,029)				3,633,858
Mutual Funds—0.0%
Investment Company Securities—0.0%
iShares U.S. Real Estate ETF		2,520		212,159
Vanguard Global ex-U.S. Real Estate ETF		3,436		142,044
Total Mutual Funds (Cost $356,207)				354,203
Short-Term Investment—2.4%
Repurchase Agreement—1.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $37,960,828; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $38,712,360.		37,953,237		37,953,237
U.S. Treasury—1.0%
U.S. Treasury Bill 4.116%, 04/13/23 (h)		28,580,000		28,257,284
Total Short-Term Investments (Cost $66,199,978)				66,210,521
Securities Lending Reinvestments (i)—6.4%
Certificates of Deposit—1.5%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (j)		4,000,000		4,005,403
Bank of Nova Scotia 4.810%, SOFR + 0.510%, 03/15/23 (j)		4,000,000		4,001,681
Canadian Imperial Bank of Commerce (NY) 4.550%, SOFR + 0.250%, 02/03/23 (j)		2,000,000		2,000,132
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (j)		3,000,000		3,000,213
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (j)		6,000,000		6,000,000
Mitsubishi UFJ Trust and Banking Corp. 4.860%, SOFR + 0.560%, 02/14/23 (j)		3,000,000		3,000,900
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (j)		5,000,000		5,001,973
Nordea Bank Abp (NY) 4.800%, SOFR + 0.500%, 02/27/23 (j)		5,000,000		5,001,385
Royal Bank of Canada 4.880%, SOFR + 0.580%, 09/20/23 (j)		4,000,000		4,002,644
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (j)		5,000,000		5,007,589
				41,021,920
Commercial Paper—0.5%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (j)		5,000,000		5,001,265
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (j)		4,000,000		4,005,448
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (j)		5,000,000		5,000,000
				14,006,713
Repurchase Agreements—3.6%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $8,200,211; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $8,160,001.		8,000,000		8,000,000

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

See accompanying notes to consolidated financial statements.

BHFTI-23

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (i)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $16,754,420; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $17,096,201.		16,746,419	$	16,746,419
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $4,552,184; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $4,658,605.		4,550,000		4,550,000
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $9,007,560; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $9,201,404.		9,000,000		9,000,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $25,021,632; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $27,220,713.		25,000,000		25,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $5,022,604; collateralized by various Common Stock with an aggregate market value of $5,556,273.		5,000,000		5,000,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $900,425; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $919,626.		900,000		900,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $5,002,439; collateralized by various Common Stock with an aggregate market value of $5,564,235.		5,000,000		5,000,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $7,903,871; collateralized by various Common Stock with an aggregate market value of $8,792,389.		7,900,000		7,900,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $6,205,329; collateralized by various Common Stock with an aggregate market value of $6,901,790.		6,200,000		6,200,000
TD Prime Services LLC
Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $10,004,888; collateralized by various Common Stock with an aggregate market value of $11,145,570.		10,000,000		10,000,000
				98,296,419
Mutual Funds—0.8%
Allspring Government Money Market Fund, Select Class 4.090% (k)		2,000,000		2,000,000
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (k)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (k)		5,000,000		5,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (k)		4,000,000		4,000,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (k)		5,000,000		5,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (k)		2,000,000		2,000,000
				23,000,000
Total Securities Lending Reinvestments (Cost $176,296,532)				176,325,052
Total Investments—105.7% (Cost $2,699,183,129)				2,930,801,612
Other assets and liabilities (net)—(5.7)%				(158,960,930	)
Net Assets—100.0%			$	2,771,840,682

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $176,062,047 and the collateral received consisted of cash in the amount of $176,296,556 and non-cash collateral with a value of $5,962,951. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Consolidated Statement of Assets and Liabilities.
(c)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $52,296,622.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets.
(f)	Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)
(g)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $37,424,609.
(h)	The rate shown represents current yield to maturity.
(i)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(j)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(k)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $52,574,989, which is 1.9% of net assets.

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

See accompanying notes to consolidated financial statements.

BHFTI-24

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	24,678,035	BNP		01/19/23		USD	16,655,499	$	156,715
AUD	20,031,817	BOA		01/19/23		USD	13,738,409		(91,487	)
AUD	60,236,637	CBNA		01/19/23		USD	38,219,544		2,817,405
AUD	8,838,873	GSBU		01/19/23		USD	5,729,773		291,818
AUD	257,644	SSBT		01/19/23		USD	164,818		10,705
CAD	18,826,549	CBNA		01/19/23		USD	14,165,045		(259,576	)
CAD	72,041,225	DBAG		01/19/23		USD	53,265,231		(54,892	)
CAD	16,438,863	MSIP		01/19/23		USD	12,128,395		13,507
CAD	27,938,901	MSIP		01/19/23		USD	20,556,358		79,582
CAD	148,476	SSBT		01/19/23		USD	108,981		685
CAD	1,868,773	UBSA		01/19/23		USD	1,373,202		7,091
CHF	5,867,724	HSBCU		03/01/23		USD	6,400,935		(16,420	)
EUR	1,662,884	BNP		02/27/23		USD	1,761,077		25,453
EUR	1,333,662	BOA		02/27/23		USD	1,424,384		8,445
EUR	1,652,258	BOA		02/27/23		USD	1,761,551		13,564
EUR	18,450,468	CBNA		02/27/23		USD	19,803,682		18,702
EUR	1,019,551	MSIP		02/27/23		USD	1,089,298		6,063
EUR	1,156,947	MSIP		02/27/23		USD	1,223,604		19,370
EUR	3,307,360	MSIP		02/27/23		USD	3,524,091		29,193
EUR	1,927,650	SSBT		02/27/23		USD	2,055,955		15,029
GBP	21,600,466	HSBCU		01/18/23		USD	26,826,826		(703,330	)
GBP	3,645,355	JPMC		01/18/23		USD	4,340,542		68,132
GBP	692,472	NWM		01/18/23		USD	841,176		(3,704	)
GBP	360,421	SSBT		01/18/23		USD	435,459		433
GBP	399,709	SSBT		01/18/23		USD	475,859		7,547
JPY	2,420,097,870	BNP		02/09/23		USD	17,999,789		525,330
JPY	2,566,775,081	CBNA		02/09/23		USD	18,591,102		1,056,786
JPY	1,282,581,199	DBAG		02/09/23		USD	9,474,858		342,914
JPY	84,907,959	HSBCU		02/09/23		USD	630,710		19,235
JPY	171,067,056	JPMC		02/09/23		USD	1,273,860		35,607
JPY	120,883,882	UBSA		02/09/23		USD	918,836		6,494
NOK	64,867,896	CBNA		02/03/23		USD	6,561,247		67,916
NZD	20,764,282	MSIP		02/02/23		USD	12,807,575		380,940
Contracts to Deliver
AUD	9,660,900	CBNA		01/19/23		USD	6,129,745		(451,862	)
AUD	44,355,057	HSBCU		01/19/23		USD	29,525,742		(691,686	)
AUD	495,788	SSBT		01/19/23		USD	334,742		(3,019	)
CAD	38,222,356	CBNA		01/19/23		USD	28,215,667		(15,732	)
CAD	12,451,314	CBNA		01/19/23		USD	9,123,914		(72,746	)
CAD	9,126,675	HSBCU		01/19/23		USD	6,691,184		(49,865	)
CAD	5,458,743	SSBT		01/19/23		USD	4,014,481		(17,399	)
CAD	568,401	SSBT		01/19/23		USD	423,318		3,491
CHF	59,199,798	MSIP		03/01/23		USD	63,743,773		(669,958	)
CHF	451,400	SSBT		03/01/23		USD	485,882		(5,275	)
DKK	8,591,346	CBNA		02/03/23		USD	1,204,398		(35,118	)
EUR	3,643,374	BOA		02/27/23		USD	3,835,930		(78,353	)
EUR	38,998,749	HSBCU		02/27/23		USD	41,164,817		(733,751	)
EUR	1,313,811	JPMC		02/27/23		USD	1,385,110		(26,392	)
EUR	21,941,357	MSIP		02/27/23		USD	23,439,851		(132,994	)
EUR	308,632	SSBT		02/27/23		USD	331,028		(552	)
EUR	138,746,826	UBSA		02/27/23		USD	146,463,230		(2,600,355	)
GBP	60,440,352	BOA		01/18/23		USD	71,979,987		(1,116,274	)
GBP	11,388,394	BOA		01/18/23		USD	13,804,783		31,716
GBP	18,049,033	CBNA		01/18/23		USD	21,499,015		(329,395	)
GBP	6,548,854	HSBCU		01/18/23		USD	7,869,326		(50,826	)

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

See accompanying notes to consolidated financial statements.

BHFTI-25

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	13,045,843,494	CBNA		02/09/23		USD	94,437,581	$	(5,424,413	)
JPY	359,459,302	HSBCU		02/09/23		USD	2,741,261		(10,292	)
JPY	1,057,414,884	MSIP		02/09/23		USD	7,769,535		(324,657	)
JPY	88,206,155	MSIP		02/09/23		USD	646,415		(28,776	)
JPY	57,599,652	SSBT		02/09/23		USD	438,714		(2,194	)
JPY	577,944,244	UBSA		02/09/23		USD	4,394,188		(29,801	)
MXN	42,138,310	BNP		01/19/23		USD	2,156,665		10
NOK	14,235,148	BOA		02/03/23		USD	1,431,166		(23,592	)
NOK	64,867,896	JPMC		02/03/23		USD	6,475,589		(153,574	)
NOK	3,959,508	SSBT		02/03/23		USD	396,830		(7,811	)
NZD	14,345,874	GSBU		02/02/23		USD	8,926,706		(185,132	)
NZD	6,701,316	HSBCU		02/02/23		USD	4,324,063		67,696
NZD	6,418,408	JPMC		02/02/23		USD	4,061,800		(14,877	)
NZD	90,905	SSBT		02/02/23		USD	57,977		239
PLN	5,844,196	HSBCU		01/30/23		USD	1,288,517		(42,609	)
SEK	18,964,440	BOA		02/03/23		USD	1,809,594		(10,881	)
SEK	114,462,503	HSBCU		02/03/23		USD	10,894,472		(93,259	)
SEK	81,262,263	MSIP		02/03/23		USD	7,748,270		(52,432	)
SGD	2,167,225	CBNA		03/02/23		USD	1,608,002		(11,494	)
Net Unrealized Depreciation								$	(8,498,942	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		03/15/23		251			AUD	29,036,044		$	(1,072,090	)
MSCI EAFE Index Mini Futures		03/17/23		33			USD	3,216,510			(31,462	)
MSCI Emerging Markets Index Mini Futures		03/17/23		1,182			USD	56,700,540			(945,933	)
OMX Stockholm 30 Index Futures		01/20/23		42			SEK	8,576,400			(25,631	)
Russell 2000 Index E-Mini Futures		03/17/23		961			USD	85,091,745			(2,929,151	)
S&P Midcap 400 Index E-Mini Futures		03/17/23		350			USD	85,491,000			(2,413,431	)
U.S. Treasury Note 5 Year Futures		03/31/23		116			USD	12,519,844			(4,680	)
Futures Contracts—Short
Canada Government Bond 10 Year Futures		03/22/23		(87	)		CAD	(10,661,850	)		153,430
Euro Stoxx 50 Index Futures		03/17/23		(840	)		EUR	(31,794,000	)		2,017,440
Euro-Bund Futures		03/08/23		(300	)		EUR	(39,879,000	)		2,629,697
FTSE 100 Index Futures		03/17/23		(41	)		GBP	(3,061,060	)		(1,000	)
Japanese Government 10 Year Bond Futures		03/13/23		(40	)		JPY	(5,818,400,000	)		874,837
MSCI Singapore Index Futures		01/30/23		(293	)		SGD	(8,513,115	)		59,600
S&P 500 Index E-Mini Futures		03/17/23		(544	)		USD	(105,019,200	)		2,917,669
SPI 200 Index Futures		03/16/23		(155	)		AUD	(27,094,000	)		350,372
TOPIX Index Futures		03/09/23		(169	)		JPY	(3,196,635,000	)		321,319
U.S. Treasury Note 10 Year Futures		03/22/23		(366	)		USD	(41,100,656	)		220,378
U.S. Treasury Note 2 Year Futures		03/31/23		(174	)		USD	(35,683,594	)		(46,433	)
U.S. Treasury Ultra Long Bond Futures		03/22/23		(98	)		USD	(13,162,625	)		345,878
United Kingdom Long Gilt Bond Futures		03/29/23		(86	)		GBP	(8,591,400	)		503,877
Net Unrealized Appreciation										$	2,924,686

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

See accompanying notes to consolidated financial statements.

BHFTI-26

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Swap Agreements

OTC Total Return Swaps

Pay/Receive Fixed Rate	Fixed Rate	Payment Frequency	Maturity Date		Counterparty	Underlying Reference Instrument	Notional Amount		Market Value			Upfront Premium Paid		Unrealized Appreciation/ (Depreciation)(1)
Pay	0.100%	Annually		03/15/23	MLI	Bloomberg Commodity Index 3 Month Forward		USD 28,889,685	$	(38,326	)	$	—	$	(38,326	)
Receive	0.000%	Monthly		03/22/23	MSC	Eurex Swiss Market New Index Futures		CHF 8,942,956		336,988			—		336,988
Totals									$	298,662		$	—	$	298,662

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate

Floating Rate Index

Payment Frequency

Fixed Rate

Payment Frequency

Maturity Date

Notional Amount

Market Value

Upfront Premiums Paid/(Received)

Unrealized Appreciation/ (Depreciation)(1)

Pay

SOFR

Annually

3.355%

Annually

12/27/32

USD

697,190,000

$

(12,098,129

)

$

—

$

(12,098,129

)

(1) There were no upfront premiums paid or (received), therefore the market value equals unrealized appreciation/(depreciation).

Glossary of Abbreviations

Counterparties

(BNP)—	BNP Paribas S.A.
(BOA)—	Bank of America N.A.
(CBNA)—	Citibank N.A.
(DBAG)—	Deutsche Bank AG
(GSBU)—	Goldman Sachs Bank USA
(HSBCU)—	HSBC Bank USA
(JPMC)—	JPMorgan Chase Bank N.A.
(MLI)—	Merrill Lynch International
(MSC)—	Morgan Stanley & Co.
(MSIP)—	Morgan Stanley & Co. International plc
(NWM)—	NatWest Markets plc
(SSBT)—	State Street Bank and Trust
(UBSA)—	UBS AG

Currencies

(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(PLN)—	Polish Zloty
(SEK)—	Swedish Krona
(SGD)—	Singapore Dollar
(USD)—	United States Dollar

Index Abbreviations

(SOFR)— Secured Overnight Financing Rate

Other Abbreviations

(REIT)—	Real Estate Investment Trust
(ADR)—	American Depositary Receipt
(ETF)—	Exchange-Traded Fund

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

See accompanying notes to consolidated financial statements.

BHFTI-27

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	13,445,530	$	10,590,760	$	—	$	24,036,290
Air Freight & Logistics		4,297,145		4,134,868		—		8,432,013
Airlines		1,463,256		1,054,950		—		2,518,206
Auto Components		758,370		4,437,716		—		5,196,086
Automobiles		9,229,278		19,783,766		—		29,013,044
Banks		29,395,150		69,289,119		—		98,684,269
Beverages		14,221,569		15,407,205		—		29,628,774
Biotechnology		17,467,083		7,727,722		—		25,194,805
Building Products		3,160,470		7,476,748		—		10,637,218
Capital Markets		22,233,449		19,688,285		—		41,921,734
Chemicals		13,234,229		22,463,199		—		35,697,428
Commercial Services & Supplies		3,465,188		2,645,632		—		6,110,820
Communications Equipment		6,305,782		2,183,649		—		8,489,431
Construction & Engineering		444,600		5,769,988		—		6,214,588
Construction Materials		967,621		3,867,385		—		4,835,006
Consumer Finance		3,639,990		—		—		3,639,990
Containers & Packaging		1,950,197		820,835		—		2,771,032
Distributors		1,100,234		357,678		—		1,457,912
Diversified Consumer Services		—		200,471		—		200,471
Diversified Financial Services		12,162,320		5,628,421		—		17,790,741
Diversified Telecommunication Services		6,580,178		13,516,529		—		20,096,707
Electric Utilities		14,587,321		14,387,000		—		28,974,321
Electrical Equipment		4,091,214		12,412,257		—		16,503,471
Electronic Equipment, Instruments & Components		4,489,120		10,534,357		—		15,023,477
Energy Equipment & Services		3,079,834		425,646		—		3,505,480
Entertainment		10,209,761		5,435,446		—		15,645,207
Equity Real Estate Investment Trusts		108,362,552		40,073,171		—		148,435,723
Food & Staples Retailing		10,887,833		9,622,167		—		20,510,000
Food Products		8,500,745		24,516,110		—		33,016,855
Gas Utilities		342,038		2,612,001		—		2,954,039
Health Care Equipment & Supplies		19,770,734		15,101,571		—		34,872,305
Health Care Providers & Services		26,081,998		2,058,422		0		28,140,420
Health Care Technology		—		621,806		—		621,806
Hotels, Restaurants & Leisure		14,164,283		10,502,543		—		24,666,826
Household Durables		2,361,105		9,238,353		—		11,599,458
Household Products		11,138,431		4,550,245		—		15,688,676
Independent Power and Renewable Electricity Producers		419,062		2,152,587		—		2,571,649
Industrial Conglomerates		6,602,265		11,681,281		—		18,283,546
Insurance		17,347,780		40,357,138		—		57,704,918
Interactive Media & Services		28,164,962		1,522,734		—		29,687,696
Internet & Direct Marketing Retail		17,069,502		4,343,841		—		21,413,343

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

See accompanying notes to consolidated financial statements.

BHFTI-28

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
IT Services	$	31,651,399		$	10,390,165		$	—	$	42,041,564
Leisure Products		172,780			1,517,671			—		1,690,451
Life Sciences Tools & Services		13,645,052			3,611,902			—		17,256,954
Machinery		13,281,759			21,106,592			—		34,388,351
Marine		73,470			2,792,042			—		2,865,512
Media		5,582,563			3,273,353			—		8,855,916
Metals & Mining		3,112,334			27,772,550			—		30,884,884
Multi-Utilities		6,275,962			5,667,876			—		11,943,838
Multiline Retail		3,378,450			2,659,771			—		6,038,221
Oil, Gas & Consumable Fuels		34,038,245			36,364,310			—		70,402,555
Paper & Forest Products		—			2,616,865			—		2,616,865
Personal Products		1,254,692			15,151,502			—		16,406,194
Pharmaceuticals		34,825,023			69,989,262			—		104,814,285
Professional Services		2,614,638			11,512,890			—		14,127,528
Real Estate Management & Development		978,080			29,380,995			—		30,359,075
Road & Rail		6,625,872			4,769,037			—		11,394,909
Semiconductors & Semiconductor Equipment		35,835,402			20,672,404			—		56,507,806
Software		59,531,258			9,559,660			—		69,090,918
Specialty Retail		17,044,119			5,081,908			—		22,126,027
Technology Hardware, Storage & Peripherals		44,271,537			3,234,333			—		47,505,870
Textiles, Apparel & Luxury Goods		3,732,598			21,842,924			—		25,575,522
Tobacco		5,218,382			6,804,764			—		12,023,146
Trading Companies & Distributors		2,094,842			11,588,948			—		13,683,790
Transportation Infrastructure		—			2,785,394			—		2,785,394
Water Utilities		604,498			832,452			—		1,436,950
Wireless Telecommunication Services		1,838,480			8,463,967			—		10,302,447
Total Common Stocks		800,873,614			778,637,139			0		1,579,510,753
Total U.S. Treasury & Government Agencies*		—			832,673,421			—		832,673,421
Total Foreign Government*		—			272,093,804			—		272,093,804
Total Preferred Stocks*		—			3,633,858			—		3,633,858
Total Mutual Funds*		354,203			—			—		354,203
Total Short-Term Investment*		—			66,210,521			—		66,210,521
Securities Lending Reinvestments
Certificates of Deposit		—			41,021,920			—		41,021,920
Commercial Paper		—			14,006,713			—		14,006,713
Repurchase Agreements		—			98,296,419			—		98,296,419
Mutual Funds		23,000,000			—			—		23,000,000
Total Securities Lending Reinvestments		23,000,000			153,325,052			—		176,325,052
Total Investments	$	824,227,817		$	2,106,573,795		$	0	$	2,930,801,612
Collateral for Securities Loaned (Liability)	$	—		$	(176,296,556	)	$	—	$	(176,296,556	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	6,127,813		$	—	$	6,127,813
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(14,626,755	)		—		(14,626,755	)
Total Forward Contracts	$	—		$	(8,498,942	)	$	—	$	(8,498,942	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	10,394,497		$	—		$	—	$	10,394,497
Futures Contracts (Unrealized Depreciation)		(7,469,811	)		—			—		(7,469,811	)
Total Futures Contracts	$	2,924,686		$	—		$	—	$	2,924,686
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Depreciation)	$	—		$	(12,098,129	)	$	—	$	(12,098,129	)

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

See accompanying notes to consolidated financial statements.

BHFTI-29

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	336,988		$	—	$	336,988
OTC Swap Contracts at Value (Liabilities)		—		(38,326	)		—		(38,326	)
Total OTC Swap Contracts	$	—	$	298,662		$	—	$	298,662

* See Consolidated Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

During the year ended December 31, 2022, a transfer out of Level 3 in the amount of $494,462 was due to the resumption of trading activity which resulted in the availability of significant observable inputs.

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

See accompanying notes to consolidated financial statements.

BHFTI-30

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	2,929,743,852
Affiliated investments at value (c)		1,057,760
Cash		9,374,249
Cash denominated in foreign currencies (d)		10,252,575
Cash collateral (e)		2,566,458
OTC swap contracts at market value		336,988
Unrealized appreciation on forward foreign currency exchange contracts		6,127,813
Receivable for:
Investments sold		14,454,613
Fund shares sold		380
Dividends and interest		12,178,168
Prepaid expenses		11,372
Total Assets		2,986,104,228
Liabilities
Cash collateral for OTC swap contracts		244,200
Unrealized depreciation on forward foreign currency exchange contracts		14,626,755
Collateral for securities loaned		176,296,556
OTC swap contracts at market value		38,326
Payables for:
Investments purchased		16,815,441
Fund shares redeemed		857,287
Variation margin on futures contracts		643,469
Variation margin on centrally cleared swap contracts		1,970,176
Interest on OTC swap contracts		1,346
Accrued Expenses:
Management fees		1,463,933
Distribution and service fees		602,635
Deferred trustees’ fees		149,475
Other expenses		553,947
Total Liabilities		214,263,546
Net Assets	$	2,771,840,682
Net Assets Consist of:
Paid in surplus	$	2,681,462,231
Distributable earnings (Accumulated losses)		90,378,451
Net Assets	$	2,771,840,682
Net Assets
Class B	$	2,771,840,682
Capital Shares Outstanding*
Class B		308,712,503
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	8.98

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $2,698,561,995.
(b)	Includes securities loaned at value of $176,062,047.
(c)	Identified cost of affiliated investments was $621,134.
(d)	Identified cost of cash denominated in foreign currencies was $10,124,064.
(e)	Includes collateral of $2,450,000 for OTC swap contracts and $116,458 for centrally cleared swap contracts.

Consolidated§ Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	45,630,616
Dividends from affiliated investments		31,224
Interest		23,939,972
Securities lending income		587,279
Total investment income		70,189,091
Expenses
Management fees		19,566,314
Administration fees		152,701
Custodian and accounting fees		628,384
Distribution and service fees—Class B		7,944,297
Audit and tax services		104,869
Legal		50,989
Trustees’ fees and expenses		9,574
Shareholder reporting		93,952
Insurance		27,857
Miscellaneous		91,452
Total expenses		28,670,389
Less management fee waiver		(364,670	)
Net expenses		28,305,719
Net Investment Income		41,883,372
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		40,368,213
Affiliated investments		107,313
Futures contracts		(42,657,122	)
Swap contracts		(138,384,506	)
Foreign currency transactions		2,486,751
Forward foreign currency transactions		38,089,509
Net realized gain (loss)		(99,989,842	)
Net change in unrealized appreciation (depreciation) on:
Investments		(692,238,984	)
Affiliated investments		58,475
Futures contracts		(1,372,228	)
Swap contracts		(13,152,354	)
Foreign currency transactions		264,201
Forward foreign currency transactions		(16,495,171	)
Net change in unrealized appreciation (depreciation)		(722,936,061	)
Net realized and unrealized gain (loss)		(822,925,903	)
Net Increase (Decrease) in Net Assets From Operations	$	(781,042,531	)

(a) Net of foreign withholding taxes of $2,688,431.

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

See accompanying notes to consolidated financial statements.

BHFTI-31

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	41,883,372		$	43,289,361
Net realized gain (loss)		(99,989,842	)		307,369,568
Net change in unrealized appreciation (depreciation)		(722,936,061	)		7,588,536
Increase (decrease) in net assets from operations		(781,042,531	)		358,247,465
From Distributions to Shareholders
Class B		(364,889,383	)		(237,856,544	)
Total distributions		(364,889,383	)		(237,856,544	)
Increase (decrease) in net assets from capital share transactions		(16,936,663	)		(279,608,197	)
Total increase (decrease) in net assets		(1,162,868,577	)		(159,217,276	)
Net Assets
Beginning of period		3,934,709,259			4,093,926,535
End of period	$	2,771,840,682		$	3,934,709,259

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		492,791		$	4,809,219			406,238		$	5,145,782
Reinvestments		39,922,252			364,889,383			19,244,057			237,856,544
Redemptions		(38,276,744	)		(386,635,265	)		(41,346,895	)		(522,610,523	)
Net increase (decrease)		2,138,299		$	(16,936,663	)		(21,696,600	)	$	(279,608,197	)
Increase (decrease) derived from capital shares transactions				$	(16,936,663	)				$	(279,608,197	)

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

See accompanying notes to consolidated financial statements.

BHFTI-32

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.83		$	12.47		$	12.78		$	11.44		$	12.56
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.13			0.14			0.14			0.19			0.19
Net realized and unrealized gain (loss)		(2.73	)		0.99			0.53			1.84			(1.06	)
Total income (loss) from investment operations		(2.60	)		1.13			0.67			2.03			(0.87	)
Less Distributions
Distributions from net investment income		(0.47	)		(0.03	)		(0.22	)		(0.44	)		(0.20	)
Distributions from net realized capital gains		(0.78	)		(0.74	)		(0.76	)		(0.25	)		(0.05	)
Total distributions		(1.25	)		(0.77	)		(0.98	)		(0.69	)		(0.25	)
Net Asset Value, End of Period	$	8.98		$	12.83		$	12.47		$	12.78		$	11.44
Total Return (%) (b)		(20.43	)		9.28			6.09			18.07			(6.97	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90			0.89			0.90			0.89			0.89
Net ratio of expenses to average net assets (%) (c)		0.89			0.88			0.88			0.88			0.87
Ratio of net investment income (loss) to average net assets (%)		1.32			1.08			1.13			1.58			1.54
Portfolio turnover rate (%)		16			17			18			22			20
Net assets, end of period (in millions)	$	2,771.8		$	3,934.7		$	4,093.9		$	4,370.6		$	4,209.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

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

See accompanying notes to consolidated financial statements.

BHFTI-33

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022

1. Organization

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

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

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

The Portfolio may invest up to 10% of its total assets in the AllianceBernstein Global Dynamic Allocation Portfolio, Ltd. which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio’s annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio’s business of investing in stock, securities or currencies.

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

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

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $11,780,327 in the Subsidiary, representing 0.4% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

BHFTI-34

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are

BHFTI-35

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the amount of $137,392 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Consolidated Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-36

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $37,953,237. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $98,296,419. The combined value of all repurchase agreements is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

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

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

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

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(69,624,268	)	$	—	$	—	$	—	$	(69,624,268	)
U.S. Treasury & Government Agencies		(106,672,288	)		—		—		—		(106,672,288	)
Total Borrowings	$	(176,296,556	)	$	—	$	—	$	—	$	(176,296,556	)
Gross amount of recognized liabilities for securities lending transactions										$	(176,296,556	)

BHFTI-37

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

4. Investments in Derivative Instruments

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

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

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

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

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

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

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margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

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

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

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

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

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if

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there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

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

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2022, for which the Portfolio is the seller of protection, are disclosed in the Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

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

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The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (b) (c)	$	4,728,097	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	12,098,129
				Unrealized depreciation on futures contracts (b) (c)		1,123,203
Equity	OTC swap contracts at market value		336,988
	Unrealized appreciation on futures contracts (b) (c)		5,666,400	Unrealized depreciation on futures contracts (b) (c)		6,346,608
Commodity				OTC swap contracts at market value (d)		38,326
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		6,127,813	Unrealized depreciation on forward foreign currency exchange contracts		14,626,755
Total		$	16,859,298		$	34,233,021

(a)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(d)	Excludes OTC swap interest payable of $1,346.

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

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	53,725	$	(53,725	)	$	—		$	—
BNP Paribas S.A.		707,508		—			—			707,508
Citibank N.A.		3,960,809		(3,960,809	)		—			—
Deutsche Bank AG		342,914		(54,892	)		—			288,022
Goldman Sachs Bank USA		291,818		(185,132	)		—			106,686
HSBC Bank USA		86,931		(86,931	)		—			—
JPMorgan Chase Bank N.A.		103,739		(103,739	)		—			—
Morgan Stanley & Co.		336,988		—			(244,200	)		92,788
Morgan Stanley & Co. International plc		528,655		(528,655	)		—			—
State Street Bank and Trust		38,129		(36,250	)		—			1,879
UBS AG		13,585		(13,585	)		—			—
	$	6,464,801	$	(5,023,718	)	$	(244,200	)	$	1,196,883

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The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	1,320,587	$	(53,725	)	$	—		$	1,266,862
Citibank N.A.		6,600,336		(3,960,809	)		—			2,639,527
Deutsche Bank AG		54,892		(54,892	)		—			—
Goldman Sachs Bank USA		185,132		(185,132	)		—			—
HSBC Bank USA		2,392,038		(86,931	)		—			2,305,107
JPMorgan Chase Bank N.A.		194,843		(103,739	)		—			91,104
Merill Lynch International		38,326		—			(38,326	)		—
Morgan Stanley & Co. International plc		1,208,817		(528,655	)		—			680,162
NatWest Markets plc		3,704		—			—			3,704
State Street Bank and Trust		36,250		(36,250	)		—			—
UBS AG		2,630,156		(13,585	)		—			2,616,571
	$	14,665,081	$	(5,023,718	)	$	(38,326	)	$	9,603,037

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

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Commodity			Foreign Exchange			Total
Forward foreign currency transactions . . . . .	$	—		$	—		$	—		$	38,089,509		$	38,089,509
Swap contracts . . . . . . . . . . . . . . . .		(146,905,896	)		984,203			7,537,187			—			(138,384,506	)
Futures contracts . . . . . . . . . . . . . . .		30,711,930			(73,369,052	)		—			—			(42,657,122	)
	$	(116,193,966	)	$	(72,384,849	)	$	7,537,187		$	38,089,509		$	(142,952,119	)
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity			Foreign Exchange			Total
Forward foreign currency transactions . . . . .	$	—		$	—		$	—		$	(16,495,171	)	$	(16,495,171	)
Swap contracts . . . . . . . . . . . . . . . .		(11,670,172	)		(7,183	)		(1,474,999	)		—			(13,152,354	)
Futures contracts . . . . . . . . . . . . . . .		3,631,826			(5,004,054	)		—			—			(1,372,228	)
	$	(8,038,346	)	$	(5,011,237	)	$	(1,474,999	)	$	(16,495,171	)	$	(31,019,753	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions		1,247,667,076
Futures contracts long		254,008,852
Futures contracts short		(477,078,953	)
Swap contracts		852,722,453

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

5. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

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In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

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

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$253,316,556	$	229,020,624	$	470,895,886	$	464,975,241

7. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$19,566,314		0.700	%	First $250 million
		0.650	%	$250 million to $500 million
		0.625	%	$500 million to $1 billion
		0.600	%	Over $1 billion

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

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

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

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Consolidated Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

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

8. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)		Ending Value as of December 31, 2022		Income earned from affiliates during the period		Number of shares held December 31, 2022
MetLife, Inc.	$	1,108,323	$	–	$	(216,351	)	$	107,313	$	58,475	$	1,057,760	$	31,224		14,616

9. Contractual Obligations

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

10. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,747,383,497
Gross unrealized appreciation		553,766,391
Gross unrealized (depreciation)		(381,461,264	)
Net unrealized appreciation (depreciation)	$	172,305,127

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$136,641,902	$	44,907,811	$	228,247,481	$	192,948,733	$	364,889,383	$	237,856,544

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses			Total
$76,137,871	$	—	$	172,472,185	$	(158,082,127	)	$	90,527,929

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $158,082,127.

11. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the AB Global Dynamic Allocation Portfolio and subsidiary:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the AB Global Dynamic Allocation Portfolio and subsidiary (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the AB Global Dynamic Allocation Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

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Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

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Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-51

Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

AB Global Dynamic Allocation Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and AllianceBernstein L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, and its blended index for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

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Brighthouse Funds Trust I

AB Global Dynamic Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fee was below the average of the Sub-advised Expense Group and above the average of the Sub-advised Expense Universe, each at the Portfolio’s current size.

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Brighthouse Funds Trust I

AB International Bond Portfolio

Managed By AllianceBernstein L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the AB International Bond Portfolio returned -15.47% and -15.64%, respectively. The Portfolio’s benchmark, the Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index¹, returned -9.76%. The Portfolio’s Custom Benchmark² returned -12.92% over the same period.

MARKET ENVIRONMENT / CONDITIONS

The year 2022 was a very difficult period for markets broadly. As central banks battled inflation, interest rates soared, and recession fears mounted, equity and fixed-income markets fell in tandem. Longer-term yields in developed markets (“DM”) rose sharply, leading global DM treasury bond returns to fall 10.80% during the year, as measured by the Bloomberg Global Treasury Index on a hedged basis. Bond prices fell significantly in all major developed markets, as most central banks raised interest rates to combat high and persistent inflation. Yield curves inverted in markets including the U.S. and Canada, and currency markets responded with significant moves. The U.S. Federal Reserve raised short-term rates to a range of 4.25% to 4.50%. At the end of the year, short-term interest rates were 4.25% in Canada, 3.50% in the United Kingdom (“U.K.”) and 3.10% in Australia. The European Central Bank exited negative interest rates, bringing its deposit rate to 2.00% in the eurozone. Short-term rates were held at -0.10% in Japan.

Longer-term yields also increased dramatically in 2022; 10-year U.S. Treasury yields rose 237 basis points (“bps”) to 3.88%. Canadian 10-year government yields increased by 187 bps to 3.30%, while similar maturity yields in the U.K. rose 270 bps to 3.67%. In Australia, 10-year yields were 238 bps higher, at 4.05%. In the eurozone, 10-year German bonds went 275 bps higher, from negative yields to 2.57%, Italian 10-year yields jumped 353 bps to 4.70%, while similar maturities in Spain rose 309 bps to yield 3.65%. In Japan, 10-year government yields increased 35 bps to 0.41% after the Bank of Japan in late December unexpectedly relaxed the band on its yield curve control policy from 25 bps to 50 bps on the 10-year part of the yield curve.

Lower-than-expected inflation numbers late in the period led to optimism that central bank policy rate increases would moderate. Longer-term bonds fell the most in the U.K. and eurozone, and by the least in Japan.

Securitized assets generally outperformed other credit-risk sectors. Global investment-grade corporate bonds, which typically have longer maturities and are more sensitive to changes in yields than high-yield corporate bonds, underperformed global treasuries—trailing U.S. Treasury bonds in the U.S. while outperforming eurozone treasuries in the euro bloc. Developed-market high-yield corporate bonds modestly outperformed global treasuries, trailing in the U.S. and outperforming in the eurozone relative to respective treasury markets. Emerging market (“EM”) sovereign bonds trailed as the U.S. dollar gained on the vast majority of currencies. EM corporate bonds and local-currency bonds also fell sharply. Brent crude oil prices were extremely volatile and rose during the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The AB International Bond Portfolio posted negative absolute returns and underperformed its Custom Benchmark for the one-year period ending on December 31, 2022.

During the period, sector allocation and overall country and yield curve positioning detracted from relative performance. Security selection contributed to relative performance, and active currency positioning slightly detracted. As of December 31, 2022, the Portfolio held a shorter than benchmark duration position against its Custom Benchmark. In DM, the Portfolio’s largest duration overweight allocations were in the U.S., Germany, and Australia and the Portfolio is underweight duration in France, Japan, and the U.K. In the EM portion of the Portfolio, there were modestly overweight duration positions in Colombia, Qatar, and South Korea. The most significant EM underweight duration positions were in China, Malaysia, Indonesia, and Uruguay.

Within sector, the DM portion of the Portfolio had underweight allocations to government securities and overweight to risk assets (equity-like assets). We favored U.S. securitized positions, with overweight allocations to Collateralized Mortgage Obligations, Credit Risk Transfers, Commercial Mortgage-Backed Securities, and Collateralized Loan Obligations. We also held a modest position in investment grade and high yield DM corporate bonds. From a credit, standpoint the Portfolio was underweight AA- and A-rated securities while we favored BBB credit in the investment grade space. In the EM portion of the Portfolio, there were underweight allocations to EM government bonds. EM local exposure was increased towards the end of the year. We maintained a reduced overweight allocation to EM hard currency corporate bonds. These securities historically have provided some of the most compelling risk-adjusted returns in the EM space.

Although we used primarily cash bonds within our strategy, we employed derivatives at times because they provide us flexibility in implementing portfolio strategies. The key alpha-generating strategies we used in this strategy—duration/yield curve positioning, sector allocation, security selection, and currency management – can be implemented in either the cash bond markets or in the derivatives

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Brighthouse Funds Trust I

AB International Bond Portfolio

Managed By AllianceBernstein L.P.

Portfolio Manager Commentary*—(Continued)

market. At times, it is more efficient and cost-effective to implement certain strategies in the derivatives market. The derivatives performed as expected throughout the year.

Christian DiClementi

Scott A. DiMaggio

Matthew S. Sheridan

Portfolio Managers

AllianceBernstein L.P.

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

¹ The Bloomberg Global Aggregate ex-U.S. Index (USD Hedged) is a measure of global investment grade debt from 27 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

² The Custom Benchmark is a blended index comprised of the Bloomberg Global Aggregate ex-U.S. Index (USD Hedged) (60%) and the JPMorgan EMBI Global Diversified Index (40%). The JPMorgan EMBI Global Diversified Index is comprised of USD- denominated emerging markets sovereign debt. It has a distinct distribution scheme which allows a more even distribution of weights among the countries in the index by only including a specified portion of those countries’ eligible current face amounts of debt outstanding.

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Brighthouse Funds Trust I

AB International Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG GLOBAL AGGREGATE EX-U.S. (USD HEDGED) INDEX & THE CUSTOM BENCHMARK

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		Since Inception1
AB International Bond Portfolio
Class A		–15.47		–2.49
Class B		–15.64		–2.70
Bloomberg Global Aggregate ex-U.S. (USD Hedged) Index		–9.76		–0.94
Custom Benchmark		–12.92		–1.41

¹ Inception date of the Class A and Class B shares was 04/29/19. The since inception return of the index is based on the Portfolio’s inception date.

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Countries

	% of Net Assets
United States		17.2
Japan		12.2
Germany		4.3
United Kingdom		4.2
Canada		3.2
South Korea		3.1
Mexico		2.7
Australia		2.5
Brazil		2.3
Indonesia		2.3

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Brighthouse Funds Trust I

AB International Bond Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

AB International Bond Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.59	%	$	1,000.00	$	991.00	$	2.96
	Hypothetical*		0.59	%	$	1,000.00	$	1,022.23	$	3.01
Class B (a)	Actual		0.84	%	$	1,000.00	$	989.70	$	4.21
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.97	$	4.28

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

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Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Foreign Government—59.1% of Net Assets

Security Description	Principal Amount*		Value
Banks—1.4%
BNG Bank NV 0.750%, 01/24/29 (EUR)		651,000	$	606,877
3.500%, 07/19/27 (AUD)		2,491,000		1,621,408
Development Bank of Japan, Inc. 0.010%, 10/15/24 (EUR)		1,388,000		1,397,588
Kreditanstalt fuer Wiederaufbau 4.100%, 02/20/26 (AUD)		2,360,000		1,604,423
Landwirtschaftliche Rentenbank Zero Coupon, 11/27/29 (EUR)		2,545,000		2,218,425
				7,448,721
Regional Government—0.8%
Japan Finance Organization for Municipalities 0.050%, 02/12/27 (EUR)		1,822,000		1,700,635
Province of Ontario Canada 2.700%, 06/02/29 (CAD)		1,895,000		1,304,639
Province of Quebec Canada 0.875%, 05/04/27 (EUR)		1,239,000		1,199,210
3.650%, 05/20/32 (CAD)		619,000		445,072
				4,649,556
Sovereign—56.9%
Abu Dhabi Government International Bonds 3.125%, 10/11/27		1,665,000		1,588,790
3.125%, 04/16/30		320,000		296,721
3.125%, 09/30/49		2,340,000		1,726,288
Angolan Government International Bonds 8.000%, 11/26/29		701,000		613,768
9.125%, 11/26/49		4,127,000		3,214,108
9.125%, 11/26/49 (144A)		670,000		521,796
Argentine Republic Government International Bonds 0.500%, 07/09/30 (a)		8,710,888		2,349,236
1.000%, 07/09/29		1,532,610		406,843
1.500%, 07/09/35 (a)		4,311,823		1,093,675
3.875%, 01/09/38 (a)		1,965,508		621,755
Australia Government Bonds 2.750%, 11/21/27 (AUD)		2,074,000		1,353,044
2.750%, 06/21/35 (AUD)		1,897,000		1,111,527
3.000%, 03/21/47 (AUD)		1,419,000		767,220
4.750%, 04/21/27 (AUD)		7,621,000		5,414,729
Bahrain Government International Bonds 4.250%, 01/25/28		904,000		827,518
5.625%, 09/30/31		225,000		205,249
6.000%, 09/19/44		1,364,000		1,061,058
7.000%, 10/12/28		205,000		206,068
7.375%, 05/14/30 (144A)		242,000		245,664
Brazil Notas do Tesouro Nacional 10.000%, 01/01/29 (BRL)		30,062,000		5,099,730
10.000%, 01/01/31 (BRL)		12,895,000		2,134,409
Brazilian Government International Bonds 6.000%, 04/07/26		1,145,000		1,182,353
3.875%, 06/12/30 (b)		355,000		308,081
Bundesrepublik Deutschland Bundesanleihe
Zero Coupon, 02/15/32 (EUR)		2,374,853		2,033,311
Zero Coupon, 08/15/50 (EUR)		585,162		327,290
Sovereign—(Continued)
Bundesrepublik Deutschland Bundesanleihe
1.700%, 08/15/32 (EUR)		9,259,000		9,239,306
3.250%, 07/04/42 (EUR)		2,602,101		3,089,808
Canadian Government Bonds 2.000%, 12/01/51 (CAD)		1,705,000		956,613
2.250%, 12/01/29 (CAD)		6,070,000		4,205,918
2.750%, 09/01/27 (CAD)		3,133,000		2,247,870
CBB International Sukuk Programme Co. WLL 4.500%, 03/30/27 (144A)		1,049,000		1,018,919
Chile Government International Bonds 2.450%, 01/31/31		360,000		298,594
2.550%, 01/27/32		1,085,000		887,722
2.750%, 01/31/27 (b)		2,020,000		1,856,208
3.100%, 05/07/41		219,000		157,316
3.100%, 01/22/61		2,695,000		1,677,887
Colombia Government International Bonds 3.125%, 04/15/31		665,000		493,572
3.250%, 04/22/32		1,701,000		1,236,963
3.875%, 02/15/61		848,000		470,919
4.125%, 02/22/42		1,557,000		973,241
5.000%, 06/15/45		1,296,000		881,676
6.125%, 01/18/41		1,296,000		1,030,354
Colombian TES 7.000%, 03/26/31 (COP)		4,821,400,000		701,528
Dominican Republic International Bonds 4.875%, 09/23/32		605,000		502,187
5.500%, 02/22/29		1,525,000		1,403,169
5.500%, 02/22/29 (144A)		1,383,000		1,272,514
5.875%, 01/30/60 (b)		2,274,000		1,664,955
6.500%, 02/15/48 (b)		2,158,000		1,775,002
8.625%, 04/20/27		691,000		718,604
Ecuador Government International Bonds 1.500%, 07/31/40 (144A) (a)		2,169,604		885,375
2.500%, 07/31/35 (144A) (a)		3,912,778		1,798,853
2.500%, 07/31/35 (a)		2,964,709		1,362,990
5.500%, 07/31/30 (144A) (a)		1,709,428		1,098,425
Egypt Government International Bonds 3.875%, 02/16/26 (144A)		1,031,000		849,070
5.625%, 04/16/30 (EUR)		1,145,000		846,934
5.800%, 09/30/27		1,095,000		902,795
6.375%, 04/11/31 (EUR)		288,000		213,584
7.053%, 01/15/32		2,114,000		1,541,846
7.500%, 02/16/61 (144A)		219,000		134,869
8.150%, 11/20/59		202,000		131,788
8.500%, 01/31/47		2,058,000		1,367,903
8.700%, 03/01/49		658,000		437,842
El Salvador Government International Bonds 6.375%, 01/18/27		2,494,000		1,091,125
7.625%, 02/01/41		659,000		254,586
7.650%, 06/15/35		745,000		296,130
8.625%, 02/28/29		391,000		170,867
9.500%, 07/15/52		545,000		238,351
European Financial Stability Facility 2.375%, 06/21/32 (EUR)		1,665,000		1,673,592
Export-Import Bank of China (The) 4.000%, 11/28/47		2,796,000		2,352,058

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Export-Import Bank of Korea 0.829%, 04/27/25 (EUR)		705,000	$	708,632
French Republic Government Bond OAT 0.500%, 05/25/40 (144A) (EUR)		3,637,000		2,469,231
Gabon Government International Bonds
6.625%, 02/06/31		415,000		338,848
6.950%, 06/16/25		1,690,000		1,597,050
Ghana Government International Bonds 7.625%, 05/16/29 (c)		490,000		180,320
7.875%, 02/11/35 (144A) (c)		1,046,000		370,807
8.627%, 06/16/49 (c)		1,125,000		387,563
8.750%, 03/11/61 (144A) (c)		233,000		80,851
8.950%, 03/26/51 (c)		208,000		72,238
Guatemala Government Bonds 4.375%, 06/05/27		3,123,000		2,951,349
4.650%, 10/07/41 (144A)		336,000		269,788
Hungary Government International Bonds 2.125%, 09/22/31		4,037,000		2,990,044
5.250%, 06/16/29 (144A)		498,000		475,590
5.500%, 06/16/34 (144A)		1,000,000		936,800
5.500%, 06/16/34		310,000		290,408
Indonesia Government International Bonds 1.000%, 07/28/29 (EUR)		520,000		447,645
2.850%, 02/14/30		1,163,000		1,032,304
4.125%, 01/15/25		555,000		548,918
4.200%, 10/15/50		648,000		534,665
4.300%, 03/31/52		359,000		303,395
Indonesia Treasury Bonds 6.500%, 02/15/31 (IDR)		18,816,000,000		1,173,016
7.250%, 02/15/26 (IDR)		36,206,000,000		2,378,072
Italy Buoni Poliennali Del Tesoro 2.800%, 06/15/29 (EUR)		869,000		857,615
4.000%, 04/30/35 (144A) (EUR)		2,700,000		2,687,024
Ivory Coast Government International Bonds 5.875%, 10/17/31 (144A) (EUR)		460,000		411,613
6.125%, 06/15/33		320,000		284,000
6.375%, 03/03/28		1,281,000		1,237,190
6.625%, 03/22/48 (EUR)		323,000		242,755
Jamaica Government International Bonds 7.625%, 07/09/25		570,000		585,577
7.875%, 07/28/45 (b)		573,000		644,020
Japan Government Five Year Bonds 0.005%, 09/20/26 (JPY)		1,353,800,000		10,269,549
0.100%, 12/20/23 (JPY)		728,250,000		5,555,265
Japan Government Forty Year Bond 1.000%, 03/20/62 (JPY)		368,500,000		2,248,091
Japan Government Ten Year Bond 0.600%, 12/20/23 (JPY)		296,200,000		2,270,317
Japan Government Thirty Year Bonds 0.400%, 12/20/49 (JPY)		554,600,000		3,210,798
0.600%, 09/20/50 (JPY)		447,750,000		2,684,999
1.000%, 03/20/52 (JPY)		90,450,000		596,609
1.400%, 09/20/52 (JPY)		260,700,000		1,898,756
Japan Government Twenty Year Bond 0.500%, 09/20/36 (JPY)		2,134,200,000		15,368,387
Sovereign—(Continued)
Japan Government Two Year Bonds 0.005%, 01/01/24 (JPY)		1,425,450,000		10,860,204
0.005%, 02/01/24 (JPY)		1,282,150,000		9,769,897
Kingdom of Belgium Government Bond 1.450%, 06/22/37 (144A) (EUR)		2,803,000		2,358,369
2.750%, 04/22/39 (144A) (EUR)		1,741,448		1,713,235
Korea Treasury Bonds 1.375%, 12/10/29 (KRW)		6,303,790,000		4,256,950
2.375%, 03/10/27 (KRW)		5,234,930,000		3,913,014
3.125%, 06/10/25 (KRW)		17,600,390,000		13,708,348
3.125%, 09/10/27 (KRW)		4,081,250,000		3,140,648
Lebanon Government International Bonds
6.000%, 01/27/23 (c)		6,653,000		378,556
6.200%, 02/26/25 (c)		461,000		26,415
6.650%, 11/03/28 (c)		2,006,000		115,465
Malaysia Government Bond 4.498%, 04/15/30 (MYR)		7,477,000		1,747,598
Mexico Government International Bonds 3.375%, 02/23/31 (EUR)		1,695,000		1,665,431
3.771%, 05/24/61 (b)		3,880,000		2,450,335
Morocco Government International Bond 2.375%, 12/15/27		1,143,000		993,317
New Zealand Government Bonds 2.000%, 05/15/32 (NZD)		1,109,000		572,296
3.500%, 04/14/33 (NZD)		4,660,000		2,721,086
Nigeria Government International Bonds 6.125%, 09/28/28		252,000		194,383
6.125%, 09/28/28 (144A)		472,000		364,082
7.143%, 02/23/30		1,033,000		789,894
7.375%, 09/28/33 (144A)		558,000		396,426
7.375%, 09/28/33		1,869,000		1,327,812
7.625%, 11/28/47		3,085,000		1,979,398
7.696%, 02/23/38		700,000		474,180
8.250%, 09/28/51		941,000		625,765
8.375%, 03/24/29		482,000		398,855
Oman Government International Bonds 4.875%, 02/01/25		709,000		695,372
5.625%, 01/17/28		1,725,000		1,700,953
6.500%, 03/08/47		486,000		441,945
6.750%, 01/17/48		439,000		410,708
Pakistan Government International Bond 6.875%, 12/05/27		914,000		353,096
Panama Government International Bonds
3.362%, 06/30/31		1,874,000		1,508,570
3.750%, 04/17/26		1,490,000		1,401,360
3.870%, 07/23/60		2,167,000		1,395,840
6.400%, 02/14/35		911,000		924,127
6.700%, 01/26/36		390,000		406,205
Paraguay Government International Bonds 3.849%, 06/28/33		690,000		603,975
3.849%, 06/28/33 (144A)		209,000		182,943
4.950%, 04/28/31 (144A)		650,000		628,146
4.950%, 04/28/31		1,090,000		1,053,353
5.000%, 04/15/26		1,045,000		1,039,511
Peru Government Bonds 5.940%, 02/12/29 (PEN)		9,084,000		2,191,270
6.150%, 08/12/32 (PEN)		10,049,000		2,322,458

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Perusahaan Penerbit SBSN Indonesia III 4.150%, 03/29/27		570,000	$	558,600
Peruvian Government International Bonds 2.780%, 12/01/60		1,497,000		870,675
3.000%, 01/15/34		1,460,000		1,149,974
3.230%, 07/28/21		874,000		507,267
5.625%, 11/18/50		1,275,000		1,258,967
Philippine Government International Bonds 3.000%, 02/01/28		915,000		851,165
3.200%, 07/06/46		1,794,000		1,307,517
3.229%, 03/29/27		292,000		277,021
3.556%, 09/29/32		1,465,000		1,329,936
3.750%, 01/14/29		364,000		347,482
4.200%, 03/29/47		3,870,000		3,303,265
5.500%, 03/30/26		288,000		294,972
Qatar Government International Bonds 4.400%, 04/16/50		1,580,000		1,445,311
4.400%, 04/16/50 (144A)		1,538,000		1,406,892
4.500%, 04/23/28		1,363,000		1,370,415
4.817%, 03/14/49		980,000		953,050
5.103%, 04/23/48		1,141,000		1,145,715
Republic of Austria Government Bonds
Zero Coupon, 02/20/30 (144A) (EUR)		592,000		511,017
0.500%, 02/20/29 (144A) (EUR)		4,654,000		4,293,038
0.900%, 02/20/32 (144A) (EUR)		6,325,000		5,587,743
Republic of Azerbaijan International Bond 3.500%, 09/01/32		1,600,000		1,332,000
Republic of Kenya Government International Bond 7.250%, 02/28/28		361,000		314,973
Republic of Poland Government International Bond 5.500%, 11/16/27		930,000		954,109
Republic of South Africa Government International Bonds 5.650%, 09/27/47		541,000		396,066
5.750%, 09/30/49		1,287,000		941,698
5.875%, 04/20/32		745,000		670,500
Romanian Government International Bonds 3.000%, 02/14/31		800,000		628,592
3.625%, 03/27/32		728,000		578,451
3.625%, 03/27/32 (144A)		794,000		630,893
4.000%, 02/14/51		868,000		574,425
5.250%, 11/25/27		230,000		220,629
5.250%, 11/25/27 (144A) (b)		1,010,000		968,849
6.000%, 05/25/34		1,332,000		1,243,997
Saudi Government International Bonds 2.250%, 02/02/33		2,595,000		2,104,514
2.875%, 03/04/23		320,000		318,400
3.250%, 10/26/26		807,000		770,215
3.250%, 10/22/30 (144A)		689,000		628,713
3.450%, 02/02/61		2,130,000		1,522,950
5.250%, 01/16/50		2,042,000		2,001,160
Senegal Government International Bonds 4.750%, 03/13/28 (EUR)		265,000		244,126
6.250%, 05/23/33		469,000		386,456
6.750%, 03/13/48		1,425,000		1,001,530
Sharjah Sukuk, Ltd. 3.764%, 09/17/24		450,000		438,795
Sovereign—(Continued)
Spain Government Bond 3.450%, 07/30/43 (144A) (EUR)		2,034,000		2,018,352
Sri Lanka Government International Bonds 6.200%, 05/11/27 (c)		1,823,000		563,452
6.850%, 11/03/25 (c)		1,370,000		431,677
7.550%, 03/28/30 (c)		214,000		66,143
7.850%, 03/14/29 (c)		523,000		162,262
Turkey Government International Bond 4.875%, 04/16/43 (b)		4,063,000		2,635,083
5.750%, 05/11/47		315,000		214,200
Ukraine Government International Bonds 6.750%, 06/20/28 (144A) (EUR)		442,000		81,758
6.876%, 05/21/31		1,096,000		200,057
7.375%, 09/25/34		1,234,000		223,724
7.750%, 09/01/26		4,290,000		879,707
7.750%, 09/01/29		1,548,000		320,300
9.750%, 11/01/30		858,000		171,995
United Kingdom Gilt 0.875%, 01/31/46 (GBP)		2,490,000		1,592,863
1.250%, 10/22/41 (GBP)		3,987,000		3,055,636
1.250%, 07/31/51 (GBP)		420,927		274,846
1.500%, 07/31/53 (GBP)		1,200,098		829,926
1.750%, 09/07/37 (GBP)		2,428,769		2,208,743
3.750%, 01/29/38 (GBP)		1,661,690		1,939,191
Uruguay Government International Bonds 4.375%, 01/23/31		676,097		671,554
4.975%, 04/20/55		857,005		818,778
7.875%, 01/15/33		535,000		665,855
Zambia Government International Bond 8.970%, 07/30/27		1,123,000		495,849
				315,075,963
Total Foreign Government (Cost $379,881,716)				327,174,240
Corporate Bonds & Notes—28.5%
Advertising—0.2%
Interpublic Group of Cos., Inc. (The) 4.650%, 10/01/28		870,000		832,410
Aerospace/Defense—0.2%
Bombardier, Inc. 7.500%, 03/15/25 (144A)		435,000		430,787
Embraer Netherlands Finance B.V. 5.400%, 02/01/27		507,000		485,452
				916,239
Agriculture—0.3%
Altria Group, Inc. 3.125%, 06/15/31 (EUR)		860,000		762,406
BAT International Finance plc 6.000%, 11/24/34 (GBP)		305,000		329,281
British American Tobacco plc 3.000%, 5Y EUR Swap + 3.372%, 09/27/26 (EUR) (d)		645,000		534,613

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Agriculture—(Continued)
Imperial Brands Finance Netherlands B.V. 1.750%, 03/18/33 (EUR)		282,000	$	212,268
				1,838,568
Apparel—0.3%
Levi Strauss & Co. 3.375%, 03/15/27 (EUR)		915,000		913,115
PVH Corp. 3.125%, 12/15/27 (EUR)		550,000		534,984
				1,448,099
Auto Manufacturers—0.6%
BMW Finance NV 1.000%, 08/29/25 (EUR)		835,000		845,312
General Motors Financial Co., Inc. 0.600%, 05/20/27 (EUR)		615,000		557,004
Harley-Davidson Financial Services, Inc. 3.050%, 02/14/27 (144A)		330,000		293,891
Volkswagen International Finance NV
0.875%, 09/22/28 (EUR)		800,000		695,081
1.875%, 03/30/27 (EUR)		400,000		385,371
3.500%, 5Y EUR Swap + 3.746%, 06/17/25 (EUR) (d)		300,000		296,648
				3,073,307
Auto Parts & Equipment—0.3%
Aptiv plc 1.600%, 09/15/28 (EUR)		585,000		545,614
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de C.V. 5.000%, 05/07/28		535,000		444,858
ZF Finance GmbH 2.000%, 05/06/27 (EUR)		800,000		698,104
				1,688,576
Banks—7.4%
AIB Group plc 0.500%, 1Y EUR Swap + 0.750%, 11/17/27 (EUR) (d)		1,005,000		910,483
Australia & New Zealand Banking Group, Ltd. 0.250%, 03/17/25 (EUR)		1,045,000		1,042,956
0.669%, 5Y EUR Swap + 1.120%, 05/05/31 (EUR) (d)		805,000		731,075
Banco Bilbao Vizcaya Argentaria S.A. 5.875%, 5Y EUR Swap + 5.660%, 09/24/23 (EUR) (d)		1,200,000		1,232,513
Banco Santander S.A. 1.125%, 06/23/27 (EUR)		900,000		855,496
Bank Hapoalim BM 3.255%, 5Y H15 + 2.155%, 01/21/32 (144A) (d)		312,000		268,470
Bank of America Corp. 1.776%, 3M EURIBOR + 1.200%, 05/04/27 (EUR) (d)		1,189,000		1,172,975
Bank of Montreal 0.125%, 01/26/27 (EUR)		640,000		600,066
1.000%, 04/05/26 (EUR)		619,000		613,661
Bank of Nova Scotia (The) 0.010%, 01/14/27 (EUR)		1,565,000		1,460,985
0.450%, 03/16/26 (EUR)		246,000		239,682
Banks—(Continued)
Barclays plc 8.000%, 5Y H15 + 5.431%, 03/15/29 (b) (d)		695,000		649,825
BNP Paribas S.A. 3.375%, 01/23/26 (GBP)		565,000		641,220
4.625%, 5Y H15 + 3.340%, 02/25/31 (d)		960,000		741,696
Citigroup, Inc. 1.750%, 10/23/26 (GBP)		605,000		643,554
Commonwealth Bank of Australia 0.125%, 10/15/29 (EUR)		1,015,000		867,295
1.936%, 5Y EUR Swap + 1.450%, 10/03/29 (EUR) (d)		855,000		861,830
Cooperatieve Rabobank UA 3.250%, 5Y EUR Swap + 3.702%, 12/29/26 (EUR) (d)		400,000		364,488
4.375%, 5Y EUR Swap + 4.679%, 06/29/27 (EUR) (d)		600,000		570,824
4.625%, 05/23/29 (GBP)		625,000		689,029
Credit Suisse Group AG 1.250%, 1Y EUR Swap + 0.750%, 07/17/25 (EUR) (d)		1,165,000		1,117,468
3.250%, 1Y EUR Swap + 3.500%, 04/02/26 (EUR) (d)		515,000		494,295
7.500%, 5Y USD Swap + 4.598%, 12/11/23 (144A) (d)		803,000		698,610
Danske Bank A/S 0.750%, 1Y EUR Swap + 0.880%, 06/09/29 (EUR) (d)		1,175,000		1,025,883
Deutsche Bank AG 1.875%, 3M EURIBOR + 1.380%, 02/23/28 (EUR) (d)		100,000		93,592
2.625%, 02/12/26 (EUR)		200,000		201,919
3.875%, 02/12/24 (GBP)		800,000		942,985
6.119%, SOFR + 3.190%, 07/14/26 (b) (d)		170,000		168,863
Dexia Credit Local S.A. 0.625%, 02/03/24 (EUR)		3,000,000		3,124,366
DNB Boligkreditt A/S 0.250%, 09/07/26 (EUR)		1,314,000		1,259,128
0.625%, 06/19/25 (EUR)		433,000		434,238
Goldman Sachs Group, Inc. (The) 1.250%, 05/01/25 (EUR)		660,000		671,750
HSBC Holdings plc 4.600%, 5Y H15 + 3.649%, 12/17/30 (d)		818,000		636,390
6.000%, 5Y EUR Swap + 5.338%, 09/29/23 (EUR) (d)		784,000		828,203
ING Groep NV 3.000%, 02/18/26 (GBP)		900,000		1,012,050
6.500%, 5Y USD Swap + 4.446%, 04/16/25 (d)		201,000		190,043
6.750%, 5Y USD ICE Swap + 4.204%, 04/16/24 (d)		790,000		759,229
Intesa Sanpaolo S.p.A. 7.000%, 11/21/25 (144A)		216,000		220,292
JPMorgan Chase & Co. 1.090%, 3M EURIBOR + 0.760%, 03/11/27 (EUR) (d)		1,400,000		1,362,725
KBC Group NV 0.250%, 3M EURIBOR + 0.470%, 03/01/27 (EUR) (d)		1,200,000		1,132,725
Lloyds Bank plc 0.125%, 06/18/26 (EUR)		1,425,000		1,364,428
Morgan Stanley 0.406%, 3M EURIBOR + 0.698%, 10/29/27 (EUR) (d)		1,385,000		1,279,591
1.342%, 3M EURIBOR + 0.834%, 10/23/26 (EUR) (d)		264,000		260,970
National Australia Bank 0.010%, 01/06/29 (EUR)		1,215,000		1,059,523
NatWest Group plc 2.000%, 3M EURIBOR + 1.737%, 03/04/25 (EUR) (d)		900,000		939,323
Shinhan Financial Group Co., Ltd. 2.875%, 5Y H15 + 2.064%, 05/12/26 (d)		201,000		170,448

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Societe Generale S.A. 7.875%, 5Y USD Swap + 4.979%, 12/18/23 (d)		860,000	$	851,244
Stadshypotek AB 0.010%, 11/24/28 (EUR)		1,100,000		971,878
Standard Chartered plc 5.925%, 3M LIBOR + 1.510%, 01/30/27 (144A) (d)		1,000,000		768,060
Truist Financial Corp. 5.100%, 10Y H15 + 4.349%, 03/01/30 (b) (d)		880,000		814,000
UniCredit S.p.A. 1.200%, 3M EURIBOR + 1.350%, 01/20/26 (EUR) (d)		955,000		946,484
				40,958,826
Beverages—0.1%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 5.250%, 04/27/29 (144A) (b)		306,000		285,259
Building Materials—0.0%
Cemex S.A.B. de C.V. 7.375%, 06/05/27 (144A) (b)		267,000		274,009
Chemicals—0.2%
Braskem Idesa SAPI 6.990%, 02/20/32 (144A)		726,000		518,232
6.990%, 02/20/32		440,000		314,080
INEOS Quattro Finance 2 plc 2.500%, 01/15/26 (144A) (EUR)		561,000		508,909
				1,341,221
Coal—0.1%
Indika Energy Capital IV Pte, Ltd. 8.250%, 10/22/25		420,000		413,993
Commercial Services—0.8%
Autopistas del Sol S.A. 7.375%, 12/30/30		771,352		690,360
DP World Salaam 6.000%, 5Y H15 + 5.750%, 10/01/25 (d)		1,024,000		1,012,275
DP World, Ltd. 4.700%, 09/30/49		302,000		253,867
5.625%, 09/25/48		1,082,000		1,012,951
JSW Infrastructure, Ltd. 4.950%, 01/21/29 (144A)		531,000		451,616
TransJamaican Highway, Ltd. 5.750%, 10/10/36 (144A)		735,255		586,733
Verisure Holding AB 3.250%, 02/15/27 (EUR)		585,000		540,572
				4,548,374
Computers—0.3%
CA Magnum Holdings 5.375%, 10/31/26 (144A) (b)		680,000		619,635
Kyndryl Holdings, Inc. 2.050%, 10/15/26		679,000		553,991
Computers—(Continued)
Western Digital Corp. 2.850%, 02/01/29		217,000		167,886
3.100%, 02/01/32		608,000		437,010
				1,778,522
Cosmetics/Personal Care—0.1%
Natura &Co. Luxembourg Holdings S.a.r.l 6.000%, 04/19/29		401,000		350,953
Diversified Financial Services—0.5%
Aircastle, Ltd. 2.850%, 01/26/28 (144A)		497,000		406,475
Aviation Capital Group LLC 3.500%, 11/01/27 (144A) (b)		214,000		186,915
4.375%, 01/30/24 (144A)		459,000		447,473
BPCE SFH S.A. 0.010%, 11/10/27 (EUR)		400,000		365,259
Discover Financial Services 6.700%, 11/29/32		187,000		190,081
Intercorp Financial Services, Inc. 4.125%, 10/19/27		285,000		250,893
Joy Treasure Assets Holdings, Inc. 4.500%, 03/20/29		340,000		302,998
Motion Finco Sarl 7.000%, 05/15/25 (EUR)		375,000		398,767
Power Finance Corp., Ltd. 3.350%, 05/16/31		280,000		231,438
				2,780,299
Electric—3.2%
Adani Electricity Mumbai, Ltd. 3.949%, 02/12/30		294,000		222,791
Adani Green Energy, Ltd. 4.375%, 09/08/24		1,040,000		941,200
AES Andes S.A. 6.350%, 5Y H15 + 4.917%, 10/07/79 (144A) (d)		457,000		420,385
AES Panama Generation Holdings SRL 4.375%, 05/31/30 (144A)		295,000		256,266
Alfa Desarrollo S.p.A. 4.550%, 09/27/51 (144A) (b)		794,095		603,219
Cadent Finance plc 0.625%, 03/19/30 (EUR)		660,000		555,490
Colbun S.A. 3.950%, 10/11/27		200,000		186,247
Cometa Energia S.A. de C.V. 6.375%, 04/24/35		592,187		567,820
Comision Federal de Electricidad 3.348%, 02/09/31 (144A)		760,000		593,203
3.348%, 02/09/31		212,000		165,473
4.677%, 02/09/51 (144A)		485,000		315,362
4.688%, 05/15/29		414,000		366,154
4.688%, 05/15/29 (144A)		637,000		563,381
5.000%, 09/29/36		748,000		638,037
Consolidated Edison Co. of New York, Inc. 4.500%, 05/15/58		122,000		101,170

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
E.ON International Finance B.V. 6.250%, 06/03/30 (GBP)		445,000	$	559,115
EDP - Energias de Portugal S.A. 1.500%, 5Y EUR Swap + 1.888%, 03/14/82 (EUR) (d)		400,000		347,896
Empresas Publicas de Medellin E.S.P. 4.250%, 07/18/29 (144A)		592,000		469,900
Enel Finance International NV 0.500%, 06/17/30 (EUR)		793,000		649,194
7.500%, 10/14/32 (144A)		700,000		739,737
Engie Energia Chile S.A. 3.400%, 01/28/30 (144A)		326,000		266,176
Entergy Arkansas LLC 3.350%, 06/15/52		222,000		154,234
Eskom Holdings SOC, Ltd. 6.750%, 08/06/23		509,000		488,742
7.125%, 02/11/25		1,186,000		1,076,793
7.125%, 02/11/25 (144A)		286,000		259,665
Iberdrola International B.V. 1.450%, 5Y EUR Swap + 1.832%, 11/09/26 (EUR) (d)		700,000		634,842
India Clean Energy Holdings 4.500%, 04/18/27 (144A)		665,000		524,020
Israel Electric Corp., Ltd. 3.750%, 02/22/32 (144A)		213,000		186,298
JSW Hydro Energy, Ltd. 4.125%, 05/18/31		1,008,900		840,920
Kallpa Generacion S.A. 4.125%, 08/16/27		395,000		361,935
Lamar Funding, Ltd. 3.958%, 05/07/25		1,772,000		1,676,507
Minejesa Capital BV 5.625%, 08/10/37		595,000		463,211
Orsted A/S 4.875%, 01/12/32 (GBP)		469,000		554,036
ReNew Wind Energy AP2 / ReNew Power Pvt, Ltd. other 9 Subsidiaries 4.500%, 07/14/28		315,000		264,965
SSE plc 8.375%, 11/20/28 (GBP)		545,000		750,483
				17,764,867
Electronics—0.2%
Honeywell International, Inc. 4.125%, 11/02/34 (EUR)		1,141,000		1,205,651
Energy-Alternate Sources—0.2%
Empresa Generadora de Electricidad Haina S.A. 5.625%, 11/08/28 (144A) (b)		596,000		530,440
Greenko Dutch B.V. 3.850%, 03/29/26		382,000		330,354
Greenko Solar Mauritius, Ltd. 5.950%, 07/29/26		215,000		195,327
				1,056,121
Engineering & Construction—0.3%
Aeropuerto Internacional de Tocumen S.A. 5.125%, 08/11/61		1,253,000		1,023,271
Heathrow Funding, Ltd. 2.750%, 10/13/31 (GBP)		490,000		488,594
State Agency of Roads of Ukraine 6.250%, 06/24/30 (144A)†		1,144,000		193,908
				1,705,773
Entertainment—0.1%
Allwyn Entertainment Financing UK plc 5.887%, 3M EURIBOR + 4.125%, 02/15/28 (144A) (EUR) (d)		289,000		298,996
Food—0.3%
BRF S.A. 4.875%, 01/24/30		382,000		322,158
China Modern Dairy Holdings, Ltd. 2.125%, 07/14/26		310,000		262,131
NBM US Holdings, Inc. 7.000%, 05/14/26		975,000		968,185
				1,552,474
Insurance—0.7%
Allianz SE 2.121%, 3M EURIBOR + 3.280%, 07/08/50 (EUR) (d)		300,000		259,192
3.099%, 3M EURIBOR + 3.350%, 07/06/47 (EUR) (d)		500,000		494,130
4.252%, 3M EURIBOR + 3.550%, 07/05/52 (EUR) (d)		400,000		392,965
Credit Agricole Assurances S.A. 4.750%, 5Y EUR Swap + 5.350%, 09/27/48 (EUR) (d)		600,000		618,582
Liberty Mutual Group, Inc. 3.625%, 5Y EUR Swap + 3.700%, 05/23/59 (EUR) (d)		695,000		654,687
Principal Financial Group, Inc. 7.650%, 3M LIBOR + 3.044%, 05/15/55 (d)		300,000		290,250
Prudential Financial, Inc. 5.200%, 3M LIBOR + 3.040%, 03/15/44 (d)		642,000		610,317
Voya Financial, Inc. 5.650%, 3M LIBOR + 3.580%, 05/15/53 (d)		589,000		572,920
				3,893,043
Internet—0.2%
Booking Holdings, Inc. 4.500%, 11/15/31 (EUR)		388,000		420,391
Prosus NV 2.031%, 08/03/32 (EUR)		460,000		347,167
Weibo Corp. 3.375%, 07/08/30		313,000		243,164
				1,010,722
Investment Companies—0.7%
Fund of National Welfare Samruk-Kazyna JSC 2.000%, 10/28/26 (144A)		805,000		700,099
Huarong Finance Co., Ltd. 3.250%, 11/13/24		400,000		367,932
3.750%, 05/29/24		208,000		196,998

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Investment Companies—(Continued)
Huarong Finance II Co., Ltd. 4.625%, 06/03/26		316,000	$	278,080
JAB Holdings B.V. 1.000%, 12/20/27 (EUR)		900,000		828,551
MDGH GMTN RSC Ltd. 4.500%, 11/07/28		1,356,000		1,342,982
				3,714,642
Iron/Steel—0.2%
CSN Resources S.A. 4.625%, 06/10/31 (b)		595,000		471,222
JSW Steel, Ltd. 3.950%, 04/05/27		300,000		256,212
Vale Overseas, Ltd. 3.750%, 07/08/30		600,000		524,959
				1,252,393
Leisure Time—0.1%
Carnival plc 1.000%, 10/28/29 (EUR)		798,000		345,959
Royal Caribbean Cruises, Ltd. 8.250%, 01/15/29 (144A)		446,000		448,174
				794,133
Lodging—0.2%
Melco Resorts Finance, Ltd. 5.750%, 07/21/28 (144A)		505,000		420,523
Studio City Co., Ltd. 7.000%, 02/15/27 (144A)		250,000		233,805
Studio City Finance, Ltd. 6.500%, 01/15/28		200,000		155,304
Wynn Macau, Ltd. 5.625%, 08/26/28		200,000		170,818
5.625%, 08/26/28 (144A) (b)		325,000		277,579
				1,258,029
Mining—0.8%
Aris Mining Corp. 6.875%, 08/09/26		595,000		464,404
Cia de Minas Buenaventura SAA 5.500%, 07/23/26		764,000		655,185
Corp. Nacional del Cobre de Chile 3.000%, 09/30/29		1,810,000		1,580,952
3.150%, 01/14/30		369,000		325,672
Freeport Indonesia PT 5.315%, 04/14/32 (144A)		335,000		307,274
Glencore Capital Finance DAC 1.125%, 03/10/28 (EUR)		275,000		242,270
Vedanta Resources Finance II plc 13.875%, 01/21/24 (b)		614,000		534,728
Volcan Cia Minera SAA 4.375%, 02/11/26 (144A)		184,000		158,524
4.375%, 02/11/26		284,000		244,679
				4,513,688
Multi-National—1.1%
European Investment Bank 0.750%, 07/15/27 (AUD)		990,000		574,081
1.800%, 01/19/27 (AUD)		1,300,000		803,025
Inter American Development Bank 2.700%, 01/29/26 (AUD)		1,005,000		653,780
4.250%, 06/11/26 (AUD)		783,000		532,908
International Bank for Reconstruction & Development
Zero Coupon, 01/15/27 (EUR)		1,237,000		1,171,128
0.010%, 04/24/28 (EUR)		1,277,000		1,163,059
3.000%, 10/19/26 (AUD)		445,000		289,719
International Finance Corp. 4.450%, 05/14/27 (AUD)		1,159,000		791,435
				5,979,135
Oil & Gas—5.5%
BP Capital Markets plc 3.250%, 5Y EUR Swap + 3.880%, 03/22/26 (EUR) (d)		234,000		230,047
3.625%, 5Y EUR Swap + 4.120%, 03/22/29 (EUR) (d)		541,000		496,563
Ecopetrol S.A. 5.875%, 11/02/51		2,079,000		1,398,174
6.875%, 04/29/30		533,000		483,342
7.375%, 09/18/43 (b)		767,000		653,238
Eni S.p.A. 3.375%, 5Y EUR Swap + 3.641%, 07/13/29 (EUR) (d)		835,000		740,445
Gran Tierra Energy, Inc. 7.750%, 05/23/27		252,000		204,134
7.750%, 05/23/27 (144A)		355,000		287,570
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375%, 06/01/28		284,050		270,080
KazMunayGas National Co. JSC 5.375%, 04/24/30		1,694,000		1,513,370
5.750%, 04/19/47		1,179,000		911,249
6.375%, 10/24/48		395,000		324,719
Leviathan Bond, Ltd.
6.125%, 06/30/25 (144A)		324,995		317,683
6.750%, 06/30/30 (144A)		531,793		500,530
Medco Oak Tree Pte, Ltd. 7.375%, 05/14/26		580,000		551,238
NAK Naftogaz Ukraine via Kondor Finance plc 7.375%, 07/19/22		2,001,000		310,155
7.625%, 11/08/26 (144A)†		505,000		85,850
Oil and Gas Holding Co. BSCC (The) 7.500%, 10/25/27		1,416,000		1,444,728
7.625%, 11/07/24		1,079,000		1,096,178
Pertamina Persero PT 2.300%, 02/09/31 (b)		3,570,000		2,876,159
6.000%, 05/03/42		439,000		418,404
Petroleos Mexicanos 6.700%, 02/16/32		789,000		619,560
6.750%, 09/21/47		1,788,000		1,140,742
6.875%, 08/04/26		1,549,000		1,462,979
6.950%, 01/28/60		2,895,000		1,829,708
7.690%, 01/23/50		1,868,000		1,292,467
Petronas Energy Canada, Ltd. 2.112%, 03/23/28 (b)		924,000		807,293

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
QatarEnergy Trading LLC 3.300%, 07/12/51 (144A)		977,000	$	720,537
3.300%, 07/12/51		2,605,000		1,921,187
Reliance Industries, Ltd. 2.875%, 01/12/32		380,000		309,153
Saudi Arabian Oil Co. 1.625%, 11/24/25		1,215,000		1,106,639
SEPLAT Energy plc 7.750%, 04/01/26 (144A)		540,000		426,622
SierraCol Energy Andina LLC 6.000%, 06/15/28 (144A)		400,000		313,904
6.000%, 06/15/28		215,000		168,723
Sinopec Group Overseas Development 2018, Ltd. 2.700%, 05/13/30		678,000		592,377
State Oil Co. of the Azerbaijan Republic 6.950%, 03/18/30		701,000		722,369
Tengizchevroil Finance Co. International, Ltd. 3.250%, 08/15/30 (144A)		552,000		390,358
3.250%, 08/15/30		730,000		516,234
TotalEnergies SE 1.625%, 5Y EUR Swap + 1.993%, 10/25/27 (EUR) (d)		830,000		720,312
Tullow Oil plc 10.250%, 05/15/26 (144A)		665,000		533,330
				30,708,350
Packaging & Containers—0.3%
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance plc 3.250%, 09/01/28 (144A) (b)		579,000		491,829
Ardagh Packaging Finance plc 2.125%, 08/15/26 (EUR)		615,000		548,275
Rimini Bidco SpA 7.296%, 3M EURIBOR + 5.250%, 12/14/26 (144A) (EUR) (d)		605,000		574,603
				1,614,707
Pharmaceuticals—0.0%
Grifols S.A. 1.625%, 02/15/25 (144A) (EUR)		181,000		182,652
Pipelines—0.5%
Acu Petroleo Luxembourg Sarl 7.500%, 07/13/35 (144A)		1,075,000		978,785
Enbridge Pipelines, Inc. 2.820%, 05/12/31 (CAD)		459,000		283,946
Enbridge, Inc. 6.100%, 11/09/32 (CAD)		439,000		340,494
GNL Quintero S.A. 4.634%, 07/31/29		164,720		159,049
Southern Gas Corridor CJSC 6.875%, 03/24/26		454,000		464,814
TransCanada PipeLines, Ltd. 5.330%, 05/12/32 (CAD)		849,000		624,529
				2,851,617
Real Estate—0.4%
Annington Funding plc 3.184%, 07/12/29 (GBP)		365,000		365,843
KWG Group Holdings, Ltd. 7.400%, 01/13/27		225,000		81,909
Powerlong Real Estate Holdings, Ltd. 4.900%, 05/13/26		435,000		121,626
SBB Treasury Oyj
0.750%, 12/14/28 (EUR)		502,000		341,227
1.125%, 11/26/29 (EUR)		187,000		126,819
Shimao Group Holdings, Ltd.
5.200%, 01/16/27 (c)		580,000		104,400
5.600%, 07/15/26 (c)		250,000		45,621
Sinochem Offshore Capital Co., Ltd. 2.375%, 09/23/31		345,000		262,373
Sunac China Holdings, Ltd.
5.950%, 04/26/24 (c)		202,000		42,731
6.500%, 01/26/26 (c)		240,000		48,633
Times China Holdings, Ltd.
5.750%, 01/14/27		203,000		32,758
6.200%, 03/22/26		200,000		32,418
6.750%, 07/08/25		225,000		36,887
Vivion Investments Sarl 3.000%, 08/08/24 (EUR)		700,000		579,220
Yango Justice International, Ltd.
7.500%, 04/15/24 (c)		320,000		8,480
7.500%, 02/17/25 (c)		203,000		5,379
8.250%, 11/25/23 (c)		300,000		7,950
				2,244,274
Real Estate Investment Trusts—0.5%
Digital Euro Finco LLC 2.500%, 01/16/26 (EUR)		735,000		728,249
Digital Intrepid Holding B.V. 0.625%, 07/15/31 (EUR)		625,000		457,516
Public Storage 0.500%, 09/09/30 (EUR)		650,000		522,999
Westfield America Management, Ltd. 2.625%, 03/30/29 (GBP)		340,000		315,020
WPC Eurobond B.V. 1.350%, 04/15/28 (EUR)		600,000		533,180
				2,556,964
Retail—0.1%
Stonegate Pub Co. Financing plc 8.250%, 07/31/25 (GBP)		340,000		370,761
Savings & Loans—0.3%
Nationwide Building Society
1.125%, 05/31/28 (EUR)		1,000,000		952,439
2.000%, 5Y EUR Swap + 1.500%, 07/25/29 (EUR) (d)		750,000		756,369
				1,708,808
Semiconductors—0.1%
TSMC Arizona Corp. 3.875%, 04/22/27		607,000		583,518

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—0.1%
Cedacri Mergeco S.p.A. 6.387%, 3M EURIBOR + 4.625%, 05/15/28 (EUR) (d)		190,000	$	188,569
Fidelity National Information Services, Inc.
0.625%, 12/03/25 (EUR)		141,000		137,437
1.000%, 12/03/28 (EUR)		149,000		132,597
				458,603
Telecommunications—0.6%
AT&T, Inc. 2.875%, 5Y EUR Swap + 3.140%, 03/02/25 (EUR) (d)		400,000		382,685
Axtel S.A.B. de CV 6.375%, 11/14/24		320,000		261,738
Bell Telephone Co. of Canada or Bell Canada 3.000%, 03/17/31 (CAD)		170,000		107,984
5.850%, 11/10/32 (CAD)		667,000		514,531
CK Hutchison Group Telecom Finance S.A. 0.750%, 04/17/26 (EUR)		1,035,000		993,554
Telefonica Europe B.V. 4.375%, 6Y EUR Swap + 4.107%, 12/14/24 (EUR) (d)		300,000		305,854
TELUS Corp. 5.250%, 11/15/32 (CAD)		849,000		622,736
Xiaomi Best Time International, Ltd. 2.875%, 07/14/31 (144A)		434,000		314,654
				3,503,736
Transportation—0.3%
Empresa de Transporte de Pasajeros Metro S.A.
3.650%, 05/07/30 (144A)		200,000		181,663
4.700%, 05/07/50		665,000		557,312
5.000%, 01/25/47 (b)		200,000		173,601
Lima Metro Line 2 Finance, Ltd.
4.350%, 04/05/36		268,716		238,843
5.875%, 07/05/34		686,002		665,259
				1,816,678
Water—0.1%
Thames Water Utilities Finance plc 6.750%, 11/16/28 (GBP)		420,000		533,360
Total Corporate Bonds & Notes (Cost $187,088,730)				157,662,350
U.S. Treasury & Government Agencies—4.7%
Agency Sponsored Mortgage - Backed—1.2%
Connecticut Avenue Securities Trust (CMO)
4.678%, SOFR30A + 0.750%, 10/25/41 (144A) (d)		22,652		22,453
4.778%, SOFR30A + 0.850%, 12/25/41 (144A) (d)		280,909		275,528
5.478%, SOFR30A + 1.550%, 10/25/41 (144A) (d)		66,676		64,980
5.578%, SOFR30A + 1.650%, 12/25/41 (144A) (d)		909,180		857,528
6.489%, 1M LIBOR + 2.100%, 03/25/31 (d)		1,680,176		1,671,756
6.489%, 1M LIBOR + 2.100%, 09/25/39 (144A) (d)		5,969		5,961
6.489%, 1M LIBOR + 2.100%, 10/25/39 (144A) (d)		28,399		28,328
6.539%, 1M LIBOR + 2.150%, 09/25/31 (144A) (d)		122,981		122,681
Agency Sponsored Mortgage - Backed—(Continued)
Connecticut Avenue Securities Trust (CMO)
6.689%, 1M LIBOR + 2.300%, 08/25/31 (144A) (d)		100,447		100,322
6.789%, 1M LIBOR + 2.400%, 04/25/31 (144A) (d)		307,931		307,166
Connecticut Avenue Securities (CMO)
14.639%, 1M LIBOR + 10.250%, 01/25/29 (d)		476,888		495,079
Freddie Mac STACR REMIC Trust (CMO)
4.678%, SOFR30A + 0.750%, 10/25/33 (144A) (d)		323,831		321,208
4.728%, SOFR30A + 0.800%, 10/25/41 (144A) (d)		71,248		70,320
4.878%, SOFR30A + 0.950%, 12/25/41 (144A) (d)		1,145,330		1,086,711
5.428%, SOFR30A + 1.500%, 10/25/41 (144A) (d)		675,847		642,034
5.578%, SOFR30A + 1.650%, 01/25/34 (144A) (d)		225,835		222,733
6.339%, 1M LIBOR + 1.950%, 10/25/49 (144A) (d)		27,358		27,358
6.439%, 1M LIBOR + 2.050%, 07/25/49 (144A) (d)		65,424		64,109
				6,386,255
U.S. Treasury—3.5%
U.S. Treasury Bond 2.375%, 02/15/42		3,505,000		2,676,122
U.S. Treasury Inflation Indexed Notes
0.125%, 07/15/24 (e)		4,146,348		4,012,564
0.125%, 10/15/26 (e)		4,200,959		3,937,607
U.S. Treasury Notes
2.625%, 05/31/27		7,683,900		7,242,976
3.875%, 11/30/27 (b)		742,800		738,738
4.125%, 10/31/27		176,700		177,349
4.125%, 11/15/32		404,800		413,086
				19,198,442
Total U.S. Treasury & Government Agencies (Cost $26,942,439)				25,584,697
Mortgage-Backed Securities—2.1%
Collateralized Mortgage Obligations—1.8%
Bellemeade Re, Ltd.
4.928%, SOFR30A + 1.000%, 09/25/31 (144A) (d)		470,651		445,982
5.989%, 1M LIBOR + 1.600%, 07/25/29 (144A) (d)		99,911		99,862
6.889%, 1M LIBOR + 2.500%, 10/25/29 (144A) (d)		199,511		199,217
7.239%, 1M LIBOR + 2.850%, 10/25/29 (144A) (d)		486,000		464,378
7.489%, 1M LIBOR + 3.100%, 04/25/29 (144A) (d)		750,000		726,631
Eagle Re, Ltd. 5.978%, SOFR30A + 2.050%, 04/25/34 (144A) (d)		277,454		270,188
Home Re, Ltd.
7.639%, 1M LIBOR + 3.250%, 05/25/29 (144A) (d)		1,600,000		1,577,378
9.639%, 1M LIBOR + 5.250%, 10/25/30 (144A) (d)		1,300,000		1,311,114
Oaktown Re III, Ltd. 6.939%, 1M LIBOR + 2.550%, 07/25/29 (144A) (d)		1,500,000		1,473,653
PMT Credit Risk Transfer Trust 6.737%, 1M LIBOR + 2.350%, 02/27/23 (144A)† (d)		682,884		645,938
7.137%, 1M LIBOR + 2.750%, 05/27/23 (144A) (d)		260,100		248,917
8.087%, 1M LIBOR + 3.700%, 11/27/31 (144A) (d)		22,213		21,245
Radnor Re, Ltd. 7.589%, 1M LIBOR + 3.200%, 02/25/29 (144A) (d)		2,236,136		2,191,617

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Triangle Re, Ltd. 5.828%, SOFR30A + 1.900%, 02/25/34 (144A) (d)		538,951	$	536,472
				10,212,592
Commercial Mortgage-Backed Securities—0.3%
BFLD Trust 5.918%, 1M LIBOR + 1.600%, 06/15/38 (144A) (d)		310,000		295,679
JPMorgan Chase Commercial Mortgage Securities Trust 4.064%, 12/15/47 (144A) (d)		1,500,000		1,101,580
				1,397,259
Total Mortgage-Backed Securities (Cost $11,303,692)				11,609,851
Asset-Backed Securities—1.4%
Asset-Backed - Automobile—0.1%
Santander Bank Auto Credit-Linked Notes 5.721%, 08/16/32 (144A)		318,747		317,729
Asset-Backed - Other—1.2%
Amur Equipment Finance Receivables XI LLC Trust 5.300%, 06/21/28 (144A)		671,000		663,593
Balboa Bay Loan Funding Ltd. 5.443%, 3M LIBOR + 1.200%, 07/20/34 (144A) (d)		1,350,416		1,316,508
Black Diamond CLO, Ltd. 5.755%, 3M LIBOR + 1.430%, 07/23/32 (144A) (d)		2,121,980		2,077,234
CNH Equipment Trust 5.420%, 07/15/26		395,000		396,489
Flatiron CLO, Ltd. 5.337%, 3M LIBOR + 1.110%, 07/19/34 (144A) (d)		1,562,322		1,524,119
Hpefs Equipment Trust 5.260%, 08/20/29 (144A)		352,000		350,891
Pikes Peak CLO 5.413%, 3M LIBOR + 1.170%, 07/20/34 (144A) (d)		968,631		938,424
				7,267,258
Asset-Backed - Student Loan—0.1%
Nelnet Student Loan Trust 2.530%, 04/20/62 (144A)		548,158		426,764
Total Asset-Backed Securities (Cost $8,287,940)				8,011,751
Short-Term Investment—4.4%
Repurchase Agreement—1.6%
Fixed Income Clearing Corp.
Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $9,040,121; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $9,219,131.		9,038,313		9,038,313
U.S. Treasury—2.8%
U.S. Treasury Bills
3.798%, 04/06/23 (f)		710,000		702,727
4.215%, 03/16/23 (f)		13,395,000		13,283,915
4.398%, 04/27/23 (f)		157,300		155,084
4.410%, 05/11/23 (f)		415,100		408,399
4.426%, 04/25/23 (f)		715,000		704,983
4.525%, 05/25/23 (f)		370,600		364,005
				15,619,113
Total Short-Term Investments (Cost $24,652,574)				24,657,426
Securities Lending Reinvestments (g)—1.3%
Repurchase Agreements—1.0%
Cantor Fitzgerald & Co.
Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $1,200,573; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $1,224,000.		1,200,000		1,200,000
HSBC Securities, Inc.
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $800,378; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $816,385.		800,000		800,000
Natixis S.A. (New York)
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,000,472; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.625%, maturity dates ranging from 02/23/23 - 05/15/52, and an aggregate market value of $1,020,482.		1,000,000		1,000,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $1,469,110; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $1,497,784.		1,468,415		1,468,415
TD Prime Services LLC
Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $1,332,426; collateralized by various Common Stock with an aggregate market value of $1,491,169.		1,331,775		1,331,775
				5,800,190
Mutual Funds—0.3%
Allspring Government Money Market Fund, Select Class 4.090% (h)		400,000		400,000

BHFTI-14

See accompanying notes to financial statements.

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (g)—(Continued)

Security Description	Shares		Value
Mutual Funds—(Continued)
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (h)		400,000	$	400,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (h)		500,000		500,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (h)		400,000		400,000
				1,700,000
Total Securities Lending Reinvestments (Cost $7,500,190)				7,500,190
Total Investments—101.5% (Cost $645,657,281)				562,200,505
Other assets and liabilities (net)—(1.5)%				(8,374,768	)
Net Assets—100.0%			$	553,825,737

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $925,696, which is 0.2% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $13,040,237 and the collateral received consisted of cash in the amount of $7,500,190 and non-cash collateral with a value of $6,127,167. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(d)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	Principal amount of security is adjusted for inflation.
(f)	The rate shown represents current yield to maturity.
(g)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(h)	The rate shown represents the annualized seven-day yield as of December 31,2022
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $82,775,048, which is 14.9% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
NAK Naftogaz Ukraine via Kondor Finance plc, 7.625%, 11/08/26		11/04/19	$	505,000	$	505,000	$	85,850
PMT Credit Risk Transfer Trust, 6.737%, 02/27/23		02/11/20		682,884		682,884		645,938
State Agency of Roads of Ukraine, 6.250%, 06/24/30		06/17/21		1,144,000		1,144,000		193,908
							$	925,696

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	4,921,576	ANZ		01/19/23		USD	3,301,920	$	50,964
AUD	1,661,103	CBNA		01/19/23		USD	1,053,953		77,694
AUD	4,532,381	CSI		01/19/23		USD	3,037,225		50,515
AUD	10,106,116	JPMC		01/19/23		USD	6,385,752		499,164
AUD	4,862,468	MSCS		01/19/23		USD	3,291,127		21,490
AUD	5,001,005	MSCS		01/19/23		USD	3,255,607		151,389
AUD	1,030,700	NWM		01/19/23		USD	697,481		4,696
AUD	16,639	SSBT		01/19/23		USD	11,473		(138	)
AUD	35,179	SSBT		01/19/23		USD	23,219		747
AUD	76,439	SSBT		01/19/23		USD	51,288		787
AUD	76,484	SSBT		01/19/23		USD	52,741		(635	)
AUD	83,296	SSBT		01/19/23		USD	56,232		514
AUD	93,741	SSBT		01/19/23		USD	60,664		3,199
AUD	112,634	SSBT		01/19/23		USD	71,134		5,600
AUD	114,720	SSBT		01/19/23		USD	73,182		4,972
AUD	131,557	SSBT		01/19/23		USD	87,735		1,890

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	136,523	SSBT		01/19/23		USD	88,166	$	4,842
AUD	168,600	SSBT		01/19/23		USD	113,344		1,517
AUD	176,217	SSBT		01/19/23		USD	119,239		811
AUD	339,435	SSBT		01/19/23		USD	214,369		16,875
AUD	879,975	SSBT		01/19/23		USD	604,588		(5,094	)
BRL	3,036,575	BBP		01/04/23		USD	566,012		9,124
BRL	22,986,478	BBP		01/04/23		USD	4,319,654		34,052
BRL	2,270,705	JPMC		01/04/23		USD	435,193		(5,115	)
BRL	2,859,837	JPMC		01/04/23		USD	548,103		(6,442	)
BRL	6,623,762	JPMC		01/04/23		USD	1,269,479		(14,919	)
BRL	1,555,080	MSCS		01/04/23		USD	295,474		(937	)
BRL	4,315,839	MSCS		01/04/23		USD	827,154		(9,721	)
BRL	16,070,143	MSCS		01/04/23		USD	2,962,457		81,275
BRL	27,578,133	MSCS		01/04/23		USD	5,285,496		(62,118	)
BRL	4,315,839	MSCS		02/02/23		USD	815,548		(2,569	)
CAD	3,491,712	BNP		01/19/23		USD	2,632,844		(53,832	)
CAD	4,507,132	BNP		01/19/23		USD	3,327,910		1,101
CAD	4,043,055	CBNA		01/19/23		USD	3,030,426		(44,187	)
CAD	4,399,993	CBNA		01/19/23		USD	3,290,595		(40,718	)
CAD	4,076,369	JPMC		01/19/23		USD	3,024,414		(13,569	)
CAD	4,407,269	NWM		01/19/23		USD	3,254,867		384
CAD	7,720,298	SCB		01/19/23		USD	5,661,911		40,376
CAD	135,770	SSBT		01/19/23		USD	100,509		(228	)
CAD	278,316	SSBT		01/19/23		USD	205,231		335
CAD	408,843	SSBT		01/19/23		USD	299,202		2,774
CAD	926,875	SSBT		01/19/23		USD	687,421		(2,822	)
CAD	2,068,175	SSBT		01/19/23		USD	1,515,240		12,334
CHF	3,062,662	UBSA		03/01/23		USD	3,308,346		24,055
CLP	2,859,028,938	BNP		01/19/23		USD	3,225,730		140,222
CLP	2,965,577,492	BOA		01/19/23		USD	3,173,553		317,839
CLP	5,658,249,402	UBSA		01/19/23		USD	6,277,179		384,311
CNH	22,457,546	HSBCU		02/16/23		USD	3,242,790		12,881
CNH	23,057,999	HSBCU		02/16/23		USD	3,214,265		128,453
CNH	4,427,114	MSCS		02/16/23		USD	626,869		14,930
COP	826,594,000	BNP		01/19/23		USD	170,230		(191	)
COP	1,020,662,000	BNP		01/19/23		USD	210,370		(409	)
COP	3,219,800,000	BNP		01/19/23		USD	672,894		(10,546	)
DKK	713,808	SSBT		02/03/23		USD	100,029		2,956
EUR	823,256	BOA		02/27/23		USD	879,257		5,213
EUR	1,170,717	BOA		02/27/23		USD	1,248,156		9,611
EUR	542,996	JPMC		02/27/23		USD	575,337		8,034
EUR	721,979	MSCS		02/27/23		USD	771,370		4,293
EUR	825,048	MSCS		02/27/23		USD	871,280		15,116
EUR	1,272,105	SCB		02/27/23		USD	1,362,630		4,064
EUR	66,820	SSBT		02/27/23		USD	71,502		287
EUR	84,869	SSBT		02/27/23		USD	90,550		629
EUR	87,675	SSBT		02/27/23		USD	93,724		470
EUR	689,072	SSBT		02/27/23		USD	729,016		11,294
EUR	819,528	SSBT		02/27/23		USD	873,808		6,657
EUR	1,452,432	SSBT		02/27/23		USD	1,549,106		11,324
EUR	6,270,838	UBSA		02/27/23		USD	6,697,449		39,668
GBP	746,720	BOA		01/18/23		USD	924,091		(21,011	)
GBP	2,612,953	NWM		01/18/23		USD	3,209,464		(49,372	)
GBP	2,907,506	NWM		01/18/23		USD	3,556,258		(39,934	)
GBP	83,369	SSBT		01/18/23		USD	101,727		(901	)
GBP	347,198	SSBT		01/18/23		USD	414,736		5,163
INR	261,595,212	BOA		03/16/23		USD	3,148,006		1,048

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
INR	261,595,212	CBNA		03/16/23		USD	3,154,151	$	(5,097	)
JPY	135,682,701	JPMC		02/09/23		USD	1,010,368		28,242
JPY	1,303,627,993	MSCS		02/09/23		USD	9,733,608		245,271
JPY	442,855,493	NWM		02/09/23		USD	3,278,250		111,675
JPY	203,855,204	SCB		02/09/23		USD	1,556,352		4,098
JPY	440,147,411	UBSA		02/09/23		USD	3,250,508		118,687
JPY	555,031,745	UBSA		02/09/23		USD	4,049,048		199,553
KRW	1,872,333,940	BOA		01/30/23		USD	1,439,980		41,470
KRW	4,223,575,225	BOA		01/30/23		USD	3,140,305		201,523
KRW	4,514,606,025	MSCS		01/30/23		USD	3,315,280		256,820
KRW	4,236,471,142	SCB		01/30/23		USD	3,252,007		100,024
KRW	4,236,471,143	SCB		01/30/23		USD	3,252,769		99,262
KRW	4,628,887,061	SCB		01/30/23		USD	3,235,287		427,236
MXN	61,797,024	BOA		01/19/23		USD	3,165,930		(3,134	)
MXN	62,440,369	CBNA		01/19/23		USD	3,228,903		(33,180	)
MXN	61,500,002	JPMC		01/19/23		USD	3,156,323		(8,728	)
NOK	64,729,361	BOA		02/03/23		USD	6,507,729		107,276
NZD	5,112,296	BOA		02/02/23		USD	3,268,134		(21,040	)
NZD	5,126,706	JPMC		02/02/23		USD	3,281,061		(24,814	)
NZD	7,839,365	JPMC		02/02/23		USD	4,835,360		143,844
NZD	1,952,723	MSCS		02/02/23		USD	1,260,354		(20,074	)
PLN	28,854,393	HSBCU		01/30/23		USD	6,361,759		210,371
SEK	33,718,453	BOA		02/03/23		USD	3,270,385		(33,610	)
SEK	34,271,682	CSI		02/03/23		USD	3,327,081		(37,199	)
SGD	4,378,761	HSBCU		03/02/23		USD	3,242,107		29,997
SGD	4,378,761	HSBCU		03/02/23		USD	3,241,641		30,463
SGD	4,387,551	HSBCU		03/02/23		USD	3,233,947		44,726
THB	95,829,738	BNP		01/19/23		USD	2,675,293		95,603
Contracts to Deliver
AUD	5,143,936	BOA		01/19/23		USD	3,491,298		(13,072	)
AUD	25,844,651	CBNA		01/19/23		USD	16,398,172		(1,208,814	)
AUD	5,173,625	GSI		01/19/23		USD	3,308,730		(215,866	)
AUD	4,819,093	MSCS		01/19/23		USD	3,118,038		(165,029	)
AUD	10,045,142	SSBT		01/19/23		USD	6,535,201		(308,176	)
AUD	5,009,555	SSBT		01/19/23		USD	3,154,844		(257,977	)
AUD	161,908	SSBT		01/19/23		USD	108,989		(1,313	)
AUD	140,007	SSBT		01/19/23		USD	89,803		(5,579	)
AUD	139,398	SSBT		01/19/23		USD	91,346		(3,620	)
AUD	130,175	SSBT		01/19/23		USD	84,693		(3,991	)
AUD	124,069	SSBT		01/19/23		USD	83,113		(1,410	)
AUD	106,620	SSBT		01/19/23		USD	72,252		(384	)
AUD	103,325	SSBT		01/19/23		USD	65,322		(5,070	)
AUD	100,574	SSBT		01/19/23		USD	65,248		(3,269	)
AUD	88,542	SSBT		01/19/23		USD	59,689		(631	)
AUD	87,481	SSBT		01/19/23		USD	58,654		(943	)
AUD	78,949	SSBT		01/19/23		USD	53,424		(361	)
AUD	77,158	SSBT		01/19/23		USD	52,175		(390	)
BRL	22,986,478	BBP		01/04/23		USD	4,405,481		51,775
BRL	3,036,575	BBP		01/04/23		USD	581,976		6,840
BRL	6,623,762	JPMC		01/04/23		USD	1,239,129		(15,431	)
BRL	2,859,837	JPMC		01/04/23		USD	536,283		(5,378	)
BRL	2,270,705	JPMC		01/04/23		USD	426,624		(3,454	)
BRL	27,578,133	MSCS		01/04/23		USD	5,083,902		(139,477	)
BRL	16,070,143	MSCS		01/04/23		USD	3,079,929		36,197
BRL	4,315,839	MSCS		01/04/23		USD	820,034		2,602

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
BRL	1,555,080	MSCS		01/04/23		USD	298,039	$	3,503
BRL	1,555,080	MSCS		02/02/23		USD	293,858		926
CAD	4,706,051	BNP		01/19/23		USD	3,505,055		29,120
CAD	4,564,224	BNP		01/19/23		USD	3,341,538		(29,641	)
CAD	4,140,637	BNP		01/19/23		USD	3,070,054		11,740
CAD	4,564,224	BOA		01/19/23		USD	3,346,620		(24,560	)
CAD	19,108,554	CBNA		01/19/23		USD	14,002,121		(111,640	)
CAD	4,187,065	CBNA		01/19/23		USD	3,153,404		60,798
CAD	702,852	GSI		01/19/23		USD	521,052		1,919
CAD	2,576,351	MSCS		01/19/23		USD	1,917,066		14,149
CAD	6,479,225	NWM		01/19/23		USD	4,847,868		62,251
CAD	552,413	SSBT		01/19/23		USD	411,090		3,073
CAD	341,457	SSBT		01/19/23		USD	251,631		(573	)
CAD	301,496	SSBT		01/19/23		USD	222,520		(168	)
CAD	256,185	SSBT		01/19/23		USD	189,291		70
CHF	3,031,602	BOA		03/01/23		USD	3,272,549		(26,057	)
CLP	2,852,650,107	BNP		01/19/23		USD	3,189,938		(168,504	)
CLP	3,019,184,867	BOA		01/19/23		USD	3,159,802		(394,702	)
CLP	2,853,510,648	BOA		01/19/23		USD	3,081,545		(277,910	)
CLP	2,778,159,900	CBNA		01/19/23		USD	3,062,008		(208,736	)
CNH	48,675,176	BNP		02/16/23		USD	6,809,241		(247,200	)
COP	8,965,042,291	BNP		01/19/23		USD	1,839,655		(4,552	)
EUR	36,148,923	UBSA		02/09/23		USD	38,597,832		(190,312	)
EUR	2,751,912	BBP		02/27/23		USD	2,914,992		(41,544	)
EUR	1,218,209	JPMC		02/27/23		USD	1,284,320		(24,472	)
EUR	1,817,770	MSCS		02/27/23		USD	1,919,629		(33,305	)
EUR	62,576	SSBT		02/27/23		USD	65,858		(1,370	)
EUR	39,217,764	UBSA		02/27/23		USD	41,398,860		(735,009	)
EUR	36,148,923	UBSA		02/27/23		USD	38,645,585		(191,254	)
GBP	13,349,060	CBNA		01/18/23		USD	15,900,667		(243,621	)
GBP	2,744,634	CBNA		01/18/23		USD	3,242,999		(76,348	)
GBP	2,632,091	CBNA		01/18/23		USD	3,155,121		(28,117	)
GBP	2,806,800	JPMC		01/18/23		USD	3,340,990		(53,540	)
GBP	760,537	MSCS		01/18/23		USD	945,494		25,705
GBP	453,018	MSCS		01/18/23		USD	545,114		(2,763	)
IDR	57,548,199,417	BNP		01/26/23		USD	3,689,910		(5,925	)
INR	522,961,026	CBNA		03/16/23		USD	6,290,277		(5,071	)
JPY	256,937,705	BOA		02/09/23		USD	1,897,361		(69,419	)
JPY	10,906,078,765	CBNA		02/09/23		USD	78,948,034		(4,534,707	)
JPY	458,520,209	MSCS		02/09/23		USD	3,383,769		(126,065	)
KRW	3,687,969,646	BNP		01/30/23		USD	2,811,595		(106,444	)
KRW	1,687,417,150	BNP		01/30/23		USD	1,263,794		(71,345	)
KRW	24,983,442,356	BOA		01/30/23		USD	17,480,107		(2,287,591	)
KRW	4,345,442,706	CBNA		01/30/23		USD	3,281,950		(156,303	)
KRW	4,315,435,987	CBNA		01/30/23		USD	3,102,956		(311,555	)
KRW	4,218,935,388	CBNA		01/30/23		USD	3,238,994		(99,162	)
KRW	3,133,774,707	HSBCU		01/30/23		USD	2,348,035		(131,507	)
KRW	4,868,921,780	SCB		01/30/23		USD	3,664,177		(188,269	)
KRW	4,498,983,093	SCB		01/30/23		USD	3,197,321		(362,418	)
MXN	64,237,372	BNP		01/19/23		USD	3,225,555		(62,139	)
MXN	61,059,675	BOA		01/19/23		USD	3,106,984		(18,074	)
MXN	59,962,042	JPMC		01/19/23		USD	3,010,797		(58,084	)
MYR	9,514,791	MSCS		03/16/23		USD	2,179,292		12,802
NOK	64,737,960	BNP		02/03/23		USD	6,520,429		(95,454	)
NZD	5,167,621	BOA		02/02/23		USD	3,205,157		(77,078	)
NZD	5,145,255	BOA		02/02/23		USD	3,258,907		(9,122	)
NZD	14,670,816	MSCS		02/02/23		USD	9,049,077		(269,149	)

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
PLN	14,298,462	JPMC		01/30/23		USD	3,190,332	$	(66,411	)
PLN	14,298,462	MSCS		01/30/23		USD	3,197,268		(59,475	)
SEK	34,116,371	BOA		02/03/23		USD	3,255,398		(19,575	)
SEK	33,726,443	UBSA		02/03/23		USD	3,268,797		31,256
SGD	4,323,151	BBP		03/02/23		USD	3,193,546		(37,003	)
SGD	4,423,238	CBNA		03/02/23		USD	3,281,882		(23,459	)
SGD	4,390,087	JPMC		03/02/23		USD	3,241,380		(39,188	)
THB	94,869,947	SCB		01/19/23		USD	2,571,698		(171,446	)
Net Unrealized Depreciation								$	(10,430,449	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		03/15/23		91			AUD	10,527,012		$	(188,191	)
Euro-Bund Futures		03/08/23		56			EUR	7,444,080			(262,634	)
U.S. Treasury Long Bond Futures		03/22/23		14			USD	1,754,813			(29,864	)
U.S. Treasury Note 10 Year Futures		03/22/23		3			USD	336,891			(2,644	)
U.S. Treasury Note Ultra 10 Year Futures		03/22/23		115			USD	13,602,344			(2,191	)
Futures Contracts—Short
Euro-Bobl Futures		03/08/23		(5	)		EUR	(578,750	)		20,334
Euro-OAT Futures		03/08/23		(17	)		EUR	(2,164,100	)		158,357
Japanese Government 10 Year Bond Futures		03/13/23		(3	)		JPY	(436,380,000	)		65,635
U.S. Treasury Note 5 Year Futures		03/31/23		(135	)		USD	(14,570,508	)		159,115
U.S. Treasury Ultra Long Bond Futures		03/22/23		(10	)		USD	(1,343,125	)		35,297
United Kingdom Long Gilt Bond Futures		03/29/23		(41	)		GBP	(4,095,900	)		240,542
Net Unrealized Appreciation										$	193,756

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	3M NZDBB		Quarterly	2.503%	Semi-Annually		11/02/24		NZD	7,847,000	$	(250,381	)	$	—		$	(250,381	)
Pay	3M NZDBB		Quarterly	2.580%	Semi-Annually		11/01/24		NZD	2,933,000		(90,706	)		—			(90,706	)
Pay	6M EURIBOR		Semi-Annually	(0.016)%	Annually		09/30/50		EUR	3,800,000		(2,031,608	)		—			(2,031,608	)
Pay	6M EURIBOR		Semi-Annually	(0.043)%	Annually		11/10/50		EUR	3,820,000		(2,067,103	)		—			(2,067,103	)
Pay	6M EURIBOR		Semi-Annually	1.464%	Annually		05/13/27		EUR	3,317,000		(250,815	)		19			(250,834	)
Pay	6M EURIBOR		Semi-Annually	1.494%	Annually		05/12/27		EUR	4,343,000		(322,732	)		(109	)		(322,623	)
Pay	6M EURIBOR		Semi-Annually	1.800%	Annually		08/18/32		EUR	4,900,000		(592,419	)		—			(592,419	)
Pay	6M BBR		Semi-Annually	4.355%	Annually		11/14/32		AUD	2,940,000		(29,251	)		—			(29,251	)
Pay	7 Day CNRR		Quarterly	2.441%	Quarterly		04/01/27		CNY	33,750,000		(55,835	)		—			(55,835	)
Pay	7 Day CNRR		Quarterly	2.333%	Quarterly		09/01/27		CNY	54,730,000		(150,154	)		—			(150,154	)
Pay	7 Day CNRR		Quarterly	2.360%	Quarterly		07/01/25		CNY	11,323,000		(5,728	)		—			(5,728	)
Pay	7 Day CNRR		Quarterly	2.465%	Quarterly		12/01/26		CNY	37,030,000		(48,066	)		—			(48,066	)
Pay	7 Day CNRR		Quarterly	2.495%	Quarterly		05/05/27		CNY	34,130,000		(48,618	)		—			(48,618	)
Pay	7 Day CNRR		Quarterly	2.528%	Quarterly		09/15/26		CNY	38,340,000		(31,146	)		—			(31,146	)
Pay	7 Day CNRR		Quarterly	2.568%	Quarterly		07/20/25		CNY	79,220,000		15,478			—			15,478
Pay	7 Day CNRR		Quarterly	2.585%	Quarterly		08/03/25		CNY	41,560,000		5,697			—			5,697
Pay	7 Day CNRR		Quarterly	2.595%	Quarterly		11/02/25		CNY	40,400,000		4,742			—			4,742

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Centrally Cleared Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	7 Day CNRR		Quarterly	2.600%	Quarterly		09/29/25		CNY	40,730,000	$	5,111		$	—		$	5,111
Pay	7 Day CNRR		Quarterly	2.800%	Quarterly		02/01/26		CNY	47,100,000		40,211			—			40,211
Receive	6M EURIBOR		Semi-Annually	0.022%	Annually		11/10/50		EUR	3,820,000		2,016,104			27,768			1,988,336
Receive	6M EURIBOR		Semi-Annually	0.122%	Annually		09/30/50		EUR	3,800,000		1,923,830			—			1,923,830
Receive	6M BBR		Semi-Annually	4.355%	Annually		11/14/32		AUD	2,940,000		29,252			26,555			2,697
Receive	7 Day CNRR		Quarterly	2.595%	Quarterly		11/02/25		CNY	40,400,000		(2,612	)		(3,363	)		751
Totals											$	(1,936,749	)	$	50,870		$	(1,987,619	)

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2022 (b)			Notional Amount (c)			Market Value			Upfront Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.39.V1		(5.000	%)	Quarterly		12/20/27		2.766	%		USD	6,280,000	$	(36,679	)	$	238,503	$	(275,182	)
ITRX.EUR.XOVER 38.V1 .		(5.000	%)	Quarterly		12/20/27		4.742	%		EUR	1,580,000		(16,882	)		16,169		(33,051	)
South Africa Government International Bond 5.875%, due 09/16/25		(1.000	%)	Quarterly		12/20/27		2.478	%		USD	1,990,000		125,892			146,337		(20,445	)
Totals													$	72,331		$	401,009	$	(328,678	)

Centrally Cleared Credit Default Swaps on Credit Indices and Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate	Payment Frequency		Maturity Date	Implied Credit Spread at December 31, 2022 (b)	Notional Amount (c)			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Brazil Government International Bond 4.250%, due 01/07/25	1.000%		Quarterly	12/20/27	2.505%		USD	710,000	$	(45,831	)	$	(51,279	)	$	5,448
CDX.EM.38.V1	1.000%		Quarterly	12/20/27	2.388%		USD	1,270,000		(74,236	)		(84,973	)		10,737
China Government International Bond 7.500%, due 10/28/27	1.000%		Quarterly	12/20/27	0.743%		USD	990,000		11,337			8,789			2,548
Colombia Government International Bond 10.375%, due 01/28/33	1.000%		Quarterly	12/20/27	2.715%		USD	880,000		(64,121	)		(74,088	)		9,967
Indonesia Government International Bond 4.125%, due 01/15/25	1.000%		Quarterly	12/20/27	0.999%		USD	1,340,000		67			(6,484	)		6,551
Mexico Government International Bond 4.150%, due 03/28/27	1.000%		Quarterly	12/20/27	1.305%		USD	650,000		(8,751	)		(11,613	)		2,862
Turkey Government International Bond 11.875%, due 01/15/30	1.000%		Quarterly	12/20/27	5.068%		USD	1,560,000		(248,851	)		(294,947	)		46,096
Totals									$	(430,386	)	$	(514,595	)	$	84,209

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

Reference Obligation	Fixed Deal Receive Rate	Payment Frequency		Maturity Date	Counterparty	Implied Credit Spread at December 31, 2022 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	CGM		127.147	%		USD	600,011	$	(147,142	)	$	(48,591	)	$	(98,551	)
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	CGM		127.147	%		USD	900,334		(220,790	)		(72,545	)		(148,245	)
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	CGM		127.147	%		USD	1,798,767		(441,114	)		(149,158	)		(291,956	)
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	GSI		127.147	%		USD	600,011		(147,142	)		(48,358	)		(98,784	)
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	JPMC		127.147	%		USD	859,062		(210,669	)		(84,923	)		(125,746	)
CMBX.NA.BBB-.6	3.000%		Monthly	05/11/63	JPMC		127.147	%		USD	300,322		(73,648	)		(24,199	)		(49,449	)
Totals												$	(1,240,505	)	$	(427,774	)	$	(812,731	)

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

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

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

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

Glossary of Abbreviations

Counterparties

(ANZ)—	Australia & New Zealand Banking Corp.
(BBP)—	Barclays Bank plc
(BNP)—	BNP Paribas S.A.
(BOA)—	Bank of America N.A.
(CBNA)—	Citibank N.A.
(CGM)—	Citigroup Global Markets, Inc.
(CSI)—	Credit Suisse International
(GSI)—	Goldman Sachs International
(HSBCU)—	HSBC Bank USA
(JPMC)—	JPMorgan Chase Bank N.A.
(MSCS)—	Morgan Stanley Capital Services LLC
(NWM)—	NatWest Markets plc
(SCB)—	Standard Chartered Bank
(SSBT)—	State Street Bank and Trust
(UBSA)—	UBS AG

Currencies

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(CLP)—	Chilean Peso
(CNH)—	Chinese Renminbi
(CNY)—	Chinese Yuan
(COP)—	Colombian Peso
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(MYR)—	Malaysian Ringgit
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(PEN)—	Peruvian Nuevo Sol
(PLN)—	Polish Zloty
(SEK)—	Swedish Krona
(SGD)—	Singapore Dollar
(THB)—	Thai Baht
(USD)—	United States Dollar

Index Abbreviations

	(BBR)—		Australian Bank Bill Rate
	(CDX.EM)—		Markit Emerging Market CDS Index
	(CDX.NA.HY)—		Markit North America High Yield CDS Index
	(CMBX.NA.BBB-)—		Markit North America BBB- Rated CMBS Index
(CNRR)—		China 7 Day Reverse Repo Rates
(EURIBOR)—		Euro InterBank Offered Rate
(H15)—		U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(ITRX.EUR.XOVER)—		Markit iTraxx Europe Crossover CDS Index
(LIBOR)—		London Interbank Offered Rate
(NZDBB)—		New Zealand Dollar Bank Bill Index
(SOFR)—		Secured Overnight Financing Rate
(SOFR30A)—		Secured Overnight Financing Rate 30-Day Average

Other Abbreviations

(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(ICE)—	IntercontinentalExchange, Inc.
(STACR)—	StructuredAgency Credit Risk
(REMIC)—	Real Estate Mortgage Investment Conduit

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

AB International Bond Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
Total Foreign Government*	$	—		$	327,174,240		$	—	$	327,174,240
Total Corporate Bonds & Notes*		—			157,662,350			—		157,662,350
Total U.S. Treasury & Government Agencies*		—			25,584,697			—		25,584,697
Total Mortgage-Backed Securities*		—			11,609,851			—		11,609,851
Total Asset-Backed Securities*		—			8,011,751			—		8,011,751
Total Short-Term Investment*		—			24,657,426			—		24,657,426
Securities Lending Reinvestments
Repurchase Agreements		—			5,800,190			—		5,800,190
Mutual Funds		1,700,000			—			—		1,700,000
Total Securities Lending Reinvestments		1,700,000			5,800,190			—		7,500,190
Total Investments	$	1,700,000		$	560,500,505		$	—	$	562,200,505
Collateral for Securities Loaned (Liability)	$	—		$	(7,500,190	)	$	—	$	(7,500,190	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	5,078,806		$	—	$	5,078,806
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(15,509,255	)		—		(15,509,255	)
Total Forward Contracts	$	—		$	(10,430,449	)	$	—	$	(10,430,449	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	679,280		$	—		$	—	$	679,280
Futures Contracts (Unrealized Depreciation)		(485,524	)		—			—		(485,524	)
Total Futures Contracts	$	193,756		$	—		$	—	$	193,756
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	4,071,062		$	—	$	4,071,062
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(6,303,150	)		—		(6,303,150	)
Total Centrally Cleared Swap Contracts	$	—		$	(2,232,088	)	$	—	$	(2,232,088	)
OTC Swap Contracts
OTC Swap Contracts at Value (Liabilities)	$	—		$	(1,240,505	)	$	—	$	(1,240,505	)
Total OTC Swap Contracts	$	—		$	(1,240,505	)	$	—	$	(1,240,505	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

AB International Bond Portfolio

Statement of Assets and Liabilities

December 31, 2022
Assets
Investments at value (a) (b)	$	562,200,505
Cash		17,265
Cash denominated in foreign currencies (c)		299,715
Cash collateral (d)		6,323,568
Unrealized appreciation on forward foreign currency exchange contracts		5,078,806
Receivable for:
Fund shares sold		2,151
Principal paydowns		31,851
Interest		7,008,465
Interest on OTC swap contracts		2,879
Prepaid expenses		2,044
Total Assets		580,967,249
Liabilities
OTC swap contracts at market value (e)		1,240,505
Cash collateral for OTC swap contracts		272,000
Unrealized depreciation on forward foreign currency exchange contracts		15,509,255
Collateral for securities loaned		7,500,190
Payables for:
Investments purchased		1,566,315
Fund shares redeemed		109,545
Variation margin on futures contracts		224,404
Variation margin on centrally cleared swap contracts		184,913
Accrued Expenses:
Management fees		247,766
Distribution and service fees		2,132
Deferred trustees’ fees		39,411
Other expenses		245,076
Total Liabilities		27,141,512
Net Assets	$	553,825,737
Net Assets Consist of:
Paid in surplus	$	708,482,189
Distributable earnings (Accumulated losses)		(154,656,452	)
Net Assets	$	553,825,737
Net Assets
Class A	$	543,876,626
Class B		9,949,111
Capital Shares Outstanding*
Class A		70,654,988
Class B		1,299,116
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	7.70
Class B		7.66

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $645,657,281.
(b)	Includes securities loaned at value of $13,040,237.
(c)	Identified cost of cash denominated in foreign currencies was $300,822.
(d)	Includes collateral of $965,674 for futures contracts, $3,250,094 for centrally cleared swap contracts and $2,107,800 for OTC swap contracts.
(e)	Net premium received on OTC swap contracts was $427,774.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Interest (a)	$	24,952,164
Securities lending income		27,345
Total investment income		24,979,509
Expenses
Management fees		3,328,806
Administration fees		48,308
Custodian and accounting fees		219,636
Distribution and service fees—Class B		25,791
Audit and tax services		90,401
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		23,727
Insurance		5,731
Miscellaneous		22,376
Total expenses		3,819,431
Net Investment Income		21,160,078
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(108,820,847	)
Purchased options		(306,336	)
Futures contracts		(10,783,447	)
Written options		104,076
Swap contracts		3,602,572
Foreign currency transactions		2,285,451
Forward foreign currency transactions		42,716,599
Net realized gain (loss)		(71,201,932	)
Net change in unrealized appreciation (depreciation) on:
Investments		(56,406,751	)
Futures contracts		(332,068	)
Written options		(1,313	)
Swap contracts		445,378
Foreign currency transactions		52,030
Forward foreign currency transactions		(15,065,951	)
Net change in unrealized appreciation (depreciation)		(71,308,675	)
Net realized and unrealized gain (loss)		(142,510,607	)
Net Increase (Decrease) in Net Assets From Operations	$	(121,350,529	)

(a) Net of foreign withholding taxes of $15,470.

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

AB International Bond Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	21,160,078		$	23,387,777
Net realized gain (loss)		(71,201,932	)		32,834,435
Net change in unrealized appreciation (depreciation)		(71,308,675	)		(74,523,424	)
Increase (decrease) in net assets from operations		(121,350,529	)		(18,301,212	)
From Distributions to Shareholders
Class A		(72,760,060	)		(4,602,621	)
Class B		(1,244,995	)		(37,985	)
Total distributions		(74,005,055	)		(4,640,606	)
Increase (decrease) in net assets from capital share transactions		(73,068,062	)		(164,139,323	)
Total increase (decrease) in net assets		(268,423,646	)		(187,081,141	)
Net Assets
Beginning of period		822,249,383			1,009,330,524
End of period	$	553,825,737		$	822,249,383

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		10,565		$	100,418			1,950,098		$	20,642,694
Reinvestments		9,364,229			72,760,060			438,345			4,602,621
Redemptions		(16,718,026	)		(147,727,164	)		(18,578,603	)		(194,740,802	)
Net increase (decrease)		(7,343,232	)	$	(74,866,686	)		(16,190,160	)	$	(169,495,487	)
Class B
Sales		202,358		$	1,809,023			576,879		$	6,025,614
Reinvestments		160,852			1,244,995			3,628			37,985
Redemptions		(147,622	)		(1,255,394	)		(68,013	)		(707,435	)
Net increase (decrease)		215,588		$	1,798,624			512,494		$	5,356,164
Increase (decrease) derived from capital shares transactions				$	(73,068,062	)				$	(164,139,323	)

See accompanying notes to financial statements.

BHFTI-24

Brighthouse Funds Trust I

AB International Bond Portfolio

Financial Highlights

Selected per share data

	Class A
	Year Ended December 31,
	2022			2021			2020			2019(a)
Net Asset Value, Beginning of Period	$	10.40		$	10.65		$	10.49		$	10.00
Income (Loss) from Investment Operations
Net investment income (loss) (b)		0.28			0.27			0.26			0.19
Net realized and unrealized gain (loss)		(1.87	)		(0.47	)		0.21			0.30
Total income (loss) from investment operations		(1.59	)		(0.20	)		0.47			0.49
Less Distributions
Distributions from net investment income		(1.02	)		(0.01	)		(0.23	)		0.00
Distributions from net realized capital gains		(0.09	)		(0.04	)		(0.08	)		0.00
Total distributions		(1.11	)		(0.05	)		(0.31	)		0.00
Net Asset Value, End of Period	$	7.70		$	10.40		$	10.65		$	10.49
Total Return (%) (c)		(15.47	)		(1.83	)		4.71			4.90	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.59			0.58			0.57			0.59	(e)
Net ratio of expenses to average net assets (%) (f)		0.59			0.58			0.57			0.59	(e)
Ratio of net investment income (loss) to average net assets (%)		3.28			2.58			2.56			2.69	(e)
Portfolio turnover rate (%)		122			98			106			68	(d)
Net assets, end of period (in millions)	$	543.9		$	811.0		$	1,003.3		$	1,007.9
	Class B
	Year Ended December 31,
	2022			2021			2020			2019(a)
Net Asset Value, Beginning of Period	$	10.35		$	10.62		$	10.49		$	10.00
Income (Loss) from Investment Operations
Net investment income (loss) (b)		0.26			0.25			0.23			0.18
Net realized and unrealized gain (loss)		(1.86	)		(0.48	)		0.21			0.31
Total income (loss) from investment operations		(1.60	)		(0.23	)		0.44			0.49
Less Distributions
Distributions from net investment income		(1.00	)		(0.00) (g)			(0.23)			0.00
Distributions from net realized capital gains		(0.09	)		(0.04	)		(0.08	)		0.00
Total distributions		(1.09	)		(0.04	)		(0.31	)		0.00
Net Asset Value, End of Period	$	7.66		$	10.35		$	10.62		$	10.49
Total Return (%) (c)		(15.64	)		(2.12	)		4.39			4.90	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84			0.83			0.82			0.84	(e)
Net ratio of expenses to average net assets (%) (f)		0.84			0.83			0.82			0.84	(e)
Ratio of net investment income (loss) to average net assets (%)		3.08			2.38			2.29			2.55	(e)
Portfolio turnover rate (%)		122			98			106			68	(d)
Net assets, end of period (in millions)	$	9.9		$	11.2		$	6.1		$	1.7

(a)	Commencement of operations was April 29, 2019.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Periods less than one year are not computed on an annualized basis.
(e)	Computed on an annualized basis.
(f)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(g)	Distributions from net investment income were less than $0.01.

See accompanying notes to financial statements.

BHFTI-25

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

BHFTI-26

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign

BHFTI-27

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the

BHFTI-28

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

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

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $9,038,313. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $5,800,190. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

BHFTI-29

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(2,870,282	)	$	—	$	—	$	—	$	(2,870,282	)
Foreign Government		(3,873,216	)		—		—		—		(3,873,216	)
U.S. Treasury & Government Agencies		(756,692	)		—		—		—		(756,692	)
Total Borrowings	$	(7,500,190	)	$	—	$	—	$	—	$	(7,500,190	)
Gross amount of recognized liabilities for securities lending transactions										$	(7,500,190	)

3. Investments in Derivative Instruments

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

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

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

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

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tend to increase the Portfolio’s exposure

BHFTI-30

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

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

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

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

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

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

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

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

BHFTI-31

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

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

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit

BHFTI-32

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2022, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	3,986,853	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	5,974,472
	Unrealized appreciation on futures contracts (b) (c)		679,280	Unrealized depreciation on futures contracts (b) (c)		485,524
Credit				OTC swap contracts at market value (d)		1,240,505
	Unrealized appreciation on centrally cleared swap contracts (a) (b)		84,209	Unrealized depreciation on centrally cleared swap contracts (a) (b)		328,678
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		5,078,806	Unrealized depreciation on forward foreign currency exchange contracts		15,509,255
Total		$	9,829,148		$	23,538,434

(a)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(d)	Excludes OTC swap interest receivable of $2,879.

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

BHFTI-33

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Australia & New Zealand Banking Corp.	$	50,964	$	—		$	—	$	50,964
Bank of America N.A.		683,980		(683,980	)		—		—
Barclays Bank plc		101,791		(78,547	)		—		23,244
BNP Paribas S.A.		277,786		(277,786	)		—		—
Citibank N.A.		138,492		(138,492	)		—		—
Credit Suisse International		50,515		(37,199	)		—		13,316
Goldman Sachs International		1,919		(1,919	)		—		—
HSBC Bank USA		456,891		(131,507	)		—		325,384
JPMorgan Chase Bank N.A.		679,284		(623,862	)		—		55,422
Morgan Stanley Capital Services LLC		886,468		(886,468	)		—		—
NatWest Markets plc		179,006		(89,306	)		—		89,700
Standard Chartered Bank		675,060		(675,060	)		—		—
State Street Bank and Trust		99,120		(99,120	)		—		—
UBS AG		797,530		(797,530	)		—		—
	$	5,078,806	$	(4,520,776)		$	—	$	558,030

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or

similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	3,295,955	$	(683,980	)	$	—		$	2,611,975
Barclays Bank plc		78,547		(78,547	)		—			—
BNP Paribas S.A.		856,182		(277,786	)		—			578,396
Citibank N.A.		7,130,715		(138,492	)		(747,000	)		6,245,223
Citigroup Global Markets, Inc.		809,046		—			(809,046	)		—
Credit Suisse International		37,199		(37,199	)		—			—
Goldman Sachs International		363,008		(1,919	)		(239,900	)		121,189
HSBC Bank USA		131,507		(131,507	)		—			—
JPMorgan Chase Bank N.A.		623,862		(623,862	)		—			—
Morgan Stanley Capital Services LLC		890,682		(886,468	)		—			4,214
NatWest Markets plc		89,306		(89,306	)		—			—
Standard Chartered Bank		722,133		(675,060	)		—			47,073
State Street Bank and Trust		605,043		(99,120	)		—			505,923
UBS AG		1,116,575		(797,530	)		—			319,045
	$	16,749,760	$	(4,520,776	)	$	(1,795,946	)	$	10,433,038

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

BHFTI-34

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Purchased options	$	—		$	(306,336	)	$	—		$	(306,336)
Forward foreign currency transactions		—			—			42,716,599			42,716,599
Swap contracts		576,039			3,026,533			—			3,602,572
Futures contracts		(10,783,447	)		—			—			(10,783,447	)
Written options		(99,902	)		203,978			—			104,076
	$	(10,307,310	)	$	2,924,175		$	42,716,599		$	35,333,464
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	(15,065,951	)	$	(15,065,951	)
Swap contracts		(2,144,144	)		2,589,522			—			445,378
Futures contracts		(332,068	)		—			—			(332,068	)
Written options		(1,313	)		—			—			(1,313	)
	$	(2,477,525	)	$	2,589,522		$	(15,065,951	)	$	(14,953,954	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	29,156,000
Forward foreign currency transactions		564,133,291
Futures contracts long		74,255,649
Futures contracts short		(34,730,762	)
Swap contracts		159,070,699
Written options		(33,581,000	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the

BHFTI-35

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

BHFTI-36

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

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

BHFTI-37

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$136,633,954	$	609,086,948	$	133,648,313	$	687,244,269

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$3,328,806		0.520	%	First $500 million
		0.500	%	Over $500 million

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

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.020%	$1 billion to $1.5 billion
0.040%	Over $1.5 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. No fees were waived during the year ended December 31, 2022.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

BHFTI-38

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	655,575,314
Gross unrealized appreciation		5,445,494
Gross unrealized (depreciation)		(101,009,605	)
Net unrealized appreciation (depreciation)	$	(95,564,111	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$68,471,529	$	4,640,606	$	5,533,526	$	—	$	74,005,055	$	4,640,606

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)	Accumulated Capital Losses			Total
$28,292,952	$	—	$(95,507,330)	$	(87,402,662	)	$	(154,617,040	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $29,407,798 and accumulated long-term capital losses of $57,994,864.

9. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

BHFTI-39

Brighthouse Funds Trust I

AB International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-40

Brighthouse Funds Trust I

AB International Bond Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the AB International Bond Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the AB International Bond Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years then ended, the financial highlights for each of the three years in the period then ended and for the period from April 29, 2019 (commencement of operations) to December 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the AB International Bond Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from April 29, 2019 (commencement of operations) to December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-41

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-42

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-43

Brighthouse Funds Trust I

AB International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

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Brighthouse Funds Trust I

AB International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

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Brighthouse Funds Trust I

AB International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

AB International Bond Portfolio: The Board also considered the following information in relation to the Agreements with the Adviser and AllianceBernstein L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one- and three-year and since inception (beginning April 29, 2019) periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Bloomberg Global Aggregate ex-USD Index (USD Hedged), for the one- and three-year and since-inception periods ended October 31, 2022. The Board also considered that the Portfolio underperformed its blended index, Bloomberg Global Aggregate ex-USD Index (USD Hedged) (60%) and the JPMorgan EMBI Global Diversified Index (40%), for the one- and three-year and since inception periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions.

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Brighthouse Funds Trust I

AB International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

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Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Managed By Allspring Global Investments, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the Allspring Mid Cap Value Portfolio returned -4.70% and -4.97%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned -12.03%.

MARKET ENVIRONMENT / CONDITIONS

The year 2022 will be remembered as a “drawdown year,” but the path was anything but linear. From the war in Ukraine to the elusive Federal Reserve (the “Fed”) “pivot,” equity markets experienced very sizeable rallies, pullbacks and leadership swings. Early in the year, equity markets pulled back from their December 2021 highs as investors started to digest the increasingly likely view that inflationary pressures would require a more aggressive monetary response. This resulted in expectations for a prolonged period of rising interest rates, negatively impacting valuations across most asset classes. Equity markets declined further following the invasion of Ukraine, which prompted commodity prices to increase significantly, contributing further to inflationary pressures. The beginning of the third quarter was marked by a brief rally driven by hopes that inflation was peaking and the Fed would “pivot” its course in interest rate hikes. As the Fed squashed any immediate plans to reverse course, equity markets again pulled back significantly in the last six weeks of the third quarter. This was followed by another strong rally in equity markets during the months of October and November as inflation data started to moderate and hopes emerged again that the Fed would lessen the pace of interest rate increases. The month of December saw stocks pull back slightly as Fed Chair Jerome Powell indicated that although it was time to slow the pace of coming interest rate hikes, he also signaled a protracted economic adjustment to a world where borrowing costs will remain high, and inflation comes down slowly as the U.S. remains chronically short of workers.

The Russell Midcap Value Index (the “Index”) was the second-best performing of the nine Russell style boxes for both the fourth quarter and the full year (second only to Large Cap Value). The Energy and Utilities sectors performed the best within the Index for the year, while the Communication Services and Information Technology (“IT”) sectors were the worst-performing sectors within the Index as interest rates rose.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Index over the trailing twelve-month period. Stock selection was the primary driver of the Portfolio’s outperformance relative to the Index. In addition, sector allocation differences also added to performance. The Portfolio’s outperformance relative to the Index was due to security selection across the IT, Financials, Real Estate and Health Care sectors. In addition, an underweight in the underperforming Real Estate sector also added value. Conversely, stock selection in the Industrials sector was the largest detractor.

One of the Portfolio’s largest relative contributors was Financials position Arch Capital Group. Arch Capital Group is an insurance underwriter known for actively shifting underwriting priorities based on available relative returns. After a large pivot to mortgage insurance post the Great Financial Crisis, we are seeing a shift to reinsurance most recently. Reinsurance has been “mispriced” for years, per the company’s management. Now that capital has left the category due to poor returns, Arch Capital is using its abundant capital to take advantage of severely rising premium prices. We believe this is driving an expectation for higher future returns. At the same time, the conservative underwriting and reserving history in the mortgage insurance business is allowing management to release reserves, driving higher earnings and available capital. Finally, during the fourth quarter, the stock became a constituent of the S&P 500 Index, creating incremental demand for the stock.

Energy holding EOG Resources contributed to relative performance. EOG explores, develops, produces and markets crude oil and natural gas. We believe that EOG will drive value through its world class assets, technological acumen, and a strong balance sheet all of which enable a consistent and growing dividend, the return of cash to shareholders, and share repurchases, even at commodity prices significantly lower than they were at period end. During the period, the stock outperformed the broader market due to the strength of the oil and gas commodities as well as EOG’s execution. We believe that EOG can execute its strategy in a wide range of commodity prices, and we expect continued strong cash flow generation with disciplined allocation of that cash as capital efficiency continues to improve in the coming years.

Stock selection in Industrials was the largest detractor during the period. Industrials holding Stanley Black & Decker is the market leader in power tools with world-class franchises like DeWalt, Craftsman, Black & Decker, Lenox, and Irwin. The company is known for its combination of growing through innovation and acquisitions and generating strong free cash flow from both of these sources to pursue additional organic and inorganic growth opportunities. The company lowered guidance due to input costs moving higher, specifically due to commodity and transit inflation, as well as inventory destocking within the retail channel. Concerns over slowing U.S. housing demand and retail spending amid the accelerated rate-hike cycle also drove the underperformance and led to the CEO resigning. Although we believe there is a path to margin improvement as the supply chain normalizes, this is not without risk, and we chose to divest our position as our reward-to-risk process dictated.

One of the largest relative detractors within the period was NCR within the IT sector. NCR is a provider of hardware and software solutions to the financial, retail, and hospitality industries. The stock has come under significant pressure as an ongoing strategic review of the business failed to materialize an outright sale of the company. What was announced was a separation of the business into two

BHFTI-1

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Managed By Allspring Global Investments, LLC

Portfolio Manager Commentary*—(Continued)

independent, publicly traded companies that is clearly being viewed as an inferior outcome. While we are disappointed with the announcement, as value creation has been pushed to the right, we currently remain shareholders as the company continues to transition toward a higher margin, more sustainable cash flow software and services model with an attractive long-term reward/risk profile.

The Portfolio made minor changes to positioning during the twelve-month period. The Portfolio increased its weight in the IT, Real Estate, Utilities and Materials sectors while reducing its weight in the Consumer Discretionary, Consumer Staples and Industrials sectors as reward/risk ratios dictated. The Portfolio’s largest overweights versus its benchmark continued to be Industrials and Consumer Staples. The largest underweights were Real Estate and Communication Services. These weights were driven by our bottom-up reward/risk process as well as our portfolio construction methodology that was designed to isolate active risk to security selection as much as possible.

James Tringas

Bryant VanCronkhite

Portfolio Managers

Allspring Global Investments, LLC

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

¹ The Russell Midcap Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and lower forecasted growth values.

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Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Allspring Mid Cap Value Portfolio
Class A		-4.70		8.41		10.01
Class B		-4.97		8.14		9.73
Russell Midcap Value Index		-12.03		5.72		10.11

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
AerCap Holdings NV		3.4
Arch Capital Group, Ltd.		3.4
LKQ Corp.		3.3
Amdocs, Ltd.		3.2
Republic Services, Inc.		3.2
Jacobs Solutions, Inc.		2.9
DR Horton, Inc.		2.9
Vulcan Materials Co.		2.8
Reynolds Consumer Products, Inc.		2.8
CBRE Group, Inc.- Class A		2.7

Top Sectors

	% of Net Assets
Industrials		19.5
Financials		16.8
Consumer Discretionary		10.7
Information Technology		8.2
Health Care		8.1
Consumer Staples		7.7
Utilities		7.1
Energy		6.5
Real Estate		6.0
Materials		5.5

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Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Allspring Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.72	%	$	1,000.00	$	1,087.60	$	3.79
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.58	$	3.67
Class B (a)	Actual		0.96	%	$	1,000.00	$	1,085.90	$	5.05
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.37	$	4.89

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

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Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—96.8% of Net Assets

Security Description	Shares		Value
Auto Components—1.9%
Aptiv plc (a)		41,508	$	3,865,640
Lear Corp.		28,488		3,533,082
				7,398,722
Banks—3.3%
Fifth Third Bancorp (b)		177,237		5,815,146
PacWest Bancorp (b)		54,180		1,243,431
Regions Financial Corp. (b)		218,316		4,706,893
Zions Bancorp N.A. (b)		29,723		1,461,183
				13,226,653
Beverages—2.5%
Keurig Dr Pepper, Inc. (b)		274,789		9,798,976
Building Products—3.5%
Builders FirstSource, Inc. (a) (b)		58,762		3,812,478
Carlisle Cos., Inc.		42,769		10,078,515
				13,890,993
Chemicals—0.3%
Huntsman Corp.		44,152		1,213,297
Commercial Services & Supplies—3.2%
Republic Services, Inc.		97,437		12,568,399
Communications Equipment—0.3%
Juniper Networks, Inc.		40,761		1,302,722
Construction & Engineering—2.9%
API Group Corp. (a) (b)		165,811		3,118,905
MasTec, Inc. (a) (b)		98,702		8,422,242
				11,541,147
Construction Materials—2.8%
Vulcan Materials Co.		64,107		11,225,777
Consumer Finance—1.3%
Discover Financial Services		52,420		5,128,249
Containers & Packaging—0.8%
AptarGroup, Inc. (b)		27,949		3,073,831
Distributors—3.3%
LKQ Corp.		243,255		12,992,250
Electric Utilities—5.1%
American Electric Power Co., Inc.		110,567		10,498,337
FirstEnergy Corp.		234,217		9,823,061
				20,321,398
Energy Equipment & Services—1.9%
Baker Hughes Co.		131,866		3,894,003
NOV, Inc. (b)		168,979		3,529,971
				7,423,974
Equity Real Estate Investment Trusts—3.3%
Boston Properties, Inc. (b)		81,336		5,496,687
Gaming and Leisure Properties, Inc. (b)		142,351		7,415,063
				12,911,750
Health Care Equipment & Supplies—5.4%
Alcon, Inc.		134,918		9,248,629
Teleflex, Inc. (b)		20,735		5,176,078
Zimmer Biomet Holdings, Inc.		54,651		6,968,002
				21,392,709
Health Care Providers & Services—0.9%
Humana, Inc.		4,572		2,341,732
Universal Health Services, Inc. - Class B		8,393		1,182,490
				3,524,222
Hotels, Restaurants & Leisure—2.2%
Wendy’s Co. (The) (b)		135,544		3,067,361
Yum China Holdings, Inc.		106,625		5,827,056
				8,894,417
Household Durables—3.2%
DR Horton, Inc. (b)		128,457		11,450,657
Helen of Troy, Ltd. (a) (b)		12,540		1,390,811
				12,841,468
Household Products—5.3%
Church & Dwight Co., Inc.		121,919		9,827,890
Reynolds Consumer Products, Inc. (b)		367,503		11,017,740
				20,845,630
Insurance—10.0%
Allstate Corp. (The)		67,535		9,157,746
Arch Capital Group, Ltd. (a)		211,995		13,309,046
Axis Capital Holdings, Ltd. (b)		30,616		1,658,469
Brown & Brown, Inc.		168,312		9,588,734
Loews Corp.		96,409		5,623,537
				39,337,532
Interactive Media & Services—0.7%
Match Group, Inc. (a)		63,642		2,640,507
IT Services—5.1%
Amdocs, Ltd.		138,347		12,575,742
Euronet Worldwide, Inc. (a) (b)		78,600		7,418,268
				19,994,010
Life Sciences Tools & Services—1.8%
Charles River Laboratories International, Inc. (a) (b)		32,618		7,107,462
Machinery—2.6%
Donaldson Co., Inc.		112,781		6,639,417
Gates Industrial Corp. plc (a)		313,809		3,580,561
				10,219,978

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—1.6%
Freeport-McMoRan, Inc.		163,656	$	6,218,928
Mortgage Real Estate Investment Trusts—2.2%
Annaly Capital Management, Inc. (b)		404,912		8,535,545
Oil, Gas & Consumable Fuels—4.6%
Devon Energy Corp.		75,609		4,650,709
EOG Resources, Inc.		57,955		7,506,332
Valero Energy Corp.		48,044		6,094,862
				18,251,903
Professional Services—3.9%
Dun & Bradstreet Holdings, Inc.		320,168		3,925,260
Jacobs Solutions, Inc.		96,375		11,571,746
				15,497,006
Real Estate Management & Development—2.7%
CBRE Group, Inc. - Class A (a) (b)		139,747		10,754,929
Semiconductors & Semiconductor Equipment—0.6%
ON Semiconductor Corp. (a)		40,373		2,518,064
Software—2.2%
NCR Corp. (a)		170,257		3,985,716
Synopsys, Inc. (a)		14,873		4,748,800
				8,734,516
Trading Companies & Distributors—3.4%
AerCap Holdings NV (a)		229,518		13,385,490
Water Utilities—2.0%
American Water Works Co., Inc.		51,445		7,841,247
Total Common Stocks (Cost $315,146,780)				382,553,701
Warrants—0.0%
Special Purpose Acquisition Companies—0.0%
Pershing Square Holdings, Ltd., Expires 07/24/27 (a) (c) (d) (Cost $175,712)		30,257		0
Escrow Shares—0.0%
Special Purpose Acquisition Companies—0.0%
Pershing Square Tontine Holdings, Ltd. (a) (c) (d) (Cost $0)		277,348		0
Short-Term Investment—3.2%
Security Description	Principal Amount*		Value
Repurchase Agreement—3.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $12,676,120; collateralized by U.S. Treasury Bonds with rates ranging from 3.000% - 3.375%, maturity dates ranging from 08/15/48 - 11/15/48, and an aggregate market of $12,927,128.		12,673,585	$	12,673,585
Total Short-Term Investments (Cost $12,673,585)				12,673,585
Securities Lending Reinvestments (e)—15.0%
Certificates of Deposit—2.5%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (f)		1,000,000		1,001,351
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (f)		1,000,000		1,000,071
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (f)		2,000,000		2,000,000
4.830%, SOFR + 0.530%, 02/01/23 (f)		2,000,000		2,000,418
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (f)		2,000,000		2,000,789
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (f)		1,000,000		1,001,518
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (f)		1,000,000		1,000,000
				10,004,147
Commercial Paper—1.0%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (f)		1,000,000		1,000,253
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (f)		1,000,000		1,001,362
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (f)		2,000,000		2,000,000
				4,001,615
Repurchase Agreements—8.2%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $12,867,672; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $13,130,166.		12,861,527		12,861,527

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (e)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $4,999,399; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $5,116,275.		4,997,000	$	4,997,000
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $1,901,596; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $1,942,519.		1,900,000		1,900,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $2,001,731; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $2,177,657.		2,000,000		2,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $1,004,521; collateralized by various Common Stock with an aggregate market value of $1,111,255.		1,000,000		1,000,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $100,047; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $102,181.		100,000		100,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $3,001,463; collateralized by various Common Stock with an aggregate market value of $3,338,541.		3,000,000		3,000,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $2,000,980; collateralized by various Common Stock with an aggregate market value of $2,226,384.		2,000,000		2,000,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $1,401,203; collateralized by various Common Stock with an aggregate market value of $1,558,469.		1,400,000		1,400,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $1,000,204; collateralized by various Common Stock with an aggregate market value of $1,119,367.		999,715		999,715
				32,258,242
Time Deposit—0.3%
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (f)		1,000,000		1,000,000
Mutual Funds—3.0%
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (g)		5,000,000		5,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (g)		2,000,000		2,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (g)		5,000,000		5,000,000
				12,000,000
Total Securities Lending Reinvestments (Cost $59,258,265)				59,264,004
Total Investments— 115.0% (Cost $387,254,342)				454,491,290
Other assets and liabilities (net)—(15.0)%				(59,159,931	)
Net Assets—100.0%			$	395,331,359

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $57,547,133 and the collateral received consisted of cash in the amount of $59,258,269. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.0% of net assets.
(e)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(f)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(g)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

Glossary of Abbreviations

Index Abbreviations

(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	382,553,701	$	—		$	—	$	382,553,701
Total Warrants*		—		—			0		0
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		—		12,673,585			—		12,673,585
Securities Lending Reinvestments
Certificates of Deposit		—		10,004,147			—		10,004,147
Commercial Paper		—		4,001,615			—		4,001,615
Repurchase Agreements		—		32,258,242			—		32,258,242
Time Deposit		—		1,000,000			—		1,000,000
Mutual Funds		12,000,000		—			—		12,000,000
Total Securities Lending Reinvestments		12,000,000		47,264,004			—		59,264,004
Total Investments	$	394,553,701	$	59,937,589		$	0	$	454,491,290
Collateral for Securities Loaned (Liability)	$	—	$	(59,258,269	)	$	—	$	(59,258,269	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended December 31, 2022 is not presented.

During the year ended December 31, 2022, a transfer into Level 3 in the amount of $49,935 was due to the delisting of the security from its exchange which resulted in the lack of observable inputs.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	454,491,290
Receivable for:
Fund shares sold		66,965
Dividends and interest		732,541
Prepaid expenses		1,592
Total Assets		455,292,388
Liabilities
Collateral for securities loaned		59,258,269
Payables for:
Fund shares redeemed		204,777
Accrued Expenses:
Management fees		224,539
Distribution and service fees		29,431
Deferred trustees’ fees		163,276
Other expenses		80,737
Total Liabilities		59,961,029
Net Assets	$	395,331,359
Net Assets Consist of:
Paid in surplus	$	274,975,986
Distributable earnings (Accumulated losses)		120,355,373
Net Assets	$	395,331,359
Net Assets
Class A	$	258,546,093
Class B		136,785,266
Capital Shares Outstanding*
Class A		21,472,651
Class B		11,385,586
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.04
Class B		12.01

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $387,254,342.
(b)	Includes securities loaned at value of $57,547,133.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	8,120,496
Interest		69,034
Securities lending income		120,589
Total investment income		8,310,119
Expenses
Management fees		3,123,159
Administration fees		30,686
Custodian and accounting fees		33,536
Distribution and service fees—Class B		351,670
Audit and tax services		46,352
Legal		45,080
Trustees’ fees and expenses		9,574
Shareholder reporting		30,349
Insurance		3,760
Miscellaneous		11,073
Total expenses		3,685,239
Less management fee waiver		(278,918	)
Less broker commission recapture		(13,797	)
Net expenses		3,392,524
Net Investment Income		4,917,595
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		49,360,122
Net change in unrealized depreciation on investments		(79,594,094	)
Net realized and unrealized gain (loss)		(30,233,972	)
Net Increase (Decrease) in Net Assets From Operations	$	(25,316,377	)

(a) Net of foreign withholding taxes of $8,818.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	4,917,595		$	3,224,748
Net realized gain (loss)		49,360,122			84,925,510
Net change in unrealized appreciation (depreciation)		(79,594,094	)		48,262,004
Increase (decrease) in net assets from operations		(25,316,377	)		136,412,262
From Distributions to Shareholders
Class A		(54,446,952	)		(3,045,474	)
Class B		(25,821,472	)		(1,018,640	)
Total distributions		(80,268,424	)		(4,064,114	)
Increase (decrease) in net assets from capital share transactions		(20,177,224	)		(135,294,853	)
Total increase (decrease) in net assets		(125,762,025	)		(2,946,705	)
Net Assets
Beginning of period		521,093,384			524,040,089
End of period	$	395,331,359		$	521,093,384

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		702		$	8,948			7,437		$	107,444
Reinvestments		4,922,871			54,446,952			208,880			3,045,474
Redemptions		(6,034,756	)		(81,357,842	)		(7,605,519	)		(108,249,795	)
Net increase (decrease)		(1,111,183	)	$	(26,901,942	)		(7,389,202	)	$	(105,096,877	)
Class B
Sales		722,429		$	8,926,789			477,122		$	6,834,478
Reinvestments		2,336,785			25,821,472			69,962			1,018,640
Redemptions		(2,091,881	)		(28,023,543	)		(2,703,214	)		(38,051,094	)
Net increase (decrease)		967,333		$	6,724,718			(2,156,130	)	$	(30,197,976	)
Increase (decrease) derived from capital shares transactions				$	(20,177,224	)				$	(135,294,853	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.80		$	12.32		$	13.02		$	9.96		$	12.70
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.16			0.10			0.12			0.14			0.11
Net realized and unrealized gain (loss)		(1.15	)		3.51			0.05			3.36			(1.63	)
Total income (loss) from investment operations		(0.99	)		3.61			0.17			3.50			(1.52	)
Less Distributions
Distributions from net investment income		(0.10	)		(0.13	)		(0.13	)		(0.11	)		(0.15	)
Distributions from net realized capital gains		(2.67	)		0.00			(0.74	)		(0.33	)		(1.07	)
Total distributions		(2.77	)		(0.13	)		(0.87	)		(0.44	)		(1.22	)
Net Asset Value, End of Period	$	12.04		$	15.80		$	12.32		$	13.02		$	9.96
Total Return (%) (b)		(4.70	)		29.35			2.93			35.78			(13.07	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77			0.77			0.78			0.78			0.77
Net ratio of expenses to average net assets (%) (c)		0.71			0.71			0.72			0.71			0.71
Ratio of net investment income (loss) to average net assets (%)		1.21			0.69			1.08			1.19			0.97
Portfolio turnover rate (%)		23			28			54			36			31
Net assets, end of period (in millions)	$	258.5		$	356.9		$	369.4		$	350.8		$	305.9
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.76		$	12.30		$	12.99		$	9.93		$	12.66
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.13			0.06			0.09			0.11			0.08
Net realized and unrealized gain (loss)		(1.15	)		3.49			0.06			3.36			(1.62	)
Total income (loss) from investment operations		(1.02	)		3.55			0.15			3.47			(1.54	)
Less Distributions
Distributions from net investment income		(0.06	)		(0.09	)		(0.10	)		(0.08	)		(0.12	)
Distributions from net realized capital gains		(2.67	)		0.00			(0.74	)		(0.33	)		(1.07	)
Total distributions		(2.73	)		(0.09	)		(0.84	)		(0.41	)		(1.19	)
Net Asset Value, End of Period	$	12.01		$	15.76		$	12.30		$	12.99		$	9.93
Total Return (%) (b)		(4.97	)		28.95			2.72			35.53			(13.29	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.02			1.02			1.03			1.03			1.02
Net ratio of expenses to average net assets (%) (c)		0.96			0.96			0.97			0.96			0.96
Ratio of net investment income (loss) to average net assets (%)		0.98			0.44			0.83			0.95			0.72
Portfolio turnover rate (%)		23			28			54			36			31
Net assets, end of period (in millions)	$	136.8		$	164.2		$	154.6		$	163.6		$	141.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-12

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Special Purpose Acquisition Companies - The Portfolio may invest in Special Purpose Acquisition Companies (“SPAC”). A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (an “IPO”) for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transaction (each a “Transaction”). If the Portfolio purchases shares of a SPAC in an IPO it will generally bear a sales commission, which may be significant.The shares of a SPAC are often issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. In some cases, the rights and warrants may be separated from the common stock at the election of the holder, after which they may become freely tradeable. After going public and until a Transaction is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Portfolio’s ability to meet its investment objective(s). If a SPAC does not complete a Transaction within a specified period of time after going public, the SPAC is typically dissolved, at which point the invested funds are returned to the SPAC’s shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting a

BHFTI-13

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Transaction. In some cases, the Portfolio may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with a Transaction. Because SPACs often do not have an operating history or ongoing business other than seeking a Transaction, the value of their securities may be particularly dependent on the quality of its management and on the ability of the SPAC’s management to identify and complete a profitable Transaction. Some SPACs may pursue Transactions only within certain industries or regions, which may increase the volatility of an investment in them. In addition, the securities issued by a SPAC, which may be traded in the OTC market, may become illiquid and/or may be subject to restrictions on resale. Other risks of investing in SPACs include that: a significant portion of the monies raised by the SPAC may be expended during the search for a target Transaction; an attractive Transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may be required to return any remaining monies to shareholders; a Transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC.

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $12,673,585. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $32,258,242. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

BHFTI-14

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements

BHFTI-15

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	96,723,442	$	0	$	196,421,294

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$3,123,159		0.750	%	First $200 million
		0.700	%	Over $200 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Allspring Global Investments, LLC is compensated by Brighthouse Investment Advisers for providing subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.050%	Of the first $50 million
0.075%	On the next $50 million
0.100%	On the next $100 million
0.050%	On the next $300 million
0.100%	On amounts over $500 million

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as management fee waivers in the Statement of Operations.

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

BHFTI-16

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	387,999,631
Gross unrealized appreciation		79,858,098
Gross unrealized (depreciation)		(13,366,439	)
Net unrealized appreciation (depreciation)	$	66,491,659

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$20,089,268	$	4,064,114	$	60,179,156	$	—	$	80,268,424	$	4,064,114

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$6,027,307	$	47,999,684	$	66,491,659	$	—	$	120,518,650

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

BHFTI-17

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-18

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Allspring Mid Cap Value Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Allspring Mid Cap Value Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Allspring Mid Cap Value Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-19

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-20

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-21

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-22

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021 and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-23

Brighthouse Funds Trust I

Allspring Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Allspring Mid Cap Value Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Allspring Global Investments, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed its benchmark, the Russell Midcap Value Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the average of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-24

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Managed By Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B and C shares of the American Funds Balanced Allocation Portfolio returned -16.53% and -16.76%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

MARKET ENVIRONMENT/ CONDITIONS

There was no disguising the woeful performance in 2022. Investors braced against stark price declines in equity and bond markets for most of the year before a fourth quarter rally finally offered some relief. Early in the period, markets treaded cautiously as the Russia-Ukraine conflict and mounting inflationary pressures spurred economic uncertainty and volatility. U.S. Federal Reserve (the “Fed”) concern over elevated price levels prompted the Fed to raise the Fed Funds rate in March for the first time in more than three years.

Market conditions continued to worsen in the second quarter. Consumer Price Index (“CPI”) data pointed to persistently high prices and emboldened the Fed to implement progressive rate increases in May and June in an effort to curb the inflationary threat. Under a monetary tightening environment, the yield on the 10-year U.S. Treasury rose by 1.50% in the first half of year and upended fixed income markets. Equities were no safe haven for investors and slid further as recessionary fears emerged in the period. Economic growth retreated as the real growth domestic product (“GDP”) rate contracted during the first and second quarters by 1.4% and 0.6%, respectively on an annualized basis.

A tumultuous market carried on into the third quarter. Despite a deceleration in the rate of price increases for headline CPI, the Fed pressed forward with 0.75% rate hikes in July and September. Concern of a prolonged policy tightening cycle and a slowdown in economic growth appeared to support the prospect the worst may not be over and extended bond and equity market losses through the first nine months of the year.

Overall, markets rebounded to close out the final quarter of 2022. Declines in year-over-year CPI levels signaled a potential easing of inflation and bolstered investor expectations the Fed may begin to scale back on future rate hikes. While equities and bonds saw positive results during the quarter, the damage for the year had already been solidified.

In 2022, the S&P 500 Index returned -18.11%. International equities and emerging market equities, as measured by the MSCI EAFE Index and MSCI Emerging Markets Index, returned -14.45% and -20.09%, respectively. Within U.S. fixed income, core bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -13.01% for the year ended December 31, 2022.

PORTFOLIO REVIEW / PERIOD END POSITIONING

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

Over the twelve-month period, the Portfolio underperformed the Dow Jones Moderate Portfolio Index. Performance weakness within the underlying international equity funds offset strength in the underlying fixed income and domestic equity funds.

The domestic equity funds were additive to performance for the year. The American Funds American Mutual Fund was a strong relative performer in the period and outperformed its benchmark by 13.9%. The fund’s underweight to Consumer Discretionary, Information Technology (“IT”), and Communication Services sectors was beneficial in an environment where a growth orientation was challenged for the year. An overweight to Energy further aided results. The AFIS Washington Mutual Investors Growth Fund outpaced its benchmark by 9.8%. Results were positively impacted from an underweight to the Consumer Discretionary, IT, and Communication Services sectors and from an overweight to Energy and Health Care. Favorable security selection across Industrials, Consumer Discretionary, and IT contributed on a relative basis. The AFIS Growth-Income Fund bested its benchmark by 1.8%. Within IT, both security selection and an underweight to the sector helped drive positive results. Additionally, positioning and selection in Industrials and an allocation to cash aided performance. Conversely, the AFIS Growth Fund lost 11.6% versus its benchmark. Negative selection and underweight positions in the Communication Services and Consumer Discretionary sectors were leading detractors. Results were further pressured by weak selection in IT and Financials.

The international equity funds detracted from relative performance. During the period, the AFIS International Fund underperformed it benchmark by 4.6%. Fund performance struggled primarily from weak security selection in the majority of sectors with IT, Communication Services, and Financials among the worst relative performers. Regionally, selection in Pacific ex-Japan, the U.S. and Japan fared the worst. The American Funds SMALLCAP World Fund was another detractor and underperformed its benchmark by 11.0%. Negative security selection in IT, Industrials, Consumer Discretionary, and Financials were primarily responsible for weak relative results. At the country level, selection in the U.S. drove underperformance. The AFIS New World Fund lagged its benchmark by 3.5%. Selection across the Health Care, IT, and Communication Services sectors was the main driver of underperformance. On a regional basis, security selection within emerging markets, the U.S., and Pacific ex-Japan were meaningful detractors. On the positive

BHFTI-1

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Managed By Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

side, the American Funds International Growth and Income Fund outperformed its benchmark by 0.8%. Security selection in the Consumer Discretionary, Health Care, Materials, IT, and Consumer Staples sectors offset weakness in other sectors. An allocation to cash proved beneficial during the market selloff over the period. On a country basis, notable contributors to security selection were the U.S., France, and Hong Kong.

Fixed income funds were positive contributors during the period. The American Funds High-Income Trust Fund outperformed its benchmark by 2.3%. Security selection within the Energy, Communications, and Consumer Non-Cyclical bond sectors were the largest contributors to relative returns. An allocation to cash further aided performance. The American Funds U.S. Government Securities Fund gained 1.4% over its benchmark. Positive contributions to relative performance were attributable to interest rate strategies and positioning along the yield curve. The AFIS The Bond Fund of America Fund outpaced its benchmark by 0.8%. The fund’s lower sensitivity to rising interest rates over the period was the primary driver of outperformance. Conversely, the AFIS Capital World Bond Fund fell 1.2% versus its benchmark. Allocations to both Russian and Ukrainian bonds held back relative results.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTI-2

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

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

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
American Funds Balanced Allocation Portfolio
Class B		–16.53		4.61		7.18
Class C		–16.76		4.29		6.85
Dow Jones Moderate Portfolio Index		–14.97		3.26		5.66

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
American Funds The Bond Fund of America (Class 1)		13.0
American Funds U.S. Government Securities Fund (Class R-6)		11.0
American Funds Growth-Income Fund (Class 1)		9.1
American Funds International Growth & Income Fund (Class R-6)		8.9
American Funds Washington Mutual Investors Fund (Class 1)		8.1
American Funds Fundamental Investors Fund (Class R-6)		8.1
American Funds Growth Fund (Class 1)		8.1
American Funds AMCAP Fund (Class R-6)		7.8
American Funds American Mutual Fund (Class R-6)		7.1
American Funds International Fund (Class 1)		6.8

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		48.3
Investment Grade Fixed Income		24.0
International Developed Market Equities		15.7
High Yield Fixed Income		4.1
Global Equities		3.0
Global Fixed Income		3.0
Emerging Market Equities		2.0

BHFTI-3

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

American Funds Balanced Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a)	Actual		0.66	%	$	1,000.00	$	1,015.80	$	3.35
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.88	$	3.36
Class C (a)	Actual		0.96	%	$	1,000.00	$	1,014.70	$	4.88
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.37	$	4.89

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTI-4

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Schedule of Investments as of December 31, 2022

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		9,819,058	$	302,328,801
American Funds American Mutual Fund (Class R-6)		5,666,847		274,502,076
American Funds Capital World Bond Fund (Class 1) (a)		12,294,282		117,410,389
American Funds Fundamental Investors Fund (Class R-6)		5,201,820		313,409,633
American Funds Growth Fund (Class 1)		4,092,806		312,240,193
American Funds Growth-Income Fund (Class 1)		7,033,952		353,174,746
American Funds High-Income Trust Fund (Class R-6) (a)		17,277,517		156,534,304
American Funds International Fund (Class 1) (a)		17,223,978		263,699,102
American Funds International Growth & Income Fund (Class R-6) (a)		10,778,793		343,412,351
American Funds New World Fund (Class 1)		3,519,324		78,480,928
American Funds SMALLCAP World Fund (Class R-6)		1,974,105		114,952,116
American Funds The Bond Fund of America (Class 1) (a)		53,670,798		505,042,213
Investment Company Securities—(Continued)
American Funds U.S. Government Securities Fund (Class R-6)		34,889,828		427,749,296
American Funds Washington Mutual Investors Fund (Class 1) (a)		24,737,511		313,919,011
Total Mutual Funds (Cost $4,175,848,868)				3,876,855,159
Total Investments— 100.1% (Cost $4,175,848,868)				3,876,855,159
Other assets and liabilities (net) — (0.1)%				(2,272,691	)
Net Assets—100.0%			$	3,874,582,468

(a) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	3,876,855,159	$	—	$	—	$	3,876,855,159
Total Investments	$	3,876,855,159	$	—	$	—	$	3,876,855,159

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)	$	2,176,837,789
Affiliated investments at value (b)		1,700,017,370
Receivable for:
Investments sold		709,252
Affiliated investments sold		623,244
Fund shares sold		35,574
Dividends		2,074,907
Prepaid expenses		15,646
Total Assets		3,880,313,782
Liabilities
Payables for:
Investments purchased		1,206,459
Affiliated investments purchased		869,930
Fund shares redeemed		1,366,589
Accrued Expenses:
Management fees		199,349
Distribution and service fees		1,839,426
Deferred trustees’ fees		163,275
Other expenses		86,286
Total Liabilities		5,731,314
Net Assets	$	3,874,582,468
Net Assets Consist of:
Paid in surplus	$	3,794,729,798
Distributable earnings (Accumulated losses)		79,852,670
Net Assets	$	3,874,582,468
Net Assets
Class B	$	11,914,242
Class C		3,862,668,226
Capital Shares Outstanding*
Class B		1,424,006
Class C		466,069,518
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	8.37
Class C		8.29

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $2,216,988,953.
(b)	Identified cost of affiliated investments was $1,958,859,915.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from Underlying Portfolios	$	35,850,487
Dividends from Affiliated Underlying Portfolios		51,255,478
Total investment income		87,105,965
Expenses
Management fees		2,496,383
Administration fees		30,250
Custodian and accounting fees		26,982
Distribution and service fees—Class B		31,337
Distribution and service fees—Class C		23,266,270
Audit and tax services		32,944
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		57,910
Insurance		35,932
Miscellaneous		31,544
Total expenses		26,064,207
Net Investment Income		61,041,758
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		47,399,324
Affiliated investments		10,882,667
Capital gain distributions from Underlying Portfolios		133,580,504
Capital gain distributions from affiliated investments		128,583,291
Net realized gain (loss)		320,445,786
Net change in unrealized appreciation (depreciation) on:
Investments		(746,134,076	)
Affiliated investments		(476,537,368	)
Net change in unrealized appreciation (depreciation)		(1,222,671,444	)
Net realized and unrealized gain (loss)		(902,225,658	)
Net Increase (Decrease) in Net Assets From Operations	$	(841,183,900	)

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	61,041,758		$	41,834,739
Net realized gain (loss)		320,445,786			583,402,434
Net change in unrealized appreciation (depreciation)		(1,222,671,444	)		(44,798,736	)
Increase (decrease) in net assets from operations		(841,183,900	)		580,438,437
From Distributions to Shareholders
Class B		(1,853,881	)		(658,673	)
Class C		(622,920,967	)		(227,356,181	)
Total distributions		(624,774,848	)		(228,014,854	)
Increase (decrease) in net assets from capital share transactions		257,576,441			(192,045,230	)
Total increase (decrease) in net assets		(1,208,382,307	)		160,378,353
Net Assets
Beginning of period		5,082,964,775			4,922,586,422
End of period	$	3,874,582,468		$	5,082,964,775
Other Information:
Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		73,197		$	685,655			92,661		$	1,062,347
Reinvestments		224,441			1,853,881			58,084			658,673
Redemptions		(105,908	)		(1,008,020	)		(89,663	)		(1,019,669	)
Net increase (decrease)		191,730		$	1,531,516			61,082		$	701,351
Class C
Sales		8,259,904		$	79,350,584			12,474,207		$	142,894,912
Reinvestments		76,058,726			622,920,967			20,191,490			227,356,181
Redemptions		(48,338,903	)		(446,226,626	)		(49,102,569	)		(562,997,674	)
Net increase (decrease)		35,979,727		$	256,044,925			(16,436,872	)	$	(192,746,581	)
Increase (decrease) derived from capital shares transactions				$	257,576,441					$	(192,045,230	)

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.89		$	11.09		$	10.39		$	9.54		$	10.67
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.17			0.13			0.13			0.18			0.17
Net realized and unrealized gain (loss)		(2.16	)		1.23			1.37			1.63			(0.54	)
Total income (loss) from investment operations		(1.99	)		1.36			1.50			1.81			(0.37	)
Less Distributions
Distributions from net investment income		(0.18	)		(0.17	)		(0.21	)		(0.22	)		(0.19	)
Distributions from net realized capital gains		(1.35	)		(0.39	)		(0.59	)		(0.74	)		(0.57	)
Total distributions		(1.53	)		(0.56	)		(0.80	)		(0.96	)		(0.76	)
Net Asset Value, End of Period	$	8.37		$	11.89		$	11.09		$	10.39		$	9.54
Total Return (%) (b)		(16.53	)		12.55			15.84			19.88			(3.95	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.32			0.31			0.32			0.32			0.31
Ratio of net investment income (loss) to average net assets (%) (d)		1.76			1.16			1.26			1.84			1.64
Portfolio turnover rate (%)		9			21			20			6			7
Net assets, end of period (in millions)	$	11.9		$	14.7		$	13.0		$	10.7		$	8.9
	Class C
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.78		$	11.00		$	10.30		$	9.46		$	10.59
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.13			0.10			0.09			0.15			0.14
Net realized and unrealized gain (loss)		(2.13	)		1.21			1.38			1.62			(0.54	)
Total income (loss) from investment operations		(2.00	)		1.31			1.47			1.77			(0.40	)
Less Distributions
Distributions from net investment income		(0.14	)		(0.14	)		(0.18	)		(0.19	)		(0.16	)
Distributions from net realized capital gains		(1.35	)		(0.39	)		(0.59	)		(0.74	)		(0.57	)
Total distributions		(1.49	)		(0.53	)		(0.77	)		(0.93	)		(0.73	)
Net Asset Value, End of Period	$	8.29		$	11.78		$	11.00		$	10.30		$	9.46
Total Return (%) (b)		(16.76	)		12.14			15.57			19.53			(4.31)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.62			0.61			0.62			0.62			0.61
Ratio of net investment income (loss) to average net assets (%) (d)		1.44			0.83			0.91			1.49			1.36
Portfolio turnover rate (%)		9			21			20			6			7
Net assets, end of period (in millions)	$	3,862.7		$	5,068.3		$	4,909.6		$	4,645.7		$	4,279.2

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

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV. The NAV of the Portfolio is calculated based on the NAVs of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectus of the Underlying Portfolios.

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal

BHFTI-9

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

3. Certain Risks

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

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for

BHFTI-10

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Portfolio, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$ 0	$	385,189,231	$	0	$	429,740,075

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$2,496,383		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in

BHFTI-11

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

Issuers in which the Portfolio owns 5% or more of the outstanding shares are considered affiliates of the Portfolio.

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2022
American Funds Capital World Bond Fund (Class 1)	$	149,086,125	$	2,525,581	$	(6,043,342	)	$	(1,338,981	)	$	(26,818,994	)	$	117,410,389
American Funds High-Income Trust Fund (Class R-6)		203,424,714		9,771,028		(29,348,130	)		1,985,041			(29,298,349	)		156,534,304
American Funds International Fund (Class 1)		320,245,669		54,906,337		(2,048,954	)		(304,726	)		(109,099,224	)		263,699,102
American Funds International Growth & Income Fund (Class R-6)		434,774,579		15,956,313		(26,487,473	)		(5,068,488	)		(75,762,580	)		343,412,351
American Funds The Bond Fund of America (Class 1)		640,756,604		23,665,080		(58,881,528	)		(5,245,152	)		(95,252,791	)		505,042,213
American Funds Washington Mutual Investors Fund (Class 1)		426,051,486		85,418,175		(78,100,193	)		20,854,973			(140,305,430	)		313,919,011
	$	2,174,339,177	$	192,242,514	$	(200,909,620	)	$	10,882,667		$	(476,537,368	)	$	1,700,017,370

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2022
American Funds Capital World Bond Fund (Class 1)	$	2,039,000	$	373,232		12,294,282
American Funds High-Income Trust Fund (Class R-6)		—		9,769,384		17,277,517
American Funds International Fund (Class 1)		37,707,462		5,545,540		17,223,978
American Funds International Growth & Income Fund (Class R-6)		3,976,202		11,378,838		10,778,793
American Funds The Bond Fund of America (Class 1)		6,485,269		17,146,249		53,670,798
American Funds Washington Mutual Investors Fund (Class 1)		78,375,358		7,042,235		24,737,511
	$	128,583,291	$	51,255,478

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	4,182,476,537
Gross unrealized appreciation		112,481,251
Gross unrealized (depreciation)		(418,102,629	)
Net unrealized appreciation (depreciation)	$	(305,621,378	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$60,138,997	$	59,715,955	$	564,635,851	$	168,298,899	$	624,774,848	$	228,014,854

BHFTI-12

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$90,357,248	$	295,280,076	$	(305,621,377	)	$	—	$	80,015,947

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTI-13

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the American Funds Balanced Allocation Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the American Funds Balanced Allocation Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the American Funds Balanced Allocation Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-14

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-15

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-16

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with Brighthouse Investment Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the “Asset Allocation Portfolios”) and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the “American Funds of Funds”). The Board considered the Adviser’s services as investment manager to the Portfolios, including with respect to investment programs and personnel, succession management of key personnel, oversight of transition management (as applicable), actions taken with respect to regulatory developments, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the

BHFTI-17

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic reviews and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the Asset Allocation Portfolios, the Board noted that the Adviser employs at its own expense an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and investments in other Portfolios of the Trusts (the “Underlying Portfolios”). Additionally, the Board considered that a committee, consisting of investment professionals from the Adviser, meets regularly to review the management of the Asset Allocation Portfolios and the American Funds of Funds, including asset allocations and performance metrics.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected, and (ii) the selection of the peer groups.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each of the Portfolios, which included comparisons of the Portfolio’s contractual management fees (at December 31, 2021 and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”) and a narrower group of peer funds (“Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a

BHFTI-18

Brighthouse Funds Trust I

American Funds Balanced Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

*  *  *  *  *

American Funds Balanced Allocation Portfolio. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board noted that the Portfolio underperformed the Brighthouse Balanced AA Narrow Index for the one-year period ended October 31, 2022 and outperformed the same index for the three- and five-year periods ended October 31, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for one-year period ended October 31, 2022 and outperformed the same benchmark for the three- and five-year periods ended October 31, 2022.

The Board also considered that the Portfolio’s actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size.

BHFTI-19

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Managed By Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B and C shares of the American Funds Growth Allocation Portfolio returned -18.37% and -18.52%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Portfolio Index¹, returned -15.59%.

MARKET ENVIRONMENT/ CONDITIONS

There was no disguising the woeful performance in 2022. Investors braced against stark price declines in equity and bond markets for most of the year before a fourth quarter rally finally offered some relief. Early in the period, markets treaded cautiously as the Russia-Ukraine conflict and mounting inflationary pressures spurred economic uncertainty and volatility. U.S. Federal Reserve (the “Fed”) concern over elevated price levels prompted the Fed to raise the Fed Funds rate in March for the first time in more than three years.

Market conditions continued to worsen in the second quarter. Consumer Price Index (“CPI”) data pointed to persistently high prices and emboldened the Fed to implement progressive rate increases in May and June in an effort to curb the inflationary threat. Under a monetary tightening environment, the yield on the 10-year U.S. Treasury rose by 1.50% in the first half of year and upended fixed income markets. Equities were no safe haven for investors and slid further as recessionary fears emerged in the period. Economic growth retreated as the real growth domestic product (“GDP”) rate contracted during the first and second quarters by 1.4% and 0.6%, respectively on an annualized basis.

A tumultuous market carried on into the third quarter. Despite a deceleration in the rate of price increases for headline CPI, the Fed pressed forward with 0.75% rate hikes in July and September. Concern of a prolonged policy tightening cycle and a slowdown in economic growth appeared to support the prospect the worst may not be over and extended bond and equity market losses through the first nine months of the year.

Overall, markets rebounded to close out the final quarter of 2022. Declines in year-over-year CPI levels signaled a potential easing of inflation and bolstered investor expectations the Fed may begin to scale back on future rate hikes. While equities and bonds saw positive results during the quarter, the damage for the year had already been solidified.

In 2022, the S&P 500 Index returned -18.11%. International equities and emerging market equities, as measured by the MSCI EAFE Index and MSCI Emerging Markets Index, returned -14.45% and -20.09%, respectively. Within U.S. fixed income, core bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -13.01% for the year ended December 31, 2022.

PORTFOLIO REVIEW / PERIOD END POSITIONING

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

Over the twelve-month period, the Portfolio underperformed the Dow Jones Moderately Aggressive Portfolio Index. Performance weakness within the underlying international equity funds offset strength in the underlying fixed income and domestic equity funds.

The domestic equity funds were additive to performance for the year. The American Funds American Mutual Fund was a strong relative performer in the period and outperformed its benchmark by 13.9%. The fund’s underweight to Consumer Discretionary, Information Technology (“IT”), and Communication Services sectors was beneficial in an environment where a growth orientation was challenged for the year. An overweight to Energy further aided results. The AFIS Washington Mutual Investors Growth Fund outpaced its benchmark by 9.8%. Results were positively impacted from an underweight to the Consumer Discretionary, IT, and Communication Services sectors and from an overweight to Energy and Health Care. Favorable security selection across Industrials, Consumer Discretionary, and IT contributed on a relative basis. The AFIS Growth-Income Fund bested its benchmark by 1.8%. Within IT, both security selection and an underweight to the sector helped drive positive results. Additionally, positioning and selection in Industrials and an allocation to cash aided performance. Conversely, the American Funds AMCAP Fund fell 10.4% versus its benchmark. Negative selection in the IT, Health Care, and Communication Services sectors was a headwind to performance. An underweight to Energy over the period and an overweight to Consumer Discretionary further detracted from relative results.

The international equity funds detracted from relative performance. During the period, the AFIS International Fund underperformed it benchmark by 4.6%. Fund performance struggled primarily from weak security selection in the majority of sectors with IT, Communication Services, and Financials among the worst relative performers. Regionally, selection in Pacific ex-Japan, the U.S. and Japan fared the worst. The American Funds SMALLCAP World Fund was another detractor and underperformed its benchmark by 11.0%. Negative security selection in IT, Industrials, Consumer Discretionary, and Financials were primarily responsible for weak relative results. At the country level, selection in the U.S. drove underperformance. The AFIS New World Fund lagged its bench-

BHFTI-1

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Managed By Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

mark by 3.5%. Selection across the Health Care, IT, and Communication Services sectors was the main driver of underperformance. On a regional basis, security selection within emerging markets, the U.S., and Pacific ex-Japan were meaningful detractors. On the positive side, the American Funds International Growth and Income Fund outperformed its benchmark by 0.8%. Security selection in the Consumer Discretionary, Health Care, Materials, IT, and Consumer Staples sectors offset weakness in other sectors. An allocation to cash proved beneficial during the market selloff over the period. On a country basis, notable contributors to security selection were the U.S., France, and Hong Kong.

Fixed income funds were positive contributors during the period. The American Funds High-Income Trust Fund outperformed its benchmark by 2.3%. Security selection within the Energy, Communications, and Consumer Non-Cyclical bond sectors were the largest contributors to relative returns. An allocation to cash further aided performance. The American Funds U.S. Government Securities Fund gained 1.4% over its benchmark. Positive contributions to relative performance were attributable to interest rate strategies and positioning along the yield curve. The AFIS The Bond Fund of America Fund outpaced its benchmark by 0.8%. The fund’s lower sensitivity to rising interest rates over the period was the primary driver of outperformance. Conversely, the AFIS Capital World Bond Fund fell 1.2% versus its benchmark. Allocations to both Russian and Ukrainian bonds held back relative results.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The Dow Jones Moderately Aggressive Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderately Aggressive Portfolio Index level is set to 80% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTI-2

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

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

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
American Funds Growth Allocation Portfolio
Class B		–18.37		5.46		8.74
Class C		–18.52		5.17		8.43
Dow Jones Moderately Aggressive Portfolio Index		–15.59		4.58		7.40

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
American Funds AMCAP Fund (Class R-6)		11.4
American Funds Fundamental Investors Fund (Class R-6)		11.1
American Funds International Growth & Income Fund (Class R-6)		11.1
American Funds Growth Fund (Class 1)		10.1
American Funds Growth-Income Fund (Class 1)		10.1
American Funds Washington Mutual Investors Fund (Class 1)		10.1
American Funds American Mutual Fund (Class R-6)		9.1
American Funds International Fund (Class 1)		9.1
American Funds SMALLCAP World Fund (Class R-6)		5.0
American Funds The Bond Fund of America (Class 1)		4.4

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		62.0
International Developed Market Equities		20.2
Investment Grade Fixed Income		5.9
Global Equities		5.0
Emerging Market Equities		3.0
High Yield Fixed Income		2.5
Global Fixed Income		1.5

BHFTI-3

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

American Funds Growth Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a)	Actual		0.69	%	$	1,000.00	$	1,028.20	$	3.53
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.73	$	3.52
Class C (a)	Actual		0.99	%	$	1,000.00	$	1,027.20	$	5.06
	Hypothetical*		0.99	%	$	1,000.00	$	1,020.22	$	5.04

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTI-4

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Schedule of Investments as of December 31, 2022

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		9,622,432	$	296,274,668
American Funds American Mutual Fund (Class R-6)		4,883,966		236,579,327
American Funds Capital World Bond Fund (Class 1) (a)		4,084,871		39,010,514
American Funds Fundamental Investors Fund (Class R-6)		4,800,282		289,216,999
American Funds Growth Fund (Class 1)		3,452,429		263,385,804
American Funds Growth-Income Fund (Class 1)		5,239,812		263,090,956
American Funds High-Income Trust Fund (Class R-6)		7,153,870		64,814,063
American Funds International Fund (Class 1) (a)		15,391,674		235,646,530
American Funds International Growth & Income Fund (Class R-6) (a)		9,063,926		288,776,669
American Funds New World Fund (Class 1)		3,531,360		78,749,325
American Funds SMALLCAP World Fund (Class R-6)		2,226,821		129,667,789
American Funds The Bond Fund of America (Class 1)		12,281,514		115,569,045
Investment Company Securities—(Continued)
American Funds U.S. Government Securities Fund (Class R-6)		3,126,606		38,332,188
American Funds Washington Mutual Investors Fund (Class 1)		20,726,031		263,013,328
Total Mutual Funds (Cost $2,735,067,876)				2,602,127,205
Total Investments—100.1% (Cost $2,735,067,876)				2,602,127,205
Other assets and liabilities (net)—(0.1)%				(1,603,719	)
Net Assets—100.0%			$	2,600,523,486

(a) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities		$2,602,127,205		$—		$—		$2,602,127,205
Total Investments		$2,602,127,205		$—		$—		$2,602,127,205

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)	$	2,038,693,492
Affiliated investments at value (b)		563,433,713
Receivable for:
Investments sold		516,528
Affiliated investments sold		210,553
Fund shares sold		4,775
Dividends		466,195
Prepaid expenses		10,371
Total Assets		2,603,335,627
Liabilities
Payables for:
Investments purchased		466,351
Fund shares redeemed		731,699
Accrued Expenses:
Management fees		144,496
Distribution and service fees		1,231,154
Deferred trustees’ fees		163,275
Other expenses		75,166
Total Liabilities		2,812,141
Net Assets	$	2,600,523,486
Net Assets Consist of:
Paid in surplus	$	2,405,646,825
Distributable earnings (Accumulated losses)		194,876,661
Net Assets	$	2,600,523,486
Net Assets
Class B	$	30,764,647
Class C		2,569,758,839
Capital Shares Outstanding*
Class B		3,833,613
Class C		324,591,216
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	8.02
Class C		7.92

* The Portfolio is authorized to issue an unlimited number of shares..

(a) Identified cost of investments was $2,050,122,701.

(b) Identified cost of affiliated investments was $684,945,175.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from Underlying Portfolios	$	34,569,343
Dividends from Affiliated Underlying Portfolios		14,829,020
Total investment income		49,398,363
Expenses
Management fees		1,806,083
Administration fees		30,250
Custodian and accounting fees		26,982
Distribution and service fees—Class B		80,391
Distribution and service fees—Class C		15,565,052
Audit and tax services		32,944
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		41,301
Insurance		24,780
Miscellaneous		23,758
Total expenses		17,686,196
Net Investment Income		31,712,167
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		87,955,495
Affiliated investments		(9,122,182	)
Capital gain distributions from Underlying Portfolios		183,146,028
Capital gain distributions from affiliated investments		38,351,636
Net realized gain (loss)		300,330,977
Net change in unrealized appreciation (depreciation) on:
Investments		(690,058,373	)
Affiliated investments		(286,032,988	)
Net change in unrealized appreciation (depreciation)		(976,091,361	)
Net realized and unrealized gain (loss)		(675,760,384	)
Net Increase (Decrease) in Net Assets From Operations	$	(644,048,217	)

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	31,712,167		$	24,646,068
Net realized gain (loss)		300,330,977			450,874,023
Net change in unrealized appreciation (depreciation)		(976,091,361	)		35,674,580
Increase (decrease) in net assets from operations		(644,048,217	)		511,194,671
From Distributions to Shareholders
Class B		(5,335,155	)		(1,525,732	)
Class C		(469,077,477	)		(137,455,786	)
Total distributions		(474,412,632	)		(138,981,518	)
Increase (decrease) in net assets from capital share transactions		177,612,374			(159,937,543	)
Total increase (decrease) in net assets		(940,848,475	)		212,275,610
Net Assets
Beginning of period		3,541,371,961			3,329,096,351
End of period	$	2,600,523,486		$	3,541,371,961

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		152,144		$	1,402,922			181,480		$	2,066,344
Reinvestments		679,638			5,335,155			135,140			1,525,732
Redemptions		(181,447	)		(1,731,326	)		(194,866	)		(2,251,526	)
Net increase (decrease)		650,335		$	5,006,751			121,754		$	1,340,550
Class C
Sales		6,781,922		$	63,298,923			12,695,194		$	143,377,457
Reinvestments		60,448,128			469,077,477			12,305,800			137,455,786
Redemptions		(39,462,129	)		(359,770,777	)		(39,073,986	)		(442,111,336	)
Net increase (decrease)		27,767,921		$	172,605,623			(14,072,992	)	$	(161,278,093	)
Increase (decrease) derived from capital shares transactions				$	177,612,374					$	(159,937,543	)

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.95		$	10.73		$	10.12		$	9.10		$	10.36
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.13			0.12			0.11			0.15			0.15
Net realized and unrealized gain (loss)		(2.36	)		1.59			1.43			1.92			(0.65	)
Total income (loss) from investment operations		(2.23	)		1.71			1.54			2.07			(0.50	)
Less Distributions
Distributions from net investment income		(0.15	)		(0.12	)		(0.19	)		(0.20	)		(0.16	)
Distributions from net realized capital gains		(1.55	)		(0.37	)		(0.74	)		(0.85	)		(0.60	)
Total distributions		(1.70	)		(0.49	)		(0.93	)		(1.05	)		(0.76	)
Net Asset Value, End of Period	$	8.02		$	11.95		$	10.73		$	10.12		$	9.10
Total Return (%) (b)		(18.37	)		16.21			17.34			24.05			(5.52	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.32			0.32			0.32			0.32			0.32
Ratio of net investment income (loss) to average net assets (%) (d)		1.44			1.03			1.15			1.59			1.50
Portfolio turnover rate (%)		11			25			9			7			8
Net assets, end of period (in millions)	$	30.8		$	38.0		$	32.8		$	27.4		$	22.9
	Class C
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.80		$	10.60		$	10.01		$	9.01		$	10.26
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.10			0.08			0.08			0.12			0.12
Net realized and unrealized gain (loss)		(2.32	)		1.58			1.40			1.90			(0.64	)
Total income (loss) from investment operations		(2.22	)		1.66			1.48			2.02			(0.52	)
Less Distributions
Distributions from net investment income		(0.11	)		(0.09	)		(0.15	)		(0.17	)		(0.13	)
Distributions from net realized capital gains		(1.55	)		(0.37	)		(0.74	)		(0.85	)		(0.60	)
Total distributions		(1.66	)		(0.46	)		(0.89	)		(1.02	)		(0.73	)
Net Asset Value, End of Period	$	7.92		$	11.80		$	10.60			$10.01			$9.01
Total Return (%) (b)		(18.52	)		15.91			16.93			23.64			(5.77)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.62			0.62			0.62			0.62			0.62
Ratio of net investment income (loss) to average net assets (%) (d)		1.10			0.70			0.83			1.25			1.14
Portfolio turnover rate (%)		11			25			9			7			8
Net assets, end of period (in millions)	$	2,569.8		$	3,503.3		$	3,296.3		$	3,075.0		$	2,753.4

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(d) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV. The NAV of the Portfolio is calculated based on the NAVs of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectus of the Underlying Portfolios.

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-9

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

3. Certain Risks

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

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

BHFTI-10

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Portfolio, excluding the short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	314,954,028	$	0	$	358,985,666

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$1,806,083		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

BHFTI-11

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

6. Transactions in Securities of Affiliated Issuers

Issuers in which the Portfolio owns 5% or more of the outstanding shares are considered affiliates of the Portfolio.

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2022
American Funds Capital World Bond Fund (Class 1)	$	68,343,980	$	871,598	$	(18,163,241	)	$	(2,720,761	)	$	(9,321,062	)	$	39,010,514
American Funds International Fund (Class 1)		293,046,416		45,784,304		(3,249,478	)		(256,975	)		(99,677,737	)		235,646,530
American Funds International Growth & Income Fund (Class R-6)		377,902,392		14,520,181		(34,002,506	)		(6,144,446	)		(63,498,952	)		288,776,669
American Funds Washington Mutual Investor Fund (Class 1) *		369,569,731		72,255,441		(76,575,396	)		20,952,394			(123,188,842	)		263,013,328
	$	1,108,862,519	$	133,431,524	$	(131,990,621	)	$	11,830,212		$	(295,686,593	)	$	826,447,041

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held December 31, 2022
American Funds Capital World Bond Fund (Class 1)	$	701,331	$	128,377		4,084,871
American Funds International Fund (Class 1)		34,314,168		4,996,955		15,391,674
American Funds International Growth & Income Fund (Class R-6)		3,336,137		9,703,688		9,063,926
American Funds Washington Mutual Investor Fund (Class 1) *		66,325,598		5,926,616		20,726,031
	$	104,677,234	$	20,755,636

* not an affiliated issuer as of December 31, 2022.

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,740,153,395
Gross unrealized appreciation		99,378,796
Gross unrealized (depreciation)		(237,404,986	)
Net unrealized appreciation (depreciation)	$	(138,026,190	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$30,691,310	$	28,175,291	$	443,721,322	$	110,806,227	$	474,412,632	$	138,981,518

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$55,408,058	$	277,658,071	$	(138,026,191	)	$	—	$	195,039,938

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTI-12

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the American Funds Growth Allocation Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the American Funds Growth Allocation Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the American Funds Growth Allocation Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-13

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-14

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-15

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with Brighthouse Investment Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the “Asset Allocation Portfolios”) and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the “American Funds of Funds”). The Board considered the Adviser’s services as investment manager to the Portfolios, including with respect to investment programs and personnel, succession management of key personnel, oversight of transition management (as applicable), actions taken with respect to regulatory developments, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the

BHFTI-16

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic reviews and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the Asset Allocation Portfolios, the Board noted that the Adviser employs at its own expense an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and investments in other Portfolios of the Trusts (the “Underlying Portfolios”). Additionally, the Board considered that a committee, consisting of investment professionals from the Adviser, meets regularly to review the management of the Asset Allocation Portfolios and the American Funds of Funds, including asset allocations and performance metrics.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected, and (ii) the selection of the peer groups.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each of the Portfolios, which included comparisons of the Portfolio’s contractual management fees (at December 31, 2021 and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”) and a narrower group of peer funds (“Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a

BHFTI-17

Brighthouse Funds Trust I

American Funds Growth Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

*  *  *  *  *

American Funds Growth Allocation Portfolio. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board noted that the Portfolio underperformed the Brighthouse Growth AA Narrow Index for the one-year period ended October 31, 2022 and outperformed the same index for the three- and five-year periods ended October 31, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderately Aggressive Portfolio Index, for the one-year period ended October 31, 2022 and outperformed the same benchmark for the three- and five-year periods ended October 31, 2022.

The Board also considered that the Portfolio’s actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size.

BHFTI-18

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Managed By Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B and C shares of the American Funds Moderate Allocation Portfolio returned -14.41% and -14.63%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

MARKET ENVIRONMENT/ CONDITIONS

There was no disguising the woeful performance in 2022. Investors braced against stark price declines in equity and bond markets for most of the year before a fourth quarter rally finally offered some relief. Early in the period, markets treaded cautiously as the Russia-Ukraine conflict and mounting inflationary pressures spurred economic uncertainty and volatility. U.S. Federal Reserve (the “Fed”) concern over elevated price levels prompted the Fed to raise the Fed Funds rate in March for the first time in more than three years.

Market conditions continued to worsen in the second quarter. Consumer Price Index (“CPI”) data pointed to persistently high prices and emboldened the Fed to implement progressive rate increases in May and June in an effort to curb the inflationary threat. Under a monetary tightening environment, the yield on the 10-year U.S. Treasury rose by 1.50% in the first half of year and upended fixed income markets. Equities were no safe haven for investors and slid further as recessionary fears emerged in the period. Economic growth retreated as the real growth domestic product (“GDP”) rate contracted during the first and second quarters by 1.4% and 0.6%, respectively on an annualized basis.

A tumultuous market carried on into the third quarter. Despite a deceleration in the rate of price increases for headline CPI, the Fed pressed forward with 0.75% rate hikes in July and September. Concern of a prolonged policy tightening cycle and a slowdown in economic growth appeared to support the prospect the worst may not be over and extended bond and equity market losses through the first nine months of the year.

Overall, markets rebounded to close out the final quarter of 2022. Declines in year-over-year CPI levels signaled a potential easing of inflation and bolstered investor expectations the Fed may begin to scale back on future rate hikes. While equities and bonds saw positive results during the quarter, the damage for the year had already been solidified.

In 2022, the S&P 500 Index returned -18.11%. International equities and emerging market equities, as measured by the MSCI EAFE Index and MSCI Emerging Markets Index, returned -14.45% and -20.09%, respectively. Within U.S. fixed income, core bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -13.01% for the year ended December 31, 2022.

PORTFOLIO REVIEW / PERIOD END POSITIONING

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

Over the twelve-month period, the Portfolio outperformed the Dow Jones Moderate Portfolio Index. Performance strength within the underlying fixed income and domestic equity funds offset weakness in the underlying international equity funds.

The domestic equity funds were additive to performance for the year. The American Funds American Mutual Fund was a strong relative performer in the period and outperformed its benchmark by 13.9%. The fund’s underweight to Consumer Discretionary, Information Technology (“IT”), and Communication Services sectors was beneficial in an environment where a growth orientation was challenged for the year. An overweight to Energy further aided results. The AFIS Washington Mutual Investors Growth Fund outpaced its benchmark by 9.8%. Results were positively impacted from an underweight to the Consumer Discretionary, IT, and Communication Services sectors and from an overweight to Energy and Health Care. Favorable security selection across Industrials, Consumer Discretionary, and IT contributed on a relative basis. The AFIS Growth-Income Fund bested its benchmark by 1.8%. Within IT, both security selection and an underweight to the sector helped drive positive results. Additionally, positioning and selection in Industrials and an allocation to cash aided performance. Conversely, the AFIS Growth Fund lost 11.6% versus its benchmark. Negative selection and underweight positions in the Communication Services and Consumer Discretionary sectors were leading detractors. Results were further pressured by weak selection in IT and Financials.

The international equity funds detracted from relative performance. During the period the AFIS International Fund underperformed it benchmark by 4.6%. Fund performance struggled primarily from weak security selection in the majority of sectors with IT, Communication Services, and Financials among the worst relative performers. Regionally, selection in Pacific ex-Japan, the U.S. and Japan fared the worst. The American Funds SMALLCAP World Fund was another detractor and underperformed its benchmark by 11.0%. Negative security selection in IT, Industrials, Consumer Discretionary, and Financials were primarily responsible for weak relative results. At the country level, selection in the U.S. drove underperformance. The AFIS New World Fund lagged its benchmark by 3.5%. Selection across the Health Care, IT, and Communication Services sectors was the main driver of underperformance. On a regional basis, security selection within emerging markets, the U.S., and Pacific ex-Japan were meaningful detractors. On the positive

BHFTI-1

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Managed By Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

side, the American Funds International Growth and Income Fund outperformed its benchmark by 0.8%. Security selection in the Consumer Discretionary, Health Care, Materials, IT, and Consumer Staples sectors offset weakness in other sectors. An allocation to cash proved beneficial during the market selloff over the period. On a country basis, notable contributors to security selection were the U.S., France, and Hong Kong.

Fixed income funds were positive contributors during the period. The American Funds High-Income Trust Fund outperformed its benchmark by 2.3%. Security selection within the energy, communications, and consumer non-cyclical bond sectors were the largest contributors to relative returns. An allocation to cash further aided performance. The American Funds U.S. Government Securities Fund gained 1.4% over its benchmark. Positive contributions to relative performance were attributable to interest rate strategies, and positioning along the yield curve. The AFIS The Bond Fund of America Fund outpaced its benchmark by 0.8%. The fund’s lower sensitivity to rising interest rates over the period was the primary driver of outperformance. Conversely, the AFIS Capital World Bond Fund fell 1.2% versus its benchmark. Allocations to both Russian and Ukrainian bonds held back relative results.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTI-2

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

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

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
American Funds Moderate Allocation Portfolio
Class B		–14.41		3.79		5.86
Class C		–14.63		3.48		5.54
Dow Jones Moderate Portfolio Index		–14.97		3.26		5.66

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
American Funds U.S. Government Securities Fund (Class R-6)		20.1
American Funds The Bond Fund of America (Class 1)		19.0
American Funds Washington Mutual Investors Fund (Class 1)		8.1
American Funds Growth-Income Fund (Class 1)		8.1
American Funds American Mutual Fund (Class R-6)		8.1
American Funds International Growth & Income Fund (Class R-6)		6.5
American Funds International Fund (Class 1)		5.5
American Funds High-Income Trust Fund (Class R-6)		5.0
American Funds Fundamental Investors Fund (Class R-6)		5.0
American Funds AMCAP Fund (Class R-6)		4.9

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		38.9
Investment Grade Fixed Income		39.1
International Developed Market Equities		12.0
High Yield Fixed Income		5.0
Global Fixed Income		3.0
Emerging Market Equities		1.0
Global Equities		1.0

BHFTI-3

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

American Funds Moderate Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a)	Actual		0.63	%	$	1,000.00	$	1,006.10	$	3.19
	Hypothetical*		0.63	%	$	1,000.00	$	1,022.03	$	3.21
Class C (a)	Actual		0.93	%	$	1,000.00	$	1,004.90	$	4.70
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.52	$	4.74

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTI-4

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2022

Mutual Funds — 100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		3,259,033	$	100,345,618
American Funds American Mutual Fund (Class R-6)		3,391,921		164,304,656
American Funds Capital World Bond Fund (Class 1) (a)		6,437,942		61,482,348
American Funds Fundamental Investors Fund (Class R-6)		1,702,855		102,597,006
American Funds Growth Fund (Class 1)		1,278,919		97,568,701
American Funds Growth-Income Fund (Class 1)		3,276,555		164,515,802
American Funds High-Income Trust Fund (Class R-6)		11,339,449		102,735,409
American Funds International Fund (Class 1)		7,347,685		112,493,051
American Funds International Growth & Income Fund (Class R-6)		4,186,304		133,375,659
American Funds New World Fund (Class 1)		920,103		20,518,303
American Funds SMALLCAP World Fund (Class R-6)		349,036		20,324,356
American Funds The Bond Fund of America (Class 1) (a)		41,220,780		387,887,544
Investment Company Securities—(Continued)
American Funds U.S. Government Securities Fund (Class R-6)		33,373,349		409,157,258
American Funds Washington Mutual Investors Fund (Class 1)		12,970,263		164,592,636
Total Mutual Funds (Cost $2,224,037,192)				2,041,898,347
Total Investments—100.1% (Cost $2,224,037,192)				2,041,898,347
Other assets and liabilities (net)—(0.1)%				(1,319,100	)
Net Assets—100.0%			$	2,040,579,247

(a) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.) Represents investment of cash collateral received from securities on loan as of December 31, 2022.

FAIR VALUE HIERARCHY

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds Investment Company Securities	$	2,041,898,347	$	—	$	—	$	2,041,898,347
Total Investments	$	2,041,898,347	$	—	$	—	$	2,041,898,347

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)	$	1,592,528,455
Affiliated investments at value (b)		449,369,892
Receivable for:
Investments sold		300,724
Affiliated investments sold		28,601
Fund shares sold		91,458
Dividends		1,722,257
Prepaid expenses		8,221
Total Assets		2,044,049,608
Liabilities
Payables for:
Investments purchased		1,722,276
Fund shares redeemed		420,764
Accrued Expenses:
Management fees		120,047
Distribution and service fees		967,489
Deferred trustees’ fees		163,275
Other expenses		76,510
Total Liabilities		3,470,361
Net Assets	$	2,040,579,247
Net Assets Consist of:
Paid in surplus	$	2,055,422,511
Distributable earnings (Accumulated losses)		(14,843,264	)
Net Assets	$	2,040,579,247
Net Assets
Class B	$	10,400,543
Class C		2,030,178,704
Capital Shares Outstanding*
Class B		1,264,716
Class C		248,365,048
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	8.22
Class C		8.17

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,693,427,770.
(b)	Identified cost of affiliated investments was $530,609,422.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from Underlying Portfolios	$	39,444,985
Dividends from Affiliated Underlying Portfolios		13,361,401
Total investment income		52,806,386
Expenses
Management fees		1,495,874
Administration fees		30,250
Custodian and accounting fees		26,982
Distribution and service fees—Class B		29,874
Distribution and service fees—Class C		12,263,892
Audit and tax services		32,944
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		42,638
Insurance		19,009
Miscellaneous		20,455
Total expenses		14,016,573
Net Investment Income		38,789,813
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		20,080,462
Affiliated investments		(3,975,025	)
Capital gain distributions from Underlying Portfolios		108,088,304
Capital gain distributions from affiliated investments		6,020,646
Net realized gain (loss)		130,214,387
Net change in unrealized appreciation (depreciation) on:
Investments		(460,325,315	)
Affiliated investments		(88,306,473	)
Net change in unrealized appreciation (depreciation)		(548,631,788	)
Net realized and unrealized gain (loss)		(418,417,401	)
Net Increase (Decrease) in Net Assets From Operations	$	(379,627,588	)

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	38,789,813		$	26,007,102
Net realized gain (loss)		130,214,387			247,128,965
Net change in unrealized appreciation (depreciation)		(548,631,788	)		(25,375,119	)
Increase (decrease) in net assets from operations		(379,627,588	)		247,760,948
From Distributions to Shareholders
Class B		(1,364,400	)		(730,083	)
Class C		(271,549,609	)		(131,059,383	)
Total distributions		(272,914,009	)		(131,789,466	)
Increase (decrease) in net assets from capital share transactions		44,337,402			(148,798,633	)
Total increase (decrease) in net assets		(608,204,195	)		(32,827,151	)
Net Assets
Beginning of period		2,648,783,442			2,681,610,593
End of period	$	2,040,579,247		$	2,648,783,442

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		79,135		$	696,002			78,111		$	845,417
Reinvestments		167,206			1,364,400			68,876			730,083
Redemptions		(328,833	)		(3,110,949	)		(262,870	)		(2,861,223	)
Net increase (decrease)		(82,492	)	$	(1,050,547	)		(115,883	)	$	(1,285,723	)
Class C
Sales		5,252,312		$	48,771,762			4,788,223		$	51,514,506
Reinvestments		33,400,936			271,549,609			12,422,690			131,059,383
Redemptions		(30,501,408	)		(274,933,422	)		(30,625,561	)		(330,086,799	)
Net increase (decrease)		8,151,840		$	45,387,949			(13,414,648	)	$	(147,512,910	)
Increase (decrease) derived from capital shares transactions				$	44,337,402					$	(148,798,633	)

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.03		$	10.57		$	10.02		$	9.33		$	10.33
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.14			0.13			0.20			0.19
Net realized and unrealized gain (loss)		(1.78	)		0.89			1.10			1.29			(0.49	)
Total income (loss) from investment operations		(1.60	)		1.03			1.23			1.49			(0.30	)
Less Distributions
Distributions from net investment income		(0.20	)		(0.20	)		(0.22	)		(0.23	)		(0.21	)
Distributions from net realized capital gains		(1.01	)		(0.37	)		(0.46	)		(0.57	)		(0.49	)
Total distributions		(1.21	)		(0.57	)		(0.68	)		(0.80	)		(0.70	)
Net Asset Value, End of Period	$	8.22		$	11.03		$	10.57		$	10.02		$	9.33
Total Return (%)(b)		(14.41	)		9.98			13.30			16.59			(3.14	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.33			0.32			0.33			0.33			0.32
Ratio of net investment income (loss) to average net assets (%) (d)		1.95			1.27			1.36			2.04			1.93
Portfolio turnover rate (%)		8			15			31			5			5
Net assets, end of period (in millions)	$	10.4		$	14.9		$	15.5		$	13.2		$	11.8
	Class C
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.96		$	10.51		$	9.96		$	9.28		$	10.27
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.16			0.10			0.10			0.16			0.15
Net realized and unrealized gain (loss)		(1.77	)		0.89			1.10			1.29			(0.47	)
Total income (loss) from investment operations		(1.61	)		0.99			1.20			1.45			(0.32	)
Less Distributions
Distributions from net investment income		(0.17	)		(0.17	)		(0.19	)		(0.20	)		(0.18	)
Distributions from net realized capital gains		(1.01	)		(0.37	)		(0.46	)		(0.57	)		(0.49	)
Total distributions		(1.18	)		(0.54	)		(0.65	)		(0.77	)		(0.67	)
Net Asset Value, End of Period	$	8.17		$	10.96		$	10.51		$	9.96		$	9.28
Total Return (%) (b)		(14.63	)		9.64			12.99			16.16			(3.41)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)(c)		0.63			0.62			0.63			0.63			0.62
Ratio of net investment income (loss) to average net assets (%) (d)		1.73			0.97			1.01			1.69			1.54
Portfolio turnover rate (%)		8			15			31			5			5
Net assets, end of period (in millions)	$	2,030.2		$	2,633.9		$	2,666.1		$	2,587.0		$	2,479.5

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

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV. The NAV of the Portfolio is calculated based on the NAVs of the Underlying Portfolios in which the Portfolio invests. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectus of the Underlying Portfolios.

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal

BHFTI-9

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

3. Certain Risks

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

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for

BHFTI-10

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Portfolio, excluding the short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	189,093,285	$	0	$	265,077,797

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$1,495,874		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in

BHFTI-11

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

Issuers in which the Portfolio owns 5% or more of the outstanding shares are considered affiliates of the Portfolio.

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2022
American Funds Capital World Bond Fund (Class 1)	$	78,223,857	$	1,359,580	$	(3,299,307	)	$	(795,346	)	$	(14,006,436	)	$	61,482,348
American Funds The Bond Fund of America (Class 1)		499,473,959		18,139,454		(52,246,153	)		(3,179,679	)		(74,300,037	)		387,887,544
	$	577,697,816	$	19,499,034	$	(55,545,460	)	$	(3,975,025	)	$	(88,306,473	)	$	449,369,892

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2022
American Funds Capital World Bond Fund (Class 1)	$	1,071,889	$	196,206		6,437,942
American Funds The Bond Fund of America (Class 1)		4,948,757		13,165,195		41,220,780
	$	6,020,646	$	13,361,401

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,228,441,025
Gross unrealized appreciation		49,068,553
Gross unrealized (depreciation)		(235,611,231	)
Net unrealized appreciation (depreciation)	$	(186,542,678	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$38,852,587	$	42,091,710	$	234,061,422	$	89,697,756	$	272,914,009	$	131,789,466

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$52,349,730	$	119,512,962	$	(186,542,679	)	$	—	$	(14,679,987	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTI-12

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the American Funds Moderate Allocation Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the American Funds Moderate Allocation Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the American Funds Moderate Allocation Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-13

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-14

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-15

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with Brighthouse Investment Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the “Asset Allocation Portfolios”) and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the “American Funds of Funds”). The Board considered the Adviser’s services as investment manager to the Portfolios, including with respect to investment programs and personnel, succession management of key personnel, oversight of transition management (as applicable), actions taken with respect to regulatory developments, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the

BHFTI-16

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic reviews and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the Asset Allocation Portfolios, the Board noted that the Adviser employs at its own expense an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and investments in other Portfolios of the Trusts (the “Underlying Portfolios”). Additionally, the Board considered that a committee, consisting of investment professionals from the Adviser, meets regularly to review the management of the Asset Allocation Portfolios and the American Funds of Funds, including asset allocations and performance metrics.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected, and (ii) the selection of the peer groups.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each of the Portfolios, which included comparisons of the Portfolio’s contractual management fees (at December 31, 2021 and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”) and a narrower group of peer funds (“Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a

BHFTI-17

Brighthouse Funds Trust I

American Funds Moderate Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

*  *  *  *  *

American Funds Moderate Allocation Portfolio. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and average of its Morningstar Category for the one-year period ended June 30, 2022 and underperformed the median of its Performance Universe and average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board noted that the Portfolio outperformed the Brighthouse Moderate AA Narrow Index for the one-, three-, and five-year periods ended October 31, 2022. The Board further noted that the Portfolio outperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022.

The Board also considered that the Portfolio’s actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median and the Expense Universe median. The Board also noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size.

BHFTI-18

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Managed By BlackRock Financial Management, Inc.

Portfolio Manager Annual Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B shares of the BlackRock Global Tactical Strategies Portfolio returned -18.89%. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

MARKET ENVIRONMENT / CONDITIONS

This year’s macro performance was driven by stubborn inflation and a global wave of central bank tightening, a simultaneous drag on both stock and bond returns. The perceived “transitory” inflation gave way to more persistent price increases. In fact, U.S. inflation remained at multi-decade highs for longer than policymakers expected, with pressures widespread across both goods and services. To combat inflation, the Federal Reserve (the “Fed”) increased its benchmark interest rate seven times to 4.5%, the highest level in 15 years.

2022 also saw signs of transatlantic divergence in financial conditions. In addition to inflationary pressures, Europe struggled with euro depreciation, particularly over the first half of the year, and continued upside risks to energy prices as supplies to Europe were disrupted by Russia’s invasion of Ukraine. Volatility in both the euro and energy prices were exacerbated by geopolitical risks stemming from Russia’s ongoing invasion of Ukraine. The Bank of Japan (the “BoJ”) stood nearly alone amongst developed market central banks, having not adjusted their policy rates, and was, in fact, still engaged in their yield curve control policy despite multi-decade high inflation before tweaking its yield curve control policy in the last weeks of December.

Stock-bond correlations rose substantially throughout 2022, as financial conditions tightened globally, and Consumer Price Index readings failed to mark a definitive peak in inflation. Global stocks fell -18.36% as measured by the MSCI All Country World Index and Global bonds dropped -18.26% as measured by the FTSE World Government Bond Index in 2022. As U.S. stocks suffered their worst year since the global financial crisis, the U.S. dollar strengthened vis-á-vis most foreign currencies in 2022. Emerging market (“EM”) equities also declined, with considerable performance variability among the EM countries. Bonds declined sharply in 2022, with shorter-term bonds outperforming longer-duration bonds. Commodities posted positive returns due primarily to significant gains in oil and other energy-related commodities following the coordinated policy of banning Russian oil imports amongst much of the European Union.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the 12 months ended December 31, 2022, the Portfolio’s assets were allocated across a diversified mix of asset classes. The volatility of the Portfolio is generally managed by rotating out of risky assets and into cash or other less risky assets during periods of market turbulence. During the twelve-month period ended December 31, 2022, the Portfolio de-risked multiple times which negatively affected performance by -1.36%. At period end, the Portfolio was de-risked.

The Portfolio underperformed the Dow Jones Moderate Portfolio Index (the “Index”) over the twelve-month period ended December 31, 2022. Performance relative to the Index was supported by strategic exposure to international equities while strategic exposure to commodities and real estate detracted from performance. Tactical asset allocation was additive over the period.

We started the year with a view of strong global growth expressed through a directional overweight to equities with a preference towards European and Japanese equities, underweight U.S. duration and overweight the euro.

Within fixed income, we held an underweight of both U.S. 30-year and 5-year bonds through most of the period. Both positions were additive as domestic interest rates continued to move higher with increasingly hawkish rhetoric from the Fed. As interest rates climbed up steadily over the year, the mispricing previously seen has diminished and, as such, we saw an attractive opportunity to take profits by reducing the size of the 30-year underweight and removing the 5-year underweight at the end of the third quarter of 2022.

We maintained a modest equity overweight primarily through a long position in Japanese equities before transitioning that to an overweight in U.S. equities. As we moved into the fourth quarter of 2022, global real interest rates had moved materially higher while Japanese inflation firmed, increasing the risk of shifts in the BoJ’s policy framework. Considering these developments and Japanese equity outperformance, we felt it was appropriate to rotate into U.S. equities as they had underperformed amidst rising real interest rates and a relatively hawkish Fed.

BHFTI-1

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Managed By BlackRock Financial Management, Inc.

Portfolio Manager Annual Commentary*—(Continued)

Our long exposure to the euro detracted from performance before we took off the position in March 2022. Ongoing geopolitical tensions in the region drove a weakness in the euro. We ended the period with no active currency positions in the Portfolio. All derivatives performed as expected over the period.

Philip Green

Michael Pensky

Portfolio Managers

BlackRock Financial Management, Inc.

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

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTI-2

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

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

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
BlackRock Global Tactical Strategies Portfolio
Class B		-18.89		0.79		3.69
Dow Jones Moderate Portfolio Index		-14.97		3.26		5.66

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
iShares Core MSCI EAFE ETF		25.0
Vanguard Total Bond Market ETF		21.2
iShares Core U.S. Aggregate Bond ETF		14.1
iShares Core S&P 500 ETF		11.9
Technology Select Sector SPDR Fund		3.8
Health Care Select Sector SPDR Fund		2.3
iShares U.S. Real Estate ETF		2.0
Financial Select Sector SPDR Fund		1.7
Consumer Discretionary Select Sector SPDR Fund		1.4
Industrial Select Sector SPDR Fund		1.3

Exposure by Asset Class

	% of Net Assets
Investment Grade Fixed Income		34.3
U.S. Large Cap Equities		27.9
International Developed Market Equities		25.6
Commodities		4.1
Real Estate Equities		2.4
U.S. Small Cap Equities		1.9

BHFTI-3

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock Global Tactical Strategies Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a) (b)	Actual		0.88	%	$	1,000.00	$	976.20	$	4.38
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.77	$	4.48

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

(b) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

BHFTI-4

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Mutual Funds—89.0% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—89.0%
Communication Services Select Sector SPDR Fund (a)		967,169	$	46,414,440
Consumer Discretionary Select Sector SPDR Fund (a)		478,469		61,799,056
Consumer Staples Select Sector SPDR Fund (a)		604,239		45,046,017
Energy Select Sector SPDR Fund (a)		377,939		33,058,324
Financial Select Sector SPDR Fund (a)		2,137,458		73,101,064
Health Care Select Sector SPDR Fund (a)		731,895		99,427,936
Industrial Select Sector SPDR Fund (a)		555,469		54,552,611
iShares Core MSCI EAFE ETF (a) (b)		17,301,112		1,066,440,544
iShares Core S&P 500 ETF (a) (b)		1,315,299		505,351,029
iShares Core U.S. Aggregate Bond ETF (a) (b)		6,206,388		601,957,572
iShares U.S. Real Estate ETF (a) (b)		1,028,134		86,558,601
Materials Select Sector SPDR Fund (a)		216,812		16,841,956
Real Estate Select Sector SPDR Fund (a)		458,065		16,916,340
Technology Select Sector SPDR Fund (a)		1,303,456		162,202,065
Utilities Select Sector SPDR Fund (a)		281,299		19,831,580
Vanguard Total Bond Market ETF (a)		12,566,979		902,811,771
Total Mutual Funds (Cost $3,629,074,945)				3,792,310,906
Short-Term Investments—7.5%
Mutual Funds—6.6%
SSGA USD Liquidity Fund, D Shares, 4.360% (c)		279,717,638		279,717,638
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $38,941,295; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $39,712,205.		38,933,508		38,933,508
Total Short-Term Investments (Cost $318,651,146)				318,651,146
Securities Lending Reinvestments (d)—17.8%
Certificates of Deposit—6.4%
Bank of Montreal (Chicago) 4.790%, FEDEFF PRV + 0.460%, 03/02/23 (e)		15,000,000		15,000,000
Bank of Nova Scotia 4.550%, SOFR + 0.250%, 02/17/23 (e)		8,000,000		7,999,638
4.810%, SOFR + 0.510%, 03/15/23 (e)		10,000,000		10,004,202
Canadian Imperial Bank of Commerce (NY) 4.550%, SOFR + 0.250%, 02/03/23 (e)		8,000,000		8,000,529
4.800%, SOFR + 0.500%, 03/03/23 (e)		27,000,000		27,010,335
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (e)		8,000,000		8,000,568
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (e)		15,000,000		15,000,000
4.830%, SOFR + 0.530%, 02/01/23 (e)		10,000,000		10,002,090
Credit Agricole S.A. 4.700%, 02/03/23		5,000,000		5,001,250
4.800%, 02/22/23		8,000,000		8,002,880
Credit Industriel et Commercial (NY) 4.710%, FEDEFF PRV + 0.380%, 01/09/23 (e)		10,000,000		10,000,290
Mitsubishi UFJ Trust and Banking Corp. (London) Zero Coupon, 01/17/23		5,000,000		4,989,050
Certificates of Deposit—(Continued)
Mizuho Bank, Ltd. 4.750%, SOFR + 0.450%, 02/06/23 (e)		5,000,000		5,001,538
4.850%, SOFR + 0.550%, 01/26/23 (e)		5,000,000		5,001,502
MUFG Bank Ltd. (NY) 4.900%, SOFR + 0.600%, 01/25/23 (e)		9,000,000		9,001,890
Natixis S.A. 4.750%, SOFR + 0.450%, 06/21/23 (e)		11,000,000		11,003,563
Nordea Bank Abp (NY) 4.760%, SOFR + 0.460%, 02/13/23 (e)		17,000,000		17,002,907
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (e)		25,000,000		24,999,600
State Street Bank and Trust Co. 4.980%, SOFR + 0.680%, 07/14/23 (e)		10,000,000		10,011,770
Sumitomo Mitsui Banking Corp. 5.050%, SOFR + 0.750%, 04/21/23 (e)		16,000,000		16,021,664
Sumitomo Mitsui Trust Bank, Ltd. 4.850%, SOFR + 0.550%, 03/07/23 (e)		10,000,000		10,002,780
4.890%, SOFR + 0.590%, 02/01/23 (e)		10,000,000		10,003,920
Toronto-Dominion Bank (The) 4.550%, SOFR + 0.250%, 02/09/23 (e)		10,000,000		9,999,562
4.660%, SOFR + 0.360%, 03/21/23 (e)		10,000,000		10,000,000
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (e)		5,000,000		4,999,450
				272,060,978
Commercial Paper—0.7%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (e)		10,000,000		10,002,530
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (e)		15,000,000		15,004,050
Skandinaviska Enskilda Banken AB 4.980%, SOFR + 0.680%, 05/03/23 (e)		5,000,000		5,004,940
				30,011,520
Master Demand Notes—0.2%
Bank of America N.A. 4.880%, SOFR + 0.580%, 05/15/23 (e)		5,000,000		4,999,944
Natixis Financial Products LLC 4.550%, OBFR + 0.230%, 01/03/23 (e)		3,000,000		3,000,000
				7,999,944
Repurchase Agreements—7.9%
Citigroup Global Markets, Inc.
Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $18,080,850; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $18,360,001.		18,000,000		18,000,000
Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $30,750,792; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $30,600,004.		30,000,000		30,000,000

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

See accompanying notes to consolidated financial statements.

BHFTI-5

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $63,967,599; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $65,272,505.		63,937,052	$	63,937,052
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $10,905,232; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $11,160,175.		10,900,000		10,900,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $105,090,854; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $114,326,995.		105,000,000		105,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $20,090,417; collateralized by various Common Stock with an aggregate market value of $22,225,093.		20,000,000		20,000,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $5,002,439; collateralized by various Common Stock with an aggregate market value of $5,564,235.		5,000,000		5,000,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $7,053,455; collateralized by various Common Stock with an aggregate market value of $7,845,572.		7,050,000		7,050,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $30,815,834; collateralized by various Common Stock with an aggregate market value of $34,287,137.		30,800,742		30,800,742
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $20,017,189; collateralized by various Common Stock with an aggregate market value of $22,263,838.		20,000,000		20,000,000
TD Prime Services LLC
Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $15,007,333; collateralized by various Common Stock with an aggregate market value of $16,641,419.		15,000,000		15,000,000
Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $10,105,223; collateralized by various Common Stock with an aggregate market value of $11,309,147.		10,100,285		10,100,285
				335,788,079
Time Deposits—0.9%
Credit Agricole Corp. & Investment Bank (NY) 4.290%, 01/03/23		10,000,000		10,000,000
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (e)		30,000,000		30,000,000
				40,000,000
Mutual Funds—1.7%
AB Government Money Market Portfolio, Institutional Class 4.110% (c)		10,000,000		10,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.060% (c)		10,000,000		10,000,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (c)		5,835,093		5,835,093
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.160% (c)		25,000,000		25,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (c)		12,400,000		12,400,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (c)		10,000,000		10,000,000
				73,235,093
Total Securities Lending Reinvestments (Cost $759,014,688)				759,095,614
Total Investments—114.3% (Cost $4,706,740,779)				4,870,057,666
Other assets and liabilities (net)—(14.3)%				(607,772,485	)
Net Assets—100.0%			$	4,262,285,181

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $739,284,393 and the collateral received consisted of cash in the amount of $758,964,140. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)
(c)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(d)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(e)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

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

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	6,550,000	UBSA		03/15/23		USD	4,471,856	$	(302	)
EUR	1,106,875	JPMC		03/15/23		USD	1,173,971		(16,566	)
GBP	4,314,000	UBSA		03/15/23		USD	5,313,196		88,714
JPY	1,141,377,801	UBSA		03/15/23		USD	8,587,948		(190,463	)
Net Unrealized Depreciation								$	(118,617	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index Mini Futures		03/17/23		271			USD	26,414,370		$	(36,462	)
Russell 2000 Index E-Mini Futures		03/17/23		915			USD	81,018,675			(2,887,273	)
S&P 500 Index E-Mini Futures		03/17/23		376			USD	72,586,800			91,334
Futures Contracts—Short
U.S. Treasury Ultra Long Bond Futures		03/22/23		(319	)		USD	(42,845,688	)		(2,179	)
Net Unrealized Depreciation										$	(2,834,580	)

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	12M SOFR		Annually	2.590%	Annually		08/05/32		USD	559,000,000	$	(42,160,188	)	$	8,361		$	(42,168,549	)
Pay	12M SOFR		Annually	3.160%	Annually		06/17/32		USD	516,975,743		(15,158,308	)		(322,838	)		(14,835,470	)
Pay	12M SOFR		Annually	3.590%	Annually		11/16/32		USD	55,000,000		307,369			873			306,496
Pay	12M SOFR		Annually	3.805%	Annually		11/04/32		USD	215,000,000		4,991,064			(25,625	)		5,016,689
Totals											$	(52,020,063	)	$	(339,229	)	$	(51,680,834	)

OTC Total Return Swaps

Pay/Receive Floating Rate

Floating Rate Index

Payment Frequency

Maturity Date

Counterparty

Underlying Reference Instrument

Notional Amount

Market Value

Upfront Premium Paid/(Received)

Unrealized Appreciation/ (Depreciation)(1)

Pay

3M UST

Quarterly

05/31/23

JPMC

S&P GSCI Commodity Index

USD

175,964,856

$

(2,428,090

)

$

—

$

(2,428,090

)

(1) There was no upfront premium paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

Glossary of Abbreviations

Counterparties

(JPMC)—	JPMorgan Chase Bank N.A.
(UBSA)—	UBS AG

Currencies

(AUD)—	Australian Dollar
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(USD)—	United States Dollar

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

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate
(UST)—	U.S. Treasury Bill Rate

Other Abbreviations

(ETF)— Exchange-Traded Fund

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	3,792,310,906		$	—		$	—	$	3,792,310,906
Short-Term Investments
Mutual Funds		279,717,638			—			—		279,717,638
Repurchase Agreement		—			38,933,508			—		38,933,508
Total Short-Term Investments		279,717,638			38,933,508			—		318,651,146
Securities Lending Reinvestments
Certificates of Deposit		—			272,060,978			—		272,060,978
Commercial Paper		—			30,011,520			—		30,011,520
Master Demand Notes		—			7,999,944			—		7,999,944
Repurchase Agreements		—			335,788,079			—		335,788,079
Time Deposits		—			40,000,000			—		40,000,000
Mutual Funds		73,235,093			—			—		73,235,093
Total Securities Lending Reinvestments		73,235,093			685,860,521			—		759,095,614
Total Investments	$	4,145,263,637		$	724,794,029		$	—	$	4,870,057,666
Collateral for Securities Loaned (Liability)	$	—		$	(758,964,140	)	$	—	$	(758,964,140	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	88,714		$	—	$	88,714
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(207,331	)		—		(207,331	)
Total Forward Contracts	$	—		$	(118,617	)	$	—	$	(118,617	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	91,334		$	—		$	—	$	91,334
Futures Contracts (Unrealized Depreciation)		(2,925,914	)		—			—		(2,925,914	)
Total Futures Contracts	$	(2,834,580	)	$	—		$	—	$	(2,834,580	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	5,323,185		$	—	$	5,323,185
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(57,004,019	)		—		(57,004,019	)
Total Centrally Cleared Swap Contracts	$	—		$	(51,680,834	)	$	—	$	(51,680,834	)
OTC Swap Contracts
OTC Swap Contracts at Value (Liabilities)	$	—		$	(2,428,090	)	$	—	$	(2,428,090	)

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

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	2,609,749,920
Affiliated investments at value (c) (d)		2,260,307,746
Cash		6,790,000
Cash denominated in foreign currencies (e)		19,106,359
Cash collateral (f)		83,691,573
Unrealized appreciation on forward foreign currency exchange contracts		88,714
Receivable for:
Affiliated investments sold		47,473,374
Interest		902,585
Variation margin on futures contracts		674,624
Variation margin on centrally cleared swap contracts		1,488,528
Prepaid expenses		17,804
Total Assets		5,030,291,227
Liabilities
OTC swap contracts at market value		2,428,090
Unrealized depreciation on forward foreign currency exchange contracts		207,331
Collateral for securities loaned		758,964,140
Payables for:
Fund shares redeemed		2,047,779
Interest on OTC swap contracts		642,296
Accrued Expenses:
Management fees		2,266,795
Distribution and service fees		926,804
Deferred trustees’ fees		149,475
Other expenses		373,336
Total Liabilities		768,006,046
Net Assets	$	4,262,285,181
Net Assets Consist of:
Paid in surplus	$	4,542,338,060
Distributable earnings (Accumulated losses)		(280,052,879	)
Net Assets	$	4,262,285,181
Net Assets
Class B	$	4,262,285,181
Capital Shares Outstanding*
Class B		519,450,342
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	8.21

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $2,563,398,810.
(b)	Includes securities loaned at value of $508,940,516.
(c)	Identified cost of affiliated investments was $2,143,341,969.
(d)	Includes securities loaned at value of $230,343,877.
(e)	Identified cost of cash denominated in foreign currencies was $19,080,083.
(f)	Includes collateral of $10,439,000 for futures contracts, $6,200,573 for OTC swap contracts and $67,052,000 for centrally cleared swap contracts.

Consolidated§ Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from Underlying ETFs	$	35,643,800
Dividends from affiliated investments		55,652,852
Interest		6,792,936
Securities lending income		2,338,371
Total investment income		100,427,959
Expenses
Management fees		32,258,603
Administration fees		212,081
Custodian and accounting fees		265,078
Distribution and service fees—Class B		12,176,386
Audit and tax services		69,211
Legal		51,082
Trustees’ fees and expenses		9,574
Shareholder reporting		109,541
Insurance		42,580
Miscellaneous		39,052
Total expenses		45,233,188
Less management fee waiver		(2,750,854	)
Net expenses		42,482,334
Net Investment Income		57,945,625
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		74,117,752
Affiliated investments		(57,662,039	)
Futures contracts		(37,321,266	)
Swap contracts		(156,680,934	)
Foreign currency transactions		(11,203,252	)
Forward foreign currency transactions		4,381,907
Net realized gain (loss)		(184,367,832	)
Net change in unrealized appreciation (depreciation) on:
Investments		(414,250,418	)
Affiliated investments		(455,919,116	)
Futures contracts		(8,740,427	)
Swap contracts		(72,853,724	)
Foreign currency transactions		(836,751	)
Forward foreign currency transactions		(1,590,912	)
Net change in unrealized appreciation (depreciation)		(954,191,348	)
Net realized and unrealized gain (loss)		(1,138,559,180	)
Net Increase (Decrease) in Net Assets From Operations	$	(1,080,613,555	)

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

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	57,945,625		$	57,199,663
Net realized gain (loss)		(184,367,832	)		242,484,966
Net change in unrealized appreciation (depreciation)		(954,191,348	)		264,351,046
Increase (decrease) in net assets from operations		(1,080,613,555	)		564,035,675
From Distributions to Shareholders
Class B		(293,170,924	)		(315,055,031	)
Total distributions		(293,170,924	)		(315,055,031	)
Increase (decrease) in net assets from capital share transactions		(302,248,787	)		(462,204,968	)
Total increase (decrease) in net assets		(1,676,033,266	)		(213,224,324	)
Net Assets
Beginning of period		5,938,318,447			6,151,542,771
End of period	$	4,262,285,181		$	5,938,318,447

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		1,000,167		$	8,665,951			1,123,743		$	11,990,234
Reinvestments		35,194,589			293,170,924			30,293,753			315,055,031
Redemptions		(67,284,810	)		(604,085,662	)		(74,544,536	)		(789,250,233	)
Net increase (decrease)		(31,090,054	)	$	(302,248,787	)		(43,127,040	)	$	(462,204,968	)
Increase (decrease) derived from capital shares transactions				$	(302,248,787	)				$	(462,204,968	)

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

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.79		$	10.36		$	11.10		$	9.22		$	10.84
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.11			0.10			0.09			0.18			0.11
Net realized and unrealized gain (loss)		(2.12	)		0.90			0.25			1.72			(0.82	)
Total income (loss) from investment operations		(2.01	)		1.00			0.34			1.90			(0.71	)
Less Distributions
Distributions from net investment income		(0.22	)		(0.15	)		(0.17	)		(0.02	)		(0.15	)
Distributions from net realized capital gains		(0.35	)		(0.42	)		(0.91	)		0.00			(0.76	)
Total distributions		(0.57	)		(0.57	)		(1.08	)		(0.02	)		(0.91	)
Net Asset Value, End of Period	$	8.21		$	10.79		$	10.36		$	11.10		$	9.22
Total Return (%) (b)		(18.79	)(c)		9.79			4.31			20.63			(7.18	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.93			0.93			0.93			0.92			0.92
Net ratio of expenses to average net assets (%) (d) (e)		0.87			0.86			0.88			0.88			0.87
Ratio of net investment income (loss) to average net assets (%)		1.19			0.94			0.90			1.71			1.08
Portfolio turnover rate (%)		11			11			42			36			40
Net assets, end of period (in millions)	$	4,262.3		$	5,938.3		$	6,151.5		$	6,647.0		$	6,256.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.
(e)	Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

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

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022

1. Organization

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

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

The Portfolio allocates its assets in a broad range of asset classes, primarily through other investment companies known as exchange traded funds (“Underlying ETFs”), involving primarily series of the iShares^® Trust and iShares^®, Inc., but the Portfolio also has the ability to invest in series sponsored by other companies.

2. Consolidation of Subsidiary—BlackRock Global Tactical Strategies Portfolio, Ltd.

The Portfolio may invest up to 6% of its total assets in the BlackRock Global Tactical Strategies Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio’s annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio’s business of investing in stock, securities or currencies.

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

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

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $290,587,059 in the Subsidiary, representing 5.8% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

BHFTI-12

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Investments in unregistered open-end management investment companies are reported at NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy provided the NAV is observable, calculated daily and are the value at which both purchases and sales will be conducted.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded over-the-counter (“OTC”) are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

BHFTI-13

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $38,933,508. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $335,788,079. The combined value of all repurchase agreements is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

BHFTI-14

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

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

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

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

All securities on loan are classified as Mutual Funds in the Portfolio’s Consolidated Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

4. Investments in Derivative Instruments

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

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

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio’s investment in equity futures, treasury and other interest rate futures were used for both hedging and investment exposure purposes. Futures

BHFTI-15

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

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

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

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

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

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or

BHFTI-16

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

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

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	5,323,185	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	57,004,019
				Unrealized depreciation on futures contracts (b) (c)		2,179
Equity	Unrealized appreciation on futures contracts (b) (c)		91,334	Unrealized depreciation on futures contracts (b) (c)		2,923,735
Commodity				OTC swap contracts at market value (d)		2,428,090
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		88,714	Unrealized depreciation on forward foreign currency exchange contracts		207,331
Total		$	5,503,233		$	62,565,354

(a)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(d)	Excludes OTC swap interest payable of $642,296.

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

BHFTI-17

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
UBS AG	$	88,714	$	(88,714	)	$	—	$	—

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
JPMorgan Chase Bank N.A.	$	2,444,656	$	—		$	(2,444,656	)	$	—
UBS AG		190,765		(88,714	)		—			102,051
	$	2,635,421	$	(88,714	)	$	(2,444,656	)	$	102,051

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

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Commodity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—		$	4,381,907		$	4,381,907
Swap contracts		(234,968,629	)		—			78,287,695			—			(156,680,934	)
Futures contracts		52,406,767			(89,728,033	)		—			—			(37,321,266	)
	$	(182,561,862	)	$	(89,728,033	)	$	78,287,695		$	4,381,907		$	(189,620,293	)
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—		$	(1,590,912	)	$	(1,590,912	)
Swap contracts		(52,767,234	)		—			(20,086,490	)		—			(72,853,724	)
Futures contracts		2,185,369			(10,925,796	)		—			—			(8,740,427	)
	$	(50,581,865	)	$	(10,925,796	)	$	(20,086,490	)	$	(1,590,912	)	$	(83,185,063	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions		333,980,220
Futures contracts long		355,770,272
Futures contracts short		(362,701,400	)
Swap contracts		1,703,873,226

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

5. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

BHFTI-18

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

BHFTI-19

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the

BHFTI-20

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

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

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	446,390,785	$	0	$	885,240,391

7. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$32,258,603		0.800	%	First $100 million
		0.750	%	$100 million to $300 million
		0.700	%	$300 million to $600 million
		0.675	%	$600 million to $1 billion
		0.650	%	Over $1 billion

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

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.180%	First $100 million
0.130%	$100 million to $300 million
0.080%	$300 million to $600 million
0.055%	$600 million to $1 billion
0.030%	$1 billion to $2.5 billion
0.050%	$2.5 billion to $4.5 billion
0.100%	$4.5 billion to $6.5 billion
0.130%	Over $6.5 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Consolidated Statement of Operations.

BHFTI-21

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

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

8. Transactions in Securities of Affiliated Issuers

The Portfolio does not invest in the Underlying ETFs for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying ETFs’ net assets. Transactions in the Underlying ETFs for the year ended December 31, 2022 were as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2022		Income earned from affiliates during the period		Number of shares held at December 31, 2022
iShares Core MSCI EAFE ETF	$	1,291,355,000	$	—	$	—		$	—		$	(224,914,456	)	$	1,066,440,544	$	28,832,459		17,301,112
iShares Core S&P 500 ETF		627,384,470		—		—			—			(122,033,441	)		505,351,029		8,409,109		1,315,299
iShares Core U.S. Aggregate Bond ETF		931,739,730		377,632,779		(574,112,377	)		(76,159,928	)		(57,142,632	)		601,957,572		16,217,786		6,206,388
iShares U.S. Real Estate ETF		130,903,020		68,758,006		(79,771,727	)		18,497,889			(51,828,587	)		86,558,601		2,193,498		1,028,134
	$	2,981,382,220	$	446,390,785	$	(653,884,104	)	$	(57,662,039	)	$	(455,919,116	)	$	2,260,307,746	$	55,652,852

9. Contractual Obligations

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

BHFTI-22

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

10. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	4,992,493,470
Gross unrealized appreciation		587,850,532
Gross unrealized (depreciation)		(764,395,260	)
Net unrealized appreciation (depreciation)	$	(176,544,728	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$113,451,823	$	264,690,994	$	179,719,101	$	50,364,037	$	293,170,924	$	315,055,031

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$136,392,034	$	—	$	(176,523,568	)	$	(239,771,867	)	$	(279,903,401	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $239,771,867.

11. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-23

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the BlackRock Global Tactical Strategies Portfolio and subsidiary:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the BlackRock Global Tactical Strategies Portfolio and subsidiary (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the BlackRock Global Tactical Strategies Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-24

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-25

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-26

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-27

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-28

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

BlackRock Global Tactical Strategies Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and BlackRock Financial Management, Inc. regarding the Portfolio:

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2022 and underperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2022. The Board considered that the Portfolio underperformed the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, and its blended index for the one-, three-, and

BHFTI-29

Brighthouse Funds Trust I

BlackRock Global Tactical Strategies Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-30

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Managed by BlackRock Financial Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the BlackRock High Yield Portfolio returned -10.17% and -10.33%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index¹, returned -11.18%.

MARKET ENVIRONMENT / CONDITIONS

After a tough year for High Yield (“HY”) amid broader market weakness, the asset class ended 2022 on a relatively high note. Risk assets rallied starting in mid-October on optimism surrounding inflation and U.S. Federal Reserve (the “Fed”) policy, punctuated by a better-than-expected Consumer Price Index print in December. That said, a decidedly hawkish tone from the Fed after their 0.50% Fed funds target rate hike in December dampened that rally a bit heading into year end. HY generated returns of 4.17% in the fourth quarter, outpacing Investment Grade (“IG”) and loans, but lagged the equity markets as measured by the S&P 500 Index by -3.37% on a total return basis. Single B rated bonds posted the best fourth quarter of any HY ratings segment at 4.94% (-10.19% for the full year) followed by BB rated bonds at 4.30% (-10.67% for the full year) and CCC rated bonds at 0.51% (-16.29% for the full year). Excess returns favored B rated bonds in the fourth quarter as well, with gains of 4.93%. BB rated bonds gained 4.31%, and CCC rated bonds gained 0.52% through this lens. BB rated bonds experienced losses of -2.24%, B rated bonds at -3.75%, and CCC rated bonds at -10.51% on an excess return basis in 2022. Nearly every sector ended the year lower with the exceptions of oil field equipment & services and refining, seeing gains of 4.12% and 2.67% respectively. Meanwhile, pharmaceuticals suffered the most at -24.39%. The difference between the best and worst performing sectors speaks to the significant sectoral dispersion we saw over the course of the year.

2022 was drastically quieter for HY new issuance as borrowing costs increased and issuers had less reason to raise capital after the refinancing activity in 2020 and 2021. We saw the primary market reopen for selective issuers in the fourth quarter but still at a very dampened level, with only $16.3 billion of gross issuance. As such, 2022’s issuance was notably muted at only $103 billion, after $431 billion of issuance in 2020 and $457 billion in 2021.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s asset allocation proved an important driver of relative returns in 2022. Bank Loan allocation was a strong contributor this year as the floating rate nature and lack of duration in the asset class helped achieve strong outperformance relative to other risk assets. Allocation to IG bonds also contributed as we took advantage of compelling opportunities in the lower-rated end of the IG market compared to higher quality HY.

Sector allocation was also a positive driver for the Portfolio’s performance for the period. Underweights to retailers and media & entertainment were notable through this lens. Underweights to some of the sectors that faced the most pressure this year such as health care and pharmaceuticals also boosted performance. On the other hand, an overweight to wirelines and an underweight to gaming detracted from performance.

Relative performance between ratings buckets notably fluctuated widely throughout this particularly volatile year. Our overall ratings positioning was a contributor this year, with our BB rated bond underweight serving as the largest contributor. Our Single B rated bond overweight was also a contributor this year, while our CCC rated bond overweight detracted from performance.

The Portfolio’s broad themes remained generally consistent throughout the year. We have maintained a relatively consistent underweight to BB rated bonds versus the benchmark Index while maintaining overweight allocations to B rated bonds and CCC rated bonds. As always, we contextualize this CCC rated bond overweight from a yield perspective. At period end, relative to the benchmark Index, we maintain an underweight to the 14%+ yield bucket where the largest concentration of stressed issuers trade today. We continue to assess companies facing headwinds and will address each situation as such. The Portfolio also ended the period maintaining a consistent underweight to BB rated bonds. We have increased exposure to BBB rated bonds that we believe were attractive relative value opportunities.

At the end of the period, the Portfolio continued to maintain a tactical position to liquid high yield index securities like the credit default swap index (CDX) or exchange-traded funds as an efficient means of portfolio management. All derivatives performed as expected during the period.

BHFTI-1

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Managed by BlackRock Financial Management, Inc.

Portfolio Manager Commentary*—(Continued)

At period end, the Portfolio’s top sector overweights were to the information technology, cable & satellite, and wirelines sectors and sub-sectors. The Portfolio’s largest sub-sector underweights included media & entertainment, retailers, and automotive.

James Keenan

Mitch Garfin

David Delbos

Derek Schoenhofen

Portfolio Managers

BlackRock Financial Management, Inc.

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

¹ The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is composed of fixed rate non-investment grade debt with at least one year remaining to maturity that are dollar-denominated, nonconvertible and have an outstanding par value of at least $150 million. It limits issue exposure to a 2% maximum.

BHFTI-2

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. CORPORATE HIGH YIELD 2% ISSUER CAPPED INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
BlackRock High Yield Portfolio
Class A		–10.17		2.75		4.45
Class B		–10.33		2.49		4.18
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index		–11.18		2.30		4.03

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		85.4
Floating Rate Loans		10.7
Convertible Bonds		0.5
Common Stocks		0.5
Purchased Options		0.1

BHFTI-3

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

BlackRock High Yield Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.65	%	$	1,000.00	$	1,034.60	$	3.33
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.93	$	3.31
Class B(a)	Actual		0.90	%	$	1,000.00	$	1,033.70	$	4.61
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.67	$	4.58

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—85.4% of Net Assets

Security Description	Principal Amount*		Value
Advertising—1.3%
Clear Channel International B.V. 6.625%, 08/01/25 (144A) (a)		809,000	$	771,951
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/27 (144A)		3,386,000		2,933,969
7.500%, 06/01/29 (144A) (a)		3,215,000		2,360,678
7.750%, 04/15/28 (144A) (a)		2,235,000		1,631,571
CMG Media Corp. 8.875%, 12/15/27 (144A)		1,228,000		924,316
Lamar Media Corp. 3.750%, 02/15/28		107,000		95,776
4.000%, 02/15/30 (a)		132,000		115,368
Outfront Media Capital LLC / Outfront Media Capital Corp. 4.250%, 01/15/29 (144A)		517,000		428,970
4.625%, 03/15/30 (144A)		214,000		177,047
5.000%, 08/15/27 (144A) (a)		834,000		750,806
Stagwell Global LLC 5.625%, 08/15/29 (144A)		275,000		226,759
Summer BC Holdco B Sarl 5.750%, 10/31/26 (EUR)		100,000		90,052
				10,507,263
Aerospace/Defense—3.8%
Boeing Co. (The) 3.625%, 02/01/31 (a)		254,000		222,546
5.150%, 05/01/30 (a)		2,561,000		2,498,612
5.805%, 05/01/50		873,000		809,425
5.930%, 05/01/60		870,000		792,521
Bombardier, Inc. 6.000%, 02/15/28 (144A)		1,515,000		1,400,951
7.125%, 06/15/26 (144A)		1,681,000		1,630,930
7.450%, 05/01/34 (144A)		374,000		374,000
7.500%, 03/15/25 (144A)		60,000		59,419
7.875%, 04/15/27 (144A) (a)		1,417,000		1,374,456
F-Brasile S.p.A. / F-Brasile U.S. LLC 7.375%, 08/15/26 (144A) (a)		664,000		542,820
Howmet Aerospace, Inc. 5.125%, 10/01/24 (a)		31,000		30,654
Rolls-Royce plc 5.750%, 10/15/27 (144A) (a)		2,764,000		2,632,710
Spirit AeroSystems, Inc. 7.500%, 04/15/25 (144A)		88,000		86,958
9.375%, 11/30/29		1,205,000		1,268,504
TransDigm, Inc. 4.625%, 01/15/29 (a)		1,579,000		1,388,367
4.875%, 05/01/29		775,000		675,994
6.250%, 03/15/26 (144A)		11,442,000		11,283,986
6.375%, 06/15/26		96,000		93,404
7.500%, 03/15/27		277,000		274,066
8.000%, 12/15/25 (144A)		1,955,000		1,983,914
Triumph Group, Inc. 8.875%, 06/01/24 (144A)		2,031,000		2,066,542
				31,490,779
Agriculture—0.1%
Darling Ingredients, Inc. 6.000%, 06/15/30 (144A)		1,166,000		1,139,765
Airlines—1.9%
Air Canada 3.875%, 08/15/26 (144A)		968,000	$	857,389
Air France-KLM 3.875%, 07/01/26 (EUR)		100,000		95,780
Allegiant Travel Co. 7.250%, 08/15/27 (144A)		303,000		288,202
American Airlines, Inc. 11.750%, 07/15/25 (144A) (a)		2,016,000		2,162,360
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 5.500%, 04/20/26 (144A) (a)		395,747		380,569
5.750%, 04/20/29 (144A)		2,941,460		2,688,365
Delta Air Lines, Inc. 7.000%, 05/01/25 (144A) (a)		248,000		253,441
Delta Air Lines, Inc. / SkyMiles IP, Ltd. 4.750%, 10/20/28 (144A)		298,958		281,013
Deutsche Lufthansa AG 2.000%, 07/14/24 (EUR)		100,000		102,457
3.500%, 07/14/29 (EUR)		100,000		90,584
3.750%, 02/11/28 (EUR)		100,000		95,002
Finnair Oyj 4.250%, 05/19/25 (EUR)		100,000		78,349
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty, Ltd. 5.750%, 01/20/26 (144A) (a)		939,000		849,795
International Consolidated Airlines Group S.A. 3.750%, 03/25/29 (EUR)		100,000		81,889
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets, Ltd. 6.500%, 06/20/27 (144A)		1,780,650		1,770,326
Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd. 8.000%, 09/20/25 (144A) (a)		542,401		545,013
United Airlines Pass-Through Trust 4.875%, 01/15/26		95,250		90,619
5.875%, 10/15/27		1,534,134		1,512,573
United Airlines, Inc. 4.375%, 04/15/26 (144A)		1,514,000		1,403,366
4.625%, 04/15/29 (144A)		1,856,000		1,616,011
				15,243,103
Apparel—0.1%
Crocs, Inc. 4.125%, 08/15/31 (144A)		898,000		731,825
4.250%, 03/15/29 (144A)		45,000		38,120
Kontoor Brands, Inc. 4.125%, 11/15/29 (144A)		269,000		219,534
Levi Strauss & Co. 3.500%, 03/01/31 (144A)		302,000		239,694
				1,229,173
Auto Manufacturers—1.3%
Ford Motor Co. 3.250%, 02/12/32 (a)		1,094,000		820,436
4.346%, 12/08/26 (a)		128,000		121,388
6.100%, 08/19/32 (a)		481,000		444,135
Ford Motor Credit Co. LLC 2.700%, 08/10/26		800,000		694,720

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Auto Manufacturers—(Continued)
Ford Motor Credit Co. LLC 2.900%, 02/16/28		733,000	$	605,399
2.900%, 02/10/29 (a)		200,000		159,752
3.375%, 11/13/25		206,000		186,227
3.625%, 06/17/31		1,063,000		835,048
3.810%, 01/09/24		987,000		959,885
4.000%, 11/13/30 (a)		620,000		508,921
4.125%, 08/17/27		400,000		358,000
4.134%, 08/04/25		217,000		203,110
4.271%, 01/09/27		210,000		189,940
4.389%, 01/08/26		200,000		186,292
4.687%, 06/09/25		200,000		190,293
4.950%, 05/28/27		692,000		645,567
5.125%, 06/16/25		928,000		892,125
General Motors Co. 5.200%, 04/01/45		375,000		304,789
5.400%, 10/15/29		427,000		407,485
5.400%, 04/01/48		301,000		246,014
5.600%, 10/15/32		254,000		235,965
5.950%, 04/01/49 (a)		299,000		260,583
General Motors Financial Co., Inc. 5.700%, 5Y H15 + 4.997%, 09/30/30 (b)		270,000		228,521
Jaguar Land Rover Automotive plc 4.500%, 07/15/28 (EUR)		100,000		80,837
RCI Banque S.A. 2.625%, 5Y EUR Swap + 2.850%, 02/18/30 (EUR) (b)		200,000		190,232
Renault S.A. 2.375%, 05/25/26 (EUR)		100,000		96,156
Wabash National Corp. 4.500%, 10/15/28 (144A)		546,000		464,966
				10,516,786
Auto Parts & Equipment—1.3%
Adient Global Holdings, Ltd. 3.500%, 08/15/24 (EUR)		100,000		102,139
Clarios Global L.P. 6.750%, 05/15/25 (144A)		1,142,000		1,144,640
Clarios Global L.P. / Clarios U.S. Finance Co. 6.250%, 05/15/26 (144A)		1,220,000		1,192,552
8.500%, 05/15/27 (144A) (a)		6,580,000		6,425,347
Dealer Tire LLC / DT Issuer LLC 8.000%, 02/01/28 (144A) (a)		392,000		344,910
Faurecia SE 2.750%, 02/15/27 (EUR)		100,000		90,068
3.750%, 06/15/28 (EUR)		100,000		90,774
Goodyear Tire & Rubber Co. (The) 5.000%, 07/15/29 (a)		234,000		195,191
5.625%, 04/30/33		12,000		9,796
9.500%, 05/31/25		444,000		456,211
Grupo Antolin-Irausa S.A. 3.375%, 04/30/26 (EUR)		122,000		105,782
IHO Verwaltungs GmbH 3.875%, 4.625% PIK, 05/15/27 (EUR) (c)		101,000		90,952
Titan International, Inc. 7.000%, 04/30/28		150,000		141,618
ZF Finance GmbH 2.000%, 05/06/27 (EUR)		100,000		87,263
3.000%, 09/21/25 (EUR)		100,000		98,349
3.750%, 09/21/28 (EUR)		100,000		89,732
				10,665,324
Banks—1.5%
AIB Group plc 5.250%, 5Y EUR Swap + 5.702%, 10/09/24 (EUR) (b)	200,000		$196,338
Banco BPM S.p.A. 2.875%, 5Y EUR Swap + 3.170%, 06/29/31 (EUR) (b)	200,000		177,164
5.000%, 5Y EUR Swap + 5.419%, 09/14/30 (EUR) (b)		100,000		103,483
Banco Espirito Santo S.A. 2.625%, 05/08/17 (EUR)(d)	400,000		51,382
4.750%, 01/15/18 (EUR)(d)		1,000,000		128,454
Bank of America Corp. 6.204%, SOFR + 1.990%, 11/10/28 (b)	1,020,000		1,053,121
Bank of Cyprus Pcl 2.500%, 1Y EUR Swap + 2.785%, 06/24/27 (EUR) (b)	100,000		87,657
Barclays plc 8.000%, 5Y H15 + 5.431%, 03/15/29 (b)	495,000		462,825
BNP Paribas S.A. 6.875%, 5Y EUR Swap + 4.645%, 12/06/29 (EUR) (b)	200,000		211,414
Citigroup, Inc. 4.000%, 5Y H15 + 3.597%, 12/10/25 (b)	370,000		322,314
4.150%, 5Y H15 + 3.000%, 11/15/26 (b)		10,000		8,164
Credit Suisse Group AG 6.250%, 5Y USD Swap + 3.455%, 12/18/24 (144A) (b)	231,000		180,533
Deutsche Bank AG 4.000%, 5Y EURIBOR ICE Swap + 3.300%, 06/24/32 (EUR) (b)	100,000		94,707
First-Citizens Bank & Trust Co. 6.000%, 04/01/36	1,604,000		1,542,220
Goldman Sachs Group, Inc. (The) 4.950%, 5Y H15 + 3.224%, 02/10/25 (a)(b)	1,490,000		1,355,877
HSBC Holdings plc 7.390%, SOFR + 3.350%, 11/03/28 (b)	690,000		725,156
Intesa Sanpaolo S.p.A. 4.198%, 1Y H15 + 2.600%, 06/01/32 (144A) (b)	415,000		304,904
4.950%, 1Y H15 + 2.750%, 06/01/42 (144A) (b)		305,000		195,855
5.148%, 06/10/30 (GBP)		100,000		98,364
5.710%, 01/15/26 (144A) (a)		300,000		288,300
JPMorgan Chase & Co. 4.600%, SOFR + 3.125%, 02/01/25 (b)	539,000		474,994
5.000%, SOFR + 3.380%, 08/01/24 (b)		1,401,000		1,281,818
5.717%, SOFR + 2.580%, 09/14/33 (b)		516,000		503,644
PNC Financial Services Group, Inc. (The) 6.200%, 5Y H15 + 3.238%, 09/15/27 (b)	780,000		762,255
Toronto-Dominion Bank (The) 8.125%, 10/31/82	804,000		836,160
Wells Fargo & Co. 3.900%, 5Y H15 + 3.453%, 03/15/26 (b)	890,000		778,986
			12,226,089
Biotechnology—0.0%
Cidron Aida Finco S.a.r.l 5.000%, 04/01/28 (EUR)	100,000		91,256
6.250%, 04/01/28 (GBP)		100,000		97,925
			189,181

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Building Materials—0.8%
Camelot Return Merger Sub, Inc. 8.750%, 08/01/28 (144A)		555,000	$	509,285
HT Troplast GmbH 9.250%, 07/15/25 (EUR)		100,000		97,079
JELD-WEN, Inc. 6.250%, 05/15/25 (144A)		326,000		304,922
Masonite International Corp. 3.500%, 02/15/30 (144A) (a)	574,000		464,324
5.375%, 02/01/28 (144A)		180,000		166,430
New Enterprise Stone & Lime Co., Inc. 5.250%, 07/15/28 (144A) (a)	222,000		197,129
9.750%, 07/15/28 (144A)		284,000		262,399
PCF GmbH 4.750%, 04/15/26 (EUR)	100,000		88,419
Smyrna Ready Mix Concrete LLC 6.000%, 11/01/28 (144A)		2,052,000		1,835,924
Standard Industries, Inc. 2.250%, 11/21/26 (EUR)		100,000		90,989
3.375%, 01/15/31 (144A)		633,000		476,335
4.375%, 07/15/30 (144A)		1,529,000		1,246,020
4.750%, 01/15/28 (144A)		77,000		69,291
5.000%, 02/15/27 (144A)		93,000		85,814
Summit Materials LLC / Summit Materials Finance Corp. 5.250%, 01/15/29 (144A)		382,000		355,652
				6,250,012
Chemicals—2.1%
Ashland LLC 3.375%, 09/01/31 (144A)		788,000		629,825
Avient Corp. 7.125%, 08/01/30 (144A) (a)		438,000		428,159
Axalta Coating Systems Dutch Holding B.V. 3.750%, 01/15/25 (EUR)		200,000		204,632
Axalta Coating Systems LLC 3.375%, 02/15/29 (144A) (a)		900,000		742,649
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV 4.750%, 06/15/27 (144A)		631,000		583,296
Celanese U.S. Holdings LLC 6.165%, 07/15/27		570,000		562,206
Chemours Co. (The) 5.750%, 11/15/28 (144A) (a)		257,000		230,845
Diamond BC B.V. 4.625%, 10/01/29 (144A)		1,562,000		1,253,505
Element Solutions, Inc. 3.875%, 09/01/28 (144A)		4,672,000		3,971,200
FIS—Fabbrica Italiana Sintetici S.p.A. 5.625%, 08/01/27 (EUR)		167,000		141,742
HB Fuller Co. 4.250%, 10/15/28		257,000		227,445
Herens Holdco Sarl 4.750%, 05/15/28 (144A)		1,553,000		1,160,728
Herens Midco Sarl 5.250%, 05/15/29 (EUR)		100,000		73,931
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. 9.000%, 07/01/28 (144A)		973,000		814,621
Ingevity Corp. 3.875%, 11/01/28 (144A)		191,000		164,234
Chemicals—(Continued)
Kobe U.S. Midco 2, Inc. 9.250%, 10.000% PIK, 11/01/26 (144A) (c)		720,000		504,000
LSF11 A5 HoldCo LLC 6.625%, 10/15/29 (144A)		312,000		257,747
Minerals Technologies, Inc. 5.000%, 07/01/28 (144A)		365,000		325,069
Monitchem HoldCo 3 S.A. 5.250%, 03/15/25 (EUR)		100,000		102,619
NOVA Chemicals Corp. 4.875%, 06/01/24 (144A)		161,000		155,767
SCIL IV LLC / SCIL USA Holdings LLC 5.375%, 11/01/26 (144A)		662,000		561,045
SK Invictus Intermediate II S.a.r.l. 5.000%, 10/30/29 (144A)		1,524,000		1,249,680
WR Grace Holdings LLC 4.875%, 06/15/27 (144A)		333,000		295,081
5.625%, 08/15/29 (144A)		3,107,000		2,508,188
				17,148,214
Commercial Services—4.9%
ADT Security Corp. (The) 4.125%, 08/01/29 (144A)		75,000		63,784
4.875%, 07/15/32 (144A)		121,000		102,829
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 6.125%, 10/15/26 (144A)		481,000		428,961
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.000%, 06/01/29 (144A) (a)		3,818,000		2,770,950
6.625%, 07/15/26 (144A)		2,302,000		2,106,330
9.750%, 07/15/27 (144A)		436,000		379,320
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl 4.625%, 06/01/28 (144A) (a)		3,828,000		3,136,662
AMN Healthcare, Inc. 4.000%, 04/15/29 (144A)		212,000		181,417
APi Group DE, Inc. 4.125%, 07/15/29 (144A)		352,000		291,745
4.750%, 10/15/29 (144A)		276,000		239,252
APX Group, Inc. 5.750%, 07/15/29 (144A)		718,000		594,638
6.750%, 02/15/27 (144A)		590,000		567,904
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.375%, 03/01/29 (144A) (a)		90,000		76,989
BCP V Modular Services Finance II plc 4.750%, 11/30/28 (EUR)		200,000		178,765
6.125%, 11/30/28 (GBP)		100,000		100,978
Block, Inc. 3.500%, 06/01/31		3,617,000		2,886,095
Brink’s Co. (The) 5.500%, 07/15/25 (144A)		100,000		98,183
CoreLogic, Inc. 4.500%, 05/01/28 (144A)		1,030,000		790,216
Garda World Security Corp. 4.625%, 02/15/27 (144A)		296,000		261,362
Gartner, Inc. 3.625%, 06/15/29 (144A)		266,000		233,740

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
Gartner, Inc. 3.750%, 10/01/30 (144A) (a)		364,000	$	313,756
4.500%, 07/01/28 (144A)		186,000		173,413
Global Payments, Inc. 2.900%, 05/15/30 (a)		544,000		445,736
4.950%, 08/15/27		195,000		189,151
5.400%, 08/15/32 (a)		1,137,000		1,082,823
5.950%, 08/15/52		1,287,000		1,163,655
Graham Holdings Co. 5.750%, 06/01/26 (144A)		80,000		78,608
HealthEquity, Inc. 4.500%, 10/01/29 (144A) (a)		1,252,000		1,094,123
Herc Holdings, Inc. 5.500%, 07/15/27 (144A)		672,000		626,808
Hertz Corp. (The) 4.625%, 12/01/26 (144A)		346,000		289,775
5.000%, 12/01/29 (144A)		271,000		205,581
La Financiere Atalian SASU 5.125%, 05/15/25 (EUR)		200,000		146,211
Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc. 5.000%, 02/01/26 (144A)		561,000		499,290
Loxam SAS 3.750%, 07/15/26 (EUR)		100,000		96,203
4.500%, 02/15/27 (EUR)		101,000		98,481
Metis Merger Sub LLC 6.500%, 05/15/29 (144A)		330,000		277,029
MPH Acquisition Holdings LLC 5.500%, 09/01/28 (144A) (a)		590,000		460,259
Neptune Bidco US, Inc. 9.290%, 04/15/29 (144A)		558,000		525,915
Nesco Holdings II, Inc. 5.500%, 04/15/29 (144A)		593,000		518,875
Prime Security Services Borrower LLC / Prime Finance, Inc. 5.750%, 04/15/26 (144A)		348,000		334,950
6.250%, 01/15/28 (144A)		652,000		593,424
Rekeep S.p.A. 7.250%, 02/01/26 (EUR)		100,000		88,979
Sabre GLBL, Inc. 7.375%, 09/01/25 (144A) (a)		535,000		514,156
9.250%, 04/15/25 (144A)		650,000		647,483
11.250%, 12/15/27 (144A)		233,000		239,926
Service Corp. International 4.000%, 05/15/31		1,141,000		960,980
5.125%, 06/01/29 (a)		52,000		48,751
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625%, 11/01/26 (144A)		1,272,000		1,201,773
Sotheby’s 7.375%, 10/15/27 (144A) (a)		2,221,000		2,082,475
Sotheby’s/Bidfair Holdings, Inc. 5.875%, 06/01/29 (144A)		1,022,000		858,174
Techem Verwaltungsgesellschaft 674 mbH 6.000%, 07/30/26 (EUR)		87,920		88,267
Techem Verwaltungsgesellschaft 675 mbH 2.000%, 07/15/25 (EUR)		100,000		98,080
United Rentals North America, Inc. 4.875%, 01/15/28		23,000		21,796
Commercial Services—(Continued)
United Rentals North America, Inc. 6.000%, 12/15/29		3,925,000		3,900,469
Verisure Holding AB 3.250%, 02/15/27 (EUR)	148,000		136,760
3.875%, 07/15/26 (EUR)		100,000		96,610
Verscend Escrow Corp. 9.750%, 08/15/26 (144A)	3,419,000		3,349,628
Williams Scotsman International, Inc. 4.625%, 08/15/28 (144A)	505,000		455,762
6.125%, 06/15/25 (144A)		645,000		638,550
				40,132,805
Computers—0.9%
Ahead DB Holdings LLC 6.625%, 05/01/28 (144A)		382,000		307,032
Booz Allen Hamilton, Inc. 3.875%, 09/01/28 (144A)		519,000		459,815
4.000%, 07/01/29 (144A) (a)		1,023,000		900,387
CA Magnum Holdings 5.375%, 10/31/26 (144A)		1,661,000		1,513,550
Condor Merger Sub, Inc. 7.375%, 02/15/30 (144A) (a)		2,225,000		1,788,969
KBR, Inc. 4.750%, 09/30/28 (144A)		437,000		386,008
NCR Corp. 5.000%, 10/01/28 (144A)		569,000		485,092
5.125%, 04/15/29 (144A)		359,000		300,240
6.125%, 09/01/29 (144A)		318,000		297,347
Science Applications International Corp. 4.875%, 04/01/28 (144A)		344,000		318,199
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. 5.750%, 06/01/25 (144A) (a)		322,000		322,553
				7,079,192
Cosmetics/Personal Care—0.0%
Coty, Inc. 3.875%, 04/15/26 (EUR)		137,000		136,164
4.750%, 01/15/29 (144A)		45,000		40,725
				176,889
Distribution/Wholesale—0.1%
American Builders & Contractors Supply Co., Inc. 3.875%, 11/15/29 (144A)		166,000		135,697
4.000%, 01/15/28 (144A)		100,000		89,220
BCPE Empire Holdings, Inc. 7.625%, 05/01/27 (144A)		337,000		302,215
H&E Equipment Services, Inc. 3.875%, 12/15/28 (144A)		98,000		83,475
Resideo Funding, Inc. 4.000%, 09/01/29 (144A)		159,000		128,559
				739,166
Diversified Financial Services—2.4%
AG TTMT Escrow Issuer LLC 8.625%, 09/30/27 (144A)		390,000		391,950
American Express Co. 3.550%, 5Y H15 + 2.854%, 09/15/26 (b)		1,985,000		1,630,677

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Aretec Escrow Issuer, Inc. 7.500%, 04/01/29 (144A)		285,000	$	235,191
Blackstone Holdings Finance Co. LLC 5.900%, 11/03/27 (a)		750,000		755,616
6.200%, 04/22/33		846,000		852,774
Charles Schwab Corp. (The) 4.000%, 10Y H15 + 3.079%, 12/01/30 (b)		2,010,000		1,602,875
Discover Financial Services 6.700%, 11/29/32		215,000		218,542
doValue S.p.A. 3.375%, 07/31/26 (EUR)		100,000		93,855
5.000%, 08/04/25 (EUR)		100,000		102,496
Enact Holdings, Inc. 6.500%, 08/15/25 (144A)		989,000		970,565
Encore Capital Group, Inc. 4.875%, 10/15/25 (EUR)		100,000		100,218
Garfunkelux Holdco 3 S.A. 7.750%, 11/01/25 (GBP)		200,000		187,864
Global Aircraft Leasing Co., Ltd. 6.500%, 7.250% PIK, 09/15/24 (144A) (c)		762,226		647,892
Home Point Capital, Inc. 5.000%, 02/01/26 (144A) (a)		469,000		324,309
Intrum AB 3.500%, 07/15/26 (EUR)		101,000		90,412
9.250%, 03/15/28 (EUR)		100,000		105,707
Jefferies Finance LLC / JFIN Co-Issuer Corp. 5.000%, 08/15/28 (144A)		880,000		717,842
Kane Bidco, Ltd. 6.500%, 02/15/27 (GBP)		100,000		100,343
Lehman Brothers Holdings, Inc. Zero Coupon, 02/05/14 (EUR) (d)		4,500,000		21,677
4.750%, 01/16/14 (EUR)(d)		2,140,000		10,308
5.375%, 10/17/12 (EUR)(d)		350,000		1,686
Nationstar Mortgage Holdings, Inc. 5.125%, 12/15/30 (144A)		208,000		160,646
5.750%, 11/15/31 (144A)		315,000		244,913
6.000%, 01/15/27 (144A)		594,000		531,630
Navient Corp. 5.500%, 03/15/29 (a)		573,000		467,568
5.875%, 10/25/24		149,000		144,165
7.250%, 09/25/23		131,000		130,893
NFP Corp. 4.875%, 08/15/28 (144A)		1,488,000		1,266,728
6.875%, 08/15/28 (144A)		4,611,000		3,800,750
7.500%, 10/01/30 (144A)		283,000		266,129
OneMain Finance Corp. 3.500%, 01/15/27 (a)		306,000		253,359
4.000%, 09/15/30		303,000		226,080
5.375%, 11/15/29		324,000		265,000
6.625%, 01/15/28		474,000		436,473
6.875%, 03/15/25		185,000		177,725
7.125%, 03/15/26		547,000		520,131
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. 2.875%, 10/15/26 (144A)		1,196,000		1,025,166
SLM Corp. 3.125%, 11/02/26		481,000		409,066
Diversified Financial Services—(Continued)
VistaJet Malta Finance plc / XO Management Holding, Inc. 6.375%, 02/01/30 (144A)		457,000		366,434
				19,855,655
Electric—1.3%
Calpine Corp. 4.625%, 02/01/29 (144A)		54,000		46,335
5.000%, 02/01/31 (144A)		52,000		43,623
5.125%, 03/15/28 (144A)		1,323,000		1,180,503
5.250%, 06/01/26 (144A)		27,000		25,718
Clearway Energy Operating LLC 3.750%, 01/15/32 (144A)		709,000		569,912
4.750%, 03/15/28 (144A) (a)		541,000		499,314
Edison International 5.000%, 5Y H15 + 3.901%, 12/15/26 (b)		480,000		401,256
5.375%, 5Y H15 + 4.698%, 03/15/26 (a) (b)		1,100,000		900,229
6.950%, 11/15/29		250,000		261,070
EDP—Energias de Portugal S.A. 1.875%, 5Y EUR Swap + 2.380%, 08/02/81 (EUR) (b)		100,000		91,256
Electricite de France S.A.
2.875%, 5Y EUR Swap + 3.373%, 12/15/26 (EUR) (b)		200,000		174,787
3.000%, 5Y EUR Swap + 3.198%, 09/03/27 (EUR) (b)		200,000		174,580
FirstEnergy Corp. 2.250%, 09/01/30		51,000		40,479
2.650%, 03/01/30		208,000		169,591
3.400%, 03/01/50		2,390,000		1,576,922
FirstEnergy Transmission LLC 4.550%, 04/01/49 (144A)		403,000		326,087
5.450%, 07/15/44 (144A)		1,075,000		999,993
Naturgy Finance B.V. 2.374%, 5Y EUR Swap + 2.437%, 11/23/26 (EUR) (b)		100,000		92,779
NextEra Energy Operating Partners L.P. 4.250%, 09/15/24 (144A)		12,000		11,156
NRG Energy, Inc. 3.625%, 02/15/31 (144A)		815,000		619,561
3.875%, 02/15/32 (144A)		387,000		290,656
5.250%, 06/15/29 (144A)		96,000		84,743
5.750%, 01/15/28		168,000		157,697
Pattern Energy Operations L.P. / Pattern Energy Operations, Inc. 4.500%, 08/15/28 (144A)		528,000		473,423
TransAlta Corp. 7.750%, 11/15/29		280,000		285,959
Vistra Corp. 7.000%, 5Y H15 + 5.740%, 12/15/26 (144A) (b)		657,000		597,826
Vistra Operations Co. LLC 4.375%, 05/01/29 (144A) (a)		171,000		147,336
5.000%, 07/31/27 (144A)		47,000		43,620
5.500%, 09/01/26 (144A)		47,000		45,281
				10,331,692
Electrical Components & Equipment—0.2%
WESCO Distribution, Inc. 7.125%, 06/15/25 (144A)		400,000		405,005
7.250%, 06/15/28 (144A)		1,417,000		1,435,384
				1,840,389

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electronics—0.7%
Coherent Corp. 5.000%, 12/15/29 (144A) (a)		2,269,000	$	1,956,854
Imola Merger Corp. 4.750%, 05/15/29 (144A)		786,000		681,944
Sensata Technologies B.V. 4.000%, 04/15/29 (144A) (a)		680,000		586,500
5.625%, 11/01/24 (144A)		161,000		159,451
5.875%, 09/01/30 (144A)		639,000		605,596
Sensata Technologies, Inc. 3.750%, 02/15/31 (144A)		181,000		148,898
4.375%, 02/15/30 (144A)		1,629,000		1,418,052
				5,557,295
Energy-Alternate Sources—0.0%
Cullinan Holdco Scsp 4.625%, 10/15/26 (EUR)		100,000		93,473
TerraForm Power Operating LLC 4.750%, 01/15/30 (144A)		195,000		169,650
				263,123
Engineering & Construction—0.2%
Abertis Infraestructuras Finance B.V. 3.248%, 5Y EUR Swap + 3.694%, 11/24/25 (EUR) (b)		100,000		90,346
Arcosa, Inc. 4.375%, 04/15/29 (144A)		953,000		826,423
Dycom Industries, Inc. 4.500%, 04/15/29 (144A) (a)		304,000		264,600
Heathrow Finance plc 4.125%, 09/01/29 (GBP) (e)		100,000		90,067
MasTec, Inc. 4.500%, 08/15/28 (144A)		377,000		337,675
Vantage Towers AG Zero Coupon, 03/31/25 (EUR)		100,000		101,928
				1,711,039
Entertainment—3.6%
Boyne USA, Inc. 4.750%, 05/15/29 (144A)		908,000		803,620
Caesars Entertainment, Inc. 4.625%, 10/15/29 (144A) (a)		2,638,000		2,146,831
6.250%, 07/01/25 (144A)		2,967,000		2,882,961
8.125%, 07/01/27 (144A) (a)		1,910,000		1,876,670
Caesars Resort Collection LLC / CRC Finco, Inc. 5.750%, 07/01/25 (144A) (a)		691,000		676,424
CCM Merger, Inc. 6.375%, 05/01/26 (144A)		400,000		376,928
CDI Escrow Issuer, Inc. 5.750%, 04/01/30 (144A)		2,093,000		1,876,226
Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp. 5.500%, 05/01/25 (144A)		1,257,000		1,243,320
6.500%, 10/01/28		122,000		118,035
Churchill Downs, Inc. 4.750%, 01/15/28 (144A)		632,000		565,558
5.500%, 04/01/27 (144A)		384,000		363,861
Entertainment—(Continued)
Cirsa Finance International Sarl 4.500%, 03/15/27 (EUR)		100,000		92,048
6.250%, 12/20/23 (EUR)		24,133		25,584
CPUK Finance, Ltd. 4.875%, 02/28/47 (GBP)		100,000		111,194
Lions Gate Capital Holdings LLC 5.500%, 04/15/29 (144A)		2,139,000		1,240,186
Live Nation Entertainment, Inc. 3.750%, 01/15/28 (144A)		429,000		365,541
4.750%, 10/15/27 (144A) (a)		629,000		560,014
4.875%, 11/01/24 (144A)		76,000		73,587
6.500%, 05/15/27 (144A)		3,361,000		3,288,907
Lottomatica S.p.A. 6.250%, 07/15/25 (EUR)		100,000		104,021
Merlin Entertainments, Ltd. 5.750%, 06/15/26 (144A)		600,000		561,743
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. 4.875%, 05/01/29 (144A)		599,000		509,668
Motion Bondco DAC 6.625%, 11/15/27 (144A)		297,000		255,286
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 5.625%, 09/01/29 (144A)		307,000		226,382
5.875%, 09/01/31 (144A)		315,000		222,831
Raptor Acquisition Corp / Raptor Co-Issuer LLC 4.875%, 11/01/26 (144A)		471,000		418,437
Scientific Games International, Inc. 7.000%, 05/15/28 (144A)		296,000		282,357
7.250%, 11/15/29 (144A)		290,000		278,400
8.625%, 07/01/25 (144A)		435,000		443,788
Six Flags Theme Parks, Inc. 7.000%, 07/01/25 (144A)		692,000		696,714
Vail Resorts, Inc. 6.250%, 05/15/25 (144A)		333,000		333,000
Warnermedia Holdings, Inc. 5.141%, 03/15/52 (144A)		3,483,000		2,532,024
5.391%, 03/15/62 (144A) (a)		1,823,000		1,330,815
WMG Acquisition Corp. 2.250%, 08/15/31 (EUR)		100,000		83,617
3.875%, 07/15/30 (144A)		260,000		223,951
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 5.125%, 10/01/29 (144A)		2,009,000		1,721,974
7.750%, 04/15/25 (144A)		452,000		449,494
				29,361,997
Environmental Control—0.8%
Clean Harbors, Inc. 5.125%, 07/15/29 (144A)		402,000		372,836
Covanta Holding Corp. 4.875%, 12/01/29 (144A)		438,000		358,840
5.000%, 09/01/30		257,000		207,537
GFL Environmental, Inc. 3.500%, 09/01/28 (144A)		76,000		66,816
3.750%, 08/01/25 (144A)		156,000		147,420
4.000%, 08/01/28 (144A)		1,378,000		1,178,190

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Environmental Control—(Continued)
GFL Environmental, Inc. 4.250%, 06/01/25 (144A)		233,000	$	222,561
4.375%, 08/15/29 (144A) (a)		526,000		445,759
4.750%, 06/15/29 (144A)		1,247,000		1,091,437
5.125%, 12/15/26 (144A) (a)		347,000		331,839
Madison IAQ LLC 5.875%, 06/30/29 (144A)		800,000		548,319
Stericycle, Inc. 3.875%, 01/15/29 (144A) (a)		344,000		300,140
Tervita Corp. 11.000%, 12/01/25 (144A)		167,000		179,536
Waste Pro USA, Inc. 5.500%, 02/15/26 (144A)		1,392,000		1,229,275
				6,680,505
Food—2.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC 3.250%, 03/15/26 (144A)		769,000		701,370
4.625%, 01/15/27 (144A) (a)		855,000		794,184
4.875%, 02/15/30 (144A) (a)		722,000		644,356
5.875%, 02/15/28 (144A)		568,000		539,986
Bellis Acquisition Co. plc 3.250%, 02/16/26 (GBP)		100,000		98,167
Casino Guichard Perrachon S.A. 3.992%, 5Y EURIBOR ICE Swap + 3.819%, 01/31/24 (EUR) (b)		100,000		18,654
Chobani LLC / Chobani Finance Corp., Inc. 4.625%, 11/15/28 (144A)		1,963,000		1,709,007
7.500%, 04/15/25 (144A) (a)		2,261,000		2,201,649
Darling Global Finance B.V. 3.625%, 05/15/26 (EUR)		100,000		103,834
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc. 3.750%, 12/01/31 (144A) (a)		815,000		665,774
Kraft Heinz Foods Co. 4.875%, 10/01/49		782,000		678,810
5.500%, 06/01/50		1,549,000		1,480,374
Lamb Weston Holdings, Inc. 4.125%, 01/31/30 (144A)		797,000		703,910
4.375%, 01/31/32 (144A)		1,011,000		883,311
4.875%, 05/15/28 (144A) (a)		333,000		315,518
Ocado Group plc 3.875%, 10/08/26 (GBP)		100,000		93,089
Performance Food Group, Inc. 4.250%, 08/01/29 (144A)		1,307,000		1,132,672
5.500%, 10/15/27 (144A)		111,000		104,691
Picard Groupe SAS 3.875%, 07/01/26 (EUR)		100,000		91,102
Pilgrim’s Pride Corp. 3.500%, 03/01/32 (144A)		479,000		374,817
Post Holdings, Inc. 4.500%, 09/15/31 (144A)		118,000		99,198
4.625%, 04/15/30 (144A)		428,000		369,253
5.750%, 03/01/27 (144A)		2,000		1,934
Premier Foods Finance plc 3.500%, 10/15/26 (GBP)		100,000		105,783
Simmons Foods, Inc. 4.625%, 03/01/29 (144A)		838,000		682,176
Food—(Continued)
U.S. Foods, Inc. 4.625%, 06/01/30 (144A)		108,000		95,106
4.750%, 02/15/29 (144A)		1,051,000		933,204
6.250%, 04/15/25 (144A)		309,000		305,766
United Natural Foods, Inc. 6.750%, 10/15/28 (144A)		203,000		195,047
				16,122,742
Food Service—0.3%
Aramark International Finance Sarl 3.125%, 04/01/25 (EUR)		223,000		227,968
Aramark Services, Inc. 5.000%, 04/01/25 (144A)		404,000		394,218
5.000%, 02/01/28 (144A)		809,000		754,745
6.375%, 05/01/25 (144A)		782,000		772,389
				2,149,320
Healthcare-Products—0.7%
Avantor Funding, Inc. 3.875%, 07/15/28 (EUR)		100,000		98,321
3.875%, 11/01/29 (144A) (a)		785,000		659,204
4.625%, 07/15/28 (144A)		1,025,000		931,356
Garden Spinco Corp. 8.625%, 07/20/30 (144A)		536,000		568,160
Medline Borrower L.P. 3.875%, 04/01/29 (144A)		1,398,000		1,126,732
5.250%, 10/01/29 (144A) (a)		2,380,000		1,890,363
Teleflex, Inc. 4.250%, 06/01/28 (144A)		341,000		311,285
4.625%, 11/15/27		58,000		55,279
				5,640,700
Healthcare-Services—2.7%
Acadia Healthcare Co., Inc. 5.000%, 04/15/29 (144A)		196,000		180,261
5.500%, 07/01/28 (144A)		246,000		233,331
AHP Health Partners, Inc. 5.750%, 07/15/29 (144A)		863,000		674,219
Cano Health LLC 6.250%, 10/01/28 (144A)		287,000		173,635
Catalent Pharma Solutions, Inc. 3.125%, 02/15/29 (144A)		705,000		561,339
3.500%, 04/01/30 (144A) (a)		506,000		399,532
5.000%, 07/15/27 (144A)		82,000		76,302
Centene Corp. 2.450%, 07/15/28		1,080,000		911,574
2.500%, 03/01/31		4,371,000		3,420,190
2.625%, 08/01/31 (a)		1,491,000		1,171,628
3.000%, 10/15/30		1,208,000		990,257
Charles River Laboratories International, Inc. 3.750%, 03/15/29 (144A)		88,000		77,827
4.000%, 03/15/31 (144A) (a)		155,000		134,075
4.250%, 05/01/28 (144A)		88,000		81,045
CHS/Community Health Systems, Inc. 4.750%, 02/15/31 (144A)		226,000		164,080

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
CHS/Community Health Systems, Inc. 5.250%, 05/15/30 (144A)		994,000	$	749,513
5.625%, 03/15/27 (144A)		669,000		573,641
6.000%, 01/15/29 (144A)		1,321,000		1,104,990
Encompass Health Corp. 4.500%, 02/01/28		54,000		49,054
4.625%, 04/01/31		504,000		433,196
4.750%, 02/01/30		1,385,000		1,216,227
HCA, Inc. 4.625%, 03/15/52 (144A) (a)		810,000		630,419
IQVIA, Inc. 1.750%, 03/15/26 (EUR)		240,000		234,750
5.000%, 10/15/26 (144A)		299,000		285,500
Korian S.A. 4.125%, 03/15/24 (GBP)		100,000		91,125
Legacy LifePoint Health LLC 4.375%, 02/15/27 (144A)		95,000		80,353
6.750%, 04/15/25 (144A)		412,000		387,729
Molina Healthcare, Inc. 3.875%, 05/15/32 (144A)		660,000		548,090
4.375%, 06/15/28 (144A)		403,000		367,774
Surgery Center Holdings, Inc. 6.750%, 07/01/25 (144A) (a)		875,000		862,539
10.000%, 04/15/27 (144A)		474,000		482,295
Syneos Health, Inc. 3.625%, 01/15/29 (144A)		431,000		343,225
Tenet Healthcare Corp. 4.250%, 06/01/29 (144A)		116,000		100,491
4.625%, 09/01/24 (144A)		336,000		326,342
4.625%, 06/15/28 (144A)		152,000		136,001
4.875%, 01/01/26 (144A)		1,391,000		1,315,389
5.125%, 11/01/27 (144A)		926,000		861,402
6.125%, 10/01/28 (144A)		746,000		667,909
6.125%, 06/15/30 (144A)		963,000		917,546
6.250%, 02/01/27 (144A)		492,000		472,571
				22,487,366
Home Builders—0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co. 4.625%, 08/01/29 (144A)		270,000		216,197
4.625%, 04/01/30 (144A)		397,000		318,636
6.625%, 01/15/28 (144A)		145,000		127,574
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 4.875%, 02/15/30 (144A)		679,000		529,394
5.000%, 06/15/29 (144A)		548,000		428,191
Installed Building Products, Inc. 5.750%, 02/01/28 (144A)		273,000		245,467
K Hovnanian Enterprises, Inc. 7.750%, 02/15/26 (144A) (a)		540,000		518,400
10.000%, 11/15/25 (144A)		178,000		183,785
KB Home 7.250%, 07/15/30		178,000		172,961
Mattamy Group Corp. 4.625%, 03/01/30 (144A)		368,000		298,251
5.250%, 12/15/27 (144A)		310,000		274,918
Meritage Homes Corp. 5.125%, 06/06/27		129,000		121,287
Home Builders—(Continued)
Taylor Morrison Communities, Inc. 5.125%, 08/01/30 (144A)		88,000		76,229
5.875%, 06/15/27 (144A)		26,000		24,963
Tri Pointe Homes, Inc. 5.250%, 06/01/27 (a)		174,000		155,335
5.700%, 06/15/28		120,000		108,701
5.875%, 06/15/24		107,000		106,477
				3,906,766
Home Furnishings—0.1%
Tempur Sealy International, Inc. 3.875%, 10/15/31 (144A)		434,000		340,701
4.000%, 04/15/29 (144A)		528,000		443,604
				784,305
Household Products/Wares—0.1%
Central Garden & Pet Co. 4.125%, 10/15/30		389,000		319,526
4.125%, 04/30/31 (144A)		454,000		375,833
5.125%, 02/01/28		130,000		120,936
Spectrum Brands, Inc. 5.000%, 10/01/29 (144A)		118,000		102,120
5.500%, 07/15/30 (144A) (a)		113,000		99,726
				1,018,141
Housewares—0.2%
CD&R Smokey Buyer, Inc. 6.750%, 07/15/25 (144A)		877,000		752,571
Scotts Miracle-Gro Co. (The) 4.000%, 04/01/31		496,000		378,915
4.375%, 02/01/32		72,000		54,266
SWF Escrow Issuer, Inc. 6.500%, 10/01/29 (144A)		915,000		530,197
				1,715,949
Insurance—2.1%
Acrisure LLC / Acrisure Finance, Inc. 6.000%, 08/01/29 (144A)		616,000		503,414
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.250%, 10/15/27 (144A)		3,260,000		2,919,746
5.875%, 11/01/29 (144A)		3,136,000		2,579,046
6.750%, 10/15/27 (144A) (a)		6,539,000		5,877,646
AmWINS Group, Inc. 4.875%, 06/30/29 (144A) (a)		760,000		644,592
Ardonagh Midco 2 plc 11.500%, 12.750% PIK, 01/15/27 (144A) (a)(c)		256,170		243,361
Galaxy Bidco, Ltd. 6.500%, 07/31/26 (GBP)		100,000		102,398
GTCR AP Finance, Inc. 8.000%, 05/15/27 (144A)		584,000		559,402
HUB International, Ltd. 5.625%, 12/01/29 (144A) (a)		144,000		125,767
7.000%, 05/01/26 (144A) (a)		2,449,000		2,397,547
Jones Deslauriers Insurance Management, Inc. 10.500%, 12/15/30		704,000		693,337

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Liberty Mutual Group, Inc. 3.625%, 5Y EUR Swap + 3.700%, 05/23/59 (EUR) (b)		140,000	$	131,879
MGIC Investment Corp. 5.250%, 08/15/28		332,000		306,132
Ryan Specialty Group LLC 4.375%, 02/01/30 (144A)		377,000		326,443
				17,410,710
Internet—1.7%
Acuris Finance U.S., Inc. / Acuris Finance Sarl 5.000%, 05/01/28 (144A)		1,260,000		1,004,850
ANGI Group LLC 3.875%, 08/15/28 (144A)		820,000		608,510
Arches Buyer, Inc. 4.250%, 06/01/28 (144A)		241,000		188,486
Cablevision Lightpath LLC 3.875%, 09/15/27 (144A)		359,000		295,868
5.625%, 09/15/28 (144A)		532,000		395,237
Gen Digital, Inc. 7.125%, 09/30/30 (144A)		611,000		600,307
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.500%, 03/01/29 (144A) (a)		532,000		445,386
5.250%, 12/01/27 (144A)		172,000		162,791
Iliad S.A. 2.375%, 06/17/26 (EUR)		100,000		96,250
5.375%, 06/14/27 (EUR)		100,000		106,189
ION Trading Technologies Sarl 5.750%, 05/15/28 (144A)		706,000		588,627
Match Group Holdings II LLC 3.625%, 10/01/31 (144A)		981,000		752,294
4.125%, 08/01/30 (144A)		41,000		33,471
4.625%, 06/01/28 (144A)		9,000		8,023
Netflix, Inc. 4.625%, 05/15/29 (EUR)		100,000		104,752
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc. 4.750%, 04/30/27 (144A)		839,000		738,205
6.000%, 02/15/28 (144A) (a)		533,000		412,693
10.750%, 06/01/28 (144A)		199,000		185,045
Uber Technologies, Inc. 4.500%, 08/15/29 (144A)		3,752,000		3,268,949
6.250%, 01/15/28 (144A) (a)		1,427,000		1,369,920
7.500%, 05/15/25 (144A)		1,685,000		1,683,773
8.000%, 11/01/26 (144A)		903,000		906,108
United Group B.V. 4.875%, 07/01/24 (EUR)		100,000		99,369
				14,055,103
Investment Companies—0.7%
Blackstone Private Credit Fund 3.250%, 03/15/27		196,000		165,025
7.050%, 09/29/25 (144A)		205,000		203,375
Compass Group Diversified Holdings LLC 5.250%, 04/15/29 (144A) (a)		534,000		456,992
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		1,022,000		864,254
Investment Companies—(Continued)
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 4.750%, 09/15/24		301,000		288,584
5.250%, 05/15/27		1,252,000		1,146,331
6.250%, 05/15/26		199,000		191,218
Owl Rock Capital Corp. 3.400%, 07/15/26		167,000		145,817
3.750%, 07/22/25		476,000		439,781
4.250%, 01/15/26		45,000		41,311
Owl Rock Core Income Corp. 3.125%, 09/23/26		113,000		96,159
5.500%, 03/21/25		471,000		456,589
7.750%, 09/16/27 (144A)		892,000		889,114
				5,384,550
Iron/Steel—0.7%
ATI, Inc. 4.875%, 10/01/29		277,000		244,793
5.125%, 10/01/31		746,000		656,927
5.875%, 12/01/27		40,000		38,251
Big River Steel LLC / BRS Finance Corp. 6.625%, 01/31/29 (144A)		3,577,000		3,407,900
Carpenter Technology Corp. 6.375%, 07/15/28 (a)		617,000		586,786
7.625%, 03/15/30		606,000		607,446
Commercial Metals Co. 4.125%, 01/15/30		197,000		174,317
4.375%, 03/15/32		210,000		182,685
				5,899,105
Leisure Time—1.8%
Carnival Corp. 4.000%, 08/01/28 (144A)		1,898,000		1,547,648
5.750%, 03/01/27 (144A) (a)		2,360,000		1,685,135
6.000%, 05/01/29 (144A)		1,022,000		681,042
7.625%, 03/01/26 (144A) (a)		200,000		158,519
9.875%, 08/01/27 (144A)		630,000		595,350
10.125%, 02/01/26 (EUR)		134,000		141,811
10.500%, 02/01/26 (144A)		696,000		699,313
Carnival Holdings Bermuda, Ltd. 10.375%, 05/01/28 (144A)		2,953,000		3,031,579
Life Time, Inc. 5.750%, 01/15/26 (144A)		666,000		619,713
8.000%, 04/15/26 (144A)		589,000		530,100
Lindblad Expeditions LLC 6.750%, 02/15/27 (144A)		842,000		763,837
MajorDrive Holdings IV LLC 6.375%, 06/01/29 (144A)		511,000		381,304
NCL Corp., Ltd. 5.875%, 03/15/26 (144A)		749,000		588,317
7.750%, 02/15/29 (144A)		189,000		142,230
NCL Finance, Ltd. 6.125%, 03/15/28 (144A)		367,000		270,927
Royal Caribbean Cruises, Ltd. 4.250%, 07/01/26 (144A)		239,000		193,195
5.375%, 07/15/27 (144A)		451,000		365,175
5.500%, 08/31/26 (144A) (a)		248,000		208,630

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Leisure Time—(Continued)
Royal Caribbean Cruises, Ltd. 5.500%, 04/01/28 (144A)		156,000	$	124,495
8.250%, 01/15/29 (144A)		509,000		511,481
9.250%, 01/15/29 (144A)		927,000		952,585
11.500%, 06/01/25 (144A)		286,000		306,735
11.625%, 08/15/27 (144A)		472,000		473,997
Viking Ocean Cruises Ship VII, Ltd. 5.625%, 02/15/29 (144A)		150,000		120,750
				15,093,868
Lodging—0.6%
Boyd Gaming Corp. 4.750%, 12/01/27		386,000		359,513
4.750%, 06/15/31 (144A) (a)		978,000		850,860
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/32 (144A)		350,000		280,280
3.750%, 05/01/29 (144A)		394,000		340,810
4.000%, 05/01/31 (144A)		324,000		271,068
4.875%, 01/15/30		805,000		729,499
5.375%, 05/01/25 (144A)		131,000		129,665
5.750%, 05/01/28 (144A)		133,000		129,010
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.875%, 04/01/27		361,000		343,610
MGM Resorts International 5.750%, 06/15/25 (a)		61,000		59,284
Station Casinos LLC 4.500%, 02/15/28 (144A)		422,000		366,879
4.625%, 12/01/31 (144A)		764,000		612,860
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/28 (144A)		314,000		281,721
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 5.250%, 05/15/27 (144A)		426,000		384,453
				5,139,512
Machinery-Construction & Mining—0.4%
BWX Technologies, Inc. 4.125%, 06/30/28 (144A) (a)		597,000		536,554
4.125%, 04/15/29 (144A)		545,000		476,982
Terex Corp. 5.000%, 05/15/29 (144A)		839,000		754,051
Vertiv Group Corp. 4.125%, 11/15/28 (144A) (a)		1,892,000		1,608,200
				3,375,787
Machinery-Diversified—1.1%
ATS Corp. 4.125%, 12/15/28 (144A)		237,000		204,474
Chart Industries, Inc. 7.500%, 01/01/30		1,574,000		1,582,326
9.500%, 01/01/31		242,000		248,198
GrafTech Finance, Inc. 4.625%, 12/15/28 (144A)		736,000		604,420
Husky III Holding, Ltd. 13.000%, 13.750% PIK, 02/15/25 (144A) (c)		720,000		637,200
Mueller Water Products, Inc. 4.000%, 06/15/29 (144A)		271,000		238,141
Machinery-Diversified—(Continued)
OT Merger Corp. 7.875%, 10/15/29 (144A)		317,000		168,010
Renk AG 5.750%, 07/15/25 (EUR)		100,000		99,290
Stevens Holding Co., Inc. 6.125%, 10/01/26 (144A)		365,000		365,913
Titan Acquisition, Ltd. / Titan Co-Borrower LLC 7.750%, 04/15/26 (144A)		1,796,000		1,617,456
TK Elevator Holdco GmbH 6.625%, 07/15/28 (EUR)		90,000		79,189
7.625%, 07/15/28 (144A) (a)		1,313,000		1,072,082
TK Elevator Midco GmbH 4.375%, 07/15/27 (EUR)		385,000		364,605
TK Elevator U.S. Newco, Inc. 5.250%, 07/15/27 (144A)		2,343,000		2,079,506
				9,360,810
Media—5.5%
Altice Financing S.A. 2.250%, 01/15/25 (EUR)		100,000		97,978
3.000%, 01/15/28 (EUR)		148,000		124,840
5.000%, 01/15/28 (144A)		958,000		771,190
5.750%, 08/15/29 (144A)		3,319,000		2,610,602
AMC Networks, Inc. 4.250%, 02/15/29		303,000		188,799
4.750%, 08/01/25		508,000		386,080
Block Communications, Inc. 4.875%, 03/01/28 (144A)		285,000		248,663
Cable One, Inc. 4.000%, 11/15/30 (144A) (a)		1,411,000		1,107,234
CCO Holdings LLC / CCO Holdings Capital Corp. 4.250%, 02/01/31 (144A)		1,053,000		844,627
4.250%, 01/15/34 (144A)		3,144,000		2,320,414
4.500%, 08/15/30 (144A)		1,019,000		841,852
4.500%, 06/01/33 (144A)		798,000		612,250
4.750%, 03/01/30 (144A)		1,160,000		1,000,401
4.750%, 02/01/32 (144A)		2,843,000		2,304,820
5.000%, 02/01/28 (144A) (a)		506,000		459,443
5.375%, 06/01/29 (144A)		557,000		503,678
6.375%, 09/01/29 (144A)		1,980,000		1,860,685
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.400%, 04/01/33 (a)		398,000		340,552
5.250%, 04/01/53 (a)		987,000		761,809
5.500%, 04/01/63		1,191,000		908,150
CSC Holdings LLC 4.125%, 12/01/30 (144A)		3,228,000		2,278,419
4.500%, 11/15/31 (144A) (a)		2,361,000		1,638,095
5.250%, 06/01/24		109,000		101,481
5.375%, 02/01/28 (144A) (a)		223,000		179,794
6.500%, 02/01/29 (144A)		287,000		234,623
Directv Financing LLC / Directv Financing Co-Obligor, Inc. 5.875%, 08/15/27 (144A) (a)		463,000		414,228
DISH DBS Corp. 5.125%, 06/01/29		1,107,000		714,137

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
DISH DBS Corp. 5.250%, 12/01/26 (144A)		3,011,000	$	2,536,271
5.750%, 12/01/28 (144A)		2,362,000		1,885,171
DISH Network Corp. 11.750%, 11/15/27 (144A) (a)		1,210,000		1,246,179
GCI LLC 4.750%, 10/15/28 (144A)		286,000		240,263
LCPR Senior Secured Financing DAC 5.125%, 07/15/29 (144A) (a)		593,000		491,246
6.750%, 10/15/27 (144A)		1,573,000		1,470,755
Midcontinent Communications / Midcontinent Finance Corp. 5.375%, 08/15/27 (144A)		366,000		331,371
Radiate Holdco LLC / Radiate Finance, Inc. 4.500%, 09/15/26 (144A)		1,313,000		964,661
6.500%, 09/15/28 (144A)		3,318,000		1,390,292
RCS & RDS S.A. 2.500%, 02/05/25 (EUR)		100,000		97,078
Sinclair Television Group, Inc. 4.125%, 12/01/30 (144A)		2,219,000		1,663,554
Sirius XM Radio, Inc. 3.875%, 09/01/31 (144A)		1,326,000		1,034,504
4.000%, 07/15/28 (144A)		781,000		679,704
4.125%, 07/01/30 (144A) (a)		144,000		118,830
5.000%, 08/01/27 (144A)		1,772,000		1,637,968
Summer BidCo B.V. 9.000%, 9.750% PIK, 11/15/25 (EUR) (c)		109,988		84,701
Tele Columbus AG 3.875%, 05/02/25 (EUR)		209,000		167,544
Telenet Finance Luxembourg Notes S.a.r.l. 5.500%, 03/01/28 (144A)		800,000		720,000
Univision Communications, Inc. 5.125%, 02/15/25 (144A) (a)		248,000		236,193
6.625%, 06/01/27 (144A)		461,000		444,777
7.375%, 06/30/30 (144A)		566,000		540,926
UPC Broadband Finco B.V. 4.875%, 07/15/31 (144A)		1,160,000		964,882
Videotron, Ltd. 3.625%, 06/15/29 (144A) (a)		687,000		578,798
Virgin Media Vendor Financing Notes IV DAC 5.000%, 07/15/28 (144A) (a)		1,272,000		1,111,865
VZ Secured Financing B.V. 3.500%, 01/15/32 (EUR)		100,000		83,495
Ziggo B.V. 4.875%, 01/15/30 (144A)		385,000		322,156
Ziggo Bond Co. B.V. 5.125%, 02/28/30 (144A) (a)		248,000		200,260
6.000%, 01/15/27 (144A) (a)		351,000		326,577
				45,424,865
Metal Fabricate/Hardware—0.3%
Advanced Drainage Systems, Inc. 5.000%, 09/30/27 (144A)		474,000		442,005
6.375%, 06/15/30 (144A)		1,340,000		1,302,024
Roller Bearing Co. of America, Inc. 4.375%, 10/15/29 (144A)		335,000		289,675
Vallourec S.A. 8.500%, 06/30/26 (EUR)		69,000		72,412
				2,106,116
Mining—1.7%
Arconic Corp. 6.000%, 05/15/25 (144A) (a)		294,000		289,030
6.125%, 02/15/28 (144A)		885,000		830,365
Constellium SE 3.750%, 04/15/29 (144A) (a)		4,092,000		3,324,494
4.250%, 02/15/26 (EUR)		279,000		286,261
5.625%, 06/15/28 (144A) (a)		762,000		704,256
5.875%, 02/15/26 (144A)		325,000		313,063
ERO Copper Corp. 6.500%, 02/15/30 (144A)		553,000		445,970
Kaiser Aluminum Corp. 4.500%, 06/01/31 (144A) (a)		1,655,000		1,330,206
4.625%, 03/01/28 (144A) (a)		469,000		409,261
New Gold, Inc. 7.500%, 07/15/27 (144A) (a)		974,000		854,738
Novelis Corp. 3.250%, 11/15/26 (144A) (a)		2,167,000		1,942,737
3.875%, 08/15/31 (144A)		2,207,000		1,801,778
4.750%, 01/30/30 (144A) (a)		1,324,000		1,173,812
Novelis Sheet Ingot GmbH 3.375%, 04/15/29 (EUR)		422,000		383,690
Vedanta Resources Finance II plc 8.950%, 03/11/25 (144A) (a)		287,000		194,801
				14,284,462
Miscellaneous Manufacturing—0.2%
Amsted Industries, Inc. 5.625%, 07/01/27 (144A)		339,000		321,596
EnPro Industries, Inc. 5.750%, 10/15/26		161,000		156,170
Gates Global LLC / Gates Corp. 6.250%, 01/15/26 (144A)		887,000		855,955
				1,333,721
Office/Business Equipment—0.1%
CDW LLC / CDW Finance Corp. 3.250%, 02/15/29		709,000		603,848
3.276%, 12/01/28		346,000		296,232
				900,080
Oil & Gas—6.1%
Aethon United BR L.P. / Aethon United Finance Corp. 8.250%, 02/15/26 (144A)		1,924,000		1,908,504
Antero Resources Corp. 7.625%, 02/01/29 (144A)		161,000		161,887
Apache Corp. 4.250%, 01/15/30 (a)		569,000		503,512
5.100%, 09/01/40		555,000		459,935
5.350%, 07/01/49		371,000		299,730
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 5.875%, 06/30/29 (144A)		1,667,000		1,486,347
9.000%, 11/01/27 (144A)		2,017,000		2,480,910
BP Capital Markets plc 4.250%, 5Y UKG + 4.170%, 03/22/27 (GBP) (b)		100,000		106,108

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Callon Petroleum Co. 6.375%, 07/01/26		929,000	$	865,871
7.500%, 06/15/30 (144A)		1,636,000		1,496,940
8.000%, 08/01/28 (144A)		1,597,000		1,522,394
Chesapeake Energy Corp. 5.875%, 02/01/29 (144A)		42,000		39,794
6.750%, 04/15/29 (144A)		1,232,000		1,199,475
CITGO Petroleum Corp. 6.375%, 06/15/26 (144A)		581,000		560,012
7.000%, 06/15/25 (144A)		600,000		585,216
Civitas Resources, Inc. 5.000%, 10/15/26 (144A)		243,000		222,164
CNX Resources Corp. 6.000%, 01/15/29 (144A)		259,000		238,317
7.375%, 01/15/31 (144A)		545,000		522,377
Colgate Energy Partners III LLC 5.875%, 07/01/29 (144A)		951,000		816,776
7.750%, 02/15/26 (144A)		929,000		901,167
Comstock Resources, Inc. 5.875%, 01/15/30 (144A)		2,639,000		2,268,748
6.750%, 03/01/29 (144A)		1,090,000		983,725
CrownRock L.P. / CrownRock Finance, Inc. 5.000%, 05/01/29 (144A)		265,000		238,107
5.625%, 10/15/25 (144A)		2,143,000		2,067,995
Diamondback Energy, Inc. 4.250%, 03/15/52		1,020,000		746,304
6.250%, 03/15/33		1,261,000		1,279,872
Earthstone Energy Holdings LLC 8.000%, 04/15/27 (144A)		954,000		912,644
Enerflex, Ltd. 9.000%, 10/15/27		682,000		680,121
EnQuest plc 11.625%, 11/01/27		200,000		188,051
Gulfport Energy Corp. 8.000%, 05/17/26 (144A)		102,000		99,450
Harbour Energy plc 5.500%, 10/15/26 (144A)		215,000		192,666
Hilcorp Energy I L.P. / Hilcorp Finance Co. 5.750%, 02/01/29 (144A)		713,000		634,618
6.000%, 04/15/30 (144A)		73,000		64,917
6.000%, 02/01/31 (144A)		42,000		36,228
6.250%, 11/01/28 (144A)		394,000		356,570
6.250%, 04/15/32 (144A)		56,000		48,323
Independence Energy Finance LLC 7.250%, 05/01/26 (144A)		1,646,000		1,551,092
Magnolia Oil & Gas Corp. 6.000%, 08/01/26 (144A)		86,000		82,560
Matador Resources Co. 5.875%, 09/15/26		297,000		285,553
Murphy Oil Corp. 5.750%, 08/15/25		24,000		23,582
5.875%, 12/01/27		160,000		153,966
6.125%, 12/01/42		64,000		49,920
Nabors Industries, Inc. 5.750%, 02/01/25		1,564,000		1,491,446
7.375%, 05/15/27 (144A)		973,000		942,540
Oil & Gas—(Continued)
Nabors Industries, Ltd. 7.250%, 01/15/26 (144A)		436,000		410,886
7.500%, 01/15/28 (144A)		677,000		619,385
Northern Oil and Gas, Inc. 8.125%, 03/01/28 (144A)		3,002,000		2,882,502
Occidental Petroleum Corp. 5.875%, 09/01/25		325,000		323,823
6.200%, 03/15/40		1,361,000		1,331,869
6.450%, 09/15/36		732,000		746,640
6.600%, 03/15/46		157,000		161,551
6.625%, 09/01/30 (a)		2,210,000		2,283,770
6.950%, 07/01/24 (a)		72,000		73,369
7.500%, 05/01/31		408,000		435,936
8.875%, 07/15/30		371,000		418,861
Ovintiv, Inc. 6.500%, 02/01/38		74,000		73,315
6.625%, 08/15/37		242,000		243,391
Parkland Corp. 5.875%, 07/15/27 (144A)		473,000		449,114
PDC Energy, Inc. 6.125%, 09/15/24		140,000		139,202
Permian Resources Operating LLC 6.875%, 04/01/27 (144A)		1,295,000		1,220,198
Precision Drilling Corp. 6.875%, 01/15/29 (144A)		32,000		29,792
Range Resources Corp. 4.750%, 02/15/30 (144A)		45,000		39,650
4.875%, 05/15/25		210,000		199,480
Repsol International Finance B.V. 3.750%, 5Y EUR Swap + 4.000%, 03/11/26 (EUR) (b)		100,000		98,997
Rockcliff Energy II LLC 5.500%, 10/15/29 (144A)		1,038,000		949,718
SM Energy Co. 5.625%, 06/01/25		185,000		177,598
6.500%, 07/15/28		231,000		221,476
6.625%, 01/15/27		59,000		56,830
6.750%, 09/15/26		409,000		397,078
Southwestern Energy Co. 4.750%, 02/01/32		441,000		376,874
5.375%, 02/01/29		1,075,000		996,590
Sunoco L.P. / Sunoco Finance Corp. 5.875%, 03/15/28		282,000		267,066
6.000%, 04/15/27 (a)		131,000		128,996
Tap Rock Resouces LLC 7.000%, 10/01/26 (144A)		2,124,000		1,975,532
Transocean, Inc. 11.500%, 01/30/27 (144A)		330,000		330,825
UGI International LLC 2.500%, 12/01/29 (EUR)		100,000		81,657
Vermilion Energy, Inc. 6.875%, 05/01/30 (144A)		438,000		399,711
				50,298,116
Oil & Gas Services—0.5%
Archrock Partners L.P. / Archrock Partners Finance Corp. 6.250%, 04/01/28 (144A)		842,000		770,440
6.875%, 04/01/27 (144A)		705,000		673,038

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas Services—(Continued)
U.S.A. Compression Partners L.P. / U.S.A. Compression Finance Corp. 6.875%, 04/01/26 (a)		670,000	$	642,724
6.875%, 09/01/27 (a)		723,000		676,005
Weatherford International, Ltd. 6.500%, 09/15/28 (144A)		569,000		557,791
8.625%, 04/30/30 (144A)		836,000		802,818
11.000%, 12/01/24 (144A)		22,000		22,441
				4,145,257
Packaging & Containers—2.1%
ARD Finance S.A. 6.500%, 7.250% PIK, 06/30/27 (144A) (c)		1,433,336		996,932
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance plc 3.000%, 09/01/29 (EUR)		200,000		156,286
3.250%, 09/01/28 (144A)		200,000		169,889
4.000%, 09/01/29 (144A) (a)		5,867,000		4,649,758
6.000%, 06/15/27 (144A) (a)		1,009,000		987,756
Ball Corp. 2.875%, 08/15/30		87,000		69,436
3.125%, 09/15/31 (a)		936,000		751,730
Canpack S.A. / Canpack U.S. LLC 3.125%, 11/01/25 (144A)		249,000		218,169
Clydesdale Acquisition Holdings, Inc. 6.625%, 04/15/29 (144A)		1,529,000		1,453,697
8.750%, 04/15/30 (144A)		1,025,000		877,371
Crown Americas LLC / Crown Americas Capital Corp. 4.750%, 02/01/26		71,000		68,923
Crown Cork & Seal Co., Inc. 7.375%, 12/15/26		79,000		81,331
Fiber Bidco S.p.A. 11.000%, 10/25/27 (EUR)		100,000		113,211
Graphic Packaging International LLC 2.625%, 02/01/29 (EUR)		300,000		281,024
3.500%, 03/15/28 (144A)		472,000		410,787
Kleopatra Finco Sarl 4.250%, 03/01/26 (EUR)		110,000		91,489
LABL, Inc. 5.875%, 11/01/28 (144A)		773,000		673,492
Mauser Packaging Solutions Holding Co. 5.500%, 04/15/24 (144A)		1,054,000		1,024,854
OI European Group B.V. 2.875%, 02/15/25 (EUR)		100,000		102,763
3.125%, 11/15/24 (EUR)		100,000		103,576
Sealed Air Corp. 4.000%, 12/01/27 (144A)		179,000		162,377
Silgan Holdings, Inc. 4.125%, 02/01/28		72,000		66,611
Trivium Packaging Finance B.V. 5.500%, 08/15/26 (144A)		1,247,000		1,143,419
8.500%, 08/15/27 (144A) (a)		3,030,000		2,780,100
				17,434,981
Pharmaceuticals—0.8%
AdaptHealth LLC 5.125%, 03/01/30 (144A)		72,000		61,293
Pharmaceuticals—(Continued)
AdaptHealth LLC 6.125%, 08/01/28 (144A)		154,000		141,170
Cheplapharm Arzneimittel GmbH 3.500%, 02/11/27 (EUR)		100,000		93,450
5.500%, 01/15/28 (144A)		388,000		324,446
Elanco Animal Health, Inc. 6.400%, 08/28/28		7,000		6,661
Embecta Corp. 6.750%, 02/15/30 (144A)		211,000		190,427
Gruenenthal GmbH 4.125%, 05/15/28 (EUR)		200,000		192,146
Jazz Securities DAC 4.375%, 01/15/29 (144A)		200,000		178,230
Nidda Healthcare Holding GmbH 7.500%, 08/21/26 (EUR)		183,000		186,343
Option Care Health, Inc. 4.375%, 10/31/29 (144A)		676,000		591,304
Organon & Co. / Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/28 (EUR)		100,000		93,527
4.125%, 04/30/28 (144A)		848,000		750,819
5.125%, 04/30/31 (144A)		1,010,000		874,539
PRA Health Sciences, Inc. 2.875%, 07/15/26 (144A)		1,042,000		943,065
Prestige Brands, Inc. 3.750%, 04/01/31 (144A)		738,000		608,606
Rossini Sarl 6.750%, 10/30/25 (EUR)		141,000		149,251
Teva Pharmaceutical Finance Netherlands II B.V. 6.000%, 01/31/25 (EUR)		200,000		210,423
Teva Pharmaceutical Finance Netherlands III B.V. 4.750%, 05/09/27		400,000		361,560
7.125%, 01/31/25		394,000		391,790
				6,349,050
Pipelines—6.1%
Antero Midstream Partners L.P. / Antero Midstream Finance Corp. 5.375%, 06/15/29 (144A)		546,000		499,175
5.750%, 03/01/27 (144A)		393,000		371,526
Buckeye Partners L.P. 4.125%, 03/01/25 (144A) (a)		67,000		63,811
5.600%, 10/15/44		215,000		156,994
5.850%, 11/15/43		318,000		236,935
Cheniere Energy Partners L.P. 3.250%, 01/31/32 (a)		2,915,000		2,316,570
4.000%, 03/01/31 (a)		2,131,000		1,814,248
4.500%, 10/01/29		1,649,000		1,482,816
Cheniere Energy, Inc. 4.625%, 10/15/28		200,000		180,774
CNX Midstream Partners L.P. 4.750%, 04/15/30 (144A)		287,000		235,531
CQP Holdco L.P. / BIP-V Chinook Holdco LLC 5.500%, 06/15/31 (144A)		2,938,000		2,566,373
Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp. 5.625%, 05/01/27 (144A)		144,000		133,920
6.000%, 02/01/29 (144A)		687,000		630,330

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp. 8.000%, 04/01/29 (144A)		247,000	$	245,786
DCP Midstream Operating L.P. 5.625%, 07/15/27		131,000		129,947
6.450%, 11/03/36 (144A)		445,000		436,066
6.750%, 09/15/37 (144A)		742,000		747,927
DT Midstream, Inc. 4.125%, 06/15/29 (144A) (a)		1,019,000		875,433
4.375%, 06/15/31 (144A)		1,297,000		1,088,053
El Paso Natural Gas Co. LLC 3.500%, 02/15/32 (144A)		370,000		310,214
Energy Transfer L.P. 5.000%, 05/15/50		1,368,000		1,092,937
5.300%, 04/15/47		301,000		250,429
5.550%, 02/15/28		400,000		396,772
5.750%, 02/15/33		465,000		454,937
6.500%, 5Y H15 + 5.694%, 11/15/26 (b)		1,861,000		1,600,460
EnLink Midstream LLC 5.375%, 06/01/29		1,291,000		1,194,534
5.625%, 01/15/28 (144A)		930,000		885,823
6.500%, 09/01/30 (144A) (a)		624,000		617,573
EnLink Midstream Partners L.P. 4.150%, 06/01/25		16,000		15,121
4.850%, 07/15/26		55,000		51,702
5.050%, 04/01/45		67,000		50,775
5.450%, 06/01/47		169,000		135,749
5.600%, 04/01/44		505,000		416,507
EQM Midstream Partners L.P. 4.125%, 12/01/26		103,000		91,613
4.500%, 01/15/29 (144A)		50,000		41,996
4.750%, 01/15/31 (144A)		678,000		554,265
6.000%, 07/01/25 (144A)		943,000		909,992
6.500%, 07/01/27 (144A)		783,000		748,352
7.500%, 06/01/30 (144A)		229,000		220,646
Genesis Energy L.P. / Genesis Energy Finance Corp. 6.500%, 10/01/25		282,000		269,510
7.750%, 02/01/28		332,000		305,599
Harvest Midstream I L.P. 7.500%, 09/01/28 (144A)		131,000		125,032
Hess Midstream Operations L.P. 4.250%, 02/15/30 (144A) (a)		650,000		555,699
ITT Holdings LLC 6.500%, 08/01/29 (144A)		917,000		772,242
Kinder Morgan, Inc. 4.800%, 02/01/33		254,000		235,487
5.450%, 08/01/52		716,000		642,666
Kinetik Holdings L.P. 5.875%, 06/15/30 (144A)		1,510,000		1,416,052
MPLX L.P. 4.950%, 03/14/52		1,185,000		967,960
New Fortress Energy, Inc. 6.500%, 09/30/26 (144A)		2,578,000		2,394,189
6.750%, 09/15/25 (144A)		2,416,000		2,285,053
NGL Energy Operating LLC / NGL Energy Finance Corp. 7.500%, 02/01/26 (144A)		420,000		373,964
NGPL PipeCo LLC 7.768%, 12/15/37 (144A)		691,000		718,997
Pipelines—(Continued)
NuStar Logistics L.P. 5.750%, 10/01/25		302,000		290,323
6.000%, 06/01/26		239,000		230,135
6.375%, 10/01/30		53,000		49,007
ONEOK, Inc. 4.950%, 07/13/47		300,000		241,627
Plains All American Pipeline L.P. / PAA Finance Corp. 3.550%, 12/15/29		427,000		370,237
5.150%, 06/01/42		605,000		490,363
6.650%, 01/15/37		177,000		174,141
Rockies Express Pipeline LLC 4.950%, 07/15/29 (144A) (a)		136,000		122,040
Sabine Pass Liquefaction LLC 5.900%, 09/15/37		220,000		220,152
Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp. 5.500%, 01/15/28 (144A)		88,000		78,042
6.000%, 03/01/27 (144A)		115,000		107,366
6.000%, 12/31/30 (144A)		79,000		68,314
6.000%, 09/01/31 (144A)		361,000		310,382
Targa Resources Corp. 6.250%, 07/01/52		458,000		432,238
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 4.000%, 01/15/32		908,000		763,982
Venture Global Calcasieu Pass LLC 3.875%, 08/15/29 (144A)		2,471,000		2,162,125
3.875%, 11/01/33 (144A) (a)		4,528,000		3,698,923
4.125%, 08/15/31 (144A)		2,104,000		1,792,598
Western Midstream Operating L.P. 4.750%, 08/15/28		84,000		76,716
5.300%, 03/01/48		833,000		684,915
5.450%, 04/01/44		826,000		686,175
5.500%, 08/15/48		243,000		201,683
5.500%, 02/01/50		1,920,000		1,581,696
				50,148,242
Real Estate—0.4%
ADLER Group S.A. 2.750%, 11/13/26 (EUR)		200,000		84,566
3.250%, 08/05/25 (EUR)		200,000		86,920
Aroundtown S.A. 3.375%, 5Y EUR Swap + 3.980%, 09/23/24 (EUR) (b)		100,000		49,522
Cushman and Wakefield U.S. Borrower LLC 6.750%, 05/15/28 (144A)		840,000		801,662
DEMIRE Deutsche Mittelstand Real Estate AG 1.875%, 10/15/24 (EUR)		100,000		72,748
DIC Asset AG 2.250%, 09/22/26 (EUR)		100,000		61,016
Fastighets AB Balder 2.873%, 5Y EUR Swap + 3.188%, 06/02/81 (EUR) (b)		100,000		72,322
Heimstaden Bostad AB 2.625%, 5Y EUR Swap + 3.149%, 02/01/27 (EUR) (b)		100,000		55,580
Howard Hughes Corp. (The) 4.125%, 02/01/29 (144A)		382,000		319,925
4.375%, 02/01/31 (144A)		308,000		249,193

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate—(Continued)
Howard Hughes Corp. (The) 5.375%, 08/01/28 (144A)		11,000	$	9,908
Realogy Group LLC / Realogy Co-Issuer Corp. 5.250%, 04/15/30 (144A) (a)		377,000		275,025
5.750%, 01/15/29 (144A) (a)		679,000		513,589
Tropicana Entertainment LLC / Tropicana Finance Corp. 9.625%, 12/15/14 (d) (f) (g)		70,000		0
Unique Pub Finance Co. plc (The) 6.464%, 03/30/32 (GBP)		400,000		483,605
				3,135,581
Real Estate Investment Trusts—2.3%
American Tower Corp. 2.700%, 04/15/31		235,000		191,279
4.050%, 03/15/32 (a)		930,000		829,370
Brookfield Property REIT, Inc. 4.500%, 04/01/27 (144A) (a)		490,000		409,550
Crown Castle, Inc. 4.300%, 02/15/29		554,000		523,164
Digital Realty Trust LP 5.550%, 01/15/28		290,000		291,917
Equinix, Inc. 3.200%, 11/18/29		554,000		482,213
Global Net Lease, Inc. / Global Net Lease Operating Partnership L.P. 3.750%, 12/15/27 (144A)		330,000		272,883
GLP Capital L.P. / GLP Financing II, Inc. 3.250%, 01/15/32 (a)		960,000		767,409
HAT Holdings I LLC / HAT Holdings II LLC 3.375%, 06/15/26 (144A)		513,000		445,694
Iron Mountain Information Management Services, Inc. 5.000%, 07/15/32 (144A) (a)		509,000		422,827
Iron Mountain UK plc 3.875%, 11/15/25 (GBP)		100,000		111,566
Iron Mountain, Inc. 5.000%, 07/15/28 (144A)		79,000		70,956
5.625%, 07/15/32 (144A)		380,000		329,314
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 4.250%, 02/01/27 (144A)		384,000		322,571
4.750%, 06/15/29 (144A)		178,000		143,710
MPT Operating Partnership L.P. / MPT Finance Corp. 3.500%, 03/15/31		3,493,000		2,394,394
4.625%, 08/01/29 (a)		1,736,000		1,323,847
5.000%, 10/15/27 (a)		99,000		83,213
RHP Hotel Properties L.P. / RHP Finance Corp. 4.500%, 02/15/29 (144A)		297,000		256,190
4.750%, 10/15/27 (a)		1,149,000		1,039,858
RLJ Lodging Trust L.P. 3.750%, 07/01/26 (144A) (a)		353,000		314,378
4.000%, 09/15/29 (144A)		268,000		217,258
SBA Communications Corp. 3.125%, 02/01/29 (a)		1,894,000		1,574,842
3.875%, 02/15/27		1,475,000		1,332,683
Starwood Property Trust, Inc. 4.375%, 01/15/27 (144A)		215,000		188,141
5.500%, 11/01/23 (144A)		68,000		67,408
Uniti Group L.P. / Uniti Fiber Holdings, Inc. / CSL Capital LLC 4.750%, 04/15/28 (144A) (a)		187,000		149,600
Real Estate Investment Trusts—(Continued)
VICI Properties L.P. 4.750%, 02/15/28		113,000		107,200
4.950%, 02/15/30		568,000		540,689
5.625%, 05/15/52		1,024,000		905,800
VICI Properties L.P. / VICI Note Co., Inc. 3.500%, 02/15/25 (144A)		289,000		272,478
3.875%, 02/15/29 (144A)		134,000		117,442
4.125%, 08/15/30 (144A)		624,000		546,103
4.250%, 12/01/26 (144A)		273,000		254,688
4.500%, 09/01/26 (144A)		21,000		19,763
4.500%, 01/15/28 (144A)		274,000		251,430
4.625%, 06/15/25 (144A)		123,000		117,926
4.625%, 12/01/29 (144A)		1,248,000		1,135,680
5.625%, 05/01/24 (144A) (a)		138,000		136,656
				18,962,090
Retail—2.3%
1011778 BC ULC / New Red Finance, Inc. 3.875%, 01/15/28 (144A)		276,000		246,895
4.000%, 10/15/30 (144A)		401,000		324,734
4.375%, 01/15/28 (144A)		455,000		407,410
5.750%, 04/15/25 (144A)		296,000		293,691
Arko Corp. 5.125%, 11/15/29 (144A)		502,000		394,170
Asbury Automotive Group, Inc. 4.500%, 03/01/28		282,000		248,273
4.750%, 03/01/30 (a)		57,000		47,672
5.000%, 02/15/32 (144A) (a)		437,000		359,520
Beacon Roofing Supply, Inc. 4.125%, 05/15/29 (144A)		323,000		268,410
Constellation Automotive Financing plc 4.875%, 07/15/27 (GBP)		100,000		78,788
eG Global Finance plc 6.750%, 02/07/25 (144A)		688,000		600,645
8.500%, 10/30/25 (144A)		525,000		489,102
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 4.625%, 01/15/29 (144A)		124,000		104,933
6.750%, 01/15/30 (144A) (a)		177,000		142,768
Foundation Building Materials, Inc. 6.000%, 03/01/29 (144A)		267,000		199,904
Goldstory SASU 5.375%, 03/01/26 (EUR)		100,000		97,697
Group 1 Automotive, Inc. 4.000%, 08/15/28 (144A)		90,000		76,179
GYP Holdings III Corp. 4.625%, 05/01/29 (144A)		609,000		497,229
IRB Holding Corp. 7.000%, 06/15/25 (144A)		315,000		314,212
Ken Garff Automotive LLC 4.875%, 09/15/28 (144A)		286,000		239,247
LBM Acquisition LLC 6.250%, 01/15/29 (144A)		99,000		62,999
LCM Investments Holdings II LLC 4.875%, 05/01/29 (144A)		761,000		609,400
Lithia Motors, Inc. 3.875%, 06/01/29 (144A)		345,000		283,628

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Murphy Oil USA, Inc. 4.750%, 09/15/29		302,000	$	276,339
NMG Holding Co., Inc. / Neiman Marcus Group LLC 7.125%, 04/01/26 (144A)		793,000		743,253
Penske Automotive Group, Inc. 3.500%, 09/01/25		423,000		392,569
3.750%, 06/15/29		181,000		146,908
PetSmart, Inc. / PetSmart Finance Corp. 4.750%, 02/15/28 (144A)		250,000		226,377
7.750%, 02/15/29 (144A)		2,183,000		2,050,257
Specialty Building Products Holdings LLC / SBP Finance Corp. 6.375%, 09/30/26 (144A)		235,000		189,213
SRS Distribution, Inc. 4.625%, 07/01/28 (144A)		1,697,000		1,504,340
6.000%, 12/01/29 (144A) (a)		1,532,000		1,219,247
6.125%, 07/01/29 (144A)		1,330,000		1,075,332
Staples, Inc. 7.500%, 04/15/26 (144A)		963,000		828,835
Stonegate Pub Co. Financing plc 8.250%, 07/31/25 (GBP)		100,000		109,047
Suburban Propane Partners L.P./Suburban Energy Finance Corp. 5.000%, 06/01/31 (144A)		238,000		202,296
White Cap Buyer LLC 6.875%, 10/15/28 (144A) (a)		3,234,000		2,797,438
White Cap Parent LLC 8.250%, 03/15/26 (144A) (a) (c)		564,000		487,572
Yum! Brands, Inc. 4.750%, 01/15/30 (144A)		32,000		29,360
5.350%, 11/01/43		14,000		11,515
5.375%, 04/01/32		290,000		268,612
				18,946,016
Semiconductors—1.1%
ams-OSRAM AG 6.000%, 07/31/25 (EUR)		100,000		99,814
Broadcom, Inc. 2.450%, 02/15/31 (144A)		446,000		351,278
2.600%, 02/15/33 (144A)		566,000		424,838
3.187%, 11/15/36 (144A)		303,000		217,641
3.419%, 04/15/33 (144A)		1,088,000		872,258
3.469%, 04/15/34 (144A)		24,000		19,146
4.110%, 09/15/28		380,000		353,398
4.150%, 11/15/30		226,000		202,530
4.300%, 11/15/32		758,000		668,056
Entegris Escrow Corp. 4.750%, 04/15/29 (144A) (a)		4,106,000		3,744,415
Entegris, Inc. 3.625%, 05/01/29 (144A) (a)		430,000		350,128
4.375%, 04/15/28 (144A)		447,000		395,253
Marvell Technology, Inc. 2.950%, 04/15/31		570,000		458,473
Qorvo, Inc. 4.375%, 10/15/29		427,000		377,570
Synaptics, Inc. 4.000%, 06/15/29 (144A) (a)		581,000		489,521
				9,024,319
Shipbuilding—0.0%
Huntington Ingalls Industries, Inc. 4.200%, 05/01/30		127,000		115,269
Software—4.7%
ACI Worldwide, Inc. 5.750%, 08/15/26 (144A)		954,000		924,187
AthenaHealth Group, Inc. 6.500%, 02/15/30 (144A) (a)		3,031,000		2,233,641
Black Knight InfoServ LLC 3.625%, 09/01/28 (144A)		815,000		705,382
Boxer Parent Co., Inc. 6.500%, 10/02/25 (EUR)		200,000		203,272
7.125%, 10/02/25 (144A)		689,000		670,060
9.125%, 03/01/26 (144A)		1,771,000		1,670,788
Camelot Finance S.A. 4.500%, 11/01/26 (144A)		162,000		151,835
Central Parent, Inc, / CDK Global, Inc. 7.250%, 06/15/29 (144A) (a)		1,515,000		1,481,855
Clarivate Science Holdings Corp. 3.875%, 07/01/28 (144A) (a)		2,298,000		1,990,978
4.875%, 07/01/29 (144A) (a)		1,639,000		1,393,724
Cloud Software Group Holdings, Inc. 6.500%, 03/31/29 (144A) (a)		6,453,000		5,435,241
Consensus Cloud Solutions, Inc. 6.000%, 10/15/26 (144A)		197,000		184,242
6.500%, 10/15/28 (144A)		179,000		164,639
Dun & Bradstreet Corp. (The) 5.000%, 12/15/29 (144A) (a)		2,302,000		1,969,966
Elastic NV 4.125%, 07/15/29 (144A)		1,009,000		814,969
Fair Isaac Corp. 4.000%, 06/15/28 (144A)		725,000		657,942
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl 4.625%, 05/01/28 (144A)		558,000		424,066
MicroStrategy, Inc. 6.125%, 06/15/28 (144A)		1,211,000		865,926
MSCI, Inc. 3.250%, 08/15/33 (144A)		273,000		210,827
3.625%, 09/01/30 (144A)		383,000		318,369
3.625%, 11/01/31 (144A)		329,000		272,076
3.875%, 02/15/31 (144A)		139,000		115,568
4.000%, 11/15/29 (144A) (a)		68,000		59,230
Open Text Corp. 6.900%, 12/01/27		2,095,000		2,095,000
Oracle Corp. 2.875%, 03/25/31		935,000		775,234
2.950%, 04/01/30		233,000		198,656
3.600%, 04/01/50		1,709,000		1,150,613
3.950%, 03/25/51		1,878,000		1,337,961
6.150%, 11/09/29		340,000		352,908
6.250%, 11/09/32 (a)		1,018,000		1,065,460
6.900%, 11/09/52		2,035,000		2,177,093
PTC, Inc. 4.000%, 02/15/28 (144A)		228,000		205,208

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
SS&C Technologies, Inc. 5.500%, 09/30/27 (144A) (a)		2,495,000	$	2,336,308
Twilio, Inc. 3.875%, 03/15/31		1,343,000		1,065,476
Veritas U.S. Inc. / Veritas Bermuda, Ltd. 7.500%, 09/01/25 (144A) (a)		576,000		396,702
ZoomInfo Technologies LLC 3.875%, 02/01/29 (144A)		2,578,000		2,166,506
				38,241,908
Telecommunications—5.8%
Altice France Holding S.A. 10.500%, 05/15/27 (144A)		1,001,000		763,262
Altice France S.A. 2.500%, 01/15/25 (EUR)		100,000		95,805
5.125%, 01/15/29 (144A)		331,000		248,883
5.125%, 07/15/29 (144A)		1,695,000		1,270,815
5.500%, 10/15/29 (144A)		1,429,000		1,089,655
5.875%, 02/01/27 (EUR)		200,000		186,228
8.125%, 02/01/27 (144A)		1,676,000		1,526,635
British Telecommunications plc 4.875%, 5Y H15 + 3.493%, 11/23/81 (144A) (b)		200,000		157,339
Ciena Corp. 4.000%, 01/31/30 (144A) (a)		290,000		255,232
CommScope Technologies LLC 6.000%, 06/15/25 (144A) (a)		1,594,000		1,450,540
CommScope, Inc. 4.750%, 09/01/29 (144A)		1,084,000		873,921
6.000%, 03/01/26 (144A)		346,000		319,320
7.125%, 07/01/28 (144A) (a)		544,000		388,889
8.250%, 03/01/27 (144A) (a)		282,000		218,550
Connect Finco S.a.r.l. / Connect U.S. Finco LLC 6.750%, 10/01/26 (144A)		4,760,000		4,411,375
Consolidated Communications, Inc. 6.500%, 10/01/28 (144A) (a)		1,804,000		1,401,818
Frontier Communications Holdings LLC 5.000%, 05/01/28 (144A)		2,044,000		1,782,409
5.875%, 10/15/27 (144A)		603,000		559,928
6.000%, 01/15/30 (144A) (a)		540,000		424,209
6.750%, 05/01/29 (144A)		1,012,000		837,187
8.750%, 05/15/30 (144A)		816,000		829,668
Iliad Holding SASU 5.625%, 10/15/28 (EUR)		100,000		96,819
6.500%, 10/15/26 (144A) (a)		2,908,000		2,697,036
7.000%, 10/15/28 (144A) (a)		1,115,000		1,007,726
Level 3 Financing, Inc. 3.400%, 03/01/27 (144A)		1,138,000		961,593
3.625%, 01/15/29 (144A)		519,000		380,033
3.750%, 07/15/29 (144A)		788,000		566,864
3.875%, 11/15/29 (144A)		103,000		81,281
4.250%, 07/01/28 (144A)		433,000		341,074
4.625%, 09/15/27 (144A)		360,000		299,700
Ligado Networks LLC 15.500%, 11/01/23 (144A) (c)		668,372		218,598
Telecommunications—(Continued)
Lorca Telecom Bondco S.A. 4.000%, 09/18/27 (EUR)		200,000		191,075
Lumen Technologies, Inc. 4.000%, 02/15/27 (144A) (a)		2,236,000		1,894,904
4.500%, 01/15/29 (144A)		1,187,000		819,281
5.375%, 06/15/29 (144A)		143,000		102,950
Nokia Oyj 6.625%, 05/15/39		397,000		376,817
Sable International Finance, Ltd. 5.750%, 09/07/27 (144A)		273,000		251,842
SES S.A. 5.625%, 5Y EUR Swap + 5.401%, 01/29/24 (EUR) (b)		100,000		103,913
SoftBank Group Corp. 2.125%, 07/06/24 (EUR)		100,000		100,355
4.500%, 04/20/25 (EUR)		200,000		201,434
4.750%, 07/30/25 (EUR)		100,000		100,087
Sprint Capital Corp. 6.875%, 11/15/28		2,577,000		2,674,771
8.750%, 03/15/32		3,170,000		3,772,617
Sprint LLC 7.625%, 03/01/26		1,106,000		1,163,850
Telecom Italia Capital S.A. 6.000%, 09/30/34 (a)		1,052,000		794,996
6.375%, 11/15/33		539,000		440,950
7.200%, 07/18/36		214,000		173,747
7.721%, 06/04/38		204,000		169,320
Telecom Italia Finance S.A. 7.750%, 01/24/33 (EUR)		42,000		47,297
Telecom Italia S.p.A. 1.625%, 01/18/29 (EUR)		255,000		207,390
4.000%, 04/11/24 (EUR)		100,000		104,101
5.303%, 05/30/24 (144A)		271,000		256,756
Telefonica Europe B.V. 7.125%, 6Y EUR Swap + 4.322%, 08/23/28 (EUR) (b)		100,000		109,186
ViaSat, Inc. 5.625%, 09/15/25 (144A)		708,000		656,874
6.500%, 07/15/28 (144A)		545,000		408,871
Viavi Solutions, Inc. 3.750%, 10/01/29 (144A)		974,000		818,603
Vmed O2 UK Financing I plc 4.000%, 01/31/29 (GBP)		100,000		93,939
4.250%, 01/31/31 (144A)		213,000		172,427
4.500%, 07/15/31 (GBP)		134,000		123,136
4.750%, 07/15/31 (144A)		873,000		709,182
Vodafone Group plc 2.625%, 5Y EUR Swap + 3.002%, 08/27/80 (EUR)(b)		100,000		93,842
3.000%, 5Y EUR Swap + 3.477%, 08/27/80 (EUR)(b)		100,000		85,233
3.100%, 5Y EUR Swap + 2.669%, 01/03/79 (EUR)(b)		200,000		209,273
Zayo Group Holdings, Inc. 4.000%, 03/01/27 (144A)		2,992,000		2,209,801
6.125%, 03/01/28 (144A) (a)		4,499,000		2,551,287
				47,932,499
Toys/Games/Hobbies—0.2%
Mattel, Inc. 3.750%, 04/01/29 (144A)		186,000		163,368

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Toys/Games/Hobbies—(Continued)
Mattel, Inc. 5.450%, 11/01/41		834,000	$	678,869
6.200%, 10/01/40		659,000		568,824
				1,411,061
Transportation—0.1%
Poste Italiane S.p.A. 2.625%, 5Y EURIBOR ICE Swap + 2.677%, 03/24/29 (EUR) (b)		150,000		121,630
Seaspan Corp. 5.500%, 08/01/29 (144A)		874,000		662,317
XPO Escrow Sub LLC 7.500%, 11/15/27		279,000		282,326
				1,066,273
Trucking & Leasing—0.1%
Fortress Transportation and Infrastructure Investors LLC 5.500%, 05/01/28 (144A)		793,000		676,516
6.500%, 10/01/25 (144A)		126,000		118,466
9.750%, 08/01/27 (144A)		107,000		107,267
				902,249
Water—0.0%
Thames Water Kemble Finance plc 4.625%, 05/19/26 (GBP)		168,000		171,228
Total Corporate Bonds & Notes (Cost $789,009,998)				702,213,553
Floating Rate Loans (h)—10.7%
Advertising—0.3%
Clear Channel Outdoor Holdings, Inc. Term Loan B, 7.915%, 3M LIBOR + 3.500%, 08/21/26		2,420,459		2,203,980
Aerospace/Defense—0.1%
Cobham Ultra SeniorCo S.a.r.l USD Term Loan B, 7.063%, 6M LIBOR + 3.750%, 08/03/29		215,460		210,074
Propulsion BC Newco LLC Term Loan, 8.580%, 3M TSFR + 4.000%, 09/14/29		581,000		565,022
				775,096
Airlines—0.6%
Air Canada Term Loan B, 8.130%, 3M LIBOR + 3.500%, 08/11/28		944,255		935,599
American Airlines, Inc. Term Loan, 8.993%, 3M LIBOR + 4.750%, 04/20/28		1,636,484		1,631,370
Mileage Plus Holdings LLC Term Loan B, 9.996%, 3M LIBOR + 5.250%, 06/21/27		449,195		463,044
United Airlines, Inc. Term Loan B, 8.108%, 3M LIBOR + 3.750%, 04/21/28		1,654,530		1,637,295
				4,667,308
Apparel—0.1%
Crocs, Inc. Term Loan B, 7.800%, 1M TSFR + 3.500%, 02/19/29		812,709		796,963
Auto Parts & Equipment—0.0%
Clarios Global L.P. USD Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/30/26		278,800		274,153
Beverages—0.0%
Naked Juice LLC 2nd Lien Term Loan, 10.680%, 3M TSFR + 6.000% 01/24/30		83,000		67,087
Building Materials—0.2%
Chamberlain Group, Inc. Term Loan B, 7.634%, 1M LIBOR + 3.250%, 11/03/28		951,054		899,737
Solis IV B.V. USD Term Loan B1, 7.859%, 3M TSFR + 3.500%, 02/26/29		598,990		530,331
				1,430,068
Chemicals—0.4%
Aruba Investments, Inc. 2020 2nd Lien Term Loan, 11/24/28 (i)		237,600		215,028
Ascend Performance Materials Operations LLC Term Loan B, 8.831%, 3M LIBOR + 4.750%, 08/27/26		878,717		830,827
Discovery Purchaser Corp. Term Loan, 7.967%, 3M TSFR + 4.375%, 10/04/29		1,381,000		1,264,191
New Arclin U.S. Holding Corp.
Delayed Draw Term Loan, 10/02/28 (j)		66,069		58,657
Term Loan, 8.134%, 1M LIBOR + 3.750%, 09/30/28		448,048		397,782
W.R. Grace & Co.
Term Loan B, 8.500%, 3M LIBOR + 3.750%, 09/22/28		629,521		619,586
				3,386,071
Commercial Services—0.9%
Amentum Government Services Holdings LLC Term Loan B, 8.330%, 3M LIBOR + 4.000%, 01/29/27		140,400		137,504
AVSC Holding Corp. 2nd Lien Term Loan, 11.422%, 1M LIBOR + 7.250%, 09/01/25		328,784		267,548
CoreLogic, Inc. 2nd Lien Term Loan, 10.938%, 1M LIBOR + 6.500%, 06/04/29		524,226		380,938
Element Materials Technology Group U.S. Holdings, Inc. Delayed Draw Term Loan, 8.930%, 3M TSFR + 4.250%, 07/06/29		84,947		83,213
USD Term Loan, 8.930%, 3M TSFR + 4.250%, 07/06/29		184,052		179,451
Galaxy U.S. Opco, Inc. Term Loan, 9.073%, 1M TSFR + 4.750%, 04/29/29		347,000		314,035
PECF USS Intermediate Holding III Corp.
Term Loan B, 8.634%, 1M LIBOR + 4.250%, 12/15/28		941,123		788,093
Sabre GLBL, Inc. Term Loan B1, 7.884%, 1M LIBOR + 3.500%, 12/17/27		124,836		113,445
Term Loan B2, 7.884%, 1M LIBOR + 3.500%, 12/17/27		199,912		181,670
Sotheby’s Term Loan B, 8.579%, 3M LIBOR + 4.500%, 01/15/27		154,070		150,731

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (h)—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
TruGreen L.P. 2nd Lien Term Loan, 13.431%, 3M LIBOR + 8.500%, 11/02/28		378,000	$	279,720
Verscend Holding Corp. 2nd Lien Term Loan, 11.384%, 1M LIBOR + 7.000%, 04/02/29		2,161,960		2,145,745
Term Loan B, 8.384%, 1M LIBOR + 4.000%, 08/27/25		2,357,917		2,349,075
				7,371,168
Computers—1.1%
Magenta Buyer LLC
USD 1st Lien Term Loan, 9.170%, 3M LIBOR + 4.750%, 07/27/28†		1,663,806		1,432,953
USD 2nd Lien Term Loan, 12.670%, 3M LIBOR + 8.250%, 07/27/29†		1,089,000		860,310
McAfee LLC
USD Term Loan B, 7.974%, 1M TSFR + 3.750%, 03/01/29		2,601,621		2,432,515
Peraton Corp. 2nd Lien Term Loan B1, 12.089%, 1M LIBOR + 7.750%, 02/01/29		1,539,177		1,472,318
Term Loan B, 8.134%, 1M LIBOR + 3.750%, 02/01/28		2,181,417		2,135,453
TierPoint LLC
Term Loan, 8.134%, 1M LIBOR + 3.750%, 05/05/26		310,398		290,527
				8,624,076
Distribution/Wholesale—0.0%
BCPE Empire Holdings, Inc.
Incremental Term Loan, 9.048%, 1M TSFR + 4.625%, 06/11/26		104,213		102,563
Diversified Financial Services—0.2%
AqGen Ascensus, Inc. 2021 2nd Lien Term Loan, 10.250%, 3M LIBOR + 6.500%, 08/02/29		485,964		427,648
Deerfield Dakota Holding LLC
USD 2nd Lien Term Loan, 11.134%, 1M LIBOR + 6.750%, 04/07/28		558,000		534,634
USD Term Loan B, 8.073%, 1M TSFR + 3.750%, 04/09/27		428,537		401,084
				1,363,366
Engineering & Construction—0.6%
Brand Energy & Infrastructure Services, Inc.
Term Loan, 8.494%, 3M LIBOR + 4.250%, 06/21/24		4,607,638		4,188,342
Brown Group Holding LLC 2022 Incremental Term Loan B2, 7.925%, 1M TSFR + 3.750%, 07/02/29		499,136		498,290
2022 Incremental Term Loan B2, 8.133%, 3M TSFR + 3.750%, 07/02/29		194,127		193,797
KKR Apple Bidco LLC 2nd Lien Term Loan, 10.134%, 1M LIBOR + 5.750%, 09/21/29		70,000		67,935
Term Loan, 7.134%, 1M LIBOR + 2.750%, 09/23/28		262,938		259,631
				5,207,995
Entertainment—0.1%
Formula One Holdings, Ltd.
Term Loan B, 7.791%, 3M TSFR + 3.250%, 01/15/30		340,000		340,354
Great Canadian Gaming Corp.
Term Loan, 8.753%, 3M LIBOR + 4.000%, 11/01/26		146,265		144,010
				484,364
Food—0.0%
Chobani LLC
Term Loan B, 7.884%, 1M LIBOR + 3.500%, 10/25/27		129,628		127,630
Healthcare-Services—0.2%
Da Vinci Purchaser Corp.
Term Loan, 8.384%, 3M LIBOR + 4.000%, 01/08/27		392,925		360,509
Envision Healthcare Corp.
First Out Term Loan, 12.605%, 3M TSFR + 7.875%, 03/31/27		138,786		124,213
Icon Luxembourg S.a.r.l.
LUX Term Loan, 1M LIBOR, 07/03/28		5,191		5,181
Quorum Health Corp.
Term Loan, 12.034%, 3M LIBOR + 8.250%, 04/29/25†		596,183		421,303
RegionalCare Hospital Partners Holdings, Inc.
Term Loan B, 8.165%, 3M LIBOR + 3.750%, 11/17/25		251,646		237,805
Surgery Center Holdings, Inc.
Term Loan, 8.050%, 3M LIBOR + 3.750%, 08/31/26		423,683		418,811
				1,567,822
Housewares—0.1%
Springs Windows Fashions LLC
Term Loan B, 8.753%, 3M LIBOR + 4.000%, 10/06/28		1,152,293		947,184
Insurance—0.1%
Hub International Ltd. 2022 Term Loan B, 8.220%, 3M TSFR + 4.000%, 11/10/29		659,000		652,704
Ryan Specialty Group LLC
Term Loan, 7.423%, 1M TSFR + 3.000%, 09/01/27		3		3
Sedgwick Claims Management Services, Inc.
Term Loan B, 7.634%, 1M LIBOR + 3.250%, 12/31/25		179,453		174,918
Term Loan B3, 8.634%, 1M LIBOR + 4.250%, 09/03/26		174,288		172,926
				1,000,551
Internet—0.4%
I-Logic Technologies Bidco, Ltd.
Term Loan B, 8.730%, 3M TSFR + 4.000%, 02/16/28		242,396		238,507
MH Sub I LLC 1st Lien Term Loan, 8.134%, 1M LIBOR + 3.750%, 09/13/24	365,393		355,528
2nd Lien Term Loan, 10.649%, 3M TSFR + 6.250%, 02/23/29		129,000		116,866
Incremental Term Loan, 8.134%, 1M LIBOR + 3.750%, 09/13/24		848,476		825,521
Proofpoint, Inc. 2nd Lien Term Loan, 10.985%, 3M LIBOR + 6.250%, 08/31/29		969,225		935,706
PUG LLC
Term Loan, 7.884%, 1M LIBOR + 3.500%, 02/12/27		372,444		308,663
				2,780,791

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (h)—(Continued)

Security Description	Principal Amount*		Value
Leisure Time—0.0%
Peloton Interactive, Inc.
Term Loan, 11.757%, 1M TSFR + 6.500%, 05/25/27		281,585	$	277,784
Lodging—0.1%
Fertitta Entertainment LLC
Term Loan B, 8.323%, TSFR + 4.000%, 01/27/29		1,142,437		1,087,457
Machinery-Diversified—0.4%
SPX Flow, Inc.
Term Loan, 8.923%, 1M TSFR + 4.500%, 04/05/29		873,810		815,374
Titan Acquisition, Ltd.
Term Loan B, 8.151%, 6M LIBOR + 3.000%, 03/28/25		2,244,746		2,104,138
				2,919,512
Media—0.3%
Altice Financing S.A.
USD Term Loan B, 6.829%, 3M LIBOR + 2.750%, 07/15/25		79,232		76,954
DirecTV Financing LLC
Term Loan, 9.384%, 1M LIBOR + 5.000%, 08/02/27		2,591,310		2,524,705
Radiate Holdco LLC
Term Loan B, 7.634%, 1M LIBOR + 3.250%, 09/25/26		130,680		106,912
				2,708,571
Metal Fabricate/Hardware—0.0%
Grinding Media, Inc.
Term Loan B, 8.070%, 3M LIBOR + 4.000%, 10/12/28		257,740		240,987
Oil & Gas—0.8%
Ascent Resources Utica Holdings LLC
Fixed 2nd Lien Term Loan, 12.941%, 3M LIBOR + 9.000%, 11/01/25		6,210,612		6,578,075
Oil & Gas Services—0.0%
Lealand Finance Company B.V.
Make Whole Term Loan, 7.384%, 1M LIBOR + 3.000%, 06/28/24		31,220		19,512
Packaging & Containers—0.1%
BWAY Holding Co.
Term Loan B, 7.370%, 1M LIBOR + 3.250%, 04/03/24		824,791		806,749
Clydesdale Acquisition Holdings, Inc.
Term Loan B, 8.598%, 1M TSFR + 4.175%, 04/13/29		269,645		257,602
				1,064,351
Pharmaceuticals—0.2%
Gainwell Acquisition Corp.
Term Loan B, 8.730%, 3M LIBOR + 4.000%, 10/01/27		1,633,135		1,549,437
				1,549,437
Pipelines—0.1%
Freeport LNG Investments LLLP
Term Loan B, 7.743%, 3M LIBOR + 3.500%, 12/21/28		707,146		672,894
M6 ETX Holdings II Midco LLC
Term Loan B, 9.158%, 3M TSFR + 4.500%, 09/19/29		447,878		448,857
				1,121,751
Retail—0.3%
Foundation Building Materials Holding Co. LLC
Term Loan, 7.665%, 3M LIBOR + 3.250%, 01/31/28		250,502	$	237,351
IRB Holding Corp. Term Loan B, 7.317%, 1M TSFR + 3.000%, 12/15/27		461,135		447,733
SRS Distribution, Inc. Incremental Term Loan, 7.923%, 1M TSFR + 3.500%, 06/02/28		618,644		592,351
Staples, Inc. 7 Year Term Loan, 9.440%, 3M LIBOR + 5.000%, 04/16/26		188,399		174,652
White Cap Buyer LLC Term Loan B, 8.073%, 1M TSFR + 3.750%, 10/19/27		924,780		895,944
				2,348,031
Shipbuilding—0.1%
MHI Holdings LLC Term Loan B, 9.384%, 1M LIBOR + 5.000%, 09/21/26		803,676		794,635
Software—2.3%
Ascend Learning LLC 2nd Lien Term Loan, 10.134%, 1M LIBOR + 5.750%, 12/10/29		345,000		298,252
Athenahealth, Inc. Delayed Draw Term Loan, 4.580%, 1M TSFR+ 3.500%, 02/15/29 (j)		1,514,543		1,371,293
Term Loan B, 7.821%, 1M TSFR+ 3.500%, 02/15/29		3,891,691		3,523,604
Banff Merger Sub, Inc. 2021 USD Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/02/25		182,233		174,792
USD 2nd Lien Term Loan, 9.884%, 1M LIBOR + 5.500%, 02/27/26		1,141,000		1,053,048
CDK Global, Inc. USD Term Loan B, 9.080%, 3M TSFR + 4.500%, 07/06/29		268,000		266,178
Cloudera, Inc. 2nd Lien Term Loan, 10.384%, 1M LIBOR + 6.000%, 10/08/29		941,564		789,737
Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/08/28		919,618		874,212
EP Purchaser LLC Term Loan B, 8.230%, 3M LIBOR + 3.500%, 11/06/28		417,542		413,889
Epicor Software Corp. 2nd Lien Term Loan, 12.134%, 1M LIBOR + 7.750%, 07/31/28		210,000		207,900
Term Loan, 7.634%, 1M LIBOR + 3.250%, 07/30/27		270,121		260,330
Grab Holdings, Inc. Term Loan B, 8.890%, 1M LIBOR + 4.500%, 01/29/26		283,973		281,252
Greeneden U.S. Holdings II LLC USD Term Loan B4, 8.384%, 1M LIBOR + 4.000%, 12/01/27		440,342		423,719
Helios Software Holdings, Inc.
USD Term Loan B, 8.480%, 3M TSFR + 3.750%, 03/11/28		302,429		297,665
Planview Parent, Inc. 2nd Lien Term Loan, 11.980%, 3M LIBOR + 7.250%, 12/18/28		370,000		334,850
Polaris Newco LLC USD Term Loan B, 8.730%, 3M LIBOR + 4.000%, 06/02/28		326,363		298,622
Realpage, Inc. 2nd Lien Term Loan, 10.884%, 1M LIBOR + 6.500%, 04/23/29		1,610,154		1,555,811
Renaissance Holding Corp. 1st Lien Term Loan, 7.634%, 1M LIBOR + 3.250%, 05/30/25		12,219		11,700

See accompanying notes to financial statements.

BHFTI-24

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (h)—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
Severin Acquisition LLC Term Loan B, 7.094%, 1M LIBOR + 3.000%, 08/01/25		199,680	$	198,349
Sophia L.P. 2nd Lien Term Loan, 12.730%, 3M LIBOR + 8.000%, 10/09/28		1,828,000		1,823,430
Term Loan B, 8.230%, 3M LIBOR + 3.500%, 10/07/27		709,618		686,777
Sovos Compliance LLC
Term Loan, 8.884%, 1M LIBOR + 4.500%, 08/11/28		471,895		435,441
Tibco Software, Inc. 2022 USD Term Loan, 9.180%, 3M TSFR + 4.500%, 03/30/29		1,642,000		1,469,932
Ultimate Software Group, Inc. 2nd Lien Term Loan, 8.998%, 1M LIBOR + 5.250%, 05/03/27		1,214,500		1,121,894
Term Loan B, 8.134%, 1M LIBOR + 3.750%, 05/04/26		229,667		221,731
Veritas U.S., Inc.
USD Term Loan B, 9.730%, 3M LIBOR + 5.000%, 09/01/25		634,726		454,027
			18,848,435
Telecommunications—0.6%
Altice France S.A.
Term Loan B13, 8.650%, 3M LIBOR + 4.000%, 08/14/26		286,082		267,725
Delta TopCo, Inc.
Term Loan B, 8.154%, 3M LIBOR + 3.750%, 12/01/27		460,242		426,107
Digicel International Finance, Ltd.
Exit Term Loan B, 7.634%, 1M LIBOR + 3.250%, 05/28/24		1,529,508		1,291,160
Frontier Communications Corp.
DIP Term Loan B, 8.500%, 3M LIBOR + 3.750%, 05/01/28		691,680		662,283
Intelsat Jackson Holdings S.A.
Exit Term Loan B, 7.445%, 3M TSFR + 4.250%, 02/01/29		1,143,508		1,106,916
Zayo Group Holdings, Inc.
Term Loan, 7.384%, 1M LIBOR + 3.000%, 03/09/27		1,579,117		1,284,567
			5,038,758
Transportation—0.0%
AIT Worldwide Logistics, Inc.
Term Loan, 8.491%, 3M LIBOR + 4.750%, 04/06/28		294,275		271,224
Total Floating Rate Loans (Cost $92,710,363)				88,046,756
Convertible Bonds—0.5%
Airlines—0.0%
Air France-KLM 6.500%, 11/23/25 (EUR)		100,000		105,004
Commercial Services—0.0%
Nexi S.p.A.
Zero Coupon, 02/24/28 (EUR)		100,000		76,547
Engineering & Construction—0.0%
Cellnex Telecom S.A. 0.750%, 11/20/31 (EUR)		300,000		231,506
Internet—0.1%
Uber Technologies, Inc.
Zero Coupon, 12/15/25		777,000		654,433
Lodging—0.0%
Accor S.A. 0.700%, 12/07/27 (EUR)		80,400		35,294
Media—0.4%
Cable One, Inc.
Zero Coupon, 03/15/26		230,000		180,665
1.125%, 03/15/28 (a)		532,000		395,276
Liberty Broadband Corp. 1.250%, 09/30/50 (144A) (a)		997,000		962,105
2.750%, 09/30/50 (144A)		1,858,000		1,809,602
			3,347,648
Total Convertible Bonds (Cost $5,128,526)				4,450,432
Common Stocks—0.5%
Building Products—0.0%
Azek Co., Inc. (The) (a) (k)	452		9,185
Chemicals—0.1%
Diversey Holdings, Ltd. (a) (k)	82,488		351,399
Element Solutions, Inc.	36,277		659,878
			1,011,277
Containers & Packaging—0.1%
Ardagh Metal Packaging S.A.	75,788		364,540
IT Services—0.0%
Block, Inc. (a) (k)	2,424		152,324
Twilio, Inc. - Class A (k)	1,208		59,144
			211,468
Media—0.0%
Clear Channel Outdoor Holdings, Inc. (k)	37,855		39,748
Metals & Mining—0.1%
Constellium SE (a) (k)	71,641		847,513
Oil, Gas & Consumable Fuels—0.1%
Cheniere Energy, Inc.	2,446		366,802
Chesapeake Energy Corp.	6,550		618,124
			984,926
Road & Rail—0.0%
Uber Technologies, Inc. (k)	8,003		197,914

See accompanying notes to financial statements.

BHFTI-25

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Software—0.1%
Informatica, Inc. - Class A (a)(k)	27,646		$450,353
Total Common Stocks (Cost $5,833,276)			4,116,924
Escrow Shares—0.0%
Diversified Financial Services—0.0%
Lehman Brothers Holdings, Inc.	2,229,000		7,802
Total Escrow Shares (Cost $0)			7,802
Short-Term Investment — 1.3%
Repurchase Agreement—1.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $10,447,793; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $10,654,686.		10,445,704		10,445,704
Total Short-Term Investments (Cost $10,445,704)			10,445,704
Securities Lending Reinvestments (l)—8.3%
Certificates of Deposit—1.5%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (b)		1,000,000		1,001,351
Bank of Nova Scotia 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (b)		1,000,000		1,000,018
4.810%, SOFR + 0.510%, 03/15/23 (b)		1,000,000		1,000,420
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (b)		1,000,000		1,000,071
Cooperatieve Rabobank UA 4.830%, SOFR + 0.530%, 02/01/23 (b)		2,000,000		2,000,418
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (b)		2,000,000		2,000,789
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (b)		1,000,000		999,984
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (b)		2,000,000		2,003,036
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (b)		1,000,000		1,000,000
				12,006,087
Commercial Paper—0.7%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (b)		1,000,000		1,000,253
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (b)		1,000,000		1,001,362
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (b)		2,000,000		2,000,540
Commercial Paper—(Continued)
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (b)		2,000,000	$	2,000,000
				6,002,155
Repurchase Agreements—3.2%
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $6,605,480; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $6,740,228.	6,602,325		6,602,325
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $7,003,360; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $7,167,085.	7,000,000		7,000,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $500,236; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $510,903.		500,000		500,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $1,700,829; collateralized by various Common Stock with an aggregate market value of $1,891,840.		1,700,000		1,700,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $5,002,450; collateralized by various Common Stock with an aggregate market value of $5,564,235.		5,000,000		5,000,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $1,300,637; collateralized by various Common Stock with an aggregate market value of $1,447,149.		1,300,000		1,300,000
TD Prime Services LLC
Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $4,001,956; collateralized by various Common Stock with an aggregate market value of $4,458,228.		4,000,000		4,000,000
				26,102,325
Mutual Funds—2.9%
Allspring Government Money Market Fund, Select Class 4.090% (m)		1,000,000		1,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (m)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.060% (m)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (m)		5,000,000		5,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (m)		4,000,000		4,000,000

See accompanying notes to financial statements.

BHFTI-26

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (l)—(Continued)

Security Description	Shares		Value
Mutual Funds—(Continued)
HSBC U.S. Government Money Market Fund, Class I 4.130% (m)		5,000,000	$	5,000,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (m)		6,000,000		6,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (m)		1,000,000		1,000,000
			24,000,000
Total Securities Lending Reinvestments (Cost $68,102,348)			68,110,567
Total Purchased Options—0.1% (n) (Cost $421,223)			431,169
Total Investments—106.8% (Cost $971,651,438)			877,822,907
Unfunded Loan Commitments—(0.1)% (Cost $(563,261))			(563,261)
Net Investments—106.7% (Cost $971,088,177)			877,259,646
Other assets and liabilities (net)—(6.7)%			(55,576,037)
Net Assets—100.0%			$	821,683,609

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $2,714,566, which is 0.3% of net assets. See details shown in the Restricted Securities table that follows.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $91,902,123 and the collateral received consisted of cash in the amount of $68,102,353 and non-cash collateral with a value of $27,374,506. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(c)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(d)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(e)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(f)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets.
(g)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(h)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(i)	This loan will settle after December 31, 2022, at which time the interest rate will be determined.
(j)	Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(k)	Non-income producing security.
(l)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(m)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(n)	For a breakout of open positions, see details shown in the Purchased Options table that follows.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $528,964,400, which is 64.4% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Magenta Buyer LLC, 9.170%, 07/27/28		05/03/21-02/15/22	$	1,663,806	$	1,655,322	$	1,432,953
Magenta Buyer LLC, 12.670%, 07/27/29		05/03/21-07/28/21		1,089,000		1,076,185		860,310
Quorum Health Corp., 12.034%, 04/29/25		07/07/20-11/30/22		596,183		599,863		421,303
							$	2,714,566

See accompanying notes to financial statements.

BHFTI-27

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	13,561,000	DBAG		03/15/23		USD	14,519,410	$	(66,581	)
EUR	782,339	SCB		03/15/23		USD	837,635		(3,835	)
GBP	2,029,000	WBC		03/15/23		USD	2,481,242		24,016
Net Unrealized Depreciation								$	(46,400	)

Futures Contracts

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation
S&P 500 Index E-Mini Futures		03/17/23		(11	)		USD	(2,123,550	)	$	90,285
U.S. Treasury Long Bond Futures		03/22/23		(15	)		USD	(1,880,156	)		12,467
U.S. Treasury Note 10 Year Futures		03/22/23		(73	)		USD	(8,197,672	)		24,998
U.S. Treasury Note 5 Year Futures		03/31/23		(6	)		USD	(647,578	)		271
U.S. Treasury Ultra Long Bond Futures		03/22/23		(106	)		USD	(14,237,125	)		12,930
Net Unrealized Appreciation										$	140,951

Purchased Options

Exchange-Traded Options		Strike Price		Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Put - Euro STOXX 50 Index Futures Contracts	EUR		3,725.000		01/20/23		5		EUR	50	$	3,246	$	1,943	$	(1,303	)
Put - SPDR S&P 500 ETF Trust	USD		380.000		01/20/23		713		USD	71,300		417,977		429,226		11,249
											$	421,223	$	431,169	$	9,946

Written Options

Exchange-Traded Options		Strike Price		Expiration Date		Number of Contracts		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Put - Euro STOXX 50 Index Futures Contracts	EUR		3,550.000		01/20/23		(5)		EUR	(50	)	$	(1,706	)	$	(492	)	$	1,214
Put - SPDR S&P 500 ETF Trust	USD		360.000		01/20/23		(713)		USD	(71,300	)		(160,984	)		(94,829	)		66,155
												$	(162,690	)	$	(95,321	)	$	67,369

Swap Agreements

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

Reference Obligation	Fixed Deal (Pay) Rate	Payment Frequency	Maturity Date	Implied Credit Spread at December  31, 2022(b)	Notional Amount(c)		Market Value	Upfront Premiums Paid/ (Received)	Unrealized Appreciation/ (Depreciation)
ITRX.FINSUB.38.V1	(1.000%)	Quarterly	12/20/27	1.729%	EUR	92,000	$3,184	$7,137	$(3,952)

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

Reference Obligation	Fixed Deal Receive Rate	Payment Frequency	Maturity Date	Implied Credit Spread at December 31, 2022(b)	Notional Amount(c)		Market Value	Upfront Premiums Paid/ (Received)	Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.39.V1	5.000%	Quarterly	12/20/27	4.841%	USD	3,485,860	$21,466	$(68,588)	$90,055

See accompanying notes to financial statements.

BHFTI-28

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date	Counterparty		Implied Credit Spread at December 31, 2022(b)			Notional Amount(c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
ADLER Real Estate AG 2.125%, due 02/06/24		5.000	%		Quarterly	12/20/27		BBP		17.044	%		EUR	1,762	$	(459	)	$	(409	)	$	(50	)
ADLER Real Estate AG 2.125%, due 02/06/24		5.000	%		Quarterly	12/20/27		BBP		17.044	%		EUR	4,952		(1,289	)		(1,148	)		(141	)
ADLER Real Estate AG 2.125%, due 02/06/24		5.000	%		Quarterly	12/20/27		CBNA		17.044	%		EUR	1,437		(374	)		(343	)		(31	)
ADLER Real Estate AG 2.125%, due 02/06/24		5.000	%		Quarterly	12/20/27		JPMC		17.044	%		EUR	1,849		(481	)		(431	)		(50	)
CMA CGM S.A 7.500%, due 01/15/26		5.000	%		Quarterly	06/20/27		JPMC		4.101	%		EUR	30,000		1,081			996			85
CMA CGM S.A 7.500%, due 01/15/26		5.000	%		Quarterly	06/20/27		JPMC		4.101	%		EUR	15,000		540			498			42
CMA CGM S.A. 7.500%, due 01/15/26		5.000	%		Quarterly	06/20/27		CSI		4.101	%		EUR	110,000		3,963			4,545			(582	)
Casino Guichard Perrachon S.A. 4.048%, due 08/05/26		5.000	%		Quarterly	06/20/23		JPMC		16.119	%		EUR	50,000		(2,668	)		(2,157	)		(511	)
Century Link, Inc. 6.150%, due 09/15/19		1.000	%		Quarterly	12/20/23		BBP		2.227	%		USD	348,000		(4,020	)		(5,171	)		1,151
Intrum AB 3.125% due 07/15/24		5.000	%		Quarterly	12/20/26		CSI		7.153	%		EUR	100,000		(7,059	)		6,554			(13,613	)
Jaguar Land Rover Automotive plc 2.200%, due 01/15/24		5.000	%		Quarterly	12/20/26		BBP		9.968	%		EUR	25,380		(3,893	)		894			(4,787	)
Jaguar Land Rover Automotive plc 2.200%, due 01/15/24		5.000	%		Quarterly	12/20/26		CSI		9.968	%		EUR	24,671		(3,784	)		919			(4,703	)
K&S AG 3.250%, due 07/18/24		5.000	%		Quarterly	12/20/26		JPMC		2.531	%		EUR	60,000		5,607			4,334			1,273
Ladbrokes Group Finance plc 5.125%, due 09/08/23		1.000	%		Quarterly	06/20/27		JPMC		2.900	%		EUR	30,000		(2,369	)		(2,995	)		626
Ladbrokes Group Finance plc 5.125%, due 09/16/22		1.000	%		Quarterly	06/20/27		JPMC		2.900	%		EUR	110,000		(8,688	)		(19,461	)		10,773
Novafives SAS 5.000%, due 06/15/25		5.000	%		Quarterly	06/20/23		CBNA		11.908	%		EUR	40,000		(1,336	)		(1,378	)		42
Rolls Royce plc 2.125%, due 06/18/21		1.000	%		Quarterly	06/20/25		CBNA		2.486	%		EUR	10,755		(395	)		(953	)		558
Saipem Finance International B.V. 3.750%, due 09/08/23		5.000	%		Quarterly	12/20/25		JPMC		6.057	%		EUR	100,000		(2,851	)		(1,935	)		(916	)
ThyssenKrupp AG 2.500%, due 02/25/25		5.000	%		Quarterly	12/20/23		BBP		3.235	%		EUR	50,000		893			826			67
Virgin Media Finance plc 3.750%, due 7/15/30		5.000	%		Quarterly	12/20/25		JPMC		3.688	%		EUR	30,000		1,126			2,518			(1,392	)
Totals															$	(26,456	)	$	(14,297	)	$	(12,159	)

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

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

See accompanying notes to financial statements.

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Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2022

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

Glossary of Abbreviations

Counterparties

(BBP)—	Barclays Bank plc
(CBNA)—	Citibank N.A.
(CSI)—	Credit Suisse International
(DBAG)—	Deutsche Bank AG
(JPMC)—	JPMorgan Chase Bank N.A.
(SCB)—	Standard Chartered Bank
(WBC)—	Westpac Banking Corp.

Currencies

(EUR)—	Euro
(GBP)—	British Pound
(USD)—	United States Dollar

Index Abbreviations

(CDX.NA.HY)—	Markit North America High Yield CDS Index
(EURIBOR)—	Euro InterBank Offered Rate
(FEDEFF PRV)—	Effective Federal Funds Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(ITRX.FINSUB)—	Markit iTraxx Europe Subordinated Financial CDS Index
(LIBOR)—	London Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate
(TSFR)—	Term Secured Financing Rate
(UKG)—	U.K. Government Bond

Other Abbreviations

(DAC)—	Designated Activity Company
(ETF)—	Exchange-Traded Fund
(ICE)—	IntercontinentalExchange, Inc.

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Advertising	$	—	$	10,507,263	$	—	$	10,507,263
Aerospace/Defense		—		31,490,779		—		31,490,779
Agriculture		—		1,139,765		—		1,139,765
Airlines		—		15,243,103		—		15,243,103
Apparel		—		1,229,173		—		1,229,173
Auto Manufacturers		—		10,516,786		—		10,516,786
Auto Parts & Equipment		—		10,665,324		—		10,665,324
Banks		—		12,226,089		—		12,226,089
Biotechnology		—		189,181		—		189,181
Building Materials		—		6,250,012		—		6,250,012
Chemicals		—		17,148,214		—		17,148,214
Commercial Services		—		40,132,805		—		40,132,805
Computers		—		7,079,192		—		7,079,192

See accompanying notes to financial statements.

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Brighthouse Funds Trust I

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Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Cosmetics/Personal Care	$	—	$	176,889	$	—	$	176,889
Distribution/Wholesale		—		739,166		—		739,166
Diversified Financial Services		—		19,855,655		—		19,855,655
Electric		—		10,331,692		—		10,331,692
Electrical Components & Equipment		—		1,840,389		—		1,840,389
Electronics		—		5,557,295		—		5,557,295
Energy-Alternate Sources		—		263,123		—		263,123
Engineering & Construction		—		1,711,039		—		1,711,039
Entertainment		—		29,361,997		—		29,361,997
Environmental Control		—		6,680,505		—		6,680,505
Food		—		16,122,742		—		16,122,742
Food Service		—		2,149,320		—		2,149,320
Healthcare-Products		—		5,640,700		—		5,640,700
Healthcare-Services		—		22,487,366		—		22,487,366
Home Builders		—		3,906,766		—		3,906,766
Home Furnishings		—		784,305		—		784,305
Household Products/Wares		—		1,018,141		—		1,018,141
Housewares		—		1,715,949		—		1,715,949
Insurance		—		17,410,710		—		17,410,710
Internet		—		14,055,103		—		14,055,103
Investment Companies		—		5,384,550		—		5,384,550
Iron/Steel		—		5,899,105		—		5,899,105
Leisure Time		—		15,093,868		—		15,093,868
Lodging		—		5,139,512		—		5,139,512
Machinery-Construction & Mining		—		3,375,787		—		3,375,787
Machinery-Diversified		—		9,360,810		—		9,360,810
Media		—		45,424,865		—		45,424,865
Metal Fabricate/Hardware		—		2,106,116		—		2,106,116
Mining		—		14,284,462		—		14,284,462
Miscellaneous Manufacturing		—		1,333,721		—		1,333,721
Office/Business Equipment		—		900,080		—		900,080
Oil & Gas		—		50,298,116		—		50,298,116
Oil & Gas Services		—		4,145,257		—		4,145,257
Packaging & Containers		—		17,434,981		—		17,434,981
Pharmaceuticals		—		6,349,050		—		6,349,050
Pipelines		—		50,148,242		—		50,148,242
Real Estate		—		3,135,581		0		3,135,581
Real Estate Investment Trusts		—		18,962,090		—		18,962,090
Retail		—		18,946,016		—		18,946,016
Semiconductors		—		9,024,319		—		9,024,319
Shipbuilding		—		115,269		—		115,269
Software		—		38,241,908		—		38,241,908
Telecommunications		—		47,932,499		—		47,932,499
Toys/Games/Hobbies		—		1,411,061		—		1,411,061
Transportation		—		1,066,273		—		1,066,273
Trucking & Leasing		—		902,249		—		902,249
Water		—		171,228		—		171,228
Total Corporate Bonds & Notes		—		702,213,553		0		702,213,553
Total Floating Rate Loans (Less Unfunded Loan Commitments of $563,261)*		—		87,483,495		—		87,483,495
Total Convertible Bonds*		—		4,450,432		—		4,450,432
Total Common Stocks*		4,116,924		—		—		4,116,924
Total Escrow Shares*		—		7,802		—		7,802
Total Short-Term Investment*		—		10,445,704		—		10,445,704
Securities Lending Reinvestments
Certificates of Deposit		—		12,006,087		—		12,006,087
Commercial Paper		—		6,002,155		—		6,002,155
Repurchase Agreements		—		26,102,325		—		26,102,325

See accompanying notes to financial statements.

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Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Mutual Funds	$	24,000,000		$	—		$	—	$	24,000,000
Total Securities Lending Reinvestments		24,000,000			44,110,567			—		68,110,567
Total Purchased Options at Value		431,169			—			—		431,169
Total Net Investments	$	28,548,093		$	848,711,553		$	0	$	877,259,646
Collateral for Securities Loaned (Liability)	$	—		$	(68,102,353	)	$	—	$	(68,102,353	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	24,016		$	—	$	24,016
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(70,416	)		—		(70,416	)
Total Forward Contracts	$	—		$	(46,400	)	$	—	$	(46,400	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	140,951		$	—		$	—	$	140,951
Total Written Options at Value	$	(95,321	)	$	—		$	—	$	(95,321	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	90,055		$	—	$	90,055
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(3,952	)		—		(3,952	)
Total Centrally Cleared Swap Contracts	$	—		$	86,103		$	—	$	86,103
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	13,210		$	—	$	13,210
OTC Swap Contracts at Value (Liabilities)		—			(39,666	)		—		(39,666	)
Total OTC Swap Contracts	$	—		$	(26,456	)	$	—	$	(26,456	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

See accompanying notes to financial statements.

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Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b) (c)	$	877,259,646
Cash		1,051,826
Cash collateral (d)		1,524,000
OTC swap contracts at market value (e)		13,210
Unrealized appreciation on forward foreign currency exchange contracts		24,016
Receivable for:
Investments sold		678,174
Fund shares sold		19,533
Dividends and interest		12,617,310
Variation margin on futures contracts		83,179
Interest on OTC swap contracts		1,310
Prepaid expenses		3,466
Other assets		32,074
Total Assets		893,307,744
Liabilities
Cash due to custodian denominated in foreign currencies (f)		105,477
Written options at value (g)		95,321
OTC swap contracts at market value (h)		39,666
Unrealized depreciation on forward foreign currency exchange contracts		70,416
Collateral for securities loaned		68,102,353
Payables for:
Investments purchased		2,126,547
Fund shares redeemed		119,719
Variation margin on centrally cleared swap contracts		449
Accrued Expenses:
Management fees		415,016
Distribution and service fees		115,118
Deferred trustees’ fees		163,276
Other expenses		270,777
Total Liabilities		71,624,135
Net Assets	$	821,683,609
Net Assets Consist of:
Paid in surplus	$	916,014,689
Distributable earnings (Accumulated losses)		(94,331,080	)
Net Assets	$	821,683,609
Net Assets
Class A	$	296,013,574
Class B		525,670,035
Capital Shares Outstanding*
Class A		43,080,191
Class B		77,863,585
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	6.87
Class B		6.75

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $971,088,177.
(b)	Includes securities loaned at value of $91,902,123.
(c)	Investments at value is net of unfunded loan commitments of $563,261.
(d)	Includes collateral of $1,038,000 for futures contracts, $346,000 for centrally cleared swap contracts, $100,000 for exchange-traded options and $40,000 for OTC swap contracts.
(e)	Net premium paid on OTC swap contracts was $13,717.
(f)	Identified cost of cash due to custodian denominated in foreign currencies was $104,808.
(g)	Premiums received on written options were $162,690.
(h)	Net premium received on OTC swap contracts was $28,014.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	463,377
Interest		51,045,062
Securities lending income		303,764
Total investment income		51,812,203
Expenses
Management fees		5,323,390
Administration fees		56,906
Custodian and accounting fees		290,144
Distribution and service fees—Class B		1,392,579
Audit and tax services		85,903
Legal		45,080
Trustees’ fees and expenses		9,574
Shareholder reporting		43,548
Insurance		6,934
Miscellaneous		18,507
Total expenses		7,272,565
Less management fee waiver		(193,616	)
Net expenses		7,078,949
Net Investment Income		44,733,254
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(32,624,766	)
Purchased options		23,108
Futures contracts		1,974,160
Written options		53,362
Swap contracts		93,073
Foreign currency transactions		63,732
Forward foreign currency transactions		2,285,240
Net realized gain (loss)		(28,132,091	)
Net change in unrealized appreciation (depreciation) on:
Investments		(119,427,526	)
Purchased options		15,502
Futures contracts		142,301
Written options		62,585
Swap contracts		3,248
Foreign currency transactions		17,360
Forward foreign currency transactions		214,089
Net change in unrealized appreciation (depreciation)		(118,972,441	)
Net realized and unrealized gain (loss)		(147,104,532	)
Net Increase (Decrease) in Net Assets From Operations	$	(102,371,278	)

(a) Net of foreign withholding taxes of $8,185.

See accompanying notes to financial statements.

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Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	44,733,254		$	39,895,606
Net realized gain (loss)		(28,132,091	)		26,187,996
Net change in unrealized appreciation (depreciation)		(118,972,441	)		(17,948,143	)
Increase (decrease) in net assets from operations		(102,371,278	)		48,135,459
From Distributions to Shareholders
Class A		(17,105,840	)		(16,217,597	)
Class B		(28,103,675	)		(21,336,484	)
Total distributions		(45,209,515	)		(37,554,081	)
Increase (decrease) in net assets from capital share transactions		(34,907,540	)		159,950,991
Total increase (decrease) in net assets		(182,488,333	)		170,532,369
Net Assets
Beginning of period		1,004,171,942			833,639,573
End of period	$	821,683,609		$	1,004,171,942

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		922,824		$	6,778,645			2,566,853		$	20,670,733
Reinvestments		2,519,270			17,105,840			2,047,676			16,217,597
Redemptions		(8,891,964	)		(64,467,804	)		(4,336,907	)		(34,825,560	)
Net increase (decrease)		(5,449,870	)	$	(40,583,319	)		277,622		$	2,062,770
Class B
Sales		10,842,297		$	77,478,203			23,484,871		$	185,875,955
Reinvestments		4,207,137			28,103,675			2,735,447			21,336,484
Redemptions		(14,260,247	)		(99,906,099	)		(6,250,560	)		(49,324,218	)
Net increase (decrease)		789,187		$	5,675,779			19,969,758		$	157,888,221
Increase (decrease) derived from capital shares transactions				$	(34,907,540	)				$	159,950,991

See accompanying notes to financial statements.

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Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.08		$	7.98		$	7.84		$	7.25		$	7.84
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.38			0.36			0.38			0.41			0.42
Net realized and unrealized gain (loss)		(1.21	)		0.08			0.19			0.65			(0.61	)
Total income (loss) from investment operations		(0.83	)		0.44			0.57			1.06			(0.19	)
Less Distributions
Distributions from net investment income		(0.38	)		(0.34	)		(0.43	)		(0.47	)		(0.40	)
Total distributions		(0.38	)		(0.34	)		(0.43	)		(0.47	)		(0.40	)
Net Asset Value, End of Period	$	6.87		$	8.08		$	7.98		$	7.84		$	7.25
Total Return (%) (b)		(10.17	)		5.54			7.76			15.05			(2.58	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.66			0.66			0.68			0.68			0.69
Gross ratio of expenses to average net assets excluding interest expense (%)		0.66			0.66			0.68			0.68			0.68
Net ratio of expenses to average net assets (%) (c)		0.64			0.64			0.66			0.68			0.69
Net ratio of expenses to average net assets excluding interest expense (%) (c)		0.64			0.64			0.66			0.68			0.68
Ratio of net investment income (loss) to average net assets (%)		5.18			4.42			5.09			5.31			5.43
Portfolio turnover rate (%)		42			48			85			79			72
Net assets, end of period (in millions)	$	296.0		$	392.0		$	385.0		$	384.5		$	385.5
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.94		$	7.86		$	7.73		$	7.15		$	7.74
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.35			0.33			0.36			0.38			0.39
Net realized and unrealized gain (loss)		(1.17	)		0.07			0.18			0.66			(0.60	)
Total income (loss) from investment operations		(0.82	)		0.40			0.54			1.04			(0.21	)
Less Distributions
Distributions from net investment income		(0.37	)		(0.32	)		(0.41	)		(0.46	)		(0.38	)
Total distributions		(0.37	)		(0.32	)		(0.41	)		(0.46	)		(0.38	)
Net Asset Value, End of Period	$	6.75		$	7.94		$	7.86		$	7.73		$	7.15
Total Return (%) (b)		(10.33	)		5.18			7.51			14.85			(2.87	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.91			0.91			0.93			0.93			0.94
Gross ratio of expenses to average net assets excluding interest expense (%)		0.91			0.91			0.93			0.93			0.93
Net ratio of expenses to average net assets (%) (c)		0.89			0.89			0.91			0.93			0.94
Net ratio of expenses to average net assets excluding interest expense (%) (c)		0.89			0.89			0.91			0.93			0.93
Ratio of net investment income (loss) to average net assets (%)		4.96			4.17			4.83			5.06			5.19
Portfolio turnover rate (%)		42			48			85			79			72
Net assets, end of period (in millions)	$	525.7		$	612.2		$	448.7		$	344.7		$	250.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-35

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

BHFTI-36

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses

BHFTI-37

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of December 31, 2022, the Portfolio had open unfunded loan commitments of $563,261. At December 31, 2022, the Portfolio had sufficient cash and/or securities to cover these commitments.

BHFTI-38

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Due to Custodian - Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $105,477 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at December 31, 2022. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio’s average overdraft advances during the year ended December 31, 2022 were not significant.

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

BHFTI-39

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $10,445,704. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $26,102,325. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

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

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(636,519	)	$	—	$	—	$	—	$	(636,519	)
Convertible Bonds		(1,375,330	)		—		—		—		(1,375,330	)
Corporate Bonds & Notes		(66,090,504	)		—		—		—		(66,090,504	)
Total Borrowings	$	(68,102,353	)	$	—	$	—	$	—	$	(68,102,353	)
Gross amount of recognized liabilities for securities lending transactions										$	(68,102,353	)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign

BHFTI-40

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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

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

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

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

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

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing

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sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

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

An Option on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

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

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

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

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not

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otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

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

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

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

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2022, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

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The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a) (b)	$	50,666
Credit	OTC swap contracts at market value (c)		13,210	OTC swap contracts at market value (c)	$	39,666
	Unrealized appreciation on centrally cleared swap contracts (a) (d)		90,055	Unrealized depreciation on centrally cleared swap contracts (a) (d)		3,952
Equity	Investments at market value (a) (e)		431,169	Written options at value (a)		95,321
	Unrealized appreciation on futures contracts (a) (b)		90,285
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		24,016	Unrealized depreciation on forward foreign currency exchange contracts		70,416
Total		$	699,401		$	209,355

(a)	Financial instrument not subject to a master netting agreement.
(b)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(c)	Excludes OTC swap interest receivable of $1,310.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(e)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

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

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Barclays Bank plc	$	893	$	(893	)	$	—	$	—
Credit Suisse International		3,963		(3,963	)		—		—
JPMorgan Chase Bank N.A.		8,354		(8,354	)		—		—
Westpac Banking Corp.		24,016		—			—		24,016
	$	37,226	$	(13,210	)	$	—	$	24,016

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	9,661	$	(893	)	$	(8,768	)	$	—
Citibank N.A.		2,105		—			(2,105	)		—
Credit Suisse International		10,843		(3,963	)		—			6,880
Deutsche Bank AG		66,581		—			—			66,581
JPMorgan Chase Bank N.A.		17,057		(8,354	)		—			8,703
Standard Chartered Bank		3,835		—			—			3,835
	$	110,082	$	(13,210	)	$	(10,873	)	$	85,999

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

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The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Credit			Equity			Foreign Exchange		Total
Purchased options . . . . . . . . . . . . . .	$	—	$	(11,011	)	$	34,119		$	—	$	23,108
Forward foreign currency transactions . . . . .		—		—			—			2,285,240		2,285,240
Swap contracts . . . . . . . . . . . . . . . .		—		93,073			—			—		93,073
Futures contracts . . . . . . . . . . . . . . .		2,079,522		—			(105,362	)		—		1,974,160
Written options . . . . . . . . . . . . . . . .		—		(8,676	)		62,038			—		53,362
	$	2,079,522	$	73,386		$	(9,205	)	$	2,285,240	$	4,428,943
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Credit			Equity			Foreign Exchange		Total
Purchased options . . . . . . . . . . . . . .	$	—	$	—		$	15,502		$	—	$	15,502
Forward foreign currency transactions . . . . .		—		—			—			214,089		214,089
Swap contracts . . . . . . . . . . . . . . . .		—		3,248			—			—		3,248
Futures contracts . . . . . . . . . . . . . . .		52,016		—			90,285			—		142,301
Written options . . . . . . . . . . . . . . . .		—		—			62,585			—		62,585
	$	52,016	$	3,248		$	168,372		$	214,089	$	437,725

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options . . . . . . . . . . . . . . . .	$	269,606
Forward foreign currency transactions . .		24,547,450
Futures contracts long . . . . . . . . . . . . .		4,775,094
Futures contracts short . . . . . . . . . . . . .		(13,314,644	)
Swap contracts . . . . . . . . . . . . . . . . . .		3,804,121
Written options . . . . . . . . . . . . . . . . .		(129,850	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

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In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant

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Notes to Financial Statements—December 31, 2022—(Continued)

clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

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

BHFTI-47

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	365,665,638	$	0	$	386,895,382

The Portfolio engaged in security transactions with other accounts managed by BlackRock Financial Management, Inc., the subadviser to the Portfolio, that amounted to $389,552 in sales of investments, which are included above, and resulted in net realized gains of $16,552.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.600% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $5,323,390.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. BlackRock Financial Management, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period effective April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.050%	Over $500 Million

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

The Subadviser has agreed to waive the subadvisory fee it receives in an amount equal to any advisory fee it receives as a result of any investment by the Portfolio in any investment company, unit investment trust or other collective investment fund, registered or nonregistered, for which the Subadviser or any of its affiliates serves as investment adviser. The Adviser has agreed to waive a portion of the management fee related to the Subadviser’s waiving of its subadvisory fee on funds where the Subadviser or any of its affiliates serves as investment adviser. No fees were waived during the year ended December 31, 2022.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

BHFTI-48

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	975,904,532
Gross unrealized appreciation		3,554,613
Gross unrealized (depreciation)		(102,132,041	)
Net unrealized appreciation (depreciation)	$	(98,577,428	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$45,209,515	$	37,554,081	$	—	$	—	$	45,209,515	$	37,554,081

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$48,029,980	$	—	$	(98,565,146	)	$	(43,632,637	)	$	(94,167,803	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $5,751,739 and accumulated long-term capital losses of $37,880,898.

9. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end

BHFTI-49

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-50

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the BlackRock High Yield Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the BlackRock High Yield Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the BlackRock High Yield Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-51

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-52

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-53

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-54

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-55

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

BlackRock High Yield Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and BlackRock Financial Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees were above the Expense Group median, equal to the Expense Universe median, and below the Sub-advised Expense Universe median. The Board also considered noted that the Portfolio’s total expenses (exclusive of 12b-1 fees) were above the Expense Group median and below the Expense Universe median and the Sub-advised

BHFTI-56

Brighthouse Funds Trust I

BlackRock High Yield Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-57

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse Asset Allocation 100 Portfolio returned -19.89% and -20.15%, respectively. The Portfolio’s benchmark, the Dow Jones Aggressive Portfolio Index¹, returned -16.96%.

MARKET ENVIRONMENT/CONDITIONS

There was no disguising the woeful performance in 2022. Investors braced against stark price declines in equity and bond markets for most of the year before a fourth quarter rally finally offered some relief. Early in the period, markets treaded cautiously as the Russia-Ukraine conflict and mounting inflationary pressures spurred economic uncertainty and volatility. U.S. Federal Reserve (the “Fed”) concern over elevated price levels prompted the Fed to raise the Fed Funds rate in March for the first time in more than three years.

Market conditions continued to worsen in the second quarter. Consumer Price Index (“CPI”) data pointed to persistently high prices and emboldened the Fed to implement progressive rate increases in May and June in an effort to curb the inflationary threat. Under a monetary tightening environment, the yield on the 10-year U.S. Treasury rose by 1.50% in the first half of year and upended fixed income markets. Equities were no safe haven for investors and slid further as recessionary fears emerged in the period. Economic growth retreated as the real growth domestic product (“GDP”) rate contracted during the first and second quarters by 1.4% and 0.6%, respectively on an annualized basis.

A tumultuous market carried on into the third quarter. Despite a deceleration in the rate of price increases for headline CPI, the Fed pressed forward with 0.75% rate hikes in July and September. Concern of a prolonged policy tightening cycle and a slowdown in economic growth appeared to support the prospect the worst may not be over and extended bond and equity market losses through the first nine months of the year.

Overall, markets rebounded to close out the final quarter of 2022. Declines in year-over-year CPI levels signaled a potential easing of inflation and bolstered investor expectations the Fed may begin to scale back on future rate hikes. While equities and bonds saw positive results during the quarter, the damage for the year had already been solidified.

In 2022, the S&P 500 Index returned -18.11%. International equities and emerging market equities, as measured by the MSCI EAFE Index and MSCI Emerging Markets Index, returned -14.45% and -20.09%, respectively. Within U.S. fixed income, core bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -13.01% for the year ended December 31, 2022.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Brighthouse Asset Allocation 100 Portfolio invests in underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to maintain a broad asset allocation of approximately 100% to equities, although some residual cash is expected to be held by the underlying portfolios.

Over the twelve-month period, the Portfolio underperformed the Dow Jones Aggressive Portfolio Index. Performance weakness occurred within the underlying mid cap, small cap, and non-U.S. equity portfolios.

Performance from the underlying mid cap and small cap equity portfolios was a detractor for the period, while large cap equity outperformed over the year. Within large cap, the Invesco Comstock Portfolio was a primary contributor and outperformed its benchmark by 8.4%. Key performance drivers were an overweight to Energy and an underweight to the Communication Services sectors, and positive selection within Health Care. The T. Rowe Price Large Cap Value Portfolio exceeded its benchmark by 2.6%. An underweight to Communication Services and positive security selection across the Financials, Consumer Staples, Consumer Discretionary, and Information Technology (“IT”) sectors benefited relative results. The T. Rowe Price Growth Portfolio, on the other hand, underperformed its benchmark by 11.3%. Leading relative detractors were weak security selection in the Consumer Discretionary, IT, and Communication Services sectors. An overweight to Communication Services and Consumer Discretionary, and an underweight to Consumer Staples, further detracted from results. In mid cap, the Morgan Stanley Discovery Portfolio underperformed its benchmark by 35.7%. The largest relative detractors were a result of weak security selection in the IT and Consumer Discretionary sectors and an overweight to Communication Services. The Frontier Mid Cap Growth Portfolio underperformed by 1.4% versus its benchmark. Negative security selection and an underweight to Energy were primary detractors over the period. Weak security selection in Financials and IT further pressured results. Within small cap equities, the Invesco Small Cap Growth Portfolio lagged its benchmark by 8.7%. Selection in the Health Care, Industrials, and Materials sectors were primarily responsible for the relative underperformance. The Neuberger Berman Genesis Portfolio underperformed by 4.7% versus its benchmark. Results were pressured by an underweight to the Energy sector and an overweight to the IT sector. The Loomis Sayles Small Cap Growth Portfolio outperformed its benchmark by 3.4%. Positive security selection in Health Care, Financials, and IT drove relative results.

The non-U.S. equity portfolios detracted from performance over the period. The Baillie Gifford International Stock Portfolio under-

BHFTI-1

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Managed by Brighthouse Investment Advisers, LLC

Portfolio Manager Commentary*—(Continued)

performed its benchmark by 12.6%. At the sector level, weak security selection in Industrials, Consumer Discretionary, and Health Care were leading detractors. The Invesco Global Equity Portfolio lagged its benchmark by 13.3%. Returns were negatively impacted by a combination of weak security selection in Health Care, Communication Services, Industrials, and IT sectors, along with an overweight to Communication Services and IT, and a lack of exposure to Energy. The Harris Oakmark International Portfolio lagged its benchmark by 1.3%. Returns were negatively impacted by a lack of exposure to Energy, an overweight to Consumer Discretionary, and security selection in Financials. Within emerging market equities, the Brighthouse/abrdn Emerging Markets Equity Portfolio underperformed its benchmark by 5.5%. Negative security selection in the Energy and Consumer Discretionary sectors were the largest relative detractors over the period. At the country level, security selection in China and exposure to Russia were notable detractors.

Investment Committee

Brighthouse Investment Advisers, LLC

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

¹ The Dow Jones Aggressive Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The aggressive portfolio allocates 100% to equities.

BHFTI-2

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

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

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Brighthouse Asset Allocation 100 Portfolio
Class A		–19.89		5.44		8.94
Class B		–20.15		5.16		8.67
Dow Jones Aggressive Portfolio Index		–16.96		5.62		9.02

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
MFS Value Portfolio(Class A)		6.5
Loomis Sayles Growth Portfolio(Class A)		6.1
Invesco Comstock Portfolio(Class A)		6.0
Harris Oakmark International Portfolio(Class A)		6.0
T. Rowe Price Large Cap Value Portfolio(Class A)		6.0
Brighthouse/Dimensional International Small Company Portfolio(Class A)		5.3
Brighthouse/Wellington Core Equity Opportunities Portfolio(Class A)		5.2
T. Rowe Price Large Cap Growth Portfolio(Class A)		5.1
Jennison Growth Portfolio(Class A)		4.9
Baillie Gifford International Stock Portfolio(Class A)		4.6

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		46.9
International Developed Market Equities		23.6
U.S. Small Cap Equities		12.6
Emerging Market Equities		5.0
U.S. Mid Cap Equities		4.5
Global Equities		4.4
Real Estate Equities		3.0

BHFTI-3

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Asset Allocation 100 Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.74	%	$	1,000.00	$	1,031.10	$	3.79
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.48	$	3.77
Class B (a)	Actual		0.99	%	$	1,000.00	$	1,029.20	$	5.06
	Hypothetical*		0.99	%	$	1,000.00	$	1,020.22	$	5.04

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTI-4

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Schedule of Investments as of December 31, 2022

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Allspring Mid Cap Value Portfolio (Class A) (a)		1,320,828	$	15,902,773
Baillie Gifford International Stock Portfolio (Class A) (b)		7,791,597		69,656,876
BlackRock Capital Appreciation Portfolio (Class A) (b)		2,086,553		51,516,986
Brighthouse Small Cap Value Portfolio (Class A) (a)		3,422,478		46,545,696
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a)		4,994,637		41,855,059
Brighthouse/Artisan International Portfolio (Class A) (a)		7,347,709		67,158,064
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		54,416		11,549,758
Brighthouse/Dimensional International Small Company Portfolio (Class A) (b)		8,508,578		79,895,546
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		2,632,558		79,213,673
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		4,932,717		57,762,118
CBRE Global Real Estate Portfolio (Class A) (a)		4,684,479		44,970,997
Frontier Mid Cap Growth Portfolio (Class A) (b)		703,744		14,975,665
Harris Oakmark International Portfolio (Class A) (a)		8,057,187		90,482,212
Invesco Comstock Portfolio (Class A) (a)		6,424,527		90,521,589
Invesco Global Equity Portfolio (Class A) (a)		1,964,070		37,003,087
Invesco Small Cap Growth Portfolio (Class A) (a)		3,645,532		26,612,380
Jennison Growth Portfolio (Class A) (b)		7,900,349		73,868,265
JPMorgan Small Cap Value Portfolio (Class A) (a)		2,838,745		31,368,136
Loomis Sayles Growth Portfolio (Class A) (a)		8,570,265		92,473,163
Loomis Sayles Small Cap Growth Portfolio (Class A) (b)		4,488,483		42,595,706
Affiliated Investment Companies—(Continued)
MFS Research International Portfolio (Class A) (a)		4,651,763		51,634,571
MFS Value Portfolio (Class A) (b)		6,646,135		99,093,875
Morgan Stanley Discovery Portfolio (Class A) (a)		1,472,873		5,965,136
Neuberger Berman Genesis Portfolio (Class A) (b)		1,004,136		17,582,421
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a)		3,793,121		33,948,437
T. Rowe Price Large Cap Growth Portfolio (Class A) (b)		5,464,289		77,046,469
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		3,144,518		90,467,772
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		1,393,664		11,595,283
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		1,609,231		26,986,804
VanEck Global Natural Resources Portfolio (Class A) (b)		2,379,539		30,243,937
Victory Sycamore Mid Cap Value Portfolio (Class A) (a)		391,421		7,898,885
Total Mutual Funds (Cost $1,777,411,617)				1,518,391,339
Total Investments—100.0% (Cost $1,777,411,617)				1,518,391,339
Other assets and liabilities (net)—0.0%				(541,912	)
Net Assets—100.0%			$	1,517,849,427

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) A Portfolio of Brighthouse Funds Trust I. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)

(b) A Portfolio of Brighthouse Funds Trust II. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies		$1,518,391,339		$—		$—		$1,518,391,339
Total Investments		$1,518,391,339		$—		$—		$1,518,391,339

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Affiliated investments at value (a)	$	1,518,391,339
Receivable for:
Affiliated investments sold		448,675
Fund shares sold		34,697
Total Assets		1,518,874,711
Liabilities
Payables for:
Fund shares redeemed		483,372
Accrued Expenses:
Management fees		97,597
Distribution and service fees		193,706
Deferred trustees’ fees		197,138
Other expenses		53,471
Total Liabilities		1,025,284
Net Assets	$	1,517,849,427
Net Assets Consist of:
Paid in surplus	$	1,498,116,195
Distributable earnings (Accumulated losses)		19,733,232
Net Assets	$	1,517,849,427
Net Assets
Class A	$	624,246,664
Class B		893,602,763
Capital Shares Outstanding*
Class A		60,674,475
Class B		87,428,806
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.29
Class B		10.22

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $1,777,411,617.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from Affiliated Underlying Portfolios	$	20,474,949
Total investment income		20,474,949
Expenses
Management fees		1,204,410
Administration fees		30,250
Custodian and accounting fees		26,982
Distribution and service fees—Class B		2,455,598
Audit and tax services		32,944
Legal		45,080
Trustees’ fees and expenses		9,574
Miscellaneous		8,349
Total expenses		3,813,187
Net Investment Income		16,661,762
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Affiliated investments		14,274,937
Capital gain distributions from affiliated investments		251,886,261
Net realized gain (loss)		266,161,198
Net change in unrealized depreciation on affiliated investments		(685,134,784	)
Net realized and unrealized gain (loss)		(418,973,586	)
Net Increase (Decrease) in Net Assets From Operations	$	(402,311,824	)

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	16,661,762		$	14,036,470
Net realized gain (loss)		266,161,198			155,320,415
Net change in unrealized appreciation (depreciation)		(685,134,784	)		159,968,118
Increase (decrease) in net assets from operations		(402,311,824	)		329,325,003
From Distributions to Shareholders
Class A		(70,016,904	)		(70,294,881	)
Class B		(99,463,437	)		(101,698,683	)
Total distributions		(169,480,341	)		(171,993,564	)
Increase (decrease) in net assets from capital share transactions		55,020,631			6,646,047
Total increase (decrease) in net assets		(516,771,534	)		163,977,486
Net Assets
Beginning of period		2,034,620,961			1,870,643,475
End of period	$	1,517,849,427		$	2,034,620,961

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		823,128		$	9,417,989			953,644		$	13,497,324
Reinvestments		6,946,121			70,016,904			5,093,832			70,294,881
Redemptions		(4,385,037	)		(50,427,213	)		(4,425,739	)		(63,139,695	)
Net increase (decrease)		3,384,212		$	29,007,680			1,621,737		$	20,652,510
Class B
Sales		2,603,162		$	30,696,855			3,864,158		$	54,690,325
Reinvestments		9,916,594			99,463,437			7,407,042			101,698,683
Redemptions		(9,130,280	)		(104,147,341	)		(12,053,765	)		(170,395,471	)
Net increase (decrease)		3,389,476		$	26,012,951			(782,565	)	$	(14,006,463	)
Increase (decrease) derived from capital shares transactions				$	55,020,631					$	6,646,047

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.45		$	13.36		$	12.82		$	11.45		$	13.32
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.13			0.12			0.17			0.15			0.17
Net realized and unrealized gain (loss)		(3.03	)		2.27			1.86			2.85			(1.38	)
Total income (loss) from investment operations		(2.90	)		2.39			2.03			3.00			(1.21	)
Less Distributions
Distributions from net investment income		(0.20	)		(0.20	)		(0.17	)		(0.24	)		(0.17	)
Distributions from net realized capital gains		(1.06	)		(1.10	)		(1.32	)		(1.39	)		(0.49	)
Total distributions		(1.26	)		(1.30	)		(1.49	)		(1.63	)		(0.66	)
Net Asset Value, End of Period	$	10.29		$	14.45		$	13.36		$	12.82		$	11.45
Total Return (%) (b)		(19.89	)		18.34			19.23			27.79			(9.80	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.08			0.08			0.09			0.09			0.08
Ratio of net investment income (loss) to average net assets (%) (d)		1.15			0.85			1.44			1.21			1.26
Portfolio turnover rate (%)		10			9			13			13			12
Net assets, end of period (in millions)	$	624.2		$	828.1		$	743.9		$	667.5		$	563.0
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.36		$	13.28		$	12.75		$	11.39		$	13.26
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.10			0.08			0.14			0.12			0.13
Net realized and unrealized gain (loss)		(3.02	)		2.27			1.85			2.83			(1.37	)
Total income (loss) from investment operations		(2.92	)		2.35			1.99			2.95			(1.24	)
Less Distributions
Distributions from net investment income		(0.16	)		(0.17	)		(0.14	)		(0.20	)		(0.14	)
Distributions from net realized capital gains		(1.06	)		(1.10	)		(1.32	)		(1.39	)		(0.49	)
Total distributions		(1.22	)		(1.27	)		(1.46	)		(1.59	)		(0.63	)
Net Asset Value, End of Period	$	10.22		$	14.36		$	13.28		$	12.75		$	11.39
Total Return (%) (b)		(20.15	)		18.13			18.91			27.48			(10.06	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.33			0.33			0.34			0.34			0.33
Ratio of net investment income (loss) to average net assets (%) (d)		0.90			0.60			1.22			0.96			1.01
Portfolio turnover rate (%)		10			9			13			13			12
Net assets, end of period (in millions)	$	893.6		$	1,206.5		$	1,126.8		$	1,045.6		$	915.7

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

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse Asset Allocation 100 Portfolio (the “Asset Allocation Portfolio”), which is diversified. The Asset Allocation Portfolio operates under a “fund of funds” structure, investing substantially all of its assets in other Portfolios advised by Brighthouse Investment Advisers (each, an “Underlying Portfolio,” and, collectively, the “Underlying Portfolios”). Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Asset Allocation Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Asset Allocation Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Asset Allocation Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses of the Underlying Portfolios.

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

Dividends and Distributions to Shareholders - The Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus.

These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax

BHFTI-9

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

3. Certain Risks

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

Market Risk: The value of securities held by the Underlying Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Portfolios; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID- 19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net

BHFTI-10

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of shares of the Underlying Portfolios by the Asset Allocation Portfolio, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	326,000,931	$	0	$	172,029,872

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$1,204,410		0.100	%	First $500 million
		0.075	%	$500 million to $1 billion
		0.050	%	Over $1 billion

In addition to the above management fee paid to the Adviser, the Asset Allocation Portfolio indirectly pays Brighthouse Investment Advisers a management fee through its investments in the Underlying Portfolios.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2022 were as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2022
Allspring Mid Cap Value Portfolio (Class A)	$	21,173,756	$	3,239,789	$	(4,216,756	)	$	(109,442	)	$	(4,184,574	)	$	15,902,773
Baillie Gifford International Stock Portfolio (Class A)		85,123,828		17,066,057		(951,346	)		(30,570	)		(31,551,093	)		69,656,876
BlackRock Capital Appreciation Portfolio (Class A)		77,174,468		19,823,052		(17,704	)		(4,468	)		(45,458,362	)		51,516,986
Brighthouse Small Cap Value Portfolio (Class A)		62,686,310		9,287,394		(8,450,456	)		1,218,061			(18,195,613	)		46,545,696
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		50,850,238		11,166,318		(160,917	)		(13,807	)		(19,986,773	)		41,855,059
Brighthouse/Artisan International Portfolio (Class A)		85,018,597		13,150,147		(2,111,122	)		(171,948	)		(28,727,610	)		67,158,064
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		15,683,688		1,968,712		(2,285,998	)		111,934			(3,928,578	)		11,549,758
Brighthouse/Dimensional International Small Company Portfolio (Class A)		101,620,883		11,359,892		(4,155,575	)		(1,614,366	)		(27,315,288	)		79,895,546
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		106,750,896		16,666,995		(21,773,160	)		3,822,040			(26,253,098	)		79,213,673
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		78,720,241		14,190,062		(6,395,456	)		579,134			(29,331,863	)		57,762,118
CBRE Global Real Estate Portfolio (Class A)		64,277,903		7,468,254		(4,805,273	)		557,692			(22,527,579	)		44,970,997
Frontier Mid Cap Growth Portfolio (Class A)		20,141,006		5,267,675		(47,113	)		(22,680	)		(10,363,223	)		14,975,665
Harris Oakmark International Portfolio (Class A)		109,975,614		8,238,051		(3,321,425	)		(1,039,944	)		(23,370,084	)		90,482,212
Invesco Comstock Portfolio (Class A)		120,662,022		15,960,333		(30,913,063	)		5,470,999			(20,658,702	)		90,521,589
Invesco Global Equity Portfolio (Class A)		50,966,249		8,100,369		(54,152	)		13,043			(22,022,422	)		37,003,087
Invesco Small Cap Growth Portfolio (Class A)		34,845,063		13,423,087		(49,062	)		(60,058	)		(21,546,650	)		26,612,380
Jennison Growth Portfolio (Class A)		110,500,792		28,209,383		(50,349	)		(9,603	)		(64,781,958	)		73,868,265
JPMorgan Small Cap Value Portfolio (Class A)		42,264,093		12,182,892		(5,548,772	)		(1,034,042	)		(16,496,035	)		31,368,136
Loomis Sayles Growth Portfolio (Class A)		128,682,806		9,119,155		(603,297	)		145,467			(44,870,968	)		92,473,163
Loomis Sayles Small Cap Growth Portfolio (Class A)		55,305,269		12,599,145		(2,441,966	)		(1,055,935	)		(21,810,807	)		42,595,706
MFS Research International Portfolio (Class A)		66,231,647		4,874,893		(3,178,628	)		154,859			(16,448,200	)		51,634,571
MFS Value Portfolio (Class A)		131,615,032		17,357,162		(24,176,712	)		(1,584,836	)		(24,116,771	)		99,093,875
Morgan Stanley Discovery Portfolio (Class A)		8,463,431		7,634,740		(114,665	)		(185,743	)		(9,832,627	)		5,965,136
Neuberger Berman Genesis Portfolio (Class A)		24,037,798		3,398,167		(1,900,191	)		405,761			(8,359,114	)		17,582,421
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		4,2670,697		1,143,001		(367,050	)		(338	)		(9,497,873	)		33,948,437
T. Rowe Price Large Cap Growth Portfolio (Class A)		116,752,143		28,201,433		(52,636	)		(21,889	)		(67,832,582	)		77,046,469
T. Rowe Price Large Cap Value Portfolio (Class A)		120,447,192		13,936,583		(24,391,296	)		3,381,640			(22,906,347	)		90,467,772
T. Rowe Price Mid Cap Growth Portfolio (Class A)		15,544,579		2,135,140		(496,057	)		(174,593	)		(5,413,786	)		11,595,283
T. Rowe Price Small Cap Growth Portfolio (Class A)		35,880,346		5,850,208		(1,357,180	)		(322,052	)		(13,064,518	)		26,986,804
VanEck Global Natural Resources Portfolio (Class A)		40,703,240		1,830,038		(15,314,764	)		5,508,940			(2,483,517	)		30,243,937
Victory Sycamore Mid Cap Value Portfolio (Class A)		10,510,300		1,152,804		(2,327,731	)		361,681			(1,798,169	)		7,898,885
	$	2,035,280,127	$	326,000,931	$	(172,029,872	)	$	14,274,937		$	(685,134,784	)	$	1,518,391,339

BHFTI-12

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2022
Allspring Mid Cap Value Portfolio (Class A)	$	3,124,083	$	115,707		1,320,828
Baillie Gifford International Stock Portfolio (Class A)		6,337,413		814,715		7,791,597
BlackRock Capital Appreciation Portfolio (Class A)		15,999,308		—		2,086,553
Brighthouse Small Cap Value Portfolio (Class A)		8,824,656		462,738		3,422,478
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		6,412,853		457,162		4,994,637
Brighthouse/Artisan International Portfolio (Class A)		11,975,816		693,017		7,347,709
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		1,846,481		122,231		54,416
Brighthouse/Dimensional International Small Company Portfolio (Class A)		9,101,126		2,219,240		8,508,578
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		15,414,495		1,252,500		2,632,558
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		13,720,610		469,452		4,932,717
CBRE Global Real Estate Portfolio (Class A)		4,712,549		2,165,968		4,684,479
Frontier Mid Cap Growth Portfolio (Class A)		4,644,600		—		703,744
Harris Oakmark International Portfolio (Class A)		5,021,459		2,274,292		8,057,187
Invesco Comstock Portfolio (Class A)		13,873,121		2,087,212		6,424,527
Invesco Global Equity Portfolio (Class A)		5,738,342		—		1,964,070
Invesco Small Cap Growth Portfolio (Class A)		8,717,477		—		3,645,532
Jennison Growth Portfolio (Class A)		20,377,118		—		7,900,349
JPMorgan Small Cap Value Portfolio (Class A)		11,768,615		414,277		2,838,745
Loomis Sayles Growth Portfolio (Class A)		8,967,655		—		8,570,265
Loomis Sayles Small Cap Growth Portfolio (Class A)		10,021,731		—		4,488,483
MFS Research International Portfolio (Class A)		3,731,638		1,142,787		4,651,763
MFS Value Portfolio (Class A)		15,490,402		1,866,760		6,646,135
Morgan Stanley Discovery Portfolio (Class A)		3,149,641		—		1,472,873
Neuberger Berman Genesis Portfolio (Class A)		3,393,791		—		1,004,136
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		932,474		3,793,121
T. Rowe Price Large Cap Growth Portfolio (Class A)		18,933,060		—		5,464,289
T. Rowe Price Large Cap Value Portfolio (Class A)		12,114,197		1,822,386		3,144,518
T. Rowe Price Mid Cap Growth Portfolio (Class A)		2,123,609		—		1,393,664
T. Rowe Price Small Cap Growth Portfolio (Class A)		5,357,042		63,293		1,609,231
VanEck Global Natural Resources Portfolio (Class A)		—		939,313		2,379,539
Victory Sycamore Mid Cap Value Portfolio (Class A)		993,373		159,425		391,421
	$	251,886,261	$	20,474,949

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,782,177,629
Gross unrealized appreciation		20,289,426
Gross unrealized (depreciation)		(284,075,716	)
Net unrealized appreciation (depreciation)	$	(263,786,290	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$24,096,371	$	23,909,838	$	145,383,970	$	148,083,726	$	169,480,341	$	171,993,564

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$44,868,945	$	238,847,716	$	(263,786,290	)	$	—	$	19,930,371

BHFTI-13

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Asset Allocation Portfolio had no accumulated capital losses.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse Asset Allocation 100 Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse Asset Allocation 100 Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse Asset Allocation 100 Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-15

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-16

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-17

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with Brighthouse Investment Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and reports that the Adviser had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Brighthouse Asset Allocation 20 Portfolio, Brighthouse Asset Allocation 40 Portfolio, Brighthouse Asset Allocation 60 Portfolio Brighthouse Asset Allocation 80 Portfolio and Brighthouse Asset Allocation 100 Portfolio (the “Asset Allocation Portfolios”) and the American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio (the “American Funds of Funds”). The Board considered the Adviser’s services as investment manager to the Portfolios, including with respect to investment programs and personnel, succession management of key personnel, oversight of transition management (as applicable), actions taken with respect to regulatory developments, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the

BHFTI-18

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic reviews and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the Asset Allocation Portfolios, the Board noted that the Adviser employs at its own expense an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and investments in other Portfolios of the Trusts (the “Underlying Portfolios”). Additionally, the Board considered that a committee, consisting of investment professionals from the Adviser, meets regularly to review the management of the Asset Allocation Portfolios and the American Funds of Funds, including asset allocations and performance metrics.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected, and (ii) the selection of the peer groups.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each of the Portfolios, which included comparisons of the Portfolio’s contractual management fees (at December 31, 2021 and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”) and a narrower group of peer funds (“Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board also considered that the Adviser had entered into an expense limitation and management fee waiver agreement with Brighthouse Asset Allocation 20 Portfolio pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a

BHFTI-19

Brighthouse Funds Trust I

Brighthouse Asset Allocation 100 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of distribution and shareholder services activities.

The Board considered information from the Adviser pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated.

*  *  *  *  *

Brighthouse Asset Allocation 100 Portfolio. The Board also considered the following information in relation to the Agreement with the Adviser regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed the Brighthouse AA 100 Narrow Index for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted that the Portfolio underperformed its benchmark, the Dow Jones Aggressive Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio’s actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median and the Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size.

BHFTI-20

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Managed By Brighthouse Investment Advisers, LLC and Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B shares of the Brighthouse Balanced Plus Portfolio returned -21.81%. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

MARKET ENVIRONMENT / CONDITIONS

Geopolitics took center stage in 2022, as Russia invaded Ukraine at the beginning of the year. Most assets experienced elevated volatility over the year as Russia’s invasion of Ukraine, and the subsequent imposition of financial sanctions, added stress to already fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening yield curves.

Risk assets were challenged throughout the first half of the year, with both equities and bonds moving significantly lower given ongoing concerns over the conflict between Russia and Ukraine. The recurring themes of heightened inflation, geopolitical tension and fear of recession were the main contributors to market turbulence. Developed market central banks maintained their hawkish stance with their sights set on combating historic levels of inflation. Most notably, in the U.S., Consumer Price Index (“CPI”) increased 8.6% year-on-year in May. This prompted the U.S. Federal Reserve (the “Fed”) to hike interest rates by 0.75% in June, the first time for such a high increase since 1994, and acknowledge that credibly fighting inflation will come at the cost of lower growth.

Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Performance was challenged for both “safe-haven” and risk assets as global yields rose sharply through the summer months and sentiment waned, leading to increased recessionary risks and heightened volatility. Amidst broader market volatility, market correlations were positive as global equities, fixed income, and commodities experienced sharp declines.

Easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging and contributed to gains in global risk assets toward the end of the year. However, with labor market data generally exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December. Following a 0.75% policy rate hike in November, the Fed adjusted its policy rate upward by 0.50% in December, while advancing its terminal rate projection to 5.1% by the end of 2023.

TOTAL PORTFOLIO REVIEW/ PERIOD-END POSITIONING

The Brighthouse Balanced Plus Portfolio is composed of two sleeves. Approximately 70% of the Portfolio’s assets were invested in a variety of underlying portfolios of the Brighthouse Funds Trust I and the Brighthouse Funds Trust II to achieve and maintain a broad asset allocation of approximately 40% to fixed income and 30% to equities. These assets (the “Base Sleeve”) were managed by the Investment Committee of Brighthouse Investment Advisers, LLC. The remaining 30% of the assets (the “Overlay Sleeve”) were designed to keep the Portfolio’s overall volatility level within the desired range by dynamically changing its total equity exposure in response to measures of implied equity market volatility. To gain and actively manage this equity exposure, the Overlay Sleeve’s subadviser, Pacific Investment Management Company LLC (“PIMCO”), invested in equity index derivative instruments and various fixed income instruments that served as collateral for the equity derivative exposures. Since the Overlay Sleeve constitutes a substantial percent of the Portfolio’s allocation, overlay sleeve performance may significantly impact total Portfolio return in any given period. The Portfolio ended the period with approximately 39% exposure to equities and 40% exposure to fixed income.

BASE SLEEVE REVIEW

The Base Sleeve Portfolio underperformed its benchmark over the period. Performance weakness within the underlying mid cap equity, small cap equity, and non-U.S. equity portfolios offset strength within the underlying fixed income and large cap equity portfolios.

The underlying fixed income portfolios added to relative performance. In a rising interest rate environment over the period, the Brighthouse/Eaton Vance Floating Rate Portfolio was the top performing portfolio on an absolute basis. The largest relative contributor versus its benchmark was the Brighthouse/Templeton International Bond Portfolio, which outperformed by 17.7% for the year. The portfolio’s underweight duration positioning in the euro area, the United Kingdom, and Japan benefited results along with currency management in the euro and Japanese yen. The BlackRock High Yield Portfolio outpaced its benchmark by 1.0%. An allocation to bank loans and investment grade bonds, an underweight to retailers and media & entertainment industries, and an underweight to BB-rated bonds all contributed to relative results. Conversely, the Western Asset Management Strategic Bond Opportunities Portfolio underperformed by 3.6% against its benchmark. The portfolio’s tactical positioning in high yield bonds and bank loans, along with duration and yield curve management detracted from relative performance.

Performance from the underlying domestic equity portfolios was mixed for the period. Mid cap and small cap equities underperformed, while large cap equities were a positive contributor to relative performance. Within large cap, the Invesco Comstock Portfolio was a primary contributor and outperformed its benchmark by 8.4%. Key performance drivers were an overweight to the Energy sector and an underweight to the Communication Services sector, and positive selection within the Health Care sector. The T. Rowe Price Large Cap Value Portfolio exceeded its benchmark by 2.6%. An underweight to the Communication Services sector and positive security selection across the Financials, Consumer Staples, Consumer Discretionary, and Information Technology (“IT”) sectors benefited relative results. The Jennison Growth Portfolio, on the other hand,

BHFTI-1

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Managed By Brighthouse Investment Advisers, LLC and Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

underperformed its benchmark by 9.7%. Leading relative detractors were weak security selection in the IT and Communication Services sectors and an overweight to Consumer Discretionary. In mid cap, the Morgan Stanley Discovery Portfolio underperformed its benchmark by 35.7%. The largest relative detractors were a result of weak security selection in the IT and Consumer Discretionary sectors and an overweight to the Communication Services sector. The Frontier Mid Cap Growth Portfolio underperformed by 1.4% versus its benchmark. Negative security selection and an underweight to the Energy sector were primary detractors over the period. Weak security selection in Financials and IT further pressured results. Within small cap equities, the Invesco Small Cap Growth Portfolio lagged its benchmark by 8.7%. Selection in the Health Care, Industrials, and Materials sectors were primarily responsible for the relative underperformance. The Neuberger Berman Genesis Portfolio underperformed by 4.7% versus its benchmark. Results were pressured by an underweight to the Energy sector and an overweight to the IT sector. The T. Rowe Price Small Cap Growth Portfolio outperformed its benchmark by 4.1%. Positive security selection drove results with the Health Care, Industrials, IT, and Consumer Discretionary sectors among the leading contributors.

The non-U.S. equity portfolios detracted from performance over the period. The Baillie Gifford International Stock Portfolio underperformed its benchmark by 12.6%. At the sector level, weak security selection in the Industrials, Consumer Discretionary, and Health Care sectors were leading detractors. The Invesco Global Equity Portfolio lagged its benchmark by 13.3%. Returns were negatively impacted by a combination of weak security selection in the Health Care, Communication Services, Industrials, and IT sectors, along with an overweight to the Communication Services and IT sectors, and a lack of exposure to the Energy sector. The Harris Oakmark International Portfolio lagged its benchmark by 1.3%. Returns were negatively impacted by a lack of exposure to the Energy sector, an overweight to the Consumer Discretionary sector, and security selection in the Financials sector. Within emerging market equities, the Brighthouse/abrdn Emerging Markets Equity Portfolio underperformed its benchmark by 5.5%. Negative security selection in the Energy and Consumer Discretionary sectors were the largest relative detractors over the period. At the country level, security selection in China and exposure to Russia were notable detractors.

OVERLAY SLEEVE PORTFOLIO REVIEW / PERIOD END POSITIONING

While the overlay sleeve portion of the Portfolio had negative absolute returns over the year ended December 31, 2022, the fixed income and equity allocations outperformed their respective benchmarks. The Portfolio dynamically adjusted its equity exposure in response to high volatility throughout 2022. The Portfolio entered the period near neutral equity exposure as volatility started to stabilize in late 2021. However, the Portfolio de-risked in late January in response to increased volatility driven by the anticipation of rising rates, high inflation, and geopolitical tension. The Portfolio remained de-risked throughout the rest of the year. Overall, the equity portion of the Portfolio outperformed relative to the S&P 500 Index driven by its underweight position to equities as equity markets experienced large drawdowns during 2022.

The Portfolio’s fixed income allocations were positive relative to the custom blended fixed income benchmark. An underweight to the long-end of the U.S. yield curve contributed to performance as U.S. rates rose sharply over the year. Within a diversified set of spread sectors, an allocation to investment-grade corporate credit and exposure to Agency Mortgage-Backed Securities (“MBS”) detracted from performance as corporate credit spreads widened over the year and Agency MBS underperformed similar duration treasuries.

The Portfolio ended the period underweight equity exposure. The Portfolio’s fixed income exposure ended the period modestly underweight duration relative to the benchmark. Additionally, the fixed income portion of the Portfolio continued to have modest exposure to investment grade corporate credit as well as Agency MBS bonds to diversify and enhance the return potential.

BHFTI-2

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Managed By Brighthouse Investment Advisers, LLC and Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

Derivatives were used in the Portfolio and were instrumental in obtaining specific exposures in an effort to gain from anticipated market developments. The Portfolio’s equity exposure was obtained via the use of S&P 500 e-Mini futures contracts. Currency exposure was in part implemented through the use of currency forwards. The derivatives performed as expected over the period.

The Base Sleeve is managed by:

Investment Committee

Brighthouse Investment Advisers, LLC

The Overlay Sleeve is managed by:

Graham A. Rennison

David L. Braun

Paul-James White

Portfolio Managers

Pacific Investment Management Company LLC

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

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTI-3

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

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

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Brighthouse Balanced Plus Portfolio
Class B		–21.81		1.61		5.26
Dow Jones Moderate Portfolio Index		–14.97		3.26		5.66

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
U.S. Treasury Notes		14.1
U.S. Treasury Bonds		14.0
BlackRock Bond Income Portfolio (Class A)		7.5
TCW Core Fixed Income Portfolio (Class A)		6.0
PIMCO Total Return Portfolio (Class A)		5.6
JPMorgan Core Bond Portfolio (Class A)		4.4
Harris Oakmark International Portfolio (Class A)		4.0
Western Asset Management U.S. Government Portfolio (Class A)		3.6
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		3.4
Baillie Gifford International Stock Portfolio (Class A)		2.9

Exposure by Asset Class

	% of Net Assets
Investment Grade Fixed Income		64.1
International Developed Market Equities		13.2
U.S. Large Cap Equities		10.8
High Yield Fixed Income		5.9
U.S. Mid Cap Equities		5.5
U.S. Small Cap Equities		4.9
International Fixed Income		2.7
Global Equities		2.4
Emerging Market Equities		2.0
Real Estate Equities		0.9

BHFTI-4

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Balanced Plus Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a) (b)	Actual		0.96	%	$	1,000.00	$	963.70	$	4.75
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.37	$	4.89

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

(b) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Schedule of Investments as of December 31, 2022

Mutual Funds—71.5% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Affiliated Investment Companies—71.5%
AB International Bond Portfolio (Class A) (a)		13,445,550	$	103,530,731
Allspring Mid Cap Value Portfolio (Class A) (a)		10,416,550		125,415,261
Baillie Gifford International Stock Portfolio (Class A) (b)		26,065,947		233,029,567
BlackRock Bond Income Portfolio (Class A) (b)		6,677,692		600,858,722
BlackRock Capital Appreciation Portfolio (Class A) (b)		679,055		16,765,859
BlackRock High Yield Portfolio (Class A) (a)		12,007,686		82,492,800
Brighthouse Small Cap Value Portfolio (Class A) (a)		7,384,325		100,426,823
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A) (a)		9,928,521		83,201,003
Brighthouse/Artisan International Portfolio (Class A) (a)		18,643,673		170,403,168
Brighthouse/Artisan Mid Cap Value Portfolio (Class A) (b)		574,617		121,962,478
Brighthouse/Dimensional International Small Company Portfolio (Class A) (b)		12,681,720		119,081,348
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A) (a)		12,999,122		123,101,681
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A) (a)		23,928,237		206,261,400
Brighthouse/Templeton International Bond Portfolio (Class A) (a) (c)		14,645,290		110,864,844
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A) (b)		1,082,633		32,576,439
Brighthouse/Wellington Large Cap Research Portfolio (Class A) (a)		3,120,954		36,546,377
CBRE Global Real Estate Portfolio (Class A) (a)		7,699,282		73,913,103
Frontier Mid Cap Growth Portfolio (Class A) (b)		4,929,218		104,893,768
Harris Oakmark International Portfolio (Class A) (a)		28,977,415		325,416,366
Invesco Comstock Portfolio (Class A) (a)		650,098		9,159,874
Invesco Global Equity Portfolio (Class A) (a)		4,366,467		82,264,229
Invesco Small Cap Growth Portfolio (Class A) (a)		9,605,330		70,118,909
Jennison Growth Portfolio (Class A) (b)		2,566,539		23,997,137
JPMorgan Core Bond Portfolio (Class A) (a)		39,813,475		351,552,981
JPMorgan Small Cap Value Portfolio (Class A) (a)		6,392,541		70,637,573
Loomis Sayles Growth Portfolio (Class A) (a)		1,858,023		20,048,063
MFS Research International Portfolio (Class A) (a)		19,687,347		218,529,555
MFS Value Portfolio (Class A) (b)		1,790,107		26,690,492
Morgan Stanley Discovery Portfolio (Class A) (a)		8,079,541		32,722,140
Neuberger Berman Genesis Portfolio (Class A) (b)		3,226,213		56,490,984
PIMCO Inflation Protected Bond Portfolio (Class A) (a)		17,520,586		164,343,101
PIMCO Total Return Portfolio (Class A) (a)		47,130,407		454,337,127
SSGA Emerging Markets Enhanced Index Portfolio (Class A) (a)		8,385,664		75,051,690
T. Rowe Price Large Cap Value Portfolio (Class A) (a)		721,737		20,764,367
T. Rowe Price Mid Cap Growth Portfolio (Class A) (a)		7,403,882		61,600,298
T. Rowe Price Small Cap Growth Portfolio (Class A) (b)		5,966,673		100,061,100
TCW Core Fixed Income Portfolio (Class A) (a)		55,836,357		484,659,582
VanEck Global Natural Resources Portfolio (Class A) (b)		8,848,555		112,465,134
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (b)		25,324,098		271,727,572
Western Asset Management U.S. Government Portfolio (Class A) (b)		28,044,771		288,580,691
Total Mutual Funds (Cost $6,634,820,583)				5,766,544,337
U.S. Treasury & Government Agencies—30.3%
Agency Sponsored Mortgage—Backed—1.9%
Fannie Mae 30 Yr. Pool 4.000%, 08/01/47		24,082		23,000
Fannie Mae 30 Yr. Pool
4.000%, 06/01/48		101,378		96,663
4.000%, 11/01/48		5,918		5,640
4.000%, 03/01/49		1,048,998		999,027
4.000%, 08/01/49		119,316		113,159
4.000%, 03/01/50		22,366,647		21,201,053
4.000%, 07/01/50		4,470,183		4,254,827
Fannie Mae Pool
2.920%, 03/01/35		2,950,000		2,415,145
3.180%, 07/01/35		2,523,492		2,207,371
Freddie Mac 30 Yr. Pool
4.000%, 05/01/48		5,295		5,049
4.000%, 03/01/50		98,277		93,708
4.000%, 05/01/50		26,574		25,075
Freddie Mac Multifamily Structured Pass-Through Certificates
3.176%, 11/25/28		3,178,505		3,075,372
Ginnie Mae 30 Yr. Pool 4.000%, TBA (d)		110,000,000		104,070,718
Uniform Mortgage-Backed Securities 30 Yr. Pool 4.000%, TBA (d)		16,000,000		15,002,559
				153,588,366
Federal Agencies—0.3%
Resolution Funding Corp. Principal Strip
Zero Coupon, 04/15/30		19,500,000		14,146,829
Tennessee Valley Authority
2.875%, 02/01/27		1,700,000		1,609,436
4.250%, 09/15/65		10,000,000		8,678,600
				24,434,865
U.S. Treasury—28.1%
U.S. Treasury Bonds
1.375%, 11/15/40		48,000,000		31,205,625
1.375%, 08/15/50 (e)		358,500,000		199,205,566
1.625%, 11/15/50		144,200,000		85,799,000
1.875%, 02/15/51		173,000,000		109,949,610
2.000%, 08/15/51		57,600,000		37,714,500
2.250%, 05/15/41		50,000,000		37,587,890
2.750%, 11/15/42		196,000,000		157,106,250
2.875%, 05/15/43		126,000,000		102,842,578
2.875%, 11/15/46		114,100,000		91,427,082
2.875%, 05/15/52 (f)		56,900,000		45,591,125
3.000%, 11/15/44		80,000,000		66,025,000
3.125%, 02/15/43		89,700,000		76,525,312
3.375%, 05/15/44		99,895,000		88,083,196
U.S. Treasury Notes 0.250%, 09/30/25		40,000,000		35,915,625
0.375%, 12/31/25		50,000,000		44,685,547
0.375%, 09/30/27		125,000,000		105,380,860
0.500%, 02/28/26 (g) (h) (j)		21,100,000		18,801,254
0.750%, 05/31/26		300,000,000		267,550,782
1.375%, 10/31/28		37,900,000		32,713,918
1.500%, 11/30/24 (g)		100,000,000		94,625,000
2.750%, 08/31/23		422,000,000		416,642,579
2.750%, 07/31/27		29,400,000		27,816,305
3.875%, 11/30/27 (f)		55,000,000		54,699,219

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Schedule of Investments as of December 31, 2022

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes
4.125%, 10/31/27 (f)		34,900,000	$	35,028,149
				2,262,921,972
Total U.S. Treasury & Government Agencies (Cost $2,943,662,624)				2,440,945,203
Corporate Bonds & Notes—1.9%
Banks—1.8%
Bank of America Corp.
3.419%, 3M LIBOR + 1.040%, 12/20/28 (i)		20,000,000		18,110,587
Citigroup, Inc.
3.887%, 3M LIBOR + 1.563%, 01/10/28 (i)		20,000,000		18,689,358
Cooperative Rabobank UA 4.375%, 08/04/25		5,000,000		4,880,262
Goldman Sachs Group, Inc. (The) 3.691%, 3M LIBOR + 1.510%, 06/05/28 (i)		10,000,000		9,291,309
3.750%, 02/25/26		19,500,000		18,769,860
HSBC Holdings plc 4.300%, 03/08/26		20,000,000		19,344,833
5.250%, 03/14/44		3,000,000		2,526,962
JPMorgan Chase & Co. 3.540%, 3M LIBOR + 1.380%, 05/01/28 (i)		10,000,000		9,202,156
4.000%, SOFR + 2.745%, 04/01/25 (i)		8,000,000		6,850,000
6.125%, 3M LIBOR + 3.330%, 04/30/24 (i)		3,000,000		2,915,210
Mitsubishi UFJ Financial Group, Inc. 2.852%, 1Y H15 + 1.100%, 01/19/33 (i)		5,100,000		4,059,737
Mizuho Financial Group, Inc. 4.254%, 3M LIBOR + 1.270%, 09/11/29 (i)		5,000,000		4,610,511
Morgan Stanley 3.591%, 3M LIBOR + 1.340%, 07/22/28 (i)		20,000,000		18,345,013
UBS Group AG 3.179%, 1Y H15 + 1.100%, 02/11/43 (144A) (i)		3,000,000		2,060,375
Wells Fargo & Co. 5.900%, 3M LIBOR + 3.110%, 06/15/24 (i)		8,600,000		7,702,246
				147,358,419
Diversified Financial Services—0.0%
Blackstone Holdings Finance Co. LLC
3.200%, 01/30/52 (144A)		1,300,000		829,347
Electric—0.0%
Israel Electric Corp., Ltd. 3.750%, 02/22/32 (144A)		900,000		787,176
MidAmerican Energy Co. 2.700%, 08/01/52		800,000		512,204
				1,299,380
Telecommunications—0.1%
AT&T, Inc. 3.500%, 09/15/53		2,045,000		1,380,245
3.800%, 12/01/57		1,556,000		1,073,536
				2,453,781

Security Description	Principal Amount*		Value
Transportation—0.0%
Vessel Management Services, Inc. 3.432%, 08/15/36		2,282,000	$	2,053,207
Total Corporate Bonds & Notes (Cost $171,370,506)				153,994,134
Mortgage-Backed Securities—0.2%
Collateralized Mortgage Obligations—0.2%
Citigroup Mortgage Loan Trust 3.000%, 11/27/51 (144A) (i)		20,952,852		17,489,911
Total Mortgage-Backed Securities (Cost $20,838,267)				17,489,911
Municipals—0.0%
Los Angeles Community College District, Build America Bond 6.750%, 08/01/49		400,000		497,260
Port Authority of New York & New Jersey 4.458%, 10/01/62		1,845,000		1,600,981
Total Municipals (Cost $2,512,921)				2,098,241
Short-Term Investment—0.1%
Repurchase Agreement—0.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $5,608,558; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $5,719,660.		5,607,437		5,607,437
Total Short-Term Investments (Cost $5,607,437)				5,607,437
Total Investments—104.0% (Cost $9,778,812,338)				8,386,679,263
Other assets and liabilities (net)—(4.0)%				(326,261,410	)
Net Assets—100.0%			$	8,060,417,853

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	A Portfolio of Brighthouse Funds Trust I. (See Note 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	A Portfolio of Brighthouse Funds Trust II. (See Note 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(c)	Non-income producing security.
(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(e)	All or a portion of this security has been transferred in a secured-borrowing transaction.
(f)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of December 31, 2022, the market value of securities pledged was $59,351,813.
(g)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $27,131,777.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Schedule of Investments as of December 31, 2022

(h)	All or a portion of the security was pledged as collateral against TBA securities. As of December 31, 2022, the value of securities pledged amounted to $1,738,448.
(i)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(j)	All or a portion of the security was pledged as collateral against open secured borrowing transactions. As of December 31, 2022, the value of securities pledged amounted to $6,580,439.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $21,166,809, which is 0.3% of net assets.

Reverse Repurchase Agreements

Counterparty	Interest Rate			Settlement Date		Maturity Date		Principal Amount			Net Closing Amount
Deutsche Bank Securities, Inc.		3.750	%		12/30/22		01/04/23		USD	30,661,625	$	30,661,625
Deutsche Bank Securities, Inc.		4.450	%		12/19/22		01/09/23		USD	102,250		102,250
Deutsche Bank Securities, Inc.		4.450	%		12/20/22		01/03/23		USD	2,856,000		2,856,000
Deutsche Bank Securities, Inc.		4.450	%		12/21/22		01/04/23		USD	4,176,875		4,176,875
JPMorgan Securities LLC		4.170	%		11/09/22		01/09/23		USD	21,148,000		21,148,000
Total											$	58,944,750

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

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date	In Exchange for		Unrealized Depreciation
JPY	20,900,000	BOA	01/10/23	USD	154,251	$	(5,107	)

Futures Contracts

Futures Contracts—Long	Expiration Date	Number of Contracts	Notional Amount		Value/ Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini Futures	03/17/23	3,551	USD	685,520,550	$	(25,337,750	)

Glossary of Abbreviations

Counterparties

(BOA)—  Bank of America N.A.

Currencies

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

Index Abbreviations

(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
Total Mutual Funds*	$	5,766,544,337		$	—		$	—	$	5,766,544,337
Total U.S. Treasury & Government Agencies*		—			2,440,945,203			—		2,440,945,203
Total Corporate Bonds & Notes*		—			153,994,134			—		153,994,134
Total Mortgage-Backed Securities*		—			17,489,911			—		17,489,911
Total Municipals*		—			2,098,241			—		2,098,241
Total Short-Term Investment*		—			5,607,437			—		5,607,437
Total Investments	$	5,766,544,337		$	2,620,134,926		$	—	$	8,386,679,263
Total Reverse Repurchase Agreements (Liability)	$	—		$	(58,944,750	)	$	—	$	(58,944,750	)
Secured Borrowings (Liability)	$	—		$	(169,640,652	)	$	—	$	(169,640,652	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—		$	(5,107	)	$	—	$	(5,107	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(25,337,750	)	$	—		$	—	$	(25,337,750	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)	$	2,620,134,926
Affiliated investments at value (b)		5,766,544,337
Cash denominated in foreign currencies (c)		376,667
Cash collateral for futures contracts		11,915,000
Receivable for:
Affiliated investments sold		2,795,247
Fund shares sold		4,493
Interest		15,470,384
Deferred dollar roll income		43,875
Prepaid expenses		8,993
Total Assets		8,417,293,922
Liabilities
Secured borrowings		169,640,652
Reverse repurchase agreements		58,944,750
Unrealized depreciation on forward foreign currency exchange contracts		5,107
Payables for:
TBA securities purchased		120,846,250
Fund shares redeemed		2,799,740
Interest on reverse repurchase agreements		146,299
Variation margin on futures contracts		762,274
Accrued Expenses:
Management fees		1,616,187
Distribution and service fees		1,752,047
Deferred trustees’ fees		149,473
Other expenses		213,290
Total Liabilities		356,876,069
Net Assets	$	8,060,417,853
Net Assets Consist of:
Paid in surplus	$	9,676,345,344
Distributable earnings (Accumulated losses)		(1,615,927,491	)
Net Assets	$	8,060,417,853
Net Assets
Class B	$	8,060,417,853
Capital Shares Outstanding*
Class B		980,993,478
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	8.22

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $3,143,991,755.
(b)	Identified cost of affiliated investments was $6,634,820,583.
(c)	Identified cost of cash denominated in foreign currencies was $385,972.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from affiliated investments	$	164,218,376
Interest		60,146,280
Total investment income		224,364,656
Expenses
Management fees		21,657,662
Administration fees		134,119
Custodian and accounting fees		140,135
Distribution and service fees—Class B		23,156,179
Interest expense		2,354,309
Audit and tax services		59,584
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		39,585
Insurance		24,298
Miscellaneous		35,940
Total expenses		47,656,466
Less management fee waiver		(309,303	)
Net expenses		47,347,163
Net Investment Income		177,017,493
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(43,292,597	)
Affiliated investments		(100,685,164	)
Futures contracts		(498,494,606	)
Foreign currency transactions		(3,159	)
Forward foreign currency transactions		36,368
Capital gain distributions from affiliated investments		393,865,875
Net realized gain (loss)		(248,573,283	)
Net change in unrealized appreciation (depreciation) on:
Investments		(669,293,060	)
Affiliated investments		(1,635,049,976	)
Futures contracts		(78,015,907	)
Foreign currency transactions		(25,701	)
Forward foreign currency transactions		(7,424	)
Net change in unrealized appreciation (depreciation)		(2,382,392,068	)
Net realized and unrealized gain (loss)		(2,630,965,351	)
Net Increase (Decrease) in Net Assets From Operations	$	(2,453,947,858	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	177,017,493		$	141,729,624
Net realized gain (loss)		(248,573,283	)		985,016,563
Net change in unrealized appreciation (depreciation)		(2,382,392,068	)		(253,574,337	)
Increase (decrease) in net assets from operations		(2,453,947,858	)		873,171,850
From Distributions to Shareholders
Class B		(1,108,303,549	)		(684,632,613	)
Total distributions		(1,108,303,549	)		(684,632,613	)
Increase (decrease) in net assets from capital share transactions		100,802			(728,555,442	)
Total increase (decrease) in net assets		(3,562,150,605	)		(540,016,205	)
Net Assets
Beginning of period		11,622,568,458			12,162,584,663
End of period	$	8,060,417,853		$	11,622,568,458

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		4,793,973		$	41,900,650			4,644,051		$	55,365,519
Reinvestments		130,388,653			1,108,303,549			58,969,218			684,632,613
Redemptions		(122,050,947	)		(1,150,103,397	)		(123,201,703	)		(1,468,553,574	)
Net increase (decrease)		13,131,679		$	100,802			(59,588,434	)	$	(728,555,442	)
Increase (decrease) derived from capital shares transactions				$	100,802					$	(728,555,442	)

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.01		$	11.84		$	12.01		$	9.92		$	11.91
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.14			0.25			0.24			0.20
Net realized and unrealized gain (loss)		(2.76	)		0.73			1.06			2.08			(0.98	)
Total income (loss) from investment operations		(2.58	)		0.87			1.31			2.32			(0.78	)
Less Distributions
Distributions from net investment income		(0.25	)		(0.28	)		(0.29	)		(0.23	)		(0.20	)
Distributions from net realized capital gains		(0.96	)		(0.42	)		(1.19	)		0.00			(1.01	)
Total distributions		(1.21	)		(0.70	)		(1.48	)		(0.23	)		(1.21	)
Net Asset Value, End of Period	$	8.22		$	12.01		$	11.84		$	12.01		$	9.92
Total Return (%) (b)		(21.81	)		7.54			12.52			23.57			(7.36	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.51			0.49			0.50			0.50			0.50
Gross ratio of expenses to average net assets excluding interest expense (%) (c)		0.49			0.49			0.49			0.50			0.49
Net ratio of expenses to average net assets (%) (c) (d)		0.51			0.49			0.49			0.49			0.49
Net ratio of expenses to average net assets excluding interest expense (%) (c) (d)		0.49			0.49			0.49			0.49			0.49
Ratio of net investment income (loss) to average net assets (%) (e)		1.91			1.18			2.19			2.18			1.79
Portfolio turnover rate (%)		26	(f)		45	(f)		76	(f)		76	(f)		54	(f)
Net assets, end of period (in millions)	$	8,060.4		$	11,622.6		$	12,162.6		$	12,014.5		$	10,787.0

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.
(d)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(e)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.
(f)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 8%, 18%, 24%, 15%, and 24% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

The Portfolio invests approximately 70% of its assets (the “Base Portion”) in other Portfolios of the Trust or of Brighthouse Funds Trust II (“Underlying Portfolios”) and approximately 30% of its assets (the “Overlay Portion”) in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses for such Underlying Portfolios.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded over-the-counter (“OTC”) are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $5,607,437, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse

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repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its Custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities.

For the year ended December 31, 2022, the Portfolio had an outstanding reverse repurchase agreement balance for 276 days. The average amount of borrowings was $57,981,307 and the annualized weighted average interest rate was 3.582% during the 276 day period.

The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis as of December 31, 2022:

Counterparty	Reverse Repurchase Agreements			Collateral Pledged1		Net Amount*
Deutsche Bank Securities, Inc.	$	(37,796,750	)	$	37,557,813	$	(238,937	)
JPMorgan Securities LLC		(21,148,000	)		21,148,000		—
	$	(58,944,750	)	$	58,705,813	$	(238,937	)

1	Collateral with a value of $59,351,813 has been pledged in connection with open reverse repurchase agreements. In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization.
*	Net amount represents the net amount payable due to the counterparty in the event of default.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the year ended December 31, 2022, the Portfolio entered into secured borrowing transactions involving a U.S. Treasury security. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop,” is included in net investment income. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may also receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The cost of the secured borrowing transaction is recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities.

For the year ended December 31, 2022, the Portfolio had an outstanding secured borrowing transaction balance for 245 days. For the year ended December 31, 2022, the Portfolio’s average amount of borrowings was $60,533,777 and the weighted average interest rate was 2.688% during the 245 day period.

At December 31, 2022, the amount of the Portfolio’s outstanding borrowings was $169,640,652. Securities in the amount of $6,580,439 have been pledged as collateral under the terms of the Master Securities Forward Transaction Agreement (“MSFTA”) as of December 31, 2022. The MSFTA is a master netting agreement which provides both parties with the rights to set-off in the event of default by either party. The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s secured borrowings by counterparty net of amounts available for offset under the MSFTA and net of the related collateral pledged or received by the Portfolio as of December 31, 2022:

Counterparty	Payable for Secured Borrowings			Financial Instruments Available for Offset (a)		Collateral Pledged (b)		Net Amount (c)
UBS Securities LLC	($	169,640,652	)	$	161,142,578	$	6,580,439	$	(1,917,635	)

(a) Represents market value of borrowings as of December 31, 2022.

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(b)	Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.
(c)	Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

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

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous		Up to 30 Days			31 - 90 Days		Greater than 90 days		Total
Secured Borrowing Transactions
U.S. Treasury	$	—	$	(169,640,652	)	$	—	$	—	$	(169,640,652	)
Reverse Repurchase Agreement
U.S. Treasury		—		(58,944,750	)		—		—		(58,944,750	)
Total Borrowings	$	—	$	(228,585,402	)	$	—	$	—	$	(228,585,402	)
Gross amount of recognized liabilities for secured borrowing transactions .										$	(228,585,402	)

3. Investments in Derivative Instruments

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

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

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

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The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)(b)	$	25,337,750
Foreign Exchange	Unrealized depreciation on forward foreign currency exchange contracts		5,107
		$	25,342,857

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

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

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset		Collateral Pledged†		Net Amount**
Bank of America N.A.	$	5,107	$	—	$	—	$	5,107

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	—		$	36,368		$	36,368
Futures contracts		355,390		(498,849,996	)		—			(498,494,606	)
	$	355,390	$	(498,849,996	)	$	36,368		$	(498,458,238	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	—		$	(7,424	)	$	(7,424	)
Futures contracts		—		(78,015,907	)		—			(78,015,907	)
	$	—	$	(78,015,907	)	$	(7,424	)	$	(78,023,331	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	162,061
Futures contracts long		689,874,253
Futures contracts short		(390,364,108	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

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In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality

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of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The

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Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases		Sales
U.S. Government	Non-U.S. Government	U.S. Government	Non-U.S. Government
$1,782,933,377	$ 685,638,192	$2,237,017,864	$1,254,665,306

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

Purchases	Sales
$1,712,795,039	$1,715,049,316

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is responsible for managing the Base Portion of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with Pacific Investment Management Company LLC (the “Subadviser”) for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

Subject to the supervision and direction of the Board, the Adviser supervises the Subadviser and has full discretion with respect to the retention or renewal of the subadvisory agreement. The Adviser pays the Subadviser a fee based on the Portfolio’s average daily net assets of the Overlay Portion of the Portfolio.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by Brighthouse Investment Advisers (Overlay Portion managed by the Subadviser) for the year ended December 31, 2022	% per annum	Average Daily Net Assets of the Overlay Portion
$17,997,378	0.725 %	First $250 million
	0.700 %	$250 million to $750 million
	0.675 %	$750 million to $1 billion
	0.650 %	Over $1 billion

Management Fees earned by Brighthouse Investment Advisers (Base Portion managed by the Adviser) for the year ended December 31, 2022	% per annum	Average Daily Net Assets of the Base Portion
$3,660,284	0.100 %	First $500 million
	0.075 %	$500 million to $1 billion
	0.050 %	Over $1 billion

BHFTI-21

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

In addition to the above management fees paid to the Adviser, the Portfolio indirectly pays Brighthouse Investment Advisers a management fee through its investment in the Underlying Portfolios.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Overlay Portion of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets of the Overlay Portion
0.050%	First $250 million
0.025%	$250 million to $750 million
0.025%	$2.5 billion to $5 billion
0.050%	Over $5 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

7. Transactions in Securities of Affiliated Issuers

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2022 were as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2022
AB International Bond Portfolio (Class A)	$	145,178,510	$	14,217,590	$	(20,036,332	)	$	(3,400,950	)	$	(32,428,087	)	$	103,530,731
Allspring Mid Cap Value Portfolio (Class A)		177,424,035		26,810,791		(43,783,179	)		3,445,658			(38,482,044	)		125,415,261
Baillie Gifford International Stock Portfolio (Class A)		310,180,929		46,367,826		(9,571,577	)		(158,579	)		(113,789,032	)		233,029,567
BlackRock Bond Income Portfolio (Class A)		848,194,698		20,925,544		(133,822,537	)		(24,441,594	)		(109,997,389	)		600,858,722
BlackRock Capital Appreciation Portfolio (Class A)		25,803,664		6,301,654		(142,324	)		(44,790	)		(15,152,345	)		16,765,859
BlackRock High Yield Portfolio (Class A)		117,423,642		4,945,901		(23,627,625	)		(4,733,644	)		(11,515,474	)		82,492,800
Brighthouse Small Cap Value Portfolio (Class A)		144,118,288		20,819,276		(26,940,580	)		4,910,630			(42,480,791	)		100,426,823

BHFTI-22

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2022
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)	$	107,196,416	$	20,127,128	$	(2,517,450	)	$	(80,106	)	$	(41,524,985	)	$	83,201,003
Brighthouse/Artisan International Portfolio (Class A)		238,346,188		34,633,238		(22,853,716	)		(735,360	)		(78,987,182	)		170,403,168
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		176,757,191		21,807,207		(35,124,554	)		3,095,052			(44,572,418	)		121,962,478
Brighthouse/Dimensional International Small Company Portfolio (Class A)		163,857,026		17,625,302		(16,965,772	)		(5,715,446	)		(39,719,762	)		119,081,348
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		174,788,432		5,204,836		(49,343,285	)		(4,291,818	)		(3,256,484	)		123,101,681
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		291,071,298		7,077,520		(72,242,060	)		(10,056,739	)		(9,588,619	)		206,261,400
Brighthouse/Templeton International Bond Portfolio (Class A)		151,419,426		—		(34,461,997	)		(16,209,317	)		10,116,732			110,864,844
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		46,085,781		7,256,421		(11,142,392	)		1,843,967			(11,467,338	)		32,576,439
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		52,537,199		9,340,175		(6,587,151	)		222,058			(18,965,904	)		36,546,377
CBRE Global Real Estate Portfolio (Class A)		107,275,877		12,160,390		(8,982,514	)		1,762,630			(38,303,280	)		73,913,103
Frontier Mid Cap Growth Portfolio (Class A)		147,959,387		40,974,564		(8,389,352	)		(3,149,624	)		(72,501,207	)		104,893,768
Harris Oakmark International Portfolio (Class A)		438,138,701		27,707,218		(47,771,741	)		4,090,423			(96,748,235	)		325,416,366
Invesco Comstock Portfolio (Class A)		12,971,256		1,676,827		(3,946,031	)		1,337,255			(2,879,433	)		9,159,874
Invesco Global Equity Portfolio (Class A)		117,666,438		17,054,397		(1,947,720	)		(158,629	)		(50,350,257	)		82,264,229
Invesco Small Cap Growth Portfolio (Class A)		96,151,777		36,810,573		(3,410,633	)		(2,061,305	)		(57,371,503	)		70,118,909
Jennison Growth Portfolio (Class A)		36,092,301		9,703,510		(598,108	)		(191,120	)		(21,009,446	)		23,997,137
JPMorgan Core Bond Portfolio (Class A)		496,091,744		11,105,388		(86,043,974	)		(6,764,121	)		(62,836,056	)		351,552,981
JPMorgan Small Cap Value Portfolio (Class A)		101,807,324		28,566,225		(19,001,058	)		(3,245,910	)		(37,489,008	)		70,637,573
Loomis Sayles Growth Portfolio (Class A)		29,140,143		2,003,081		(1,136,494	)		(243,239	)		(9,715,428	)		20,048,063
MFS Research International Portfolio (Class A)		305,885,419		21,802,139		(35,548,739	)		4,005,705			(77,614,969	)		218,529,555
MFS Value Portfolio (Class A)		37,775,188		4,896,970		(8,804,114	)		847,944			(8,025,496	)		26,690,492
Morgan Stanley Discovery Portfolio (Class A)		47,658,617		44,205,871		(3,675,235	)		(7,660,733	)		(47,806,380	)		32,722,140
Neuberger Berman Genesis Portfolio (Class A)		82,445,101		11,559,860		(10,650,784	)		1,961,008			(28,824,201	)		56,490,984
PIMCO Inflation Protected Bond Portfolio (Class A)		235,485,816		12,122,140		(46,696,460	)		(5,248,823	)		(31,319,572	)		164,343,101
PIMCO Total Return Portfolio (Class A)		640,567,387		16,513,620		(99,625,071	)		(23,590,946	)		(79,527,863	)		454,337,127
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		98,729,077		2,130,760		(4,154,362	)		(67,107	)		(21,586,678	)		75,051,690
T. Rowe Price Large Cap Value Portfolio (Class A)		29,459,914		3,339,698		(7,470,100	)		124,935			(4,690,080	)		20,764,367
T. Rowe Price Mid Cap Growth Portfolio (Class A)		88,167,666		12,136,856		(7,385,948	)		(2,025,767	)		(29,292,509	)		61,600,298
T. Rowe Price Small Cap Growth Portfolio (Class A)		142,503,641		24,878,120		(14,766,246	)		(2,627,351	)		(49,927,064	)		100,061,100
TCW Core Fixed Income Portfolio (Class A)		684,805,244		8,670,673		(109,293,172	)		(8,865,837	)		(90,657,326	)		484,659,582
VanEck Global Natural Resources Portfolio (Class A)		159,678,291		12,042,043		(72,615,136	)		24,827,828			(11,467,892	)		112,465,134
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		385,317,565		18,792,480		(53,173,193	)		(5,902,247	)		(73,307,033	)		271,727,572
Western Asset Management U.S. Government Portfolio (Class A)		406,589,666		7,674,562		(84,206,444	)		(11,489,155	)		(29,987,938	)		288,580,691
	$	8,098,746,263	$	651,988,374	$	(1,248,455,160	)	$	(100,685,164	)	$	(1,635,049,976	)	$	5,766,544,337

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2022
AB International Bond Portfolio (Class A)	$	1,097,634	$	13,119,956		13,445,550
Allspring Mid Cap Value Portfolio (Class A)		25,853,260		957,528		10,416,550
Baillie Gifford International Stock Portfolio (Class A)		22,433,941		2,884,026		26,065,947
BlackRock Bond Income Portfolio (Class A)		823,277		20,102,268		6,677,692
BlackRock Capital Appreciation Portfolio (Class A)		5,340,556		—		679,055
BlackRock High Yield Portfolio (Class A)		—		4,945,901		12,007,686
Brighthouse Small Cap Value Portfolio (Class A)		19,781,969		1,037,307		7,384,325
Brighthouse/abrdn Emerging Markets Equity Portfolio (Class A)		13,151,874		937,576		9,928,521
Brighthouse/Artisan International Portfolio (Class A)		32,738,714		1,894,525		18,643,673
Brighthouse/Artisan Mid Cap Value Portfolio (Class A)		20,453,271		1,353,936		574,617
Brighthouse/Dimensional International Small Company Portfolio (Class A)		14,170,045		3,455,257		12,681,720
Brighthouse/Eaton Vance Floating Rate Portfolio (Class A)		—		5,204,836		12,999,122
Brighthouse/Franklin Low Duration Total Return Portfolio (Class A)		—		7,077,520		23,928,237
Brighthouse/Templeton International Bond Portfolio (Class A)		—		—		14,645,290
Brighthouse/Wellington Core Equity Opportunities Portfolio (Class A)		6,711,111		545,309		1,082,633
Brighthouse/Wellington Large Cap Research Portfolio (Class A)		9,031,173		309,002		3,120,954
CBRE Global Real Estate Portfolio (Class A)		7,969,765		3,663,039		7,699,282
Frontier Mid Cap Growth Portfolio (Class A)		34,109,861		—		4,929,218

BHFTI-23

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2022
Harris Oakmark International Portfolio (Class A)	$	19,070,092	$	8,637,127		28,977,415
Invesco Comstock Portfolio (Class A)		1,457,540		219,287		650,098
Invesco Global Equity Portfolio (Class A)		13,144,368		—		4,366,467
Invesco Small Cap Growth Portfolio (Class A)		23,939,968		—		9,605,330
Jennison Growth Portfolio (Class A)		6,680,772		—		2,566,539
JPMorgan Core Bond Portfolio (Class A)		—		11,105,388		39,813,475
JPMorgan Small Cap Value Portfolio (Class A)		27,590,765		971,246		6,392,541
Loomis Sayles Growth Portfolio (Class A)		1,999,253		—		1,858,023
MFS Research International Portfolio (Class A)		16,690,727		5,111,412		19,687,347
MFS Value Portfolio (Class A)		4,370,302		526,668		1,790,107
Morgan Stanley Discovery Portfolio (Class A)		17,613,681		—		8,079,541
Neuberger Berman Genesis Portfolio (Class A)		11,558,061		—		3,226,213
PIMCO Inflation Protected Bond Portfolio (Class A)		—		12,122,140		17,520,586
PIMCO Total Return Portfolio (Class A)		—		16,513,620		47,130,407
SSGA Emerging Markets Enhanced Index Portfolio (Class A)		—		2,118,261		8,385,664
T. Rowe Price Large Cap Value Portfolio (Class A)		2,902,990		436,708		721,737
T. Rowe Price Mid Cap Growth Portfolio (Class A)		11,963,348		—		7,403,882
T. Rowe Price Small Cap Growth Portfolio (Class A)		21,217,557		250,685		5,966,673
TCW Core Fixed Income Portfolio (Class A)		—		8,670,673		55,836,357
VanEck Global Natural Resources Portfolio (Class A)		—		3,580,134		8,848,555
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		—		18,792,480		25,324,098
Western Asset Management U.S. Government Portfolio (Class A)		—		7,674,561		28,044,771
	$	393,865,875	$	164,218,376

8. Contractual Obligations

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

9. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	9,872,052,783
Gross unrealized appreciation		72,729,231
Gross unrealized (depreciation)		(1,558,102,751	)
Net unrealized appreciation (depreciation)	$	(1,485,373,520	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$423,688,986	$	333,991,017	$	684,614,563	$	350,641,596	$	1,108,303,549	$	684,632,613

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$248,690,596	$	—	$	(1,485,382,824	)	$	(379,085,787	)	$	(1,615,778,015	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

BHFTI-24

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $264,640,880 and accumulated long-term capital losses of $114,444,907.

10. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-25

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse Balanced Plus Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse Balanced Plus Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse Balanced Plus Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent, custodian, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-26

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-27

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-28

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-29

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-30

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Brighthouse Balanced Plus Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Pacific Investment Management Company LLC regarding the Portfolio:

The Board considered the Adviser’s provision of investment advisory services to a portion of the Portfolio (i.e., investing in underlying Portfolios). The Board noted that a committee, consisting of investment professionals from the Adviser, meets periodically to review the asset allocations and discuss the performance of this Portfolio’s investments in other Portfolios.

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests. The Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the underlying Portfolios of the Trust in which the Portfolio invests.

BHFTI-31

Brighthouse Funds Trust I

Brighthouse Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one- and three-year periods ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the five-year period ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also took into account that the Portfolio underperformed the Balanced Plus Narrow Index for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees were above the Expense Group median and the Expense Universe median and equal to the Sub-advised Expense Universe median. The Board also considered that the Portfolio’s total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-32

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Managed By Allspring Global Investments, LLC and Delaware Investment Fund Advisers

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse Small Cap Value Portfolio returned -12.90% and -13.09%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned -14.48%.

MARKET ENVIRONMENT / CONDITIONS

The Brighthouse Small Cap Value Portfolio is constructed in a multi-manager sleeve structure, with each of the two sleeves comprising roughly 50% of Portfolio Assets.

The following commentary was provided by Allspring Global Invesments, LLC.

The year 2022 will be remembered as a “drawdown year,” but the path was anything but linear. From the war in Ukraine to the elusive Federal Reserve (the “Fed’) “pivot,” equity markets experienced very sizeable rallies, pullbacks and leadership swings. Early in the year, equity markets pulled back from their December 2021 highs as investors started to digest the increasingly likely view that inflationary pressures would require a more aggressive monetary response. This resulted in expectations for a prolonged period of rising interest rates, negatively impacting valuations across most asset classes. Equity markets declined further following the invasion of Ukraine which prompted commodity prices to increase significantly, contributing further to inflationary pressures. The beginning of the third quarter was marked by a brief rally driven by hopes that inflation was peaking, and the Fed would “pivot” its course in interest rate hikes. As the Fed squashed any immediate plans to reverse course, equity markets again pulled back significantly in the last six weeks of the third quarter. This was followed by another strong rally in equity markets during the months of October and November as inflation data started to moderate and hopes emerged again that the Fed would lessen the pace of interest rate increases. The month of December saw stocks pull back slightly as Fed Chair Jerome Powell indicated that although it was time to slow the pace of coming interest rate hikes, he also signaled a protracted economic adjustment to a world where borrowing costs will remain high, and inflation comes down slowly as the U.S. remains chronically short of workers.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 2000 Value Index over the trailing twelve-month period. Sector allocation differences drove the Portfolio’s outperformance relative to the Index, while stock selection subtracted from performance. Underweights in Real Estate, Health Care and Communication Services as well as stock selection in the Health Care and Industrials sectors were the largest contributors to relative performance. Conversely, stock selection in Consumer Discretionary, Consumer Staples and Energy were the primary detractors during the period.

In the Health Care sector, Natus Medical, a medical device company focused on diagnosing and treating disorders of the central nervous and sensory systems was the largest contributor. We appreciated an under-utilized balance sheet and a capital-light business model with market-leading products that drives strong cash generation. It was announced in April that ArchiMed Group would acquire the business for $1.2 billion in cash, or a 29% premium to the prior closing price.

In the Industrials sector, Mueller Industries manufactures vital goods for important markets such as air, water, oil, and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East. Mueller benefited from strong financial results and is demonstrating to investors its unique ability to successfully navigate a higher-input cost environment through price increases and increased market share. The net-cash balance sheet should position Mueller very well to continue its strategy of consolidating smaller niche players in the industry. The stock price trades at an attractive multiple, offering investors a unique combination of safety and value within the industrials sector during this volatile economic environment.

Security selection in the Consumer Discretionary sector was the largest detractor from relative performance. Within the Consumer Discretionary sector, Holley manufactures and designs automotive aftermarket products. The company reported results throughout the period that were largely in line with expectations, but they pointed to supply chain and cost uncertainty ahead. We believe the market is failing to recognize the competitive advantages of the Holley business model, as well as the significant cash-generating ability of this asset-light business.

Also, within Consumer Discretionary, Helen of Troy Limited is a leading consumer products player with portfolios in three key areas: 1) housewares with leading brands like OXO and Hydro Flask, 2) health and home with leading brands like Braun, Pur and Honeywell, and 3) beauty with brands like Hot Tools and Drybar. The company has a strong track record of innovation, a strong e-commerce platform and a history of success in mergers and acquisitions. Helen of Troy underperformed during the period as it reduced its outlook reflecting a deteriorating environment for household durables and retailers that are actively reducing inventory leading to reduced reorders.

In the Consumer Staples sector, Spectrum Brands Holdings is a leading supplier of specialty pet supplies, lawn and garden and home pest control products, personal insect repellents, shaving and grooming products, personal care products, and small household appliances. Shares underperformed during the period as the Department of Justice filed a lawsuit to block the closing of the sale of its hardware & home improvement (“HHI”) business to Assa Abloy. However, in the fourth quarter Assa Abloy announced alternative plans to divest a business of their own.

BHFTI-1

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Managed By Allspring Global Investments, LLC and Delaware Investment Fund Advisers

Portfolio Manager Commentary*—(Continued)

During the period, the Portfolio increased its exposure and overweight to the Industrials sector primarily by adding to existing holdings. We reduced our exposure to the Consumer Discretionary and Consumer Staples sectors as reward/risk ratios dictated.

James Tringas

Bryant VanCronkhite

Portfolio Managers

Allspring Global Investments, LLC

The following commentary was provided by Delaware Investment Fund Advisers.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed, as it declined by less than the Russell 2000 Value Index during the review period. Stock selection and sector positioning contributed during the review period. The stock selection in the Health Care, Industrials, and Communication Services sectors were the largest contributors to relative outperformance. Stock selection detracted in the Energy and Materials sectors. The Portfolio’s underweight positioning detracted in the Utilities sector as the sector’s returns were positive for the year while most sectors declined.

Patterson-UTI Energy is one of the largest U.S. land drillers. During the review period, Patterson-UTI outperformed as the demand for the company’s rigs from oil and gas producers remained strong. The company has favorable day rates and a strong backlog. Patterson-UTI has strong free cash flow which it has used to double its dividend and the company plans to supplement the quarterly dividend with share repurchases.

Flex Ltd. is an electronics manufacturing services company that designs and develops original design manufacturing (“ODM”) products for the aerospace, auto, cloud, data communication, defense, digital health, energy, housing, and industrial lighting industries. Shares of Flex outperformed during the review period, driven by strength from most end markets, particularly auto, cloud, data communications, and industrial. When Flex reported its most-recent quarterly financial results, in October 2022, management noted that supply constraints had begun to ease. Flex increased sales expectations for its fiscal year and management is increasing the company’s emphasis on business segments with higher margins.

FNB Corp. is a diversified financial services company operating in seven states and the District of Columbia. During the review period, the company outperformed its peers in the banks industry while maintaining a discounted valuation. FNB’s loans and deposits increased during the review period, helping to drive earnings growth. FNB’s credit quality was better than most peers during the great financial crisis as it operates in certain slower growth geographies. FNB has favorable asset quality and its shares trade at a discounted valuation relative to its bank industry peers.

Western Alliance Bancorp is a regional bank with branches in Arizona, Nevada, and California. The company also operates several national commercial lending businesses and a national residential mortgage business. Western Alliance’s balance sheet growth has been higher than its peers in the banks industry, causing investors to have concerns about the company’s credit underwriting during a recession. This concern caused shares of Western Alliance to underperform during the review period. We believe Western Alliance trades at an attractive valuation and the Portfolio continues to maintain a position in the company.

Wolverine Worldwide is a designer, manufacturer, and marketer of a broad line of footwear, including brands such as Keds, Merrell, Saucony, and Sperry Top-Sider. Shares of Wolverine detracted during the review period as the company’s revenues and earnings were revised lower. Management attributed ongoing supply-chain disruptions and a heightened promotional retail environment to be among the company’s challenges during the review period. Wolverine’s leverage, inventory, and costs have increased during the review. Due to the deterioration of the company’s fundamentals, we exited the Portfolio’s position in Wolverine prior to the end of the review period.

In the Consumer Staples sector, shares of consumer and home products company, Spectrum Brands Holdings underperformed during the review period. On September 8, 2021, Spectrum Brands announced that it had signed an agreement to sell its HHI business to Assa Abloy AB for $4.3 billion in cash. We believed the transaction would be instrumental in transforming Spectrum Brands into a less cyclical company with a vastly improved balance sheet. In the third quarter of 2022, however, the U.S. Department of Justice announced that it would sue to block the purchase of Spectrum Brands’ HHI business by Assa Abloy AB. Given the greatly enhanced odds that the deal does not close, we chose to exit the Portfolio’s position in Spectrum Brands prior to the end of the review period.

The Portfolio ended the review period with overweights to sectors where we viewed valuations and free cash flow generation as more attractive. The Portfolio’s relative overweights remained in the Materials, Industrials, and Information Technology sectors. Within Industrials, the Portfolio’s relative overweight is in the electrical equipment, professional services, construction and engineering, and trading companies and distributors industries with a relative underweight in the aerospace and defense industry of the benchmark. The Portfolio’s Information Technology sector holdings are in more sustainable industries including semiconductors, semiconductors equipment, electronic equipment instruments and components. The Portfolio remained underweight relative to the benchmark in the Health Care, Real Estate, and Communication Services, and Utilities sectors. The Portfolio does not hold any positions in companies in the biotechnology or pharmaceuticals industries of the Health Care sector, as the Portfolio is invested in profitable companies with earnings in the healthcare equipment and supplies industry. In the

BHFTI-2

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Managed By Allspring Global Investments, LLC and Delaware Investment Fund Advisers

Portfolio Manager Commentary*—(Continued)

Financials sector, the Portfolio had a small underweight relative to the benchmark as the Portfolio does not hold any positions in the Mortgage Real Estate Investment Trusts industry. The Portfolio also had relative overweights in the insurance and banks industries at period end.

Kelley M. Carabasi

Steven G. Catricks

Michael Foley

Kent P. Madden

Portfolio Managers

Delaware Investment Fund Advisers

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

¹ The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

BHFTI-3

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Brighthouse Small Cap Value Portfolio
Class A		-12.90		4.71		9.06
Class B		-13.09		4.44		8.79
Russell 2000 Value Index		-14.48		4.13		8.48

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
J & J Snack Foods Corp.		2.2
Innospec, Inc.		1.8
Mueller Industries, Inc.		1.7
Hancock Whitney Corp.		1.7
Patterson-UTI Energy, Inc.		1.5
Eagle Materials, Inc.		1.5
Avient Corp.		1.5
Franklin Electric Co., Inc.		1.4
Magnolia Oil & Gas Corp.- Class A		1.4
Atkore, Inc.		1.4

Top Sectors

	% of Net Assets
Industrials		23.9
Financials		22.5
Materials		12.3
Consumer Discretionary		7.2
Energy		7.1
Information Technology		6.9
Consumer Staples		6.2
Health Care		4.0
Real Estate		3.8
Utilities		2.3

BHFTI-4

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse Small Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.77	%	$	1,000.00	$	1,039.00	$	3.96
	Hypothetical*		0.77	%	$	1,000.00	$	1,021.32	$	3.92
Class B (a)	Actual		1.02	%	$	1,000.00	$	1,037.90	$	5.24
	Hypothetical*		1.02	%	$	1,000.00	$	1,020.06	$	5.19

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—96.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.4%
Leonardo DRS, Inc. (a)		72,900	$	931,662
Parsons Corp. (a) (b)		66,483		3,074,839
				4,006,501
Air Freight & Logistics—0.2%
GXO Logistics, Inc. (a)		38,160		1,629,050
Auto Components—0.6%
Adient plc (a)		122,900		4,263,401
Holley, Inc. (a) (b)		561,447		1,190,268
				5,453,669
Banks—12.9%
Associated Banc-Corp. (b)		180,039		4,157,101
Bank of NT Butterfield & Son, Ltd. (The)		86,500		2,578,565
CVB Financial Corp. (b)		52,358		1,348,218
East West Bancorp, Inc.		139,200		9,173,280
First Financial Bancorp		195,300		4,732,119
First Hawaiian, Inc. (b)		99,107		2,580,746
First Interstate BancSystem, Inc. - Class A (b)		108,487		4,193,023
FNB Corp.		698,100		9,110,205
Hancock Whitney Corp. (b)		319,317		15,451,750
Hope Bancorp, Inc. (b)		277,040		3,548,882
Metropolitan Bank Holding Corp. (a)		41,493		2,434,394
Renasant Corp. (b)		108,893		4,093,288
Sandy Spring Bancorp, Inc. (b)		66,800		2,353,364
SouthState Corp. (b)		63,527		4,850,922
Synovus Financial Corp.		155,750		5,848,412
UMB Financial Corp.		140,182		11,708,001
Umpqua Holdings Corp.		402,450		7,183,732
Valley National Bancorp (b)		586,000		6,627,660
Webster Financial Corp.		207,602		9,827,879
Western Alliance Bancorp		101,200		6,027,472
				117,829,013
Beverages—0.5%
Primo Water Corp.		308,867		4,799,793
Building Products—4.2%
CSW Industrials, Inc. (b)		84,184		9,759,451
Griffon Corp.		140,577		5,031,251
Janus International Group Inc. (a) (b)		246,361		2,345,356
JELD-WEN Holding, Inc. (a) (b)		66,426		641,011
Quanex Building Products Corp. (b)		266,275		6,305,392
Simpson Manufacturing Co., Inc. (b)		64,439		5,713,162
UFP Industries, Inc.		57,227		4,535,240
Zurn Water Solutions Corp.		178,300		3,771,045
				38,101,908
Capital Markets—1.5%
GlassBridge Enterprises, Inc. (a)		572		17,732
MidCap Financial Investment Corp.		185,536		2,115,110
New Mountain Finance Corp.		255,654		3,162,440
Stifel Financial Corp. (b)		141,150		8,238,926
Capital Markets—(Continued)
Westwood Holdings Group, Inc.		62,205		692,572
				14,226,780
Chemicals—6.9%
Ashland, Inc.		32,000		3,440,960
Avient Corp. (b)		396,040		13,370,310
Diversey Holdings, Ltd. (a) (b)		193,311		823,505
Ecovyst, Inc. (a)		376,745		3,337,961
Element Solutions, Inc.		49,392		898,441
HB Fuller Co. (b)		65,800		4,712,596
Huntsman Corp. (b)		165,200		4,539,696
Innospec, Inc. (b)		162,062		16,669,697
Mativ Holdings, Inc. (b)		311,742		6,515,408
Minerals Technologies, Inc. (b)		22,942		1,393,038
NewMarket Corp.		23,712		7,377,040
				63,078,652
Commercial Services & Supplies—1.5%
ACCO Brands Corp.		375,817		2,100,817
Ennis, Inc. (b)		125,225		2,774,986
Harsco Corp. (a) (b)		111,787		703,140
Matthews International Corp. - Class A (b)		23,128		704,016
UniFirst Corp. (b)		26,500		5,114,235
Viad Corp. (a) (b)		102,376		2,496,951
				13,894,145
Communications Equipment—0.7%
NetScout Systems, Inc. (a) (b)		112,290		3,650,548
Viavi Solutions, Inc. (a)		265,000		2,785,150
				6,435,698
Construction & Engineering—1.8%
API Group Corp. (a) (b)		323,283		6,080,953
MasTec, Inc. (a) (b)		120,545		10,286,105
				16,367,058
Construction Materials—1.8%
Eagle Materials, Inc.		100,737		13,382,911
Summit Materials, Inc. - Class A (a) (b)		108,754		3,087,524
				16,470,435
Consumer Finance—0.3%
Bread Financial Holdings, Inc.		68,200		2,568,412
Containers & Packaging—2.6%
Berry Global Group, Inc.		120,003		7,251,781
Myers Industries, Inc.		165,161		3,671,529
Silgan Holdings, Inc. (b)		143,021		7,414,209
TriMas Corp. (b)		203,096		5,633,883
				23,971,402
Diversified Consumer Services—0.3%
Service Corp. International		45,550		3,149,327

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Financial Services—0.5%
Jackson Financial, Inc. - Class A (b)		122,652	$	4,267,063
Diversified Telecommunication Services—0.1%
AST SpaceMobile, Inc. (a) (b)		114,588		552,314
Electric Utilities—1.3%
ALLETE, Inc.		69,200		4,464,092
Hawaiian Electric Industries, Inc.		88,932		3,721,804
OGE Energy Corp.		97,000		3,836,350
				12,022,246
Electrical Equipment—1.9%
Atkore, Inc. (a) (b)		112,807		12,794,570
Babcock & Wilcox Enterprises, Inc. (a) (b)		153,747		887,120
Regal Rexnord Corp. (b)		31,806		3,816,084
				17,497,774
Electronic Equipment, Instruments & Components—2.8%
Belden, Inc.		115,513		8,305,385
Flex, Ltd. (a)		306,837		6,584,722
TD SYNNEX Corp.		40,300		3,816,813
TTM Technologies, Inc. (a) (b)		309,376		4,665,390
Vishay Intertechnology, Inc.		119,900		2,586,243
				25,958,553
Energy Equipment & Services—1.8%
Forum Energy Technologies, Inc. (a) (b)		18,776		553,892
Liberty Oilfield Services, Inc.		155,006		2,481,646
Patterson-UTI Energy, Inc. (b)		805,853		13,570,564
				16,606,102
Equity Real Estate Investment Trusts—3.6%
Elme Communities Trust (b)		141,483		2,518,397
Independence Realty Trust, Inc. (b)		223,610		3,770,065
Kite Realty Group Trust (b)		179,763		3,784,011
Life Storage, Inc.		37,650		3,708,525
LXP Industrial Trust		371,100		3,718,422
National Health Investors, Inc.		61,250		3,198,475
Outfront Media, Inc.		230,750		3,825,835
RPT Realty		205,900		2,067,236
Spirit Realty Capital, Inc.		103,550		4,134,752
Summit Hotel Properties, Inc.		274,800		1,984,056
				32,709,774
Food & Staples Retailing—0.5%
Performance Food Group Co. (a)		75,681		4,419,013
Food Products—3.4%
Flowers Foods, Inc.		115,600		3,322,344
J & J Snack Foods Corp. (b)		132,631		19,856,187
Nomad Foods, Ltd. (a)		323,819		5,582,639
Tootsie Roll Industries, Inc. (b)		54,873		2,335,944
				31,097,114
Gas Utilities—0.3%
Southwest Gas Holdings, Inc. (b)		51,900		3,211,572
Health Care Equipment & Supplies—2.1%
Avanos Medical, Inc. (a)		89,300		2,416,458
Enovis Corp. (a)		35,024		1,874,485
Integer Holdings Corp. (a) (b)		53,500		3,662,610
Integra LifeSciences Holdings Corp. (a)		94,300		5,287,401
NuVasive, Inc. (a)		62,800		2,589,872
Varex Imaging Corp. (a) (b)		165,684		3,363,385
				19,194,211
Health Care Providers & Services—0.9%
Owens & Minor, Inc. (b)		114,657		2,239,251
Patterson Cos., Inc. (b)		115,859		3,247,528
Premier, Inc. - Class A		66,851		2,338,448
				7,825,227
Hotels, Restaurants & Leisure—2.6%
Choice Hotels International, Inc.		27,100		3,052,544
Cracker Barrel Old Country Store, Inc. (b)		28,300		2,681,142
Denny’s Corp. (a) (b)		439,677		4,049,425
Dine Brands Global, Inc. (b)		89,042		5,752,113
Jack in the Box, Inc. (b)		70,091		4,782,309
Texas Roadhouse, Inc. (b)		41,900		3,810,805
				24,128,338
Household Durables—1.5%
Helen of Troy, Ltd. (a) (b)		48,973		5,431,595
KB Home		99,500		3,169,075
Meritage Homes Corp. (a)		45,500		4,195,100
Tupperware Brands Corp. (a) (b)		126,719		524,617
				13,320,387
Household Products—1.8%
Central Garden and Pet Co. (Non-Voting Shares) - Class A (a) (b)		117,711		4,214,054
Central Garden and Pet Co. (Voting Shares) (a) (b)		90,711		3,397,127
Spectrum Brands Holdings, Inc. (b)		150,512		9,169,191
				16,780,372
Insurance—5.3%
American Equity Investment Life Holding Co.		127,800		5,830,236
Assurant, Inc.		35,300		4,414,618
Axis Capital Holdings, Ltd.		45,715		2,476,381
CNO Financial Group, Inc.		20,702		473,041
Enstar Group, Ltd. (a) (b)		30,946		7,149,764
Hanover Insurance Group, Inc. (The) (b)		83,934		11,342,001
Kemper Corp. (b)		6,554		322,457
National Western Life Group, Inc. - Class A (b)		6,768		1,901,808
ProAssurance Corp.		123,766		2,162,192
Selective Insurance Group, Inc.		49,590		4,394,170
Stewart Information Services Corp.		195,364		8,347,904
				48,814,572

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—1.5%
Concentrix Corp.		41,374	$	5,509,362
Euronet Worldwide, Inc. (a) (b)		13,941		1,315,752
Kyndryl Holdings, Inc. (a) (b)		277,766		3,088,758
Maximus, Inc. (b)		55,135		4,043,049
				13,956,921
Leisure Products—0.3%
Acushnet Holdings Corp. (b)		75,500		3,205,730
Life Sciences Tools & Services—0.5%
Azenta, Inc. (a) (b)		71,494		4,162,381
Machinery—8.1%
Alamo Group, Inc.		20,556		2,910,730
Altra Industrial Motion Corp.		120,800		7,217,800
Barnes Group, Inc. (b)		105,400		4,305,590
Columbus McKinnon Corp.		96,337		3,128,062
Douglas Dynamics, Inc.		183,944		6,651,415
Franklin Electric Co., Inc. (b)		164,031		13,081,472
Hillenbrand, Inc.		64,401		2,747,991
Hillman Solutions Corp. (a) (b)		569,966		4,109,455
ITT, Inc.		83,830		6,798,613
Kadant, Inc. (b)		30,281		5,378,814
Mayville Engineering Co., Inc. (a)		151,562		1,918,775
Mueller Industries, Inc. (b)		271,671		16,028,589
NN, Inc. (a)		89,815		134,722
				74,412,028
Marine—0.3%
Kirby Corp. (a)		46,900		3,018,015
Media—0.6%
DallasNews Corp. (b)		43,318		166,341
Nexstar Media Group, Inc. - Class A		18,400		3,220,552
Thryv Holdings, Inc. (a) (b)		91,260		1,733,940
				5,120,833
Metals & Mining—0.3%
Arconic Corp. (a)		143,500		3,036,460
Mortgage Real Estate Investment Trusts—1.6%
AGNC Investment Corp. (b)		399,291		4,132,662
Apollo Commercial Real Estate Finance, Inc. (b)		236,845		2,548,452
New York Mortgage Trust, Inc. (b)		1,139,597		2,917,368
Two Harbors Investment Corp.		319,969		5,045,911
				14,644,393
Multi-Utilities—0.7%
Black Hills Corp. (b)		85,140		5,988,748
Multiline Retail—0.1%
Franchise Group, Inc. (b)		44,678		1,064,230
Oil, Gas & Consumable Fuels—5.3%
Alto Ingredients, Inc. (a) (b)		195,254		562,332
Berry Corp. (b)		210,231		1,681,848
Callon Petroleum Co. (a)		46,064		1,708,514
Chord Energy Corp. (b)		35,477		4,853,608
CNX Resources Corp. (a)		345,650		5,820,746
Delek U.S. Holdings, Inc. (b)		77,700		2,097,900
Magnolia Oil & Gas Corp. - Class A (b)		553,662		12,983,374
Matador Resources Co. (b)		72,680		4,160,203
Murphy Oil Corp.		120,400		5,178,404
Nordic American Tankers, Ltd. (b)		343,855		1,052,196
Northern Oil and Gas, Inc. (b)		87,939		2,710,280
Southwestern Energy Co. (a) (b)		950,416		5,559,934
				48,369,339
Paper & Forest Products—0.7%
Louisiana-Pacific Corp.		103,150		6,106,480
Pharmaceuticals—0.7%
Perrigo Co. plc		51,533		1,756,760
Prestige Consumer Healthcare, Inc. (a) (b)		67,473		4,223,810
				5,980,570
Professional Services—2.2%
CACI International, Inc. - Class A (a)		16,000		4,809,440
CBIZ, Inc. (a) (b)		113,732		5,328,344
KBR, Inc. (b)		89,860		4,744,608
Korn Ferry (b)		102,569		5,192,043
				20,074,435
Real Estate Management & Development—0.3%
Doma Holdings, Inc. (a) (b)		88,446		40,057
Tricon Residential, Inc.		301,205		2,322,291
				2,362,348
Road & Rail—1.1%
Saia, Inc. (a) (b)		8,300		1,740,344
Werner Enterprises, Inc.		215,187		8,663,429
				10,403,773
Semiconductors & Semiconductor Equipment—1.4%
Cirrus Logic, Inc. (a)		56,200		4,185,776
Diodes, Inc. (a)		54,100		4,119,174
Power Integrations, Inc.		60,800		4,360,576
Tower Semiconductor, Ltd. (U.S. Listed Shares) (a)		11,700		505,440
				13,170,966
Software—0.4%
E2open Parent Holdings, Inc. (a) (b)		309,575		1,817,205
NCR Corp. (a) (b)		85,284		1,996,498
Synchronoss Technologies, Inc. (a) (b)		439,304		271,534
				4,085,237
Specialty Retail—0.5%
Group 1 Automotive, Inc. (b)		24,200		4,364,954

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—(Continued)
Urban Outfitters, Inc. (a) (b)		9,711	$	231,607
				4,596,561
Textiles, Apparel & Luxury Goods—1.2%
Columbia Sportswear Co.		47,300		4,142,534
Delta Apparel, Inc. (a)		61,202		649,353
Levi Strauss & Co. - Class A (b)		20,708		321,388
Steven Madden, Ltd. (b)		174,857		5,588,430
				10,701,705
Thrifts & Mortgage Finance—0.4%
Essent Group, Ltd.		92,300		3,588,624
Trading Companies & Distributors—2.1%
Air Lease Corp.		94,859		3,644,483
Custom Truck One Source, Inc. (a) (b)		490,378		3,099,189
H&E Equipment Services, Inc.		82,000		3,722,800
WESCO International, Inc. (a)		70,200		8,789,040
				19,255,512
Total Common Stocks (Cost $748,513,761)				887,691,764
Escrow Shares—0.0%
Special Purpose Acquisition Companies—0.0%
Pershing Square Tontine Holdings, Ltd. (a) (c) (d) (Cost $0)		140,969		0
Short-Term Investment—3.1%
Repurchase Agreement—3.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $28,878,463; collateralized by U.S. Treasury Note at 0.125%, maturing 01/15/24, with a market value of $29,450,203.		28,872,688		28,872,688
Total Short-Term Investments (Cost $28,872,688)				28,872,688
Securities Lending Reinvestments (e)—17.5%
Certificates of Deposit—8.0%
Bank of Montreal (Chicago) 4.790%, FEDEFF PRV + 0.460%, 03/02/23 (f)		6,000,000		6,000,000
Bank of Nova Scotia 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (f)		6,000,000		6,000,107
4.770%, FEDEFF PRV + 0.440%, 01/09/23 (f)		2,000,000		2,000,081
4.810%, SOFR + 0.510%, 03/15/23 (f)		6,000,000		6,002,521
Canadian Imperial Bank of Commerce (NY) 4.550%, SOFR + 0.250%, 02/03/23 (f)		3,000,000		3,000,199
4.800%, SOFR + 0.500%, 03/03/23 (f)		3,000,000		3,001,148
Certificates of Deposit—(Continued)
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (f)		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp. 4.860%, SOFR + 0.560%, 02/14/23 (f)		3,000,000		3,000,900
Mizuho Bank, Ltd. 4.850%, SOFR + 0.550%, 01/26/23 (f)		2,000,000		2,000,601
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (f)		5,000,000		5,001,973
Nordea Bank Abp (NY) 4.760%, SOFR + 0.460%, 02/13/23 (f)		2,000,000		2,000,342
4.800%, SOFR + 0.500%, 02/27/23 (f)		3,000,000		3,000,831
4.850%, SOFR + 0.550%, 02/21/23 (f)		3,000,000		3,001,005
Rabobank (London) 4.830%, SOFR + 0.530%, 05/16/23 (f)		2,000,000		2,000,000
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (f)		6,000,000		5,999,904
Standard Chartered Bank (NY) 4.860%, FEDEFF PRV + 0.530%, 01/17/23 (f)		2,000,000		2,000,246
Sumitomo Mitsui Trust Bank, Ltd. 4.840%, SOFR + 0.540%, 01/10/23 (f)		2,000,000		2,000,156
Svenska Handelsbanken AB 4.900%, SOFR + 0.600%, 04/12/23 (f)		3,000,000		3,002,037
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (f)		4,000,000		4,000,000
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (f)		3,000,000		2,999,670
4.850%, SOFR + 0.550%, 02/22/23 (f)		2,000,000		2,000,682
				73,012,403
Commercial Paper—1.1%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (f)		4,000,000		4,001,012
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (f)		6,000,000		6,000,000
				10,001,012
Repurchase Agreements—6.0%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $7,031,442; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $7,140,001.		7,000,000		7,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $20,042,073; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $20,450,920.		20,032,501		20,032,501
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $5,704,788; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $5,827,556.		5,700,000		5,700,000

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (e)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $15,012,979; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $16,332,428.		15,000,000	$	15,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $3,013,563; collateralized by various Common Stock with an aggregate market value of $3,333,764.		3,000,000		3,000,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $4,203,610; collateralized by various Common Stock with an aggregate market value of $4,675,406.		4,200,000		4,200,000
				54,932,501
Time Deposit—0.5%
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (f)		5,000,000		5,000,000
Mutual Funds—1.9%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (g)		2,000,000		2,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.060% (g)		2,000,000		2,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (g)		1,000,000		1,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (g)		4,499,921		4,499,921
STIT-Government & Agency Portfolio, Institutional Class 4.220% (g)		5,000,000		5,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (g)		3,000,000		3,000,000
				17,499,921
Total Securities Lending Reinvestments (Cost $160,432,512)				160,445,837
Total Investments—117.5% (Cost $937,818,961)				1,077,010,289
Other assets and liabilities (net)—(17.5)%				(160,491,850	)
Net Assets—100.0%			$	916,518,439

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $157,079,771 and the collateral received consisted of cash in the amount of $160,432,531 and non-cash collateral with a value of $1,273,214. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.0% of net assets.
(e)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(f)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(g)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	887,691,764	$	—		$	—	$	887,691,764
Total Escrow Shares*		—		—			0		0
Total Short-Term Investment*		—		28,872,688			—		28,872,688
Securities Lending Reinvestments
Certificates of Deposit		—		73,012,403			—		73,012,403
Commercial Paper		—		10,001,012			—		10,001,012
Repurchase Agreements		—		54,932,501			—		54,932,501
Time Deposit		—		5,000,000			—		5,000,000
Mutual Funds		17,499,921		—			—		17,499,921
Total Securities Lending Reinvestments		17,499,921		142,945,916			—		160,445,837
Total Investments	$	905,191,685	$	171,818,604		$	0	$	1,077,010,289
Collateral for Securities Loaned (Liability)	$	—	$	(160,432,531	)	$	—	$	(160,432,531	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended December 31, 2022 is not presented.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,077,010,289
Receivable for:
Investments sold		674,659
Fund shares sold		113,622
Dividends and interest		1,329,426
Prepaid expenses		3,826
Total Assets		1,079,131,822
Liabilities
Collateral for securities loaned		160,432,531
Payables for:
Investments purchased		919,193
Fund shares redeemed		298,371
Accrued Expenses:
Management fees		585,452
Distribution and service fees		74,040
Deferred trustees’ fees		163,276
Other expenses		140,520
Total Liabilities		162,613,383
Net Assets	$	916,518,439
Net Assets Consist of:
Paid in surplus	$	695,406,373
Distributable earnings (Accumulated losses)		221,112,066
Net Assets	$	916,518,439
Net Assets
Class A	$	575,322,320
Class B		341,196,119
Capital Shares Outstanding*
Class A		42,297,277
Class B		25,443,398
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.60
Class B		13.41

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $937,818,961.
(b)	Includes securities loaned at value of $157,079,771.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	19,592,748
Interest		134,903
Securities lending income		464,979
Total investment income		20,192,630
Expenses
Management fees		7,694,902
Administration fees		51,712
Custodian and accounting fees		84,959
Distribution and service fees—Class B		934,211
Audit and tax services		48,432
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		52,279
Insurance		9,137
Miscellaneous		15,428
Total expenses		8,945,715
Less management fee waiver		(147,384	)
Less broker commission recapture		(4,459	)
Net expenses		8,793,872
Net Investment Income		11,398,758
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		77,637,280
Foreign currency transactions		(2	)
Net realized gain (loss)		77,637,278
Net change in unrealized depreciation on investments		(240,157,038	)
Net realized and unrealized gain (loss)		(162,519,760	)
Net Increase (Decrease) in Net Assets From Operations	$	(151,121,002	)

(a) Net of foreign withholding taxes of $16,367.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	11,398,758		$	9,078,279
Net realized gain (loss)		77,637,278			177,051,359
Net change in unrealized appreciation (depreciation)		(240,157,038	)		166,542,313
Increase (decrease) in net assets from operations		(151,121,002	)		352,671,951
From Distributions to Shareholders
Class A		(118,357,469	)		(8,369,683	)
Class B		(67,134,158	)		(3,752,616	)
Total distributions		(185,491,627	)		(12,122,299	)
Increase (decrease) in net assets from capital share transactions		17,156,314			(328,881,475	)
Total increase (decrease) in net assets		(319,456,315	)		11,668,177
Net Assets
Beginning of period		1,235,974,754			1,224,306,577
End of period	$	916,518,439		$	1,235,974,754

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		319,038		$	5,610,035			412,739		$	7,388,422
Reinvestments		8,799,812			118,357,469			452,415			8,369,683
Redemptions		(8,335,520	)		(133,572,187	)		(15,634,753	)		(271,732,940	)
Net increase (decrease)		783,330		$	(9,604,683	)		(14,769,599	)	$	(255,974,835	)
Class B
Sales		1,006,597		$	15,699,382			1,302,332		$	23,167,006
Reinvestments		5,055,283			67,134,158			205,173			3,752,616
Redemptions		(3,593,713	)		(56,072,543	)		(5,715,383	)		(99,826,262	)
Net increase (decrease)		2,468,167		$	26,760,997			(4,207,878	)	$	(72,906,640	)
Increase (decrease) derived from capital shares transactions				$	17,156,314					$	(328,881,475	)

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	19.25		$	14.72		$	15.76		$	13.54		$	17.01
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.19			0.14			0.17			0.23			0.20
Net realized and unrealized gain (loss)		(2.70	)		4.58			(0.46	)		3.50			(2.53	)
Total income (loss) from investment operations		(2.51	)		4.72			(0.29	)		3.73			(2.33	)
Less Distributions
Distributions from net investment income		(0.16	)		(0.18	)		(0.20	)		(0.18	)		(0.22	)
Distributions from net realized capital gains		(2.98	)		(0.01	)		(0.55	)		(1.33	)		(0.92	)
Total distributions		(3.14	)		(0.19	)		(0.75	)		(1.51	)		(1.14	)
Net Asset Value, End of Period	$	13.60		$	19.25		$	14.72		$	15.76		$	13.54
Total Return (%) (b)		(12.90	)		32.12	(c)		(0.32	)		29.06	(c)		(14.97	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78			0.77			0.79			0.79			0.78
Net ratio of expenses to average net assets (%) (d)		0.76			0.75			0.78			0.78			0.77
Ratio of net investment income (loss) to average net assets (%)		1.19			0.81			1.37			1.54			1.23
Portfolio turnover rate (%)		17			18			38			25			29
Net assets, end of period (in millions)	$	575.3		$	799.1		$	828.7		$	567.7		$	475.3
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	19.01		$	14.55		$	15.58		$	13.39		$	16.84
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.15			0.10			0.13			0.19			0.16
Net realized and unrealized gain (loss)		(2.66	)		4.52			(0.44	)		3.47			(2.52	)
Total income (loss) from investment operations		(2.51	)		4.62			(0.31	)		3.66			(2.36	)
Less Distributions
Distributions from net investment income		(0.11	)		(0.15	)		(0.17	)		(0.14	)		(0.17	)
Distributions from net realized capital gains		(2.98	)		(0.01	)		(0.55	)		(1.33	)		(0.92	)
Total distributions		(3.09	)		(0.16	)		(0.72	)		(1.47	)		(1.09	)
Net Asset Value, End of Period	$	13.41		$	19.01		$	14.55		$	15.58		$	13.39
Total Return (%) (b)		(13.09	)		31.77	(c)		(0.57	)		28.78	(c)		(15.23	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.03			1.02			1.04			1.04			1.03
Net ratio of expenses to average net assets (%) (d)		1.01			1.00			1.03			1.03			1.02
Ratio of net investment income (loss) to average net assets (%)		0.96			0.57			1.08			1.29			0.97
Portfolio turnover rate (%)		17			18			38			25			29
Net assets, end of period (in millions)	$	341.2		$	436.8		$	395.6		$	406.8		$	361.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes gains from settlement of security litigations; excluding these gains, the total return for Class A and Class B would have been 31.92% and 31.56% for the year ended December 31, 2021, and 28.49% and 28.20% for the year ended December 31, 2019, respectively.
(d)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-15

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-16

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Special Purpose Acquisition Companies - The Portfolio may invest in Special Purpose Acquisition Companies (“SPAC”). A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (an “IPO”) for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transaction (each a “Transaction”). If the Portfolio purchases shares of a SPAC in an IPO it will generally bear a sales commission, which may be significant. The shares of a SPAC are often issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. In some cases, the rights and warrants may be separated from the common stock at the election of the holder, after which they may become freely tradeable. After going public and until a Transaction is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Portfolio’s ability to meet its investment objective(s). If a SPAC does not complete a Transaction within a specified period of time after going public, the SPAC is typically dissolved, at which point the invested funds are returned to the SPAC’s shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting a Transaction. In some cases, the Portfolio may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with a Transaction. Because SPACs often do not have an operating history or ongoing business other than seeking a Transaction, the value of their securities may be particularly dependent on the quality of its management and on the ability of the SPAC’s management to identify and complete a profitable Transaction. Some SPACs may pursue Transactions only within certain industries or regions, which may increase the volatility of an investment in them. In addition, the securities issued by a SPAC, which may be traded in the OTC market, may become illiquid and/or may be subject to restrictions on resale. Other risks of investing in SPACs include that: a significant portion of the monies raised by the SPAC may be expended during the search for a target Transaction; an attractive Transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may be required to return any remaining monies to shareholders; a Transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC.

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $28,872,688. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $54,932,501. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional

BHFTI-17

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against

BHFTI-18

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	169,658,799	$	0	$	343,818,736

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$7,694,902		0.750	%	First $1 billion
		0.700	%	Over $1 billion

Brighthouse Investment Advisers has entered into investment subadvisory agreements with respect to managing the Portfolio. Delaware Investments Fund Advisers and Allspring Global Investments, LLC are compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-19

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2022 to April 29, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%		$500 million to $1 billion
0.050%		Over $1 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	942,814,073
Gross unrealized appreciation		204,938,594
Gross unrealized (depreciation)		(70,742,378	)
Net unrealized appreciation (depreciation)	$	134,196,216

BHFTI-20

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$48,907,816	$	12,122,299	$	136,583,811	$	—	$	185,491,627	$	12,122,299

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$10,340,924	$	76,738,207	$	134,196,212	$	—	$	221,275,343

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-21

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse Small Cap Value Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse Small Cap Value Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse Small Cap Value Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-22

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-23

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-24

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.    

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-25

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-26

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Brighthouse Small Cap Value Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Delaware Investments Fund Advisers and Allspring Global Investments, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one- and five-year periods ended June 30, 2022 and performed equal to the median of its Performance Universe for the three-year period ended June 30, 2022. The Board considered that the Portfolio outperformed the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Russell 2000 Value Index, for the one- and five-year periods ended October 31, 2022 and underperformed its benchmark for the three-year period ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTI-27

Brighthouse Funds Trust I

Brighthouse Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-28

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Managed By abrdn Investments Limited

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse/abrdn Emerging Markets Equity Portfolio returned -25.58% and -25.81%, respectively. The Portfolio’s benchmark, the MSCI Emerging Markets Index¹, returned -20.09%.

MARKET ENVIRONMENT / CONDITIONS

Emerging market equities retreated in an extremely challenging year for the asset class, lagging developed market equities. Stocks maintained a broad downtrend for most of 2022 as major central banks tightened monetary policy to counter rising price pressures, which were exacerbated by Russia’s invasion of Ukraine. The inflationary consequences of the war prompted central banks to act aggressively, triggering recession fears. Multiple interest rate hikes by the U.S. Federal Reserve (the “Fed”) boosted the U.S. dollar, which further dented sentiment towards emerging markets. Compounding concerns were negative developments in China, including regulatory scrutiny across sectors, an ongoing property crisis, tensions with the U.S. and stringent lockdowns due to Beijing’s zero-COVID policy.

Losses were pared towards year-end as emerging market equities staged an impressive comeback on hopes that the Fed may temper its pace of tightening. Markets also reacted positively to China’s rapid reversal of its zero-COVID policy, strong policy support and signs of stabilization in the U.S.-China relationship.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the MSCI Emerging Markets Index (the “Index”) during the reporting period. The Portfolio’s exposure to Russia and stock selection in China were among the key reasons for the underperformance. Revaluing the Portfolio’s Russian holdings in Lukoil and Novatek to zero following Russia’s invasion of Ukraine proved costly. We took that decision due to the implementation of stringent capital controls in Russia following stiff Western sanctions on Moscow, which made it impossible to realise any value from our investments. Not holding former Index heavyweight Gazprom was a positive for the Portfolio.

With Russia, the Portfolio also lost its exposure to Energy names at a time when oil prices hit record levels. Hence, not having exposure to Middle Eastern oil-exporting countries in subsequent months detracted from performance as they gained from higher energy prices. However, the energy trade lost some of its shine in the final quarter on recession worries and a weaker U.S. dollar. In December, we participated in the initial public offering (“IPO”) of Americana Restaurants, the Middle East and North Africa-based franchisee of fast-food restaurants such as KFC and Pizza Hut.

China, which faced multiple headwinds over the year, weighed on relative performance, but that was partially offset by the Portfolio’s off-benchmark position in Hong Kong. China Merchants Bank, which we divested over the year, sold off after its president was removed and investigated by China’s anti-corruption watchdog, likely related to a prior tenure. That said, consumer names, including China Tourism Group Duty Free, rose in anticipation of the post-COVID reopening towards the period-end. In Hong Kong, our positions in insurer AIA and brewer Budweiser APAC proved favourable as Beijing’s rapid pivot away from zero-COVID triggered sharp rallies in H-shares. We view these companies as high-quality exposures to China’s growth.

Meanwhile, building recession fears fueled concerns over slowing demand for e-commerce, consumer electronics and semiconductor chips. Some of the Portfolio’s internet and technology holdings were affected, including digital consumer names like Prosus and Sea; we exited both companies over the year to pursue better, high conviction opportunities elsewhere. The Portfolio’s core semiconductor holdings in ASML Holding, ASM International, Samsung Electronics and Taiwan Semiconductor Manufacturing Co. also underperformed, but we believe they are best positioned to ride through the industry downcycle.

Elsewhere in Latin America, resource-rich Brazil and Mexico were initially buoyed by rising commodity prices, although they continued to fare well in the second half of the year even after commodity prices faltered, underpinned by strong fundamentals. However, gains in Brazil were pared following President Lula’s election victory in the last quarter, as investor sentiment fell on concerns over his more aggressive fiscal approach towards policymaking. Among the Portfolio’s holdings, Mexican lender Banorte and bottling company FEMSA advanced amid higher interest rates and domestic consumption strength. The market also reacted positively in October to Banorte’s announcement that it was no longer in the running to take over Citigroup’s Banamex unit. In addition, Brazilian stock exchange operator B3 and lender Banco contributed positively.

The Portfolio’s position in Indonesia was another bright spot as the economy benefitted from the post-COVID reopening and higher commodity prices. Bank Central Asia and Bank Rakyat rose on rising interest rates. Elsewhere in South-East Asia, Thailand-based PTT Exploration & Production outperformed on resilient results and relatively elevated oil prices.

Over the review period, we took steps to reposition and refresh the Portfolio to keep up with shifting market trends, while staying true to our philosophy of investing in the highest quality companies across emerging markets. As such, we have refocused on companies that should be best placed to weather rising input costs and should have the pricing power to pass on costs, where our conviction remains high and is backed by solid fundamentals.

In China, we added four new holdings and participated in China Tourism Group Duty Free’s Hong Kong IPO. Foshan Haitian Flavouring & Food is a leading food seasonings manufacturer with solid pricing power and good execution, while medical device maker Shenzhen Mindray Bio-Medical Electronics has a premium brand,

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Managed By abrdn Investments Limited

Portfolio Manager Commentary*—(Continued)

an established distribution network and solid commitment to research and development. In the e-commerce space, JD.com is an attractive consumption play with a strong established moat. Meituan is, in our view, uniquely placed to benefit from powerful secular tailwinds driving the growth of online local services.

Elsewhere in North Asia, we bought South Korean petrochemical engineering, procurement and construction company Samsung Engineering, which may benefit from a rising hydrocarbon investment cycle and from its efforts to develop and commercialize net zero technologies. We also participated in LG Energy Solution’s IPO, although we divested our position following its significant price appreciation given our small allocation. Separately, in India, we initiated a position in Power Grid Corp. of India, the country’s central transmission utility that we believe stands to gain from the government’s investment in renewables and associated infrastructure.

Within South-East Asia, we introduced to the Portfolio Telkom Indonesia, the biggest and strongest player in the country’s key telecommunications growth areas. We also established positions in Thailand-based Kasikornbank and PTT Exploration & Production. The former is an attractively valued banking franchise with strong digital offerings, while the latter is a major oil and gas exploration and production operator with one of the lowest cash costs.

Across Latin America, we added Banco Santander Chile, one of the largest banks in Chile in terms of total assets, loans and deposits. The lender has best-in-class operational metrics and a management team with a world-class environmental, social and governance agenda. Another addition was Raia Drogasil, a leading pharmaceutical retailer in Brazil with strong e-commerce growth prospects and a sound digitalisation strategy.

In South Africa, we bought Sanlam, a multi-line insurer with a skew to life insurance that has been gaining market share, and leading mobile communications company Vodacom Group, which we believe is in an attractive place to increase growth and returns given its incumbent position in a capital-intensive market. We also participated in Middle East and North Africa-based Americana Restaurants’ IPO.

Finally, we established a position in TotalEnergies, a French oil and gas firm with attractive commodity leverage and a credible and balanced energy transition strategy embedded across its fossil, renewables and new molecule businesses. The company has a significant proportion of its assets in emerging market countries.

Against this, we exited Allegro, Bank of the Philippine Islands, China Conch Venture, China Merchants Bank, China Resources Gas, GDS Holdings, Hangzhou Tigermed Consulting, Kakao, Li Ning, Prosus, Samsung SDI, Sands China, Sea, Shenzhou International, Sungrow Power Supply, Vale and Yunnan Energy New Material to fund better opportunities elsewhere.

In terms of positioning, as bottom-up stock pickers, our country and sector allocations were driven by where we could find quality companies with attractive valuations. This style may lead to significant deviations from the Index. At the country level, we were overweight Hong Kong (which was not part of the benchmark) and Mexico. We like Hong Kong, as the territory offers high-quality attractive regional businesses that also benefit from higher growth potential in China and are relatively insulated from geopolitical tensions between the U.S. and China. Meanwhile, Mexico offers both well-run companies and relative value, and it is a beneficiary of U.S. companies looking to shorten their supply chains.

Conversely, at period end, we were underweight to Saudi Arabia, Taiwan and China. We did not have any exposure to Saudi Arabia due to difficulties finding stocks in the large-cap space that meet our quality and valuation criteria. Taiwan’s export-oriented economy has a market that offers a relatively narrow selection of companies, most of which lack market leadership in terms of both technology and branding. That said, we did have holdings in high-quality companies with a clear technological edge. As for China, prior to its reopening pivot in December, we had turned cautious on the near-term impact of the country’s zero-COVID policy and the ongoing property sector crisis on the economy. As such, we trimmed our exposure to direct China, but together with Hong Kong, our overall China position remained in line with the benchmark at period end.

BHFTI-2

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Managed By abrdn Investments Limited

Portfolio Manager Commentary*—(Continued)

In terms of sectors, at period end, we were overweight Information Technology and Financials, and underweight companies in industries where government regulations restrict profitability, such as Communications Services and Energy.

Devan Kaloo

Joanne Irvine

Kristy Fong

Portfolio Managers

abrdn Investments Limited

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

¹ The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

BHFTI-3

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EMERGING MARKETS INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Brighthouse/abrdn Emerging Markets Equity Portfolio
Class A		-25.58		-1.19		0.43
Class B		-25.81		-1.46		0.18
MSCI Emerging Markets Index		-20.09		-1.40		1.44

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		7.3
Samsung Electronics Co., Ltd.		5.9
Tencent Holdings, Ltd.		5.8
Alibaba Group Holding, Ltd.		4.3
Housing Development Finance Corp., Ltd.		3.9
JD.com, Inc.- Class A		2.9
AIA Group, Ltd.		2.7
SBI Life Insurance Co., Ltd.		2.3
Budweiser Brewing Co. APAC, Ltd.		2.2
LG Chem, Ltd.		2.2

Top Countries

	% of Net Assets
China		30.5
India		15.3
Taiwan		10.2
South Korea		9.5
Brazil		6.6
Mexico		5.1
Indonesia		4.4
Hong Kong		4.0
South Africa		3.1
Thailand		2.4

BHFTI-4

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/abrdn Emerging Markets Equity Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.95	%	$	1,000.00	$	976.70	$	4.73
	Hypothetical*		0.95	%	$	1,000.00	$	1,020.42	$	4.84
Class B (a)	Actual		1.20	%	$	1,000.00	$	975.30	$	5.97
	Hypothetical*		1.20	%	$	1,000.00	$	1,019.16	$	6.11

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—93.2% of Net Assets

Security Description	Shares		Value
Austria—1.1%
Mondi plc		553,603	$	9,449,840
Brazil—6.6%
B3 S.A. - Brasil Bolsa Balcao		4,920,544		12,304,306
Banco Bradesco S.A. (ADR) (a)		3,793,675		10,925,784
MercadoLibre, Inc. (b)		9,609		8,131,520
Raia Drogasil S.A.		2,082,217		9,361,072
Rumo S.A.		2,553,926		8,993,757
WEG S.A.		1,203,139		8,762,858
				58,479,297
Chile—0.9%
Banco Santander Chile (ADR)		494,050		7,825,752
China—30.5%
Alibaba Group Holding, Ltd. (b)		3,482,300		38,448,647
Budweiser Brewing Co. APAC, Ltd.		6,229,100		19,595,667
China Resources Land, Ltd.		2,046,000		9,292,911
China Tourism Group Duty Free Corp., Ltd. - Class A		291,883		9,076,019
China Tourism Group Duty Free Corp., Ltd. - Class H (b)		206,000		6,071,277
Foshan Haitian Flavouring & Food Co., Ltd. - Class A		1,017,844		11,651,973
JD.com, Inc. - Class A		930,869		26,167,048
Kweichow Moutai Co., Ltd. - Class A		56,166		13,898,577
LONGi Green Energy Technology Co., Ltd. - Class A		1,604,312		9,757,290
Meituan - Class B (b)		582,100		12,871,034
Midea Group Co., Ltd. - Class A		1,973,188		14,656,904
NARI Technology Co., Ltd. - Class A		2,403,880		8,407,108
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A		302,524		13,731,389
Tencent Holdings, Ltd.		1,221,900		51,933,445
Wuxi Biologics Cayman, Inc. (b)		1,613,500		12,386,946
Yonyou Network Technology Co., Ltd. - Class A		1,406,136		4,890,670
Zhongsheng Group Holdings, Ltd.		1,629,000		8,303,360
				271,140,265
France—1.6%
TotalEnergies SE		221,859		13,847,364
Hong Kong—4.0%
AIA Group, Ltd.		2,188,800		24,114,018
Hong Kong Exchanges & Clearing, Ltd.		254,690		11,006,465
				35,120,483
India—15.3%
Hindustan Unilever, Ltd.		515,221		15,927,896
Housing Development Finance Corp., Ltd.		1,096,215		34,962,662
Kotak Mahindra Bank, Ltd.		775,817		17,057,957
Maruti Suzuki India, Ltd.		87,279		8,846,610
Power Grid Corp. of India, Ltd.		5,581,234		14,384,065
SBI Life Insurance Co., Ltd.		1,384,229		20,642,993
Tata Consultancy Services, Ltd.		367,231		14,450,559
UltraTech Cement, Ltd.		119,204		10,006,061
				136,278,803
Indonesia—4.4%
Bank Central Asia Tbk PT		30,281,100		16,601,616
Indonesia—(Continued)
Bank Rakyat Indonesia Persero Tbk PT		43,089,611		13,659,884
Telkom Indonesia Persero Tbk PT		38,233,700		9,210,865
				39,472,365
Mexico—5.1%
Fomento Economico Mexicano S.A.B. de C.V. (ADR)		188,632		14,735,932
Grupo Aeroportuario del Sureste S.A.B. de C.V. - Class B		359,605		8,378,327
Grupo Financiero Banorte S.A.B. de C.V. - Class O		2,437,022		17,538,704
Grupo Mexico S.A.B. de C.V. - Series B		1,434,161		5,056,160
				45,709,123
Netherlands—1.6%
ASM International NV		24,008		6,077,884
ASML Holding NV		14,546		7,873,793
				13,951,677
Peru—0.5%
Credicorp, Ltd.		34,022		4,615,424
Russia—0.0%
Lukoil PJSC (c) (d)		255,685		0
Novatek PJSC (c) (d)		928,138		0
Sberbank of Russia PJSC† (c) (d)		1,645,424		0
				0
South Africa—3.1%
Anglo American Platinum, Ltd.		189,964		15,936,684
Sanlam, Ltd.		3,078,699		8,820,803
Vodacom Group, Ltd.		448,438		3,216,941
				27,974,428
South Korea—3.6%
LG Chem, Ltd.		39,983		19,126,691
Samsung Engineering Co., Ltd. (b)		734,493		13,007,559
				32,134,250
Taiwan—10.2%
Delta Electronics, Inc.		1,333,000		12,417,963
Hon Hai Precision Industry Co., Ltd.		4,080,000		13,255,429
Taiwan Semiconductor Manufacturing Co., Ltd.		4,462,000		65,032,082
				90,705,474
Thailand—2.4%
Kasikornbank PCL		2,104,500		8,962,430
PTT Exploration & Production PCL		2,370,600		12,080,580
				21,043,010
United Arab Emirates—1.1%
Americana Restaurants International plc (b)		11,558,821		9,347,519
United States—0.7%
Globant S.A. (b)		38,989		6,556,390

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Zambia—0.5%
First Quantum Minerals, Ltd.		214,746	$	4,486,827
Total Common Stocks (Cost $905,106,562)				828,138,291
Preferred Stock—5.9%
South Korea—5.9%
Samsung Electronics Co., Ltd. (Cost $51,214,851)		1,298,445		52,246,644
Short-Term Investment—1.5%
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $13,053,755; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $13,312,198.		13,051,145		13,051,145
Total Short-Term Investments (Cost $13,051,145)				13,051,145
Securities Lending Reinvestments (e)—0.4%
Repurchase Agreements—0.3%
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $313,650; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $320,048.		313,500		313,500
HSBC Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $800,378; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $816,385.		800,000		800,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $200,168; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $204,476.		200,000		200,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $386,783; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $394,332.		386,600		386,600
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $400,196; collateralized by various Common Stock with an aggregate market value of $445,277.		400,000		400,000
Repurchase Agreements—(Continued)
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $500,244; collateralized by various Common Stock with an aggregate market value of $554,714.		500,000		500,000
				2,600,100
Mutual Funds—0.1%
Allspring Government Money Market Fund, Select Class 4.090% (f)		50,000		50,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (f)		50,000		50,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.160% (f)		500,000		500,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (f)		100,000		100,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (f)		500,000		500,000
				1,200,000
Total Securities Lending Reinvestments (Cost $3,800,100)				3,800,100
Total Investments—101.0% (Cost $973,172,658)				897,236,180
Other assets and liabilities (net)—(1.0)%				(8,467,372	)
Net Assets—100.0%			$	888,768,808

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $3,648,096 and the collateral received consisted of cash in the amount of $3,800,100. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.0% of net assets.
(e)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(f)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Sberbank of Russia PJSC		04/12/19-10/13/21		1,645,424	$	5,699,395	$	0

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Schedule of Investments as of December 31, 2022

Ten Largest Industries as of December 31, 2022 (Unaudited)	% of Net Assets
Banks		11.0
Semiconductors & Semiconductor Equipment		10.0
Internet & Direct Marketing Retail		9.6
Insurance		6.0
Technology Hardware, Storage & Peripherals		5.9
Interactive Media & Services		5.9
Beverages		5.4
Thrifts & Mortgage Finance		3.9
Oil, Gas & Consumable Fuels		2.9
Electronic Equipment, Instruments & Components		2.9

Glossary of Abbreviations

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Austria	$	—	$	9,449,840		$	—	$	9,449,840
Brazil		19,057,304		39,421,993			—		58,479,297
Chile		7,825,752		—			—		7,825,752
China		—		271,140,265			—		271,140,265
France		—		13,847,364			—		13,847,364
Hong Kong		—		35,120,483			—		35,120,483
India		—		136,278,803			—		136,278,803
Indonesia		—		39,472,365			—		39,472,365
Mexico		45,709,123		—			—		45,709,123
Netherlands		—		13,951,677			—		13,951,677
Peru		4,615,424		—			—		4,615,424
Russia		—		—			0		0
South Africa		—		27,974,428			—		27,974,428
South Korea		—		32,134,250			—		32,134,250
Taiwan		—		90,705,474			—		90,705,474
Thailand		21,043,010		—			—		21,043,010
United Arab Emirates		9,347,519		—			—		9,347,519
United States		6,556,390		—			—		6,556,390
Zambia		4,486,827		—			—		4,486,827
Total Common Stocks		118,641,349		709,496,942			0		828,138,291
Total Preferred Stock*		—		52,246,644			—		52,246,644
Total Short-Term Investment*		—		13,051,145			—		13,051,145
Securities Lending Reinvestments
Repurchase Agreements		—		2,600,100			—		2,600,100
Mutual Funds		1,200,000		—			—		1,200,000
Total Securities Lending Reinvestments		1,200,000		2,600,100			—		3,800,100
Total Investments	$	119,841,349	$	777,394,831		$	0	$	897,236,180
Collateral for Securities Loaned (Liability)	$	—	$	(3,800,100	)	$	—	$	(3,800,100	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

During the year ended December 31, 2022, transfers into Level 3 in the amount of $55,151,777 were due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	897,236,180
Cash denominated in foreign currencies (c)		544,469
Receivable for:
Investments sold		46,631
Fund shares sold		10,588
Dividends and interest		405,771
Prepaid expenses		3,365
Total Assets		898,247,004
Liabilities
Collateral for securities loaned		3,800,100
Payables for:
Investments purchased		520,911
Fund shares redeemed		300,757
Foreign taxes		3,575,744
Accrued Expenses:
Management fees		649,450
Distribution and service fees		83,470
Deferred trustees’ fees		163,275
Other expenses		384,489
Total Liabilities		9,478,196
Net Assets	$	888,768,808
Net Assets Consist of:
Paid in surplus	$	994,684,801
Distributable earnings (Accumulated losses) (d)		(105,915,993	)
Net Assets	$	888,768,808
Net Assets
Class A	$	502,019,363
Class B		386,749,445
Capital Shares Outstanding*
Class A		59,932,095
Class B		46,641,996
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.38
Class B		8.29

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $973,172,658.
(b)	Includes securities loaned at value of $3,648,096.
(c)	Identified cost of cash denominated in foreign currencies was $545,036.
(d)	Includes foreign capital gains tax of $3,575,744.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	17,331,482
Interest		109,294
Securities lending income		103,908
Total investment income		17,544,684
Expenses
Management fees		8,820,949
Administration fees		49,716
Custodian and accounting fees		657,748
Distribution and service fees—Class B		1,032,530
Audit and tax services		54,672
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		58,224
Insurance		8,669
Miscellaneous		38,108
Total expenses		10,775,271
Less management fee waiver		(936,828	)
Net expenses		9,838,443
Net Investment Income		7,706,241
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (b)		(25,760,458	)
Foreign currency transactions		(504,869	)
Net realized gain (loss)		(26,265,327	)
Net change in unrealized appreciation (depreciation) on:
Investments (c)		(273,007,762	)
Foreign currency transactions		(10,351	)
Net change in unrealized appreciation (depreciation)		(273,018,113	)
Net realized and unrealized gain (loss)		(299,283,440	)
Net Increase (Decrease) in Net Assets From Operations	$	(291,577,199	)

(a)	Net of foreign withholding taxes of $2,580,848.
(b)	Net of foreign capital gains tax of $884,803.
(c)	Includes change in foreign capital gains tax of $152,289.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	7,706,241		$	11,103,895
Net realized gain (loss)		(26,265,327	)		140,126,741
Net change in unrealized appreciation (depreciation)		(273,018,113	)		(210,394,529	)
Increase (decrease) in net assets from operations		(291,577,199	)		(59,163,893	)
From Distributions to Shareholders
Class A		(83,525,465	)		(2,571,331	)
Class B		(63,963,236	)		(924,374	)
Total distributions		(147,488,701	)		(3,495,705	)
Increase (decrease) in net assets from capital share transactions		200,578,393			107,702,006
Total increase (decrease) in net assets		(238,487,507	)		45,042,408
Net Assets
Beginning of period		1,127,256,315			1,082,213,907
End of period	$	888,768,808		$	1,127,256,315

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		5,171,287		$	52,464,852			15,397,820		$	225,357,227
Reinvestments		9,600,628			83,525,465			175,278			2,571,331
Redemptions		(1,372,111	)		(12,711,570	)		(4,593,261	)		(68,419,613	)
Net increase (decrease)		13,399,804		$	123,278,747			10,979,837		$	159,508,945
Class B
Sales		4,836,024		$	47,946,506			3,349,868		$	47,233,052
Reinvestments		7,411,731			63,963,236			63,575			924,374
Redemptions		(3,693,971	)		(34,610,096	)		(6,879,306	)		(99,964,365	)
Net increase (decrease)		8,553,784		$	77,299,646			(3,465,863	)	$	(51,806,939	)
Increase (decrease) derived from capital shares transactions				$	200,578,393					$	107,702,006

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.38		$	14.11		$	11.32		$	9.54		$	11.41
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.09			0.16			0.06			0.19			0.12
Net realized and unrealized gain (loss)		(3.45	)		(0.83	)		2.96			1.79			(1.68	)
Total income (loss) from investment operations		(3.36	)		(0.67	)		3.02			1.98			(1.56	)
Less Distributions
Distributions from net investment income		(0.11	)		(0.06	)		(0.23	)		(0.20	)		(0.31	)
Distributions from net realized capital gains		(1.53	)		0.00			0.00			0.00			0.00
Total distributions		(1.64	)		(0.06	)		(0.23	)		(0.20	)		(0.31	)
Net Asset Value, End of Period	$	8.38		$	13.38		$	14.11		$	11.32		$	9.54
Total Return (%) (b)		(25.58	)		(4.81	)		27.68			20.98	(c)		(13.92	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.04			1.00			1.04			1.01			0.99
Net ratio of expenses to average net assets (%) (d)		0.94			0.90			0.94			0.93			0.94
Ratio of net investment income (loss) to average net assets (%)		0.93			1.11			0.57			1.84			1.12
Portfolio turnover rate (%)		36			36			31			16			20
Net assets, end of period (in millions)	$	502.0		$	622.6		$	501.5		$	456.8		$	782.0
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.25		$	13.98		$	11.22		$	9.45		$	11.30
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.06			0.12			0.03			0.21			0.09
Net realized and unrealized gain (loss)		(3.41	)		(0.83	)		2.94			1.74			(1.66	)
Total income (loss) from investment operations		(3.35	)		(0.71	)		2.97			1.95			(1.57	)
Less Distributions
Distributions from net investment income		(0.08	)		(0.02	)		(0.21	)		(0.18	)		(0.28	)
Distributions from net realized capital gains		(1.53	)		0.00			0.00			0.00			0.00
Total distributions		(1.61	)		(0.02	)		(0.21	)		(0.18	)		(0.28	)
Net Asset Value, End of Period	$	8.29		$	13.25		$	13.98		$	11.22		$	9.45
Total Return (%) (b)		(25.81	)		(5.07	)		27.30			20.75	(c)		(14.18	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.29			1.25			1.29			1.26			1.24
Net ratio of expenses to average net assets (%) (d)		1.19			1.15			1.19			1.18			1.19
Ratio of net investment income (loss) to average net assets (%)		0.68			0.82			0.31			2.05			0.88
Portfolio turnover rate (%)		36			36			31			16			20
Net assets, end of period (in millions)	$	386.7		$	504.7		$	580.7		$	524.6		$	492.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes gains from settlement of security litigations; excluding these gains, the total return for Class A, and Class B would have been 20.77%, and 20.53%, respectively for the year ended December 31, 2019.
(d)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/abrdn Emerging Markets Equity Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $13,051,145. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $2,600,100. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals,

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

China Investment Risk: On June 2, 2021, an Executive Order (the “Order”) was issued prohibiting investment activity by U.S. persons, which includes the Portfolio, in relation to certain companies determined by the U.S. Secretary of the Treasury and the U.S. Secretary of Defense to (i) be operating or have been previously operating in the defense and related material sector or the surveillance technology sector (collectively, “Defense Sectors”) of the economy of China; or (ii) own or control, or to be owned or controlled by, directly or indirectly, a person or entity who operates or has operated in any of the Defense Sectors (each, a “Chinese Military Company, ” and together, the “Chinese Military Companies”). Each Chinese Military Company is included on the Non-SDN Chinese Military-Industrial Complex Companies List (“Non-SDN CMIC List”) administered by the Office of Foreign Assets Control within the U.S. Department of the Treasury. The Order supersedes similar executive orders previously issued on November 12, 2020 and January 13, 2021 related to investments in “Communist Chinese Military Companies.” Beginning August 2, 2021 for Chinese Military Companies designated to the Non-SDN CMIC List in connection with the Order (or 60 days after an entity is newly-designated as a Chinese Military Company), all transactions in public securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any of the Chinese Military Companies (the “Sanctioned Securities”) are prohibited. The Order contained a limited exception for transactions made solely for the purpose of divestment through June 3, 2022 for securities designated in connection with the Order, and 365 days after designation for other companies. The Portfolio’s holdings in the Sanctioned Securities may adversely impact the Portfolio’s performance. The extent of the impact will depend on future developments, including the Portfolio’s ability to sell the Sanctioned Securities, uncertainties on valuation of the Sanctioned Securities, modifications to the Order and/or interpretations thereof (including which companies are considered Chinese Military Companies), and the duration of the Order, all of which are highly uncertain and cannot be predicted.

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	391,114,137	$	0	$	329,536,153

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$8,820,949		1.050	%	First $250 million
		1.000	%	$250 million to $500 million
		0.850	%	$500 million to $1 billion
		0.750	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. abrdn Asset Managers Limited is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.100%		All Assets

BHFTI-17

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	991,532,114
Gross unrealized appreciation		79,538,446
Gross unrealized (depreciation)		(173,834,380	)
Net unrealized appreciation (depreciation)	$	(94,295,934	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$22,512,642	$	3,495,705	$	124,976,059	$	—	$	147,488,701	$	3,495,705

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$10,059,727	$	—	$	(97,873,988	)	$	(17,938,454	)	$	(105,752,715	)

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $17,938,454.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-19

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/abrdn Emerging Markets Equity Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/abrdn Emerging Markets Equity Portfolio (the “Fund”) (formerly Brighthouse/Aberdeen Emerging Markets Equity Portfolio) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/abrdn Emerging Markets Equity Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-20

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-21

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-22

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-23

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-24

Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Brighthouse/abrdn Emerging Markets Equity Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and abrdn Asset Managers Limited regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the MSCI Emerging Markets Index, for the one- and three-year periods ended October 31, 2022 and outperformed its benchmark for the five-year period ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

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Brighthouse Funds Trust I

Brighthouse/abrdn Emerging Markets Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

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Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Managed By Artisan Partners Limited Partnership

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse/Artisan International Portfolio returned -19.10% and -19.27%, respectively. The Portfolio’s benchmark, the MSCI All Country World ex-U.S. Index¹, returned -16.00%.

MARKET ENVIRONMENT / CONDITIONS

Non-U.S. equity markets fell sharply in 2022, challenged throughout the year by strong inflation and large interest rate hikes that weighed on valuations and increased economic pressure for companies. In one of the worst years for equity investors since 2008, trillions of dollars of market value were erased. Value stocks fared much better than growth stocks, capturing roughly one-fifth of the decline. By sector, only Energy produced positive returns, although Financials ended the year only marginally negative. Communications Services, Consumer Discretionary and Real Estate each saw drawdowns of more the 20%, while Information Technology shed close to 35% of its value within the benchmark index. Regionally, all major MSCI indexes fell, most by double digits. Within the Portfolio’s benchmark, the Emerging Markets and Middle East regions performed the worst.

After Russia’s invasion of Ukraine, Europe pivoted to a new energy strategy, one which greatly reduced the region’s dependence on Russian oil and gas. Nevertheless, inflation rates, influenced by rising energy and food prices, rose quickly with prices increasing by more than 10% year-over-year on average by mid-year. Gross domestic product, which tends to be a lagging economic indicator, fell close to zero growth by year-end in many countries. In an attempt to limit the fallout caused by Russia’s decisions, as well as to protect consumers during the winter, the European Union (“EU”) instituted a dynamic price cap on natural gas. Referred to as a market-correction mechanism by the EU, the cap is designed to limit spikes in prices while still attracting supplies to the region. While the policy’s immediate effect was the suppression of energy prices, the long-term implications for the market are less clear. Soon after, Russia announced that it would cease exporting gas or oil to any country supporting the price cap. The European labor market, like that of the U.S., stayed surprisingly resilient during the year despite the downturn.

While inflation was less of a concern for China, economic conditions were nevertheless challenging for the world’s second largest economy. Given the government’s zero-COVID restrictions, China’s economy grew only 3% for the first nine months of the year. After protests by frustrated workers broke out over pay and continued COVID-19 restrictions at the world’s biggest Apple iPhone factory, the government cast off or relaxed most of its COVID-19 restrictions in late November. Economic activity picked up, and by year-end the economy showed signs of recovery. However, many analysts now question whether the country is sufficiently prepared to manage the reopening after nearly three years of tight restrictions and lockdowns. The human fallout from this policy and the ramifications for businesses leave lingering questions for investors.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the MSCI All Country World ex-U.S. Index (the “Index”) over the trailing twelve-month period. The primary sources of relative weakness were in our Materials, Financials and Health Care sector holdings. Energy and Information Technology (“IT”) sectors were sources of strength during the year.

In Materials and Financials, relative performance was weighed down by the Portfolio’s holdings in two Russian stocks that became frozen assets: Sberbank (Russia) in the Financials sector and Norilsk Nickel (Russia) in the Materials sector. Trading of these stocks was suspended after Russia invaded Ukraine in February, which prompted sanctions from the West, including cutting Russia’s access to U.S. financial markets. We chose to price both positions at zero, although we firmly believe both companies have value. These two holdings accounted for around 70% of the Portfolio’s underperformance in 2022.

In addition, our stake in Royal DSM (Netherlands), a Dutch nutrition and biosciences company, added to the underperformance in Materials. DSM has transformed itself through acquisitions to become a leading supplier of additives for food and feed, such as vitamins. During the year, it has been in the process of acquiring Firmenich, the largest privately-owned fragrance and taste company worldwide. While we supported the merger, we sold the position in the fourth quarter due to ongoing margin pressures faced by the firm.

In the Health Care sector, our position in Icon (Ireland), a global company that provides outsourced clinical research services to the pharmaceutical, biotechnology and medical devices industries, underperformed. While the company reported solid results for the first half of the year, its stock price pulled back by autumn on lower revenue guidance. The stock benefits from increased innovation and clinical trials in biotech, which, in the U.S and Europe, lagged in 2022.

Lastly, Alphabet’s share price slid on the ongoing deceleration in digital advertising driven by falling marketing budgets and strong competition. In addition, the tech giant faced strong currency headwinds and margin compression. While its closed-loop advertising model in Google search held up better than others, YouTube, its short video platform, saw weak traffic that was challenged by rival TikTok’s popularity. YouTube also struggled with mobile device policy changes that prioritize user privacy over targeted advertising. Given its negatively skewed risk/reward profile due to the change in fundamentals, we sold the position before period end.

Alternatively, our holdings in Energy added to relative returns. Our position in SLB (formerly Schlumberger) was the largest outperformer in the sector and the largest contributor to returns in the Portfolio over the period. SLB’s primary business is providing technology and information solutions that optimize reservoir performance to customers in the oil industry. It is the company’s

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Managed By Artisan Partners Limited Partnership

Portfolio Manager Commentary*—(Continued)

technological leadership within the industry that has contributed to its consistently strong cash generation and attracted us to the long-term opportunity for value creation. The investment team also appreciates the fact that SLB’s services industry has less exposure to inflationary pressures than do other parts of the sector and is less directly dependent on oil and gas commodity prices, which can be volatile at times.

In IT, the worst performing sector in 2022, our below-benchmark positioning more than compensated for the negative effects of stock selection in the sector. With the U.S. Federal Reserve resolute in its mission to curb inflation during the year, rate-sensitive technology shares sold off. With its sustainable growth-at-a-reasonable-price approach, our investment team continued to take a cautious approach to this often-volatile sector and avoided many of these more speculative stocks at a time when interest rates were rising, which paid off.

As of December 31, 2022, the Portfolio’s largest sector overweights relative to the benchmark were Industrials, Energy and Health Care, and largest underweights were IT, Utilities and Consumer Staples. We continue to look for companies that benefit from secular tailwinds and are supported by our investment themes. Within these themes, we look for companies that have dominant market positions, offer an essential product or service, own unique assets and have talented management teams at their helm.

Mark L. Yockey

Charles-Henri Hamker

Andrew Euretig

Portfolio Managers

Artisan Partners Limited Partnership

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

¹ The MSCI All Country World ex-U.S. Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. The Index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

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Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD EX-U.S. INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		Since Inception1
Brighthouse/Artisan International Portfolio
Class A		-19.10		1.99		2.88
Class B		-19.27		1.75		2.67
MSCI All Country World ex-U.S. Index		-16.00		0.88		2.58

¹ Inception date of the Class A and Class B shares are 4/29/2014 and 11/12/2014, respectively. The since inception return of the index is based on the Class A inception date.

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Schlumberger, Ltd.		5.0
Linde plc		4.7
BNP Paribas S.A.		4.4
Deutsche Boerse AG		4.2
Deutsche Telekom AG		4.0
Shell plc		3.5
Air Liquide S.A.		3.5
Canadian Pacific Railway, Ltd.		3.4
Aon plc- Class A		3.1
Argenx SE(ADR)		3.1

Top Countries

	% of Net Assets
United Kingdom		16.5
France		14.3
Germany		12.4
Netherlands		10.0
United States		9.6
Switzerland		9.4
Canada		5.5
China		4.8
Denmark		4.3
Singapore		2.2

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Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Artisan International Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.78	%	$	1,000.00	$	1,067.80	$	4.07
	Hypothetical*		0.78	%	$	1,000.00	$	1,021.27	$	3.97
Class B (a)	Actual		1.03	%	$	1,000.00	$	1,067.80	$	5.37
	Hypothetical*		1.03	%	$	1,000.00	$	1,020.01	$	5.24

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

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Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—90.9% of Net Assets

Security Description	Shares		Value
Belgium—1.9%
UCB S.A.		218,455	$	17,206,561
Canada—5.5%
Canadian National Railway Co.		126,890		15,073,107
Canadian Pacific Railway, Ltd. (a)		423,400		31,567,378
Kinaxis, Inc. (b)		40,500		4,543,837
				51,184,322
China—4.8%
Alibaba Group Holding, Ltd. (ADR) (b)		277,338		24,430,704
ANTA Sports Products, Ltd.		508,400		6,665,445
Wuliangye Yibin Co., Ltd. - Class A		501,887		12,995,147
				44,091,296
Denmark—4.3%
Ascendis Pharma A/S (ADR) (b)		130,004		15,877,388
Novo Nordisk A/S (ADR)		34,131		4,619,290
Novo Nordisk A/S - Class B		145,798		19,741,042
				40,237,720
France—14.3%
Air Liquide S.A.		227,858		32,410,360
Airbus SE		118,248		14,059,956
BNP Paribas S.A.		708,581		40,323,450
Capgemini SE		87,665		14,702,635
EssilorLuxottica S.A.		20,977		3,819,830
LVMH Moet Hennessy Louis Vuitton SE		21,347		15,507,419
Pernod Ricard S.A.		34,993		6,878,209
Safran S.A.		39,898		4,985,782
				132,687,641
Germany—10.1%
Allianz SE		70,365		15,130,319
Deutsche Boerse AG		223,415		38,548,195
Deutsche Post AG		69,734		2,624,916
Deutsche Telekom AG		1,869,902		37,297,940
				93,601,370
Hong Kong—0.2%
AIA Group, Ltd.		181,800		2,002,891
India—1.4%
Reliance Industries, Ltd.		412,465		12,651,838
Ireland—0.5%
ICON plc (b)		21,307		4,138,885
Italy—1.4%
Intesa Sanpaolo S.p.A.		5,883,632		13,126,319
Netherlands—10.0%
Adyen NV (b)		2,849		3,942,493
Argenx SE (b)		2,445		921,333
Argenx SE (ADR) (b)		75,076		28,441,041
Netherlands—(Continued)
ING Groep NV		2,137,558		26,079,081
Shell plc		1,155,185		32,827,722
				92,211,670
Russia—0.0%
MMC Norilsk Nickel PJSC (ADR) (b) (c) (d)		680,186		0
Sberbank of Russia PJSC† (b) (c) (d)		5,306,492		0
				0
Singapore—2.2%
DBS Group Holdings, Ltd.		385,029		9,747,554
United Overseas Bank, Ltd.		473,442		10,857,769
				20,605,323
Spain—1.1%
Ferrovial S.A.		397,621		10,401,507
Switzerland—9.4%
Alcon, Inc.		252,398		17,335,825
Barry Callebaut AG		3,509		6,952,186
Cie Financiere Richemont S.A. - Class A		176,160		22,796,097
Medacta Group S.A.		57,274		6,405,095
Nestle S.A.		156,859		18,114,937
UBS Group AG		852,018		15,881,261
				87,485,401
Taiwan—0.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		61,000		889,054
United Kingdom—14.1%
AstraZeneca plc		57,016		7,737,947
AstraZeneca plc (ADR)		153,967		10,438,963
BAE Systems plc		915,929		9,466,300
Barclays plc		13,305,163		25,580,321
Diageo plc		348,912		15,407,705
International Consolidated Airlines Group S.A. (a)		2,514,876		3,743,720
Linde plc (b)		133,987		43,809,875
Tesco plc		1,588,680		4,307,333
Unilever plc		205,096		10,346,885
				130,839,049
United States—9.6%
Amazon.com, Inc. (b)		166,342		13,972,728
Aon plc - Class A		95,049		28,528,007
Schlumberger, Ltd.		866,380		46,316,675
				88,817,410
Total Common Stocks (Cost $828,308,402)				842,178,257
Equity-Linked Security—2.4%
United Kingdom—2.4%
Ryanair Holdings plc (HSBC Bank plc), Expires 10/31/23 (b) (e) (Cost $18,844,960)		1,686,945		22,048,688

See accompanying notes to financial statements.

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Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Schedule of Investments as of December 31, 2022

Preferred Stocks—2.3%

Security Description	Shares/ Principal Amount*		Value
Germany—2.3%
Dr. Ing HC F Porsche AG (b)		97,128	$	9,854,241
Porsche Automobil Holding SE		29,539		1,620,554
Volkswagen AG		75,026		9,351,151
Total Preferred Stocks (Cost $25,510,288)				20,825,946
Short-Term Investment—3.8%
Repurchase Agreement—3.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $35,363,177; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $36,063,283.		35,356,105		35,356,105
Total Short-Term Investments (Cost $35,356,105)				35,356,105
Securities Lending Reinvestments (f)—4.0%
Repurchase Agreements—1.5%
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $6,244,030; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $6,371,405.		6,241,048		6,241,048
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $500,240; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $511,935.		500,000		500,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $7,003,430; collateralized by various Common Stock with an aggregate market value of $7,792,343.		7,000,000		7,000,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $25,888; collateralized by various Common Stock with an aggregate market value of $28,794.		25,866		25,866
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $375,419; collateralized by various Common Stock with an aggregate market value of $419,120.		375,236		375,236
				14,142,150
Time Deposit—0.1%
Canadian Imperial Bank London 4.250%, 01/03/23		1,000,000		1,000,000
Mutual Funds—2.4%
Allspring Government Money Market Fund, Select Class 4.090% (g)		5,000,000		5,000,000
Mutual Funds—(Continued)
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (g)		100,000		100,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (g)		100,000		100,000
Fidelity Investments Money Market Government Portfolio, Class I 4.060% (g)		100,000		100,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (g)		5,000,000		5,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.160% (g)		5,000,000		5,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (g)		100,000		100,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (g)		100,000		100,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (g)		5,000,000		5,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (g)		2,000,000		2,000,000
				22,500,000
Total Securities Lending Reinvestments (Cost $37,642,150)				37,642,150
Total Investments—103.4% (Cost $945,661,905)				958,051,146
Other assets and liabilities (net)—(3.4)%				(31,412,952	)
Net Assets—100.0%			$	926,638,194

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $34,301,991 and the collateral received consisted of cash in the amount of $37,642,150. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets.
(e)	Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (HSBC Bank plc) in addition to the market risk of the underlying security.
(f)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(g)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Sberbank of Russia PJSC		09/16/21-02/11/22		5,306,492	$	22,350,736	$	0

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Schedule of Investments as of December 31, 2022

Ten Largest Industries as of December 31, 2022 (Unaudited)	% of Net Assets
Banks		15.9
Chemicals		8.2
Pharmaceuticals		6.5
Capital Markets		5.9
Road & Rail		5.0
Energy Equipment & Services		5.0
Insurance		4.9
Oil, Gas & Consumable Fuels		4.9
Biotechnology		4.9
Textiles, Apparel & Luxury Goods		4.9

Glossary of Abbreviations

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Belgium	$	—	$	17,206,561		$	—	$	17,206,561
Canada		51,184,322		—			—		51,184,322
China		24,430,704		19,660,592			—		44,091,296
Denmark		20,496,678		19,741,042			—		40,237,720
France		—		132,687,641			—		132,687,641
Germany		—		93,601,370			—		93,601,370
Hong Kong		—		2,002,891			—		2,002,891
India		—		12,651,838			—		12,651,838
Ireland		4,138,885		—			—		4,138,885
Italy		—		13,126,319			—		13,126,319
Netherlands		28,441,041		63,770,629			—		92,211,670
Russia		—		—			0		0
Singapore		—		20,605,323			—		20,605,323
Spain		—		10,401,507			—		10,401,507
Switzerland		—		87,485,401			—		87,485,401
Taiwan		—		889,054			—		889,054
United Kingdom		10,438,963		120,400,086			—		130,839,049
United States		88,817,410		—			—		88,817,410
Total Common Stocks		227,948,003		614,230,254			0		842,178,257
Total Equity-Linked Security*		—		22,048,688			—		22,048,688
Total Preferred Stocks*		—		20,825,946			—		20,825,946
Total Short-Term Investment*		—		35,356,105			—		35,356,105
Securities Lending Reinvestments
Repurchase Agreements		—		14,142,150			—		14,142,150
Time Deposit		—		1,000,000			—		1,000,000
Mutual Funds		22,500,000		—			—		22,500,000
Total Securities Lending Reinvestments		22,500,000		15,142,150			—		37,642,150
Total Investments	$	250,448,003	$	707,603,143		$	0	$	958,051,146
Collateral for Securities Loaned (Liability)	$	—	$	(37,642,150	)	$	—	$	(37,642,150	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

During the year ended December 31, 2022, a transfer into Level 3 in the amount of $34,423,888 was due to trading halts on the security’s respective exchange which resulted in the lack of observable inputs.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	958,051,146
Cash denominated in foreign currencies (c)		871,559
Receivable for:
Investments sold		4,147,561
Dividends and interest		3,795,841
Prepaid expenses		3,504
Total Assets		966,869,611
Liabilities
Collateral for securities loaned		37,642,150
Payables for:
Investments purchased		1,157,319
Fund shares redeemed		532,476
Accrued Expenses:
Management fees		594,619
Distribution and service fees		47
Deferred trustees’ fees		120,356
Other expenses		184,450
Total Liabilities		40,231,417
Net Assets	$	926,638,194
Net Assets Consist of:
Paid in surplus	$	934,523,880
Distributable earnings (Accumulated losses)		(7,885,686	)
Net Assets	$	926,638,194
Net Assets
Class A	$	926,418,855
Class B		219,339
Capital Shares Outstanding*
Class A		101,376,168
Class B		24,036
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.14
Class B		9.13

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $945,661,905.
(b)	Includes securities loaned at value of $34,301,991.
(c)	Identified cost of cash denominated in foreign currencies was $868,856.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	23,833,001
Interest		145,304
Securities lending income		358,758
Total investment income		24,337,063
Expenses
Management fees		7,419,290
Administration fees		50,609
Custodian and accounting fees		191,802
Distribution and service fees—Class B		563
Audit and tax services		53,164
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		27,185
Insurance		8,806
Miscellaneous		34,861
Total expenses		7,840,935
Less management fee waiver		(119,619	)
Net expenses		7,721,316
Net Investment Income		16,615,747
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (b)		(35,513,954	)
Foreign currency transactions		(279,979	)
Net realized gain (loss)		(35,793,933	)
Net change in unrealized appreciation (depreciation) on:
Investments (c)		(214,794,718	)
Foreign currency transactions		(14,746	)
Net change in unrealized appreciation (depreciation)		(214,809,464	)
Net realized and unrealized gain (loss)		(250,603,397	)
Net Increase (Decrease) in Net Assets From Operations	$	(233,987,650	)

(a)	Net of foreign withholding taxes of $2,955,951.
(b)	Net of foreign capital gains tax of $(5,658).
(c)	Includes change in foreign capital gains tax of $381,372.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	16,615,747		$	10,109,524
Net realized gain (loss)		(35,793,933	)		170,881,726
Net change in unrealized appreciation (depreciation)		(214,809,464	)		(77,525,926	)
Increase (decrease) in net assets from operations		(233,987,650	)		103,465,324
From Distributions to Shareholders
Class A		(181,357,491	)		(13,817,540	)
Class B		(39,383	)		(2,941	)
Total distributions		(181,396,874	)		(13,820,481	)
Increase (decrease) in net assets from capital share transactions		104,978,701			(64,944,150	)
Total increase (decrease) in net assets		(310,405,823	)		24,700,693
Net Assets
Beginning of period		1,237,044,017			1,212,343,324
End of period	$	926,638,194		$	1,237,044,017

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		523,962		$	4,996,200			1,254,006		$	17,254,964
Reinvestments		20,893,720			181,357,491			994,068			13,817,540
Redemptions		(8,336,400	)		(81,401,371	)		(6,939,276	)		(95,954,787	)
Net increase (decrease)		13,081,282		$	104,952,320			(4,691,202	)	$	(64,882,283	)
Class B
Sales		755		$	7,288			429		$	5,973
Reinvestments		4,537			39,383			212			2,941
Redemptions		(1,817	)		(20,290	)		(5,146	)		(70,781	)
Net increase (decrease)		3,475		$	26,381			(4,505	)	$	(61,867	)
Increase (decrease) derived from capital shares transactions				$	104,978,701					$	(64,944,150	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.01		$	13.03		$	12.71		$	9.90		$	11.25
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.17			0.11			0.07			0.15			0.16
Net realized and unrealized gain (loss)		(2.96	)		1.03			0.82			2.82			(1.34	)
Total income (loss) from investment operations		(2.79	)		1.14			0.89			2.97			(1.18	)
Less Distributions
Distributions from net investment income		(0.11	)		(0.08	)		(0.16	)		(0.16	)		(0.17	)
Distributions from net realized capital gains		(1.97	)		(0.08	)		(0.41	)		0.00			0.00
Total distributions		(2.08	)		(0.16	)		(0.57	)		(0.16	)		(0.17	)
Net Asset Value, End of Period	$	9.14		$	14.01		$	13.03		$	12.71		$	9.90
Total Return (%) (b)		(19.10	)		8.70			7.91			30.22			(10.68	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79			0.80			0.80			0.80			0.80
Net ratio of expenses to average net assets (%) (c)		0.78			0.78			0.79			0.79			0.80
Ratio of net investment income (loss) to average net assets (%)		1.68			0.82			0.64			1.30			1.48
Portfolio turnover rate (%)		50			61			67			42			65
Net assets, end of period (in millions)	$	926.4		$	1,236.8		$	1,212.0		$	1,203.8		$	1,082.3
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.97		$	13.00		$	12.67		$	9.87		$	11.21
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.14			0.08			0.04			0.12			0.14
Net realized and unrealized gain (loss)		(2.94	)		1.02			0.83			2.82			(1.34	)
Total income (loss) from investment operations		(2.80	)		1.10			0.87			2.94			(1.20	)
Less Distributions
Distributions from net investment income		(0.07	)		(0.05	)		(0.13	)		(0.14	)		(0.14	)
Distributions from net realized capital gains		(1.97	)		(0.08	)		(0.41	)		0.00			0.00
Total distributions		(2.04	)		(0.13	)		(0.54	)		(0.14	)		(0.14	)
Net Asset Value, End of Period	$	9.13		$	13.97		$	13.00		$	12.67		$	9.87
Total Return (%) (b)		(19.27	)		8.41			7.66			29.89			(10.91	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.04			1.05			1.05			1.05			1.05
Net ratio of expenses to average net assets (%) (c)		1.03			1.03			1.04			1.04			1.05
Ratio of net investment income (loss) to average net assets (%)		1.42			0.57			0.34			1.07			1.25
Portfolio turnover rate (%)		50			61			67			42			65
Net assets, end of period (in millions)	$	0.2		$	0.3		$	0.3		$	0.3		$	0.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

amount of $23,066 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $35,356,105. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $14,142,150. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	487,890,795	$	0	$	585,401,318

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.750% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $7,419,290.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Artisan Partners Limited Partnership is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.050%	Over $	750 million

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	947,275,535
Gross unrealized appreciation		116,729,419
Gross unrealized (depreciation)		(105,953,808	)
Net unrealized appreciation (depreciation)	$	10,775,611

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$50,473,353	$	6,774,380	$	130,923,521	$	7,046,101	$	181,396,874	$	13,820,481

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses			Total
$15,876,678	$	—	$	10,791,891	$	(34,433,897	)	$	(7,765,328	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $34,433,897.

BHFTI-17

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/Artisan International Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Artisan International Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/Artisan International Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-19

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-20

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-21

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-22

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-23

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Brighthouse/Artisan International Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Artisan Partners Limited Partnership regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2022, underperformed the median of its Performance Universe for the three-year period ended June 30, 2022, and performed equal to the median of its Performance Universe for the five-year period ended June 30, 2022. The Board considered that the Portfolio outperformed the average of its Morningstar Category for the one-year period ended June 30, 2022 and underperformed the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. In addition, the Board considered that the Portfolio underperformed its benchmark, the MSCI All Country World ex U.S. Index, for the one- and three-year periods ended October 31, 2022 and outperformed its benchmark for the five-year period ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including

BHFTI-24

Brighthouse Funds Trust I

Brighthouse/Artisan International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median and Sub-advised Expense Universe median and above the Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-25

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Managed by Eaton Vance Management

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse/Eaton Vance Floating Rate Portfolio returned -1.36% and -1.60%, respectively. The Portfolio’s benchmark, the Morningstar LSTA U.S. Leveraged Loan Index¹, returned -0.60%.

MARKET ENVIRONMENT / CONDITIONS

Amid increasing global concerns about inflation and rising interest rates, compounded by the negative effects of Russia’s invasion of Ukraine, Senior Loans displayed value as a diversifier by outperforming most U.S. fixed income asset classes during the 12-month period ended December 31, 2022.

Although returns for the Morningstar LSTA U.S. Leveraged Loan Index (the “Index”), a broad measure of the asset class, were negative during the period, Senior Loans outperformed Investment Grade (“IG”) corporate bonds, High Yield (“HY”) corporate bonds, Municipal bonds, U.S. Government bonds, and the U.S. equity market.

In February 2022, the economic impact of Russia’s invasion of Ukraine became a tipping point for the loan market’s performance. While the U.S. Federal Reserve’s (the “Fed”) projection of multiple interest rate increases in 2022 was generally viewed as a positive sign for floating-rate loans, investors began to worry about the negative effects of supply chain disruptions, higher commodity prices and labor expenses, rising debt service costs on loan issuers, and the potential for a recession in both the U.S. and global economies.

Manifesting investor concerns, higher quality loans began to outperform lower quality loans. Loan prices, which had risen earlier in the period, declined each month from February through June. After enjoying a brief summer rally in July and August on the hope that inflation and recession fears were subsiding, loan prices resumed their downward slide in September before recovering modestly in October. While mutual fund inflows for the asset class continued through April, flows turned negative in May and remained negative for the rest of the year. Collateralized Loan Obligation (“CLO”) demand from institutional investors stayed positive throughout the period. By the end of 2022, loan prices had fallen to $92.44 from $98.64 at the start of the period.

Issuer fundamentals, however, remained a bright spot for the asset class. While the trailing 12-month default rate inched higher during the period, from 0.29% at the beginning of the year to 0.72% at year-end, it remained well below the long-term historical average of 2.7%.

For the full year, higher quality loans outperformed lower quality issues, with BBB, BB, B, CCC and D-rated (defaulted) loans within the Index returning 3.25%, 2.99%, -1.07%, -12.00%, and -52.04% respectively.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s modest out-of-benchmark exposure to secured HY bonds detracted from relative performance during the period as HY bonds generally underperformed floating-rate loans. On an individual security basis, the largest detractor from returns relative to the Index was an overweight position in a struggling mattress manufacturing firm.

The Portfolio’s underweight position in BBB-rated loans, the highest credit rating category in the Index and the best performing category during the period, hurt relative performance. The Portfolio has historically tended to underweight BBB-rated loans due to their lower yield and smaller return potential compared with lower-rated loans.

In contrast, contributors to relative performance versus the Index included the Portfolio’s underweight position in CCC-rated loans, which underperformed the broader Index during the period. On an individual issuer basis, top contributors to relative returns included an overweight position in a rebounding coal producer. The Portfolio’s avoidance of several defaulted loans in the Index contributed to relative performance as well.

The cornerstones of the Portfolio’s investment philosophy are strong internal credit research and broad diversification. The Portfolio held 376 issuer positions across 55 industries as of December 31, 2022. We believe an optimal risk/return profile can be achieved predominately through interest income from investments in higher quality loans, rather than primarily seeking capital gains associated with distressed loans. At the end of the period, the Portfolio maintained an overweight position in BB-rated loans (26.3% vs. 25.1%) and an underweight exposure to the distressed CCC-rated loan category (3.4% vs. 5.3%).

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Managed by Eaton Vance Management

Portfolio Manager Commentary*—(Continued)

Given the floating-rate nature of the asset class, the Portfolio is exposed to minimal interest rate risk as the loans in the Portfolio reset their coupons every 44 days on average as of December 31, 2022, resulting in Portfolio duration of approximately 0.25 years.

Andrew N. Sveen

Michael J. Turgel

Portfolio Managers

Eaton Vance Management

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

¹ The Morningstar LSTA U.S. Leveraged Loan Index is a total return index that uses mark-to-market pricing from LSTA/ Loan Pricing Corporation (LPC) to calculate market value change. The index reflects the market-weighted performance of institutional leveraged loans based upon real-time market weightings, spreads and interest payments.

BHFTI-2

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

A $10,000 INVESTMENT COMPARED TO THE MORNINGSTAR LSTA U.S. LEVERAGED LOAN INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Brighthouse/Eaton Vance Floating Rate Portfolio
Class A		–1.36		2.47		3.00
Class B		–1.60		2.22		2.75
Morningstar LSTA U.S. Leveraged Loan Index		–0.60		3.31		3.67

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Industries

	% of Net Assets
Software		15.2
Commercial Services		7.9
Media		5.0
Diversified Financial Services		4.2
Pharmaceuticals		3.9
Chemicals		3.7
Insurance		3.7
Computers		3.3
Retail		3.3
Internet		3.3

Top Sectors

	% of Net Assets
Floating Rate Loans		88.7
Corporate Bonds & Notes		3.3
Common Stocks		0.4
Preferred Stocks		0.1

BHFTI-3

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Eaton Vance Floating Rate Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.69	%	$	1,000.00	$	1,036.10	$	3.54
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.73	$	3.52
Class B (a)	Actual		0.94	%	$	1,000.00	$	1,035.30	$	4.82
	Hypothetical*		0.94	%	$	1,000.00	$	1,020.47	$	4.79

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (a) — 88.7% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense — 2.0%
AI Convoy (Luxembourg) S.a.r.l. USD Term Loan B, 8.174%, 6M LIBOR + 3.500%, 01/18/27		606,031	$	598,758
Dynasty Acquisition Co., Inc. Term Loan B1, 7.923%, 1M LIBOR + 3.500%, 04/06/26		2,216,759		2,118,923
Term Loan B2, 7.923%, 1M LIBOR + 3.500%, 04/06/26		1,191,900		1,139,295
TransDigm, Inc. 2022 Term Loan H, 7.791%, 3M LIBOR + 3.250%, 02/22/27		1,625,549		1,622,375
Term Loan F, 6.980%, 3M LIBOR + 2.250%, 12/09/25		4,780,007		4,727,843
WP CPP Holdings LLC Term Loan, 8.170%, 3M LIBOR + 3.750%, 04/30/25		2,572,028		2,253,740
				12,460,934
Agriculture — 0.1%
Alltech, Inc. Term Loan B, 8.384%, 1M LIBOR + 4.000%, 10/13/28		519,750		489,215
Airlines — 0.3%
American Airlines, Inc. Term Loan, 8.993%, 3M LIBOR + 4.750%, 04/20/28		1,000,000		996,875
Mileage Plus Holdings LLC Term Loan B, 9.996%, 3M LIBOR + 5.250%, 06/21/27		652,500		672,618
				1,669,493
Auto Manufacturers — 0.1%
American Trailer World Corp. Term Loan B, 8.173%, 1M TSFR + 3.750%, 03/03/28		709,809		617,313
Auto Parts & Equipment — 1.5%
Adient U.S. LLC Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/10/28		886,500		877,451
Autokiniton U.S. Holdings, Inc. Term Loan B, 8.792%, 1M LIBOR + 4.500%, 04/06/28		1,723,750		1,672,037
Clarios Global L.P. USD Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/30/26		3,528,743		3,469,929
DexKo Global, Inc. 2021 USD Term Loan B, 8.593%, 1M LIBOR + 3.750%, 10/04/28		893,250		803,786
2022 USD Term Loan, 11.080%, 3M TSFR + 6.500%, 10/04/28		925,000		864,875
Garrett LX I S.a r.l. USD Term Loan B, 7.670%, 3M LIBOR + 3.250%, 04/30/28		666,563		651,565
Truck Hero, Inc. Term Loan B, 8.134%, 1M LIBOR + 3.750%, 01/31/28		1,080,750		932,437
				9,272,080
Banks — 0.3%
Walker & Dunlop, Inc. 2022 Incremental Term Loan B, 12/17/29 (b)		775,000		767,250
Term Loan, 6.673%, 1M TSFR + 2.250%, 12/16/28		1,188,000		1,167,210
				1,934,460
Beverages — 0.4%
Arterra Wines Canada, Inc. Term Loan, 8.230%, 3M LIBOR + 3.500%, 11/24/27		906,500		851,638
City Brewing Co. LLC Term Loan, 7.792%, 1M LIBOR + 3.500%, 04/05/28		665,942		299,674
Triton Water Holdings, Inc. Term Loan, 8.230%, 3M LIBOR + 3.500%, 03/31/28		1,280,502		1,195,028
				2,346,340
Building Materials — 2.4%
ACProducts, Inc. Term Loan B, 8.980%, 3M LIBOR + 4.250%, 05/17/28		2,834,344		2,132,843
Chamberlain Group, Inc. Term Loan B, 7.634%, 1M LIBOR + 3.250%, 11/03/28		1,707,750		1,615,603
Cornerstone Building Brands, Inc. Term Loan B, 7.568%, 1M LIBOR + 3.250%, 04/12/28		786,000		709,120
CPG International, Inc. Term Loan B, 6.823%, 1M TSFR + 2.500%, 04/28/29		972,563		948,552
Icebox Holdco III, Inc. 1st Lien Term Loan, 7.980%, 3M LIBOR + 3.500%, 12/22/28		918,855		851,952
MI Windows & Doors LLC Term Loan, 7.923%, 1M TSFR + 3.500%, 12/18/27		260,023		257,423
Oscar AcquisitionCo LLC Term Loan B, 9.180%, 3M TSFR + 4.500%, 04/29/29		947,625		898,383
Quikrete Holdings, Inc. 1st Lien Term Loan, 7.009%, 1M LIBOR + 2.625%, 02/01/27		4,181,712		4,145,703
Term Loan B1, 7.384%, 1M LIBOR + 3.000%, 06/11/28		2,282,750		2,268,008
Standard Industries, Inc. Term Loan B, 6.425%, 3M LIBOR + 2.250%, 09/22/28		1,213,231		1,199,920
				15,027,507
Chemicals — 3.8%
Aruba Investments, Inc. USD Term Loan, 8.387%, 1M LIBOR + 3.750%, 11/24/27		663,230		646,097
Axalta Coating Systems Dutch Holding B B.V USD Term Loan B, 7.506%, 3M TSFR + 3.000%, 12/20/29		1,550,000		1,553,148
CPC Acquisition Corp. Term Loan, 8.480%, 3M LIBOR + 3.750%, 12/29/27		687,750		502,058
Flint Group GmbH Term Loan C, 0.750%, 09/21/23 (i)		91,093		67,256
Flint Group U.S. LLC USD 1st Lien Term Loan B2, 8.575%, 3M LIBOR + 4.250%, 09/21/23		551,035		406,846
Illuminate Buyer LLC Term Loan, 7.884%, 1M LIBOR + 3.500%, 06/30/27		699,319		671,491
INEOS Enterprises Holdings U.S. Finco LLC USD Term Loan B, 8.235%, 3M LIBOR + 3.500%, 08/28/26		178,904		173,537
INEOS Styrolution U.S. Holding LLC USD Term Loan B, 7.134%, 1M LIBOR + 2.750%, 01/29/26		2,265,500		2,231,518
INEOS U.S. Finance LLC 2022 USD Term Loan B, 8.173%, 1M TSFR + 3.750%, 11/08/27		2,976,563		2,936,563
USD Term Loan B, 6.923%, 1M LIBOR + 2.500%, 11/08/28		669,938		646,908
Kraton Corp. USD Term Loan, 8.040%, 3M TSFR + 3.250%, 03/15/29		496,250		493,381
Lonza Group AG USD Term Loan B, 8.730%, 3M LIBOR + 4.000%, 07/03/28		1,800,383		1,661,754
LSF11 Skyscraper Holdco S.a r.l. USD Term Loan B, 8.230%, 3M LIBOR + 3.500%, 09/29/27		1,940,696		1,901,882

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Messer Industries GmbH USD Term Loan, 7.230%, 3M LIBOR + 2.500%, 03/02/26		1,429,810	$	1,419,421
Olympus Water U.S. Holding Corp. Incremental Term Loan, 9.180%, 3M TSFR + 4.500%, 11/09/28		397,000		385,834
PQ Corp. Term Loan B, 6.915%, 3M LIBOR + 2.500%, 06/09/28		2,275,350		2,245,486
Starfruit Finco B.V. 2018 USD Term Loan B, 7.165%, 3M LIBOR + 2.750%, 10/01/25		1,806,550		1,785,323
Trinseo Materials Operating S.C.A. Term Loan B2, 6.884%, 1M LIBOR + 2.500%, 05/03/28		886,500		828,416
Tronox Finance LLC Incremental Term Loan, 7.830%, 3M TSFR + 3.250%, 04/04/29		272,938		270,208
Term Loan B, 6.634%, 1M LIBOR + 2.250%, 03/10/28		1,353,000		1,314,327
W.R. Grace & Co. Term Loan B, 8.500%, 3M LIBOR + 3.750%, 09/22/28		1,237,500		1,217,971
				23,359,425
Coal — 0.1%
American Consolidated Natural Resources, Inc. Exit Term Loan, 17.327%, 1M LIBOR + 13.000%, 09/16/25 (i)		36,612		36,887
Oxbow Carbon LLC Term Loan B, 8.980%, 3M LIBOR + 4.250%, 10/17/25		288,438		287,356
				324,243
Commercial Services — 7.5%
AEA International Holdings (Lux) S.a.r.l. Term Loan B, 8.500%, 3M LIBOR + 3.750%, 09/07/28		3,118,500		3,079,519
Albion Financing 3 S.a.r.l. USD Term Loan, 9.575%, 3M LIBOR + 5.250%, 08/17/26		2,202,750		2,090,778
Allied Universal Holdco LLC USD Incremental Term Loan B, 8.173%, 1M LIBOR + 3.750%, 05/12/28		2,803,574		2,666,549
Amentum Government Services Holdings LLC Term Loan, 8.528%, 3M TSFR + 4.000%, 02/15/29		820,875		801,379
American Residential Services LLC Term Loan B, 8.230%, 3M LIBOR + 3.500%, 10/15/27		539,000		526,199
APFS Staffing Holdings, Inc. Term Loan, 8.136%, 3M TSFR + 4.000%, 12/29/28		297,750		285,096
APi Group DE, Inc. Incremental Term Loan B, 7.134%, 1M LIBOR + 2.750%, 01/03/29		887,705		882,342
Term Loan B, 6.884%, 1M LIBOR + 2.500%, 10/01/26		1,221,217		1,214,194
Belron Finance U.S. LLC USD Term Loan B, 7.063%, 3M LIBOR + 2.500%, 04/13/28		859,688		854,673
CCRR Parent, Inc. Term Loan B, 8.140%, 1M LIBOR + 3.750%, 03/06/28		516,183		493,922
CHG Healthcare Services, Inc. Term Loan, 7.634%, 1M LIBOR + 3.250%, 09/29/28		1,185,000		1,161,959
CoreLogic, Inc. Term Loan, 7.938%, 1M LIBOR + 3.500%, 06/02/28		2,898,406		2,426,206
Corporation Service Co. Term Loan B, 7.673%, 1M TSFR + 3.250%, 11/02/29		375,000		372,187
EAB Global, Inc. Term Loan, 7.884%, 1M LIBOR + 3.500%, 08/16/28		1,262,250		1,217,395
Commercial Services —(Continued)
Electro Rent Corp. 2022 Term Loan, 9.278%, 3M LIBOR + 5.500%, 11/01/24		1,879,870		1,814,075
Employbridge Holding Co. 2021 Term Loan B, 9.494%, 3M LIBOR + 4.750%, 07/19/28		1,604,688		1,327,879
Ensemble RCM LLC Term Loan, 7.944%, 3M TSFR + 3.750%, 08/03/26		2,223,413		2,202,222
Foundational Education Group, Inc. 1st Lien Term Loan, 8.592%, 3M TSFR + 3.750%, 08/31/28		594,000		534,600
Garda World Security Corp. Term Loan B, 8.930%, 3M LIBOR + 4.250%, 10/30/26		1,803,894		1,759,924
Hertz Corp. (The) Term Loan B, 7.630%, 1M LIBOR + 3.250%, 06/30/28		1,098,163		1,080,318
Term Loan C, 7.630%, 1M LIBOR + 3.250%, 06/30/28		210,113		206,699
Indy U.S. Bidco LLC USD Term Loan, 8.134%, 1M LIBOR + 3.750%, 03/05/28		663,230		579,773
KUEHG Corp. Incremental Term Loan, 8.480%, 3M LIBOR + 3.750%, 02/21/25		1,375,214		1,324,289
Monitronics International, Inc. Takeback Term Loan, 11.915%, 3M LIBOR + 6.500%, 03/29/24		1,265,596		852,696
NAB Holdings LLC Term Loan, 7.730%, 3M TSFR + 3.000%, 11/23/28		2,006,735		1,959,075
PECF USS Intermediate Holding III Corp. Term Loan B, 8.634%, 1M LIBOR + 4.250%, 12/15/28		693,000		580,315
Prime Security Services Borrower LLC Term Loan, 6.505%, 3M LIBOR + 2.750%, 09/23/26		2,267,014		2,249,109
Sabre GLBL, Inc. Term Loan B1, 7.884%, 1M LIBOR + 3.500%, 12/17/27		303,771		276,052
Term Loan B2, 7.884%, 1M LIBOR + 3.500%, 12/17/27		484,229		440,043
Sotheby’s Term Loan B, 8.579%, 3M LIBOR + 4.500%, 01/15/27		373,657		365,561
Spin Holdco, Inc. Term Loan, 7.144%, 3M LIBOR + 4.000%, 03/04/28		3,979,125		3,394,691
Trans Union LLC Term Loan B5, 6.134%, 1M LIBOR + 1.750%, 11/16/26		1,988,307		1,964,695
Term Loan B6, 6.634%, 1M LIBOR + 2.250%, 12/01/28		1,811,927		1,796,356
TruGreen L.P. Term Loan, 8.384%, 1M LIBOR + 4.000%, 11/02/27		539,000		477,015
TTF Holdings LLC Term Loan, 8.384%, 1M LIBOR + 4.000%, 03/31/28		539,106		533,041
Vaco Holdings LLC Term Loan, 9.730%, 3M TSFR + 5.000%, 01/21/29		297,000		287,162
Verscend Holding Corp. Term Loan B, 8.384%, 1M LIBOR + 4.000%, 08/27/25		2,033,229		2,025,604
Wex, Inc. Term Loan, 6.634%, 1M LIBOR + 2.250%, 03/31/28		442,125		440,225
				46,543,817
Computers — 3.3%
Imprivata, Inc. Incremental Term Loan, 8.573%, 1M TSFR + 4.250%, 12/01/27		248,750		240,588
Term Loan, 8.134%, 1M LIBOR + 3.750%, 12/01/27		1,056,188		1,018,957

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Computers —(Continued)
Magenta Buyer LLC USD 1st Lien Term Loan, 9.170%, 3M LIBOR + 4.750%, 07/27/28		4,504,500	$	3,879,501
USD 2nd Lien Term Loan, 12.670%, 3M LIBOR + 8.250%, 07/27/29		1,075,000		849,250
McAfee LLC USD Term Loan B, 7.974%, 1M TSFR + 3.750%, 03/01/29		3,034,750		2,837,491
NCR Corp. Term Loan, 6.920%, 3M LIBOR + 2.500%, 08/28/26		1,369,072		1,333,704
Panther Commercial Holdings L.P. Term Loan, 8.665%, 3M LIBOR + 4.250%, 01/07/28		1,899,396		1,718,004
Redstone Holdco 2 L.P. Term Loan, 9.108%, 3M LIBOR + 4.750%, 04/27/28		2,370,000		1,657,815
SITEL Worldwide Corp. USD Term Loan, 8.140%, 1M LIBOR + 3.750%, 08/28/28		1,999,688		1,979,691
Tempo Acquisition LLC Term Loan B, 7.323%, 1M TSFR + 3.000%, 08/31/28		1,536,635		1,533,434
Verifone Systems, Inc. 1st Lien Term Loan, 8.359%, 3M LIBOR + 4.000%, 08/20/25		2,741,296		2,521,992
Vision Solutions, Inc. Incremental Term Loan, 8.358%, 3M LIBOR + 4.000%, 04/24/28		1,358,988		1,130,791
				20,701,218
Cosmetics/Personal Care — 0.7%
Conair Holdings LLC Term Loan B, 8.480%, 3M LIBOR + 3.750%, 05/17/28		1,580,000		1,335,100
Journey Personal Care Corp. Term Loan B, 8.980%, 3M LIBOR + 4.250%, 03/01/28		1,557,609		1,146,790
Sunshine Luxembourg ViII S.a.r.l Term Loan B3, 8.480%, 3M LIBOR + 3.750%, 10/01/26		1,915,875		1,839,506
				4,321,396
Distribution/Wholesale — 0.3%
Core & Main L.P. Term Loan B, 7.416%, 6M LIBOR + 2.500%, 07/27/28		1,431,875		1,417,198
Gloves Buyer, Inc. Term Loan, 8.384%, 1M LIBOR + 4.000%, 12/29/27		566,745		510,071
				1,927,269
Diversified Financial Services — 4.1%
Advisor Group, Inc. Term Loan, 8.884%, 1M LIBOR + 4.500%, 07/31/26		1,456,216		1,428,001
Aretec Group, Inc. Term Loan, 8.673%, 1M TSFR + 4.250%, 10/01/25		3,588,421		3,516,653
Astra Acquisition Corp. 1st Lien Term Loan, 9.634%, 1M LIBOR + 5.250%, 10/25/28		1,187,371		1,056,760
Avolon TLB Borrower 1 (U.S.) LLC Term Loan B5, 6.603%, 1M LIBOR + 2.250%, 12/01/27		1,666,000		1,664,569
Deerfield Dakota Holding LLC USD Term Loan B, 8.073%, 1M TSFR + 3.750%, 04/09/27		1,852,500		1,733,825
Ditech Holding Corp. Term Loan, 3M LIBOR, 06/30/23 (c)		1,824,660		200,712
Diversified Financial Services—(Continued)
Edelman Financial Center LLC Term Loan B, 7.884%, 1M LIBOR + 3.500%, 04/07/28		1,723,750		1,617,555
Fiserv Investment Solutions, Inc. Term Loan B, 8.325%, 1M LIBOR + 4.000%, 02/18/27		487,500		464,039
Focus Financial Partners LLC 2022 Term Loan B5, 7.573%, 1M TSFR + 3.250%, 06/30/28		349,125		345,721
Term Loan B4, 6.823%, 1M LIBOR + 2.500%, 06/30/28		1,010,099		995,369
Franklin Square Holdings L.P. Term Loan B, 6.688%, 1M LIBOR + 2.250%, 08/01/25		478,748		476,354
Guggenheim Partners LLC 2022 Term Loan B, 7.573%, 3M TSFR + 3.250%, 12/12/29		5,013,975		4,970,103
Hudson River Trading LLC Term Loan, 7.438%, 1M TSFR + 3.000%, 03/20/28		2,311,288		2,189,326
LHS Borrower LLC 2022 Term Loan B, 9.050%, 1M TSFR + 4.750%, 02/16/29		1,516,530		1,241,659
LPL Holdings, Inc. Term Loan B1, 5.870%, 1M LIBOR + 1.750%, 11/12/26		1,261,000		1,256,114
NFP Corp. Term Loan, 7.634%, 1M LIBOR + 3.250%, 02/15/27		1,104,578		1,059,566
Victory Capital Holdings, Inc. Incremental Term Loan B, 5.962%, 3M TSFR + 2.250%, 12/29/28		482,673		477,545
Term Loan B, 5.962%, 3M TSFR + 2.250%, 07/01/26		768,058		764,538
				25,458,409
Electric — 0.5%
Calpine Construction Finance Co. L.P. Term Loan B, 6.384%, 1M LIBOR + 2.000%, 01/15/25		1,198,730		1,197,512
Calpine Corp. Term Loan B5, 6.890%, 1M LIBOR + 2.500%, 12/16/27		1,993,968		1,978,044
Longview Power LLC Exit Term Loan, 13.674%, 3M LIBOR + 13.674%, 07/30/25		76,615		75,465
				3,251,021
Electrical Components & Equipment — 0.3%
Creation Technologies, Inc. Term Loan, 9.248%, 3M LIBOR + 5.500%, 10/05/28		1,094,500		881,073
Energizer Holdings, Inc. Term Loan, 6.625%, 1M LIBOR + 2.250%, 12/22/27		955,521		939,994
				1,821,067
Electronics — 0.3%
II-VI, Inc. Term Loan B, 7.134%, 3M LIBOR + 2.750%, 07/02/29		1,102,098		1,094,659
Mirion Technologies, Inc. Term Loan, 7.901%, 6M LIBOR + 2.750%, 10/20/28		767,250		755,182
				1,849,841
Engineering & Construction — 0.6%
Aegion Corp. Term Loan, 9.134%, 1M LIBOR + 4.750%, 05/17/28		469,062		439,452
Brown Group Holding LLC 2022 Incremental Term Loan B2, 7.925%, 3M TSFR + 3.750%, 07/02/29		249,375		248,952

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Engineering & Construction—(Continued)
Brown Group Holding, LLC Term Loan B, 6.884%, 1M LIBOR + 2.500%, 06/07/28		1,329,867	$	1,308,495
Centuri Group, Inc. Term Loan B, 6.884%, 1M LIBOR + 2.500%, 08/27/28		812,455		800,776
KKR Apple Bidco LLC Term Loan, 7.134%, 1M LIBOR + 2.750%, 09/23/28		173,250		171,071
Rockwood Service Corp. Term Loan, 8.634%, 1M LIBOR + 4.250%, 01/23/27		526,097		520,507
USIC Holdings, Inc. Term Loan, 7.884%, 1M LIBOR + 3.500%, 05/12/28		167,734		160,570
				3,649,823
Entertainment — 1.8%
AMC Entertainment Holdings, Inc. Term Loan B, 7.274%, 1M LIBOR + 3.000%, 04/22/26		1,564,063		851,856
Crown Finance U.S., Inc. 2022 DIP Term Loan, 14.281%, 1M TSFR + 10.000%, 09/07/23		1,441,742		1,421,558
Incremental Term Loan, 09/30/26 (c)		1,267,476		233,592
Great Canadian Gaming Corp. Term Loan, 8.753%, 3M LIBOR + 4.000%, 11/01/26		572,125		563,304
SeaWorld Parks & Entertainment, Inc. Term Loan B, 7.438%, 1M LIBOR + 3.000%, 08/25/28		987,500		972,585
SMG U.S. Midco 2, Inc. Term Loan, 6.915%, 1M LIBOR + 2.500%, 01/23/25		214,431		209,874
Stars Group Holdings B.V. (The)
2022 USD Term Loan B, 8.092%, 3M TSFR + 3.250%, 07/22/28		1,496,250		1,491,387
USD Incremental Term Loan, 6.980%, 3M LIBOR + 2.250%, 07/21/26		2,394,688		2,367,582
Twin River Worldwide Holdings, Inc. Term Loan B, 7.542%, 3M LIBOR + 3.250%, 10/02/28		1,262,250		1,175,997
UFC Holdings LLC Term Loan B, 7.110%, 3M LIBOR + 2.750%, 04/29/26		2,034,670		2,012,256
				11,299,991
Environmental Control — 1.5%
Covanta Holding Corp. Term Loan B, 6.823%, 1M TSFR + 2.500%, 11/30/28		438,585		435,935
Term Loan C, 6.823%, 1M TSFR + 2.500%, 11/30/28		33,101		32,901
EnergySolutions LLC Term Loan B, 8.480%, 3M LIBOR + 3.750%, 05/09/25		993,024		927,856
EWT Holdings III Corp. Term Loan, 6.688%, 1M LIBOR + 2.250%, 04/01/28		960,375		950,371
Filtration Group Corp. 1st Lien Term Loan, 7.384%, 1M LIBOR + 3.000%, 03/29/25		701,518		695,764
GFL Environmental, Inc. Term Loan, 7.415%, 3M LIBOR + 3.000%, 05/30/25		1,325,979		1,327,636
Harsco Corp. Term Loan, 6.688%, 1M LIBOR + 2.250%, 03/10/28		394,000		369,211
Madison IAQ LLC Term Loan, 7.988%, 3M LIBOR + 3.250%, 06/21/28		3,010,669		2,804,941
Northstar Group Services, Inc. Term Loan B, 9.938%, 1M LIBOR + 5.500%, 11/12/26		1,357,711		1,339,891
Environmental Control —(Continued)
Robertshaw U.S. Holding Corp. 1st Lien Term Loan, 7.889%, 1M LIBOR + 3.500%, 02/28/25		1,051,349		722,802
				9,607,308
Food — 1.0%
CHG PPC Parent LLC Term Loan, 7.438%, 1M LIBOR + 3.000%, 12/08/28		521,063		505,431
Del Monte Foods, Inc. Term Loan, 8.671%, 1M TSFR + 4.250%, 05/16/29		205,000		199,362
Froneri International, Ltd. USD Term Loan, 6.634%, 1M LIBOR + 2.250%, 01/29/27		1,828,125		1,781,590
Monogram Food Solutions LLC Term Loan B, 8.438%, 1M LIBOR + 4.000%, 08/28/28		594,000		574,695
Nomad Foods Europe Midco Ltd. 2022 Term Loan B, 8.225%, 3M TSFR + 3.750%, 11/12/29		1,296,551		1,295,471
Sovos Brands Intermediate, Inc. Term Loan, 7.915%, 3M LIBOR + 3.500%, 06/08/28		538,828		527,153
U.S. Foods, Inc. Term Loan B, 6.384%, 1M LIBOR + 2.000%, 09/13/26		1,230,396		1,220,678
				6,104,380
Food Service — 0.3%
Aramark Services, Inc. Term Loan B3, 6.134%, 1M LIBOR + 1.750%, 03/11/25		816,080		810,979
Term Loan B4, 6.134%, 1M LIBOR + 1.750%, 01/15/27		932,500		919,911
				1,730,890
Forest Products & Paper — 0.2%
Asplundh Tree Expert LLC Term Loan B, 6.134%, 1M LIBOR + 1.750%, 09/07/27		1,075,250		1,071,778
Hand/Machine Tools — 0.4%
Alliance Laundry Systems LLC Term Loan B, 7.409%, 3M LIBOR + 3.500%, 10/08/27		1,017,750		998,667
Apex Tool Group LLC Term Loan, 9.667%, 1M TSFR + 5.250%, 02/08/29		1,667,253		1,447,906
				2,446,573
Healthcare-Products — 0.6%
Avantor Funding, Inc. Term Loan B5, 6.634%, 1M LIBOR + 2.250%, 11/08/27		1,181,852		1,178,158
CryoLife, Inc. Term Loan B, 8.224%, 3M TSFR + 3.500%, 06/01/27		451,250		419,663
Curia Global, Inc. Term Loan, 8.165%, 3M LIBOR + 3.750%, 08/30/26		1,350,414		1,115,216
ICU Medical, Inc. Term Loan B, 7.194%, 3M TSFR + 2.500%, 01/08/29		645,125		625,166
Sotera Health Holdings LLC Term Loan, 7.165%, 3M LIBOR + 2.750%, 12/11/26		575,000		534,391
				3,872,594
Healthcare-Services — 3.2%
BW NHHC Holdco, Inc. 2018 1st Lien Term Loan, 9.738%, 3M LIBOR + 5.000%, 05/15/25		885,687		575,697
2022 Super Priority Term Loan, 12.008%, 3M TSFR + 7.500%, 01/15/26		182,877		173,734

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Cambrex Corp. Term Loan, 7.923%, 1M TSFR + 3.500%, 12/04/26		265,046	$	258,213
Cano Health LLC Term Loan, 8.423%, 1M TSFR + 4.000%, 11/23/27		2,815,412		2,262,887
Catalent Pharma Solutions, Inc. Term Loan B3, 6.375%, 1M LIBOR + 2.000%, 02/22/28		822,660		811,862
Electron BidCo, Inc. Term Loan, 7.384%, 1M LIBOR + 3.000%, 11/01/28		868,438		846,726
Envision Healthcare Corp. First Out Term Loan, 12.605%, 3M TSFR + 7.875%, 03/31/27		476,161		426,164
Second Out Term Loan, 8.830%, 3M TSFR + 4.250%, 03/31/27		3,369,104		1,094,959
eResearchTechnology, Inc. 1st Lien Term Loan, 8.884%, 1M LIBOR + 4.500%, 02/04/27		294,710		261,801
Icon Luxembourg S.a.r.l. Term Loan, 7.000%, 1M LIBOR, 07/03/28		243,935		243,478
Loire Finco Luxembourg S.a.r.l. Term Loan, 7.384%, 1M LIBOR + 3.000%, 04/21/27		292,584		275,394
MedAssets Software Intermediate Holdings, Inc. 2nd Lien Term Loan 2, 11.134%, 1M LIBOR + 6.750%, 12/17/29		775,000		597,477
Term Loan, 8.384%, 1M LIBOR + 4.000%, 12/18/28		1,215,813		1,031,921
Midwest Physician Administrative Services LLC Term Loan, 7.980%, 3M LIBOR + 3.250%, 03/12/28		466,688		430,324
National Mentor Holdings, Inc. Term Loan, 8.480%, 3M LIBOR + 3.750%, 03/02/28		2,116,521		1,486,856
Term Loan C, 8.480%, 3M LIBOR + 3.750%, 03/02/28		59,767		41,986
Pacific Dental Services LLC Term Loan, 7.854%, 1M LIBOR + 3.500%, 05/05/28		517,125		504,951
Pediatric Associates Holding Co. LLC Delayed Draw Term Loan, 7.634%, 1M LIBOR + 3.250%, 12/29/28 (d)		78,652		74,817
Term Loan B, 7.634%, 1M LIBOR + 3.250%, 12/29/28		517,145		491,934
Phoenix Guarantor, Inc. Term Loan B, 7.634%, 1M LIBOR + 3.250%, 03/05/26		1,592,497		1,497,943
Term Loan B3, 7.884%, 1M LIBOR + 3.500%, 03/05/26		1,325,024		1,246,351
Radiology Partners, Inc. 1st Lien Term Loan B, 8.639%, 1M LIBOR + 4.250%, 07/09/25		428,497		361,009
Radnet Management, Inc. Term Loan, 7.735%, 3M LIBOR + 3.000%, 04/21/28		1,058,875		1,030,418
Select Medical Corp. Term Loan B, 6.890%, 1M LIBOR + 2.500%, 03/06/25		2,457,947		2,418,389
Sound Inpatient Physicians 1st Lien Term Loan, 7.384%, 1M LIBOR + 3.000%, 06/27/25		405,875		331,803
Surgery Center Holdings, Inc. Term Loan, 8.050%, 3M LIBOR + 3.750%, 08/31/26		1,236,556		1,222,335
				19,999,429
Holding Companies-Diversified — 0.2%
Belfor Holdings Inc. Term Loan B, 8.384%, 1M LIBOR + 4.000%, 04/06/26		1,519,681		1,510,817
Home Furnishings — 0.4%
AI Aqua Merger Sub, Inc. 1st Lien Term Loan B, 7.967%, 1M TSFR + 3.750%, 07/31/28		746,250		703,341
Mattress Firm, Inc. Term Loan B, 8.976%, 3M LIBOR + 4.250%, 09/25/28		2,260,907		1,935,902
				2,639,243
Household Durables — 0.1%
Libbey Glass Inc. 2022 Term Loan, 12.951%, 3M TSFR + 8.500%, 11/22/27		531,548		496,997
Household Products/Wares — 0.2%
Kronos Acquisition Holdings, Inc. 1st Lien Term Loan, 10.509%, 3M TSFR + 6.000%, 12/22/26		445,500		433,249
Term Loan B, 8.485%, 3M LIBOR + 3.750%, 12/22/26		1,151,500		1,099,250
				1,532,499
Housewares — 0.1%
Solis IV B.V. USD Term Loan B1, 7.859%, 3M TSFR + 3.500%, 02/26/29		398,997		353,262
Insurance — 3.7%
Alliant Holdings Intermediate LLC Term Loan B, 7.634%, 1M LIBOR + 3.250%, 05/09/25		2,619,735		2,589,329
AmWINS Group, Inc. Term Loan B, 6.634%, 1M LIBOR + 2.250%, 02/19/28		3,871,034		3,804,259
AssuredPartners, Inc. 2021 Term Loan B, 7.884%, 1M LIBOR + 3.500%, 02/12/27		169,750		165,294
Asurion LLC 2nd Lien Term Loan B3, 9.634%, 1M LIBOR + 5.250%, 01/31/28		1,160,000		910,020
Term Loan B10, 8.680%, 3M TSFR + 4.000%, 08/19/28		1,010,344		907,415
Term Loan B8, 7.634%, 1M LIBOR + 3.250%, 12/23/26		5,292,000		4,724,057
HUB International, Ltd. Term Loan B, 7.327%, 3M LIBOR + 3.000%, 04/25/25		4,369,125		4,329,073
Ryan Specialty Group LLC Term Loan, 7.423%, 1M TSFR + 3.000%, 09/01/27		1,637,313		1,629,809
Sedgwick Claims Management Services, Inc. Term Loan B, 7.634%, 1M LIBOR + 3.250%, 12/31/25		1,056,000		1,029,317
USI, Inc. 2022 Incremental Term Loan, 8.330%, 1M TSFR + 3.750%, 11/22/29		1,566,310		1,553,388
Incremental Term Loan B, 7.980%, 3M LIBOR + 3.250%, 12/02/26		1,188,290		1,181,309
				22,823,270
Internet — 3.3%
Adevinta ASA USD Term Loan B, 7.480%, 3M LIBOR + 2.750%, 06/26/28		1,258,344		1,247,726
Buzz Finco LLC Term Loan B, 7.134%, 1M LIBOR + 2.750%, 01/29/27		486,250		480,172
Term Loan B, 7.634%, 1M LIBOR + 3.250%, 01/29/27		53,545		53,278
CNT Holdings I Corp. Term Loan, 7.239%, 3M TSFR + 3.500%, 11/08/27		638,625		619,466
Endure Digital, Inc. Term Loan, 7.717%, 1M LIBOR + 3.500%, 02/10/28		2,807,250		2,533,543

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Internet—(Continued)
Getty Images, Inc. 2019 USD Term Loan B, 8.938%, 1M LIBOR + 4.500%, 02/19/26		1,812,316	$	1,805,294
Go Daddy Operating Co. LLC Term Loan B4, 6.384%, 1M LIBOR + 2.000%, 08/10/27		1,048,125		1,040,919
Hoya Midco LLC Term Loan, 7.573%, 1M TSFR + 3.250%, 02/03/29		514,239		509,096
Imperva, Inc. 1st Lien Term Loan, 8.592%, 3M LIBOR + 4.000%, 01/12/26		537,468		441,396
Magnite, Inc. Term Loan, 9.328%, 1M LIBOR + 5.000%, 04/28/28		664,875		628,307
Match Group, Inc. Term Loan B, 6.488%, 3M LIBOR + 1.750%, 02/13/27		675,000		663,609
MH Sub I LLC Incremental Term Loan, 8.134%, 1M LIBOR + 3.750%, 09/13/24		419,620		408,268
NortonLifeLock, Inc. 2022 Term Loan B, 6.423%, 1M TSFR + 2.000%, 09/12/29		975,000		960,679
Proofpoint, Inc. 1st Lien Term Loan, 7.985%, 3M LIBOR + 3.250%, 08/31/28		2,623,500		2,527,989
Uber Technologies, Inc. 1st Lien Term Loan B, 8.235%, 3M LIBOR + 3.500%, 04/04/25		1,360,875		1,361,725
Term Loan B, 8.235%, 3M LIBOR + 3.500%, 02/25/27		5,185,688		5,182,447
				20,463,914
Investment Companies — 0.4%
EIG Management Co. LLC Term Loan B, 8.134%, 1M LIBOR + 3.750%, 02/22/25		238,750		233,378
FinCo I LLC Term Loan B, 6.884%, 1M LIBOR + 2.500%, 06/27/25		1,092,573		1,090,524
Mariner Wealth Advisors LLC Term Loan B, 8.078%, 3M TSFR + 3.250%, 08/18/28		841,080		806,385
				2,130,287
Iron/Steel — 0.1%
Phoenix Services International LLC 2022 DIP PIK Roll Up Term Loan, 16.323%, 1M TSFR + 12.000%, 09/29/23		203,227		196,113
DIP New Money Term Loan, 11.935%, 1M TSFR + 12.000%, 03/28/23		146,909		146,909
Term Loan, 9.750%, PRIME + 2.750%, 03/01/25 (c)		1,097,156		132,001
				475,023
Leisure Time — 1.9%
Bombardier Recreational Products, Inc. Term Loan, 6.384%, 1M LIBOR + 2.000%, 05/24/27		2,079,904		2,014,258
Carnival Corp. Incremental Term Loan B, 7.634%, 6M LIBOR + 3.250%, 10/18/28		2,945,250		2,763,625
USD Term Loan B, 7.384%, 1M LIBOR + 3.000%, 06/30/25		1,611,697		1,547,229
City Football Group, Ltd. Term Loan, 7.361%, 1M LIBOR + 3.000%, 07/21/28		1,435,500		1,349,370
Leisure Time —(Continued)
ClubCorp Holdings, Inc. Term Loan B, 7.480%, 3M LIBOR + 2.750%, 09/18/24		1,610,750		1,458,736
Fender Musical Instruments Corp. Term Loan B, 8.417%, 3M TSFR + 4.000%, 12/01/28		346,719		280,842
Hayward Industries, Inc. Term Loan, 6.884%, 1M LIBOR + 2.500%, 05/30/28		788,000		760,091
MajorDrive Holdings LLC Term Loan B, 8.813%, 3M LIBOR + 4.000%, 06/01/28		615,625		580,804
SRAM LLC Term Loan B, 7.134%, 1M LIBOR + 2.750%, 05/18/28		219,545		214,331
Travel Leaders Group LLC Term Loan B, 8.384%, 1M LIBOR + 4.000%, 01/25/24		1,227,420		1,132,295
				12,101,581
Lodging — 0.9%
Fertitta Entertainment LLC Term Loan B, 8.323%, 1M TSFR + 4.000%, 01/27/29		1,945,327		1,851,708
Four Seasons Hotels Ltd. 2022 Term Loan B, 7.437%, 1M TSFR + 3.250%, 11/30/29		835,634		836,621
Hilton Grand Vacations Borrower LLC Term Loan B, 7.384%, 1M LIBOR + 3.000%, 08/02/28		938,125		933,317
Playa Resorts Holding B.V. 2022 Term Loan B, 8.576%, 3M TSFR + 4.250%, 01/05/29		1,400,000		1,366,750
Wyndham Hotels & Resorts, Inc. Term Loan B, 6.134%, 1M LIBOR + 1.750%, 05/30/25		858,000		858,268
				5,846,664
Machinery-Construction & Mining — 0.6%
Brookfield WEC Holdings, Inc. Term Loan, 7.134%, 1M LIBOR + 2.750%, 08/01/25	3,942,454		3,890,954
Machinery-Diversified — 1.7%
Ali Group North America Corp. Term Loan B, 6.438%, 1M LIBOR + 2.000%, 07/30/29	1,525,667		1,516,131
Clark Equipment Co. Term Loan B, 7.180%, 3M TSFR + 2.500%, 04/20/29	818,813		808,782
CPM Holdings, Inc. 1st Lien Term Loan, 7.620%, 1M LIBOR + 3.500%, 11/17/25	1,757,377		1,731,895
DXP Enterprises, Inc. Term Loan, 9.955%, 6M LIBOR + 5.250%, 12/16/27	813,300		780,768
Engineered Machinery Holdings, Inc. USD Incremental Term Loan, 7.730%, 3M LIBOR + 3.500%, 05/19/28	1,684,068		1,633,546
Granite Holdings U.S. Acquisition Co. Term Loan B, 8.750%, 3M LIBOR + 4.000%, 09/30/26	1,252,458		1,253,632
SPX Flow, Inc. Term Loan, 8.923%, 1M TSFR + 4.500%, 04/05/29	1,446,375		1,349,649
Titan Acquisition, Ltd. Term Loan B, 8.149%, 6M LIBOR + 3.000%, 03/28/25	1,650,993		1,547,577
				10,621,980

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Media — 4.7%
Charter Communications Operating LLC Term Loan B2, 6.140%, 1M LIBOR + 1.750%, 02/01/27	1,826,271		$1,786,464
CSC Holdings LLC Term Loan B1, 6.568%, 1M LIBOR + 2.250%, 07/17/25		832,168		789,173
Term Loan B5, 6.818%, 1M LIBOR + 2.500%, 04/15/27		1,152,413		1,031,409
Diamond Sports Group LLC 2nd Lien Term Loan, 7.567%, 1M TSFR + 3.250%, 08/24/26		2,588,664		336,526
First Priority Term Loan, 12.317%, 1M TSFR + 8.100%, 05/25/26		528,248		496,553
GEE Holdings 2 LLC 2nd Lien Takeback Term Loan, 6.229%, 3M LIBOR + 1.500%, 03/23/26 (i)		343,523		258,787
Exit Term Loan, 12.729%, 3M LIBOR + 8.000%, 03/24/25		158,328		158,921
Gray Television, Inc. Term Loan B, 6.884%, 1M LIBOR + 2.500%, 02/07/24		728,863		729,034
Term Loan C, 6.620%, 1M LIBOR + 2.500%, 01/02/26		552,268		539,151
Term Loan D, 7.120%, 1M LIBOR + 3.000%, 12/01/28		1,064,250		1,035,174
Hubbard Radio LLC Term Loan B, 8.640%, 1M LIBOR + 4.250%, 03/28/25		435,076		386,130
iHeartCommunications, Inc. Incremental Term Loan, 7.634%, 1M LIBOR + 3.250%, 05/01/26		334,350		309,796
LCPR Loan Financing LLC Term Loan B, 8.068%, 1M LIBOR + 3.750%, 10/16/28		250,000		248,203
Mission Broadcasting, Inc. Term Loan B, 6.620%, 1M LIBOR + 2.500%, 06/02/28		395,000		392,581
MJH Healthcare Holdings LLC Term Loan B, 7.800%, 1M TSFR + 3.500%, 01/28/29		297,750		287,329
Nexstar Broadcasting, Inc. Term Loan B4, 6.884%, 1M LIBOR + 2.500%, 09/18/26		229,229		227,760
Recorded Books, Inc. Term Loan, 8.323%, 1M TSFR + 4.000%, 08/29/25		235,231		230,673
Sinclair Television Group, Inc. Term Loan B2B, 6.890%, 1M LIBOR + 2.500%, 09/30/26		532,125		508,844
Term Loan B3, 7.390%, 1M LIBOR + 3.000%, 04/01/28		1,716,999		1,639,734
Telenet Financing USD LLC USD Term Loan AR, 6.318%, 1M LIBOR + 2.000%, 04/30/28		3,500,000		3,411,873
Univision Communications, Inc. First Lien Term Loan B, 7.634%, 1M LIBOR + 3.250%, 03/15/26		1,453,199		1,433,218
Term Loan C5, 7.134%, 1M LIBOR + 2.750%, 03/15/24		361,585		361,962
UPC Financing Partnership USD Term Loan AX, 7.243%, 1M LIBOR + 2.925%, 01/31/29		3,100,000		3,040,260
Virgin Media Bristol LLC Term Loan N, 6.818%, 1M LIBOR + 2.500%, 01/31/28		5,850,000		5,760,425
Term Loan Q, 7.568%, 1M LIBOR + 3.250%, 01/31/29		1,125,000		1,115,332
Ziggo Financing Partnership Term Loan I, 6.818%, 1M LIBOR + 2.500%, 04/30/28		2,975,000		2,906,736
				29,422,048
Metal Fabricate/Hardware — 1.0%
Ameriforge Group, Inc. Exit Term Loan, 12.730%, 3M LIBOR + 8.000%, 02/01/26 (i)		855,796		424,689
Term Loan, 17.384%, 1M LIBOR + 13.000%, 02/01/26 (d) (e)		108,223		53,706
Metal Fabricate/Hardware —(Continued)
Dynacast International LLC First Out Term Loan, 9.199%, 3M LIBOR + 4.500%, 07/22/25	1,351,526		$1,178,080
WireCo WorldGroup, Inc. Term Loan, 8.938%, 3M LIBOR + 4.250%, 11/13/28		520,412		507,890
Zekelman Industries, Inc. Term Loan, 6.729%, 3M LIBOR + 2.000%, 01/24/27	4,086,253		3,999,056
				6,163,421
Miscellaneous Manufacturing — 1.6%
Delachaux Group SA USD Term Loan B2, 8.915%, 3M LIBOR + 4.500%, 04/16/26		374,000		338,470
Gates Global LLC Term Loan B3, 6.884%, 1M LIBOR + 2.500%, 03/31/27		3,615,298		3,546,383
Gemini HDPE LLC Term Loan B, 7.420%, 3M LIBOR + 3.000%, 12/31/27		648,455		640,998
Groupe Solmax, Inc. Term Loan, 9.480%, 3M LIBOR + 4.750%, 05/29/28		1,059,430		884,625
LTI Holdings, Inc. 1st Lien Term Loan, 7.884%, 1M LIBOR + 3.500%, 09/06/25		1,198,795		1,150,469
Term Loan, 9.134%, 1M LIBOR + 4.750%, 07/24/26		1,183,443		1,134,132
Momentive Performance Materials, Inc. Term Loan B, 7.640%, 1M LIBOR + 3.250%, 05/15/24		2,316,000		2,310,210
				10,005,287
Oil & Gas — 0.1%
QuarterNorth Energy Holding, Inc. Exit 2nd Lien Term Loan, 12.384%, 1M LIBOR + 8.000%, 08/27/26		360,142		359,354
Oil & Gas Services — 0.0%
Lealand Finance Company B.V. Take Back Term Loan, 5.384%, 1M LIBOR + 1.000%, 06/30/25 (i)		284,358		154,975
Packaging & Containers — 2.5%
Berlin Packaging LLC Term Loan B5, 8.480%, 3M LIBOR + 3.750%, 03/11/28		1,357,813		1,309,440
BWAY Holding Co. Term Loan B, 7.370%, 1M LIBOR + 3.250%, 04/03/24		1,842,750		1,802,440
Charter NEX U.S., Inc. Term Loan, 8.134%, 1M LIBOR + 3.750%, 12/01/27		417,563		406,080
Clydesdale Acquisition Holdings, Inc. Term Loan B, 8.598%, 1M TSFR + 4.175%, 04/13/29		2,611,875		2,495,221
LABL, Inc. USD 1st Lien Term Loan, 9.384%, 1M LIBOR + 5.000%, 10/29/28		1,782,000		1,697,911
Pregis TopCo Corp. 1st Lien Term Loan, 8.188%, 1M LIBOR + 3.750%, 07/31/26		557,750		543,876
Pretium PKG Holdings, Inc. 1st Lien Term Loan, 7.743%, 3M LIBOR + 4.000%, 10/02/28		668,250		534,361
Proampac PG Borrower LLC Term Loan, 10.250%, 3M LIBOR + 2.750%, 11/03/25		934,669		897,477
Reynolds Group Holdings, Inc. Term Loan B, 7.634%, 1M LIBOR + 3.250%, 09/24/28		1,061,563		1,050,449
Term Loan B2, 7.634%, 1M LIBOR + 3.250%, 02/05/26		1,298,500		1,286,814

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Packaging & Containers —(Continued)
TricorBraun Holdings, Inc. Term Loan, 7.634%, 1M LIBOR + 3.250%, 03/03/28	665,542		$636,802
Trident TPI Holdings, Inc. Delayed Draw Term Loan, 8.387%, 1M LIBOR + 4.000%, 09/15/28	104,726		100,817
Incremental Term Loan, 8.726%, 3M LIBOR + 4.000%, 09/15/28		735,105		707,670
USD Term Loan B1, 7.980%, 3M LIBOR + 3.250%, 10/17/24		1,830,298		1,812,280
				15,281,638
Pharmaceuticals — 3.9%
Akorn, Inc. Take Back Term Loan, 11.243%, 3M LIBOR + 7.500%, 10/01/25 (e) (f)		238,683		120,105
Alkermes, Inc. Term Loan B, 6.820%, 1M LIBOR + 2.500%, 03/12/26		340,345		328,433
Amneal Pharmaceuticals LLC Term Loan B, 8.250%, 3M LIBOR + 3.500%, 05/04/25		2,917,516		2,626,220
Bausch Health Companies, Inc. Term Loan B, 9.667%, 1M TSFR + 5.250%, 02/01/27		2,203,377		1,707,617
Bayou Intermediate II LLC Term Loan B, 8.960%, 3M LIBOR + 4.500%, 08/02/28		767,250		740,396
Covis Finco S.a.r.l. USD Term Loan B, 10.800%, 3M TSFR + 6.500%, 02/18/27		1,010,625		682,172
Gainwell Acquisition Corp. Term Loan B, 8.730%, 3M LIBOR + 4.000%, 10/01/27		5,421,439		5,143,590
Grifols Worldwide Operations USA, Inc. USD Term Loan B, 6.384%, 1M LIBOR + 2.000%, 11/15/27		1,050,161		1,016,031
HLF Financing S.a r.l. Term Loan B, 6.884%, 1M LIBOR + 2.500%, 08/18/25		855,563		831,322
Horizon Therapeutics USA, Inc. Term Loan B, 6.438%, 1M LIBOR + 2.000%, 05/22/26		988,299		988,607
Term Loan B2, 6.188%, 1M LIBOR + 1.750%, 03/15/28		1,059,413		1,059,678
Jazz Financing Lux S.a.r.l. USD Term Loan, 7.884%, 1M LIBOR + 3.500%, 05/05/28		1,487,778		1,477,136
LSCS Holdings, Inc. 1st Lien Term Loan, 8.884%, 1M LIBOR + 4.500%, 12/16/28		816,750		781,017
Mallinckrodt International Finance S.A. USD Exit Term Loan, 10.236%, 3M LIBOR + 5.500%, 09/30/27		501,548		381,804
USD Term Loan, 9.986%, 3M LIBOR + 5.250%, 09/30/27		3,418,951		2,602,676
Option Care Health, Inc. Term Loan B, 7.134%, 1M LIBOR + 2.750%, 10/27/28		445,500		443,180
Packaging Coordinators Midco, Inc. 1st Lien Term Loan, 8.230%, 3M LIBOR + 3.500%, 11/30/27		1,352,419		1,283,783
Padagis LLC Term Loan B, 8.491%, 3M LIBOR + 4.750%, 07/06/28		1,741,176		1,540,941
Pearl Intermediate Parent LLC 2nd Lien Term Loan, 10.634%, 1M LIBOR + 6.250%, 02/13/26		200,000		185,062
PetVet Care Centers LLC Term Loan B3, 7.884%, 1M LIBOR + 3.500%, 02/14/25		319,730		302,145
PRA Health Sciences, Inc. Term Loan, 7.000%, 3M LIBOR + 2.250%, 07/03/28		60,777		60,663
				24,302,578
Pipelines — 0.8%
Centurion Pipeline Co. LLC Incremental Term Loan, 8.384%, 1M LIBOR + 4.000%, 09/28/25		767,676	$	754,881
Term Loan B, 7.634%, 1M LIBOR + 3.250%, 09/29/25		217,688		214,966
CQP Holdco L.P. Term Loan B, 8.480%, 3M LIBOR + 3.750%, 06/05/28		1,403,625		1,398,947
Freeport LNG Investments LLLP Term Loan B, 7.743%, 3M LIBOR + 3.500%, 12/21/28		763,393		726,416
ITT Holdings LLC Term Loan, 7.134%, 1M LIBOR + 2.750%, 07/10/28		419,688		415,490
Oryx Midstream Services Permian Basin LLC Term Loan B, 7.924%, 3M LIBOR + 3.250%, 10/05/28		906,983		897,488
UGI Energy Services LLC Term Loan B, 7.884%, 1M LIBOR + 3.500%, 08/13/26		892,625		890,872
				5,299,060
Real Estate — 0.6%
Cushman & Wakefield U.S. Borrower LLC Term Loan B, 7.134%, 1M LIBOR + 2.750%, 08/21/25		2,384,353		2,334,182
RE/MAX International, Inc. Term Loan B, 6.938%, 1M LIBOR + 2.500%, 07/21/28		1,674,500		1,563,564
				3,897,746
Real Estate Investment Trusts — 0.1%
Iron Mountain, Inc. Term Loan B, 6.384%, 1M LIBOR + 1.750%, 01/02/26		785,813		776,644
Retail — 3.3%
Dave & Buster’s, Inc. Term Loan B, 9.438%, 1M TSFR + 5.000%, 06/29/29		773,063		771,371
David’s Bridal, Inc. New Money Term Loan, 10.420%, 1M LIBOR + 6.000%, 12/31/24 (e) (f)		301,742		286,716
Priority Term Loan, 06/23/23 (e) (f)		251,583		244,363
Great Outdoors Group LLC Term Loan B1, 8.134%, 1M LIBOR + 3.750%, 03/06/28		2,474,737		2,386,059
Harbor Freight Tools USA, Inc. Term Loan B, 7.134%, 1M LIBOR + 2.750%, 10/19/27		1,323,000		1,265,325
IRB Holding Corp. Term Loan B, 7.134%, 1M LIBOR + 2.750%, 02/05/25		2,835,950		2,814,680
Term Loan B, 7.317%, 1M TSFR + 3.000%, 12/15/27		491,250		476,973
Les Schwab Tire Centers Term Loan B, 6.580%, 3M LIBOR + 3.250%, 11/02/27		2,846,702		2,825,352
LIDS Holdings, Inc. Term Loan, 10.106%, 3M TSFR + 5.500%, 12/14/26		503,125		472,938
Medical Solutions Holdings, Inc. 1st Lien Term Loan, 7.884%, 1M LIBOR + 3.500%, 11/01/28		1,614,049		1,517,206
Park River Holdings, Inc. Term Loan, 6.993%, 3M LIBOR + 3.250%, 12/28/27		615,620		541,168
PetSmart, Inc. Term Loan B, 8.130%, 1M LIBOR + 3.750%, 02/11/28		1,308,438		1,286,358
Phillips Feed Service, Inc. Term Loan, 11.354%, 1M LIBOR + 7.000%, 11/13/24 (e) (f)		11,346		9,077
Serta Simmons Bedding LLC Super Priority First Out Term Loan, 12.269%, 3M LIBOR + 7.500%, 08/10/23		899,300		890,869

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Retail —(Continued)
Serta Simmons Bedding LLC Super Priority Second Out Term Loan, 12.269%, 3M LIBOR + 7.500%, 08/10/23		2,974,325	$	1,409,830
SRS Distribution, Inc. Incremental Term Loan, 7.923%, 1M TSFR + 3.500%, 06/02/28		421,813		403,886
Term Loan B, 7.884%, 1M LIBOR + 3.500%, 06/02/28		1,036,875		990,993
White Cap Buyer LLC Term Loan B, 8.073%, 1M TSFR + 3.750%, 10/19/27		1,984,690		1,922,805
				20,515,969
Semiconductors — 1.0%
Altar Bidco, Inc. Term Loan, 7.993%, 1M TSFR + 3.500%, 02/01/29		1,393,000		1,335,016
Bright Bidco B.V. 2022 Exit Term Loan, 12.094%, 3M TSFR + 8.000%, 10/31/27		349,299		306,510
MKS Instruments, Inc. USD Term Loan B, 7.171%, 1M TSFR + 2.750%, 08/17/29		2,902,725		2,874,476
Synaptics, Inc. Term Loan B, 7.399%, 6M LIBOR + 2.250%, 12/02/28		444,375		435,487
Ultra Clean Holdings, Inc. Term Loan B, 8.134%, 1M LIBOR + 3.750%, 08/27/25		999,167		996,669
				5,948,158
Software — 15.1%
Applied Systems, Inc. 2022 Extended 1st Lien Term Loan, 9.080%, 3M LIBOR + 4.500%, 09/18/26		6,402,159		6,386,153
AppLovin Corp. Term Loan B, 7.634%, 1M LIBOR + 3.250%, 08/15/25		4,129,211		3,986,626
Aptean, Inc. Term Loan, 8.985%, 3M LIBOR + 4.250%, 04/23/26		4,722,313		4,533,420
AQA Acquisition Holding, Inc. 1st Lien Term Loan, 8.985%, 3M LIBOR + 4.250%, 03/03/28		788,000		754,510
Banff Merger Sub, Inc. 2021 USD Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/02/25		4,521,442		4,336,818
Bracket Intermediate Holding Corp. 1st Lien Term Loan B, 7.998%, 3M LIBOR + 4.250%, 09/05/25		789,938		752,909
Camelot U.S. Acquisition LLC Incremental Term Loan B, 7.384%, 1M LIBOR + 3.000%, 10/30/26		920,981		908,433
Term Loan B, 7.384%, 1M LIBOR + 3.000%, 10/30/26		1,432,553		1,415,542
CDK Global, Inc. USD Term Loan B, 9.080%, 3M TSFR + 4.500%, 07/06/29		2,350,000		2,334,027
CentralSquare Technologies LLC 1st Lien Term Loan, 8.480%, 3M LIBOR + 3.750%, 08/29/25		768,000		666,026
Ceridian HCM Holding, Inc. Term Loan B, 6.884%, 1M LIBOR + 2.500%, 04/30/25		1,316,563		1,298,460
Cloudera, Inc. 2nd Lien Term Loan, 10.384%, 1M LIBOR + 6.000%, 10/08/29		850,000		712,937
Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/08/28		3,027,125		2,877,661
Constant Contact, Inc. Term Loan, 7.909%, 3M LIBOR + 4.000%, 02/10/28		1,778,718		1,579,724
Cornerstone OnDemand, Inc. Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/16/28		1,463,938		1,313,884
E2open LLC Term Loan B, 7.685%, 1M LIBOR + 3.500%, 02/04/28		1,158,255		1,141,170
ECI Macola Max Holdings LLC Term Loan, 8.480%, 3M LIBOR + 3.750%, 11/09/27		1,275,231		1,225,816
EP Purchaser LLC Term Loan B, 8.230%, 3M LIBOR + 3.500%, 11/06/28		446,625		442,717
Epicor Software Corp. Term Loan, 7.634%, 1M LIBOR + 3.250%, 07/30/27		6,189,087		5,964,733
Finastra USA, Inc. 1st Lien Term Loan, 6.871%, 3M LIBOR + 3.500%, 06/13/24		3,287,948		2,917,370
Grab Holdings, Inc. Term Loan B, 8.890%, 1M LIBOR + 4.500%, 01/29/26		2,083,793		2,063,824
Greeneden U.S. Holdings II LLC USD Term Loan B4, 8.384%, 1M LIBOR + 4.000%, 12/01/27		786,000		756,328
Hyland Software, Inc. 1st Lien Term Loan, 7.884%, 1M LIBOR + 3.500%, 07/01/24		6,188,725		6,113,025
Informatica LLC USD Term Loan B, 7.188%, 1M LIBOR + 2.750%, 10/27/28		2,927,875		2,883,957
Ivanti Software, Inc. Term Loan B, 9.011%, 3M LIBOR + 4.250%, 12/01/27		1,517,238		1,211,894
MA FinanceCo. LLC USD Term Loan B4, 8.973%, 3M LIBOR + 4.250%, 06/05/25		1,485,353		1,485,353
Marcel LUX IV S.a.r.l. USD Term Loan B1, 7.665%, 1M TSFR + 3.250%, 03/15/26		965,000		952,937
USD Term Loan B, 8.415%, 1M TSFR + 4.000%, 12/31/27		94,905		93,719
Maverick Bidco, Inc. Term Loan, 8.165%, 3M LIBOR + 3.750%, 05/18/28		915,808		870,303
Mediaocean LLC Term Loan, 7.884%, 1M LIBOR + 3.500%, 12/15/28		694,750		635,696
Mitnick Corporate Purchaser, Inc. Term Loan, 8.944%, 3M TSFR + 4.750%, 05/02/29		473,813		445,088
Navicure, Inc. Term Loan B, 8.384%, 1M LIBOR + 4.000%, 10/22/26		2,635,752		2,601,158
Open Text Corp. 2022 Term Loan B, 11/16/29 (b)		1,425,000		1,392,641
Playtika Holding Corp. Term Loan, 7.134%, 1M LIBOR + 2.750%, 03/13/28		1,885,246		1,803,683
PointClickCare Technologies, Inc. Term Loan B, 7.750%, 6M LIBOR + 3.000%, 12/29/27		540,375		526,866
Project Ruby Ultimate Parent Corp. Term Loan, 7.634%, 1M LIBOR + 3.250%, 03/10/28		1,056,188		1,001,002
Rackspace Technology Global, Inc. Term Loan B, 7.380%, 3M LIBOR + 2.750%, 02/15/28		2,839,574		1,787,747
Realpage, Inc. 1st Lien Term Loan, 7.384%, 1M LIBOR + 3.000%, 04/24/28		2,962,500		2,824,744
Renaissance Holding Corp. Incremental Term Loan, 8.717%, 1M TSFR + 4.500%, 03/30/29		199,000		191,786
Signify Health LLC Term Loan B, 7.730%, 3M LIBOR + 3.000%, 06/22/28		345,625		342,169
SkillSoft Corp. Term Loan, 9.582%, 1M TSFR + 5.250%, 07/14/28		635,516		533,172

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Software —(Continued)
Skopima Merger Sub, Inc. Term Loan B, 8.384%, 1M LIBOR + 4.000%, 05/12/28		956,828	$	905,398
SolarWinds Holdings, Inc. 2022 Term Loan B, 8.323%, 1M TSFR + 4.000%, 02/05/27		1,750,000		1,732,500
Sophia L.P. Term Loan B, 8.230%, 3M LIBOR + 3.500%, 10/07/27		3,354,538		3,246,562
SurveyMonkey, Inc. Term Loan B, 8.140%, 1M LIBOR + 3.750%, 10/10/25		990,133		960,429
Symplr Software, Inc. Term Loan, 8.694%, 3M TSFR + 4.500%, 12/22/27		860,801		723,073
Turing Midco LLC 2021 Term Loan B, 6.884%, 1M LIBOR + 2.500%, 03/24/28		225,168		223,643
Ultimate Software Group, Inc. Term Loan, 6.998%, 3M LIBOR + 3.250%, 05/04/26		5,001,798		4,764,213
Term Loan B, 8.134%, 1M LIBOR + 3.750%, 05/04/26		1,427,063		1,377,752
Veritas U.S., Inc. USD Term Loan B, 9.730%, 3M LIBOR + 5.000%, 09/01/25		2,834,412		2,027,489
VS Buyer LLC Term Loan B, 7.384%, 1M LIBOR + 3.000%, 02/28/27		2,270,249		2,215,384
				94,242,471
Telecommunications — 2.3%
Altice France S.A. Term Loan B13, 8.650%, 3M LIBOR + 4.000%, 08/14/26		1,222,649		1,144,195
CenturyLink, Inc. Term Loan B, 6.634%, 1M LIBOR + 2.250%, 03/15/27		1,047,856		996,118
CommScope, Inc. Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/06/26		1,499,625		1,417,613
Cyxtera DC Holdings, Inc. Term Loan B, 7.360%, 3M LIBOR + 3.000%, 05/01/24		1,444,938		1,230,606
Delta TopCo, Inc. Term Loan B, 8.154%, 3M LIBOR + 3.750%, 12/01/27		4,292,156		3,973,820
Digicel International Finance, Ltd. Exit Term Loan B, 7.639%, 1M LIBOR + 3.250%, 05/28/24		1,444,956		1,219,784
GoTo Group, Inc. Term Loan B, 9.139%, 1M LIBOR + 4.750%, 08/31/27		2,726,906		1,762,751
Level 3 Financing, Inc. Term Loan B, 6.134%, 1M LIBOR + 1.750%, 03/01/27		1,333,212		1,281,134
Numericable Group S.A. Term Loan B11, 7.165%, 3M LIBOR + 2.750%, 07/31/25		212,811		202,170
Zayo Group Holdings, Inc. Term Loan, 7.384%, 1M LIBOR + 3.000%, 03/09/27		1,126,546		916,414
				14,144,605
Transportation — 0.5%
Kenan Advantage Group, Inc. Term Loan B1, 8.134%, 1M LIBOR + 3.750%, 03/24/26		2,278,500		2,225,607
N-Able International Holdings II LLC Term Loan B, 7.735%, 3M LIBOR + 3.000%, 07/19/28		444,375		432,710
XPO Logistics, Inc Term Loan B, 5.935%, 1M LIBOR + 1.750%, 02/24/25		575,000		573,363
				3,231,680
Total Floating Rate Loans (Cost $589,776,999)				551,789,939
Corporate Bonds & Notes — 3.3%
Security Description	Principal Amount*		Value
Aerospace/Defense — 0.5%
TransDigm, Inc. 6.250%, 03/15/26 (144A)		3,000,000		2,958,570
Airlines — 0.5%
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 5.500%, 04/20/26 (144A)		2,000,000		1,923,293
5.750%, 04/20/29 (144A)		1,500,000		1,370,934
				3,294,227
Auto Parts & Equipment — 0.2%
Clarios Global L.P. 6.750%, 05/15/25 (144A)		225,000		225,520
Clarios Global L.P. / Clarios U.S. Finance Co. 6.250%, 05/15/26 (144A)		1,215,000		1,187,665
				1,413,185
Commercial Services — 0.4%
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625%, 07/15/26 (144A)		725,000		663,375
Garda World Security Corp. 4.625%, 02/15/27 (144A)		850,000		750,533
Prime Security Services Borrower LLC / Prime Finance, Inc. 5.250%, 04/15/24 (144A)		625,000		613,943
Sabre GLBL, Inc. 9.250%, 04/15/25 (144A)		300,000		298,838
				2,326,689
Distribution/Wholesale — 0.0%
American Builders & Contractors Supply Co., Inc. 4.000%, 01/15/28 (144A)		275,000		245,355
Diversified Financial Services — 0.1%
AG Issuer LLC 6.250%, 03/01/28 (144A)		425,000		390,556
Electric — 0.2%
Calpine Corp. 4.500%, 02/15/28 (144A)		300,000		267,593
5.250%, 06/01/26 (144A)		988,000		941,097
				1,208,690
Entertainment — 0.1%
AMC Entertainment Holdings, Inc. 7.500%, 02/15/29 (144A)		1,000,000		537,410
SeaWorld Parks and Entertainment., Inc. 8.750%, 05/01/25 (144A)		250,000		255,938
Six Flags Theme Parks, Inc. 7.000%, 07/01/25 (144A)		126,000		126,858
				920,206
Environmental Control — 0.1%
GFL Environmental, Inc. 4.250%, 06/01/25 (144A)		625,000		596,998

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Shares/ Principal Amount*		Value
Machinery-Diversified — 0.1%
TK Elevator U.S. Newco, Inc. 5.250%, 07/15/27 (144A)		500,000	$	443,770
Media — 0.2%
Diamond Sports Group LLC / Diamond Sports Finance Co. 5.375%, 08/15/26 (144A)		550,000		64,625
iHeartCommunications, Inc. 4.750%, 01/15/28 (144A)		250,000		203,585
5.250%, 08/15/27 (144A)		200,000		169,417
6.375%, 05/01/26		105,163		96,750
8.375%, 05/01/27		190,609		162,099
Virgin Media Secured Finance plc 4.500%, 08/15/30 (144A)		800,000		668,340
				1,364,816
Oil & Gas — 0.2%
CITGO Petroleum Corp. 7.000%, 06/15/25 (144A)		1,275,000		1,243,584
Real Estate — 0.1%
Cushman and Wakefield U.S. Borrower LLC 6.750%, 05/15/28 (144A)		375,000		357,885
Software — 0.1%
Boxer Parent Co., Inc. 7.125%, 10/02/25 (144A)		500,000		486,256
Telecommunications — 0.5%
Altice France S.A. 5.500%, 01/15/28 (144A)		475,000		371,982
CommScope, Inc. 6.000%, 03/01/26 (144A)		2,000,000		1,845,780
Lumen Technologies, Inc. 4.000%, 02/15/27 (144A)		1,500,000		1,271,179
				3,488,941
Total Corporate Bonds & Notes (Cost $23,441,200)				20,739,728
Common Stocks — 0.4%
Commercial Services — 0.0%
IAP Worldwide Services LLC (e) (f) (g) (h)		44		190,497
Electric Utilities — 0.1%
Longview Intermediate Holdings Co. LLC (g) (h)		39,089		508,157
Energy Equipment & Services — 0.0%
McDermott International, Inc. (g) (h)		117,431		37,578
Entertainment—0.0%
Cineworld Group plc (g) (h)		121,458		7,342
Health Care Equipment & Supplies — 0.0%
Akorn Holding Co. LLC (e) (f) (g) (h)		56,220		0
Household Products — 0.0%
LG Parent Holding Co. (g) (h)		9,472		88,405
Investment Company Securities — 0.0%
Aegletes B.V. (g) (h)		11,991		199,350
Media — 0.1%
Clear Channel Outdoor Holdings, Inc. (g) (h)		43,727		45,913
Cumulus Media, Inc. - Class A (g) (h)		40,548		251,803
Global Eagle Entertainment (e) (f) (g) (h)		17,940		164,869
iHeartMedia, Inc. - Class A (g) (h)		18,596		113,994
				576,579
Metals & Mining — 0.1%
ACNR Holdings, Inc. (g) (h)		3,147		314,700
AFG Holdings, Inc. (e) (f) (g) (h)		24,746		72,011
				386,711
Oil, Gas & Consumable Fuels — 0.1%
QuarterNorth Energy, Inc. (e) (g) (h)		1,757		231,750
Professional Services — 0.0%
Skillsoft Corp. (g) (h)		66,881		86,945
Specialty Retail — 0.0%
David’s Bridal, Inc. (e) (f) (g) (h)		18,015		0
Philips Pet Holding Corp. (e) (f) (g) (h)		62		4,084
				4,084
Total Common Stocks (Cost $5,289,197)				2,317,398
Preferred Stocks — 0.1%
Metals & Mining — 0.1%
ACNR Holdings, Inc.		1,486		891,600
Specialty Retail — 0.0%
David’s Bridal, Inc. Series A, (e) (f) (g) (h)		501		0
Series B, (e) (f) (g) (h)		2,042		0
DBI Investors, Inc. Series A (e) (f) (g) (h)		852		0
				0
Total Preferred Stocks (Cost $165,320)				891,600

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Warrants—0.0%

Security Description	Shares/ Principal Amount*		Value
Specialty Retail — 0.0%
David’s Bridal, Inc. (e) (f) (g) (h) (Cost $0)		3,478	$	0
Short-Term Investment — 6.9%
Repurchase Agreement — 6.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $42,668,170; collateralized by U.S. Treasury Bonds with rates ranging from 1.750% - 3.000%, maturity dates ranging from 01/31/23 - 08/15/48, and an aggregate market value $43,512,873		42,659,638		42,659,638
Total Short-Term Investments (Cost $42,659,638)				42,659,638
Total Investments— 99.4% (Cost $661,332,354)				618,398,303
Unfunded Loan Commitments— (0.0)% (Cost $(49,583))				(49,583	)
Net Investments— 99.4% (Cost $661,282,771)				618,348,720
Other assets and liabilities (net) — 0.6%				3,883,329
Net Assets — 100.0%			$	622,232,049

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.

(b) This loan will settle after December 31, 2022, at which time the interest rate will be determined.

(c) Non-income producing; security is in default and/or issuer is in bankruptcy.

(d) Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.

(e) Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.3% of net assets.

(f) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(g) Security was acquired in connection with a restructuring of a senior loan and may be subject to restrictions on resale.

(h) Non-income producing security.

(i) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(144A)  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $20,480,879, which is 3.3% of net assets.

Glossary of Abbreviations

Index Abbreviations

(LIBOR)—	London Interbank Offered Rate
(PRIME)—	U.S. Federal Reserve Prime Rate
(TSFR)—	Term  Secured Financing Rate

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Floating Rate Loans
Aerospace/Defense	$	—	$	12,460,934	$	—	$	12,460,934
Agriculture		—		489,215		—		489,215
Airlines		—		1,669,493		—		1,669,493
Auto Manufacturers		—		617,313		—		617,313

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Auto Parts & Equipment	$	—	$	9,272,080	$	—	$	9,272,080
Banks		—		1,934,460		—		1,934,460
Beverages		—		2,346,340		—		2,346,340
Building Materials		—		15,027,507		—		15,027,507
Chemicals		—		23,359,425		—		23,359,425
Coal		—		324,243		—		324,243
Commercial Services		—		46,543,817		—		46,543,817
Computers		—		20,701,218		—		20,701,218
Cosmetics/Personal Care		—		4,321,396		—		4,321,396
Distribution/Wholesale		—		1,927,269		—		1,927,269
Diversified Financial Services		—		25,458,409		—		25,458,409
Electric		—		3,251,021		—		3,251,021
Electrical Components & Equipment		—		1,821,067		—		1,821,067
Electronics		—		1,849,841		—		1,849,841
Engineering & Construction		—		3,649,823		—		3,649,823
Entertainment		—		11,299,991		—		11,299,991
Environmental Control		—		9,607,308		—		9,607,308
Food		—		6,104,380		—		6,104,380
Food Service		—		1,730,890		—		1,730,890
Forest Products & Paper		—		1,071,778		—		1,071,778
Hand/Machine Tools		—		2,446,573		—		2,446,573
Healthcare-Products		—		3,872,594		—		3,872,594
Healthcare-Services (Less Unfunded Loan Commitments of $39,474)		—		19,959,955		—		19,959,955
Holding Companies-Diversified		—		1,510,817		—		1,510,817
Home Furnishings		—		2,639,243		—		2,639,243
Household Durables		—		496,997		—		496,997
Household Products/Wares		—		1,532,499		—		1,532,499
Housewares		—		353,262		—		353,262
Insurance		—		22,823,270		—		22,823,270
Internet		—		20,463,914		—		20,463,914
Investment Companies		—		2,130,287		—		2,130,287
Iron/Steel		—		475,023		—		475,023
Leisure Time		—		12,101,581		—		12,101,581
Lodging		—		5,846,664		—		5,846,664
Machinery-Construction & Mining		—		3,890,954		—		3,890,954
Machinery-Diversified		—		10,621,980		—		10,621,980
Media		—		29,422,048		—		29,422,048
Metal Fabricate/Hardware (Less Unfunded Loan Commitments of $10,109)		—		6,153,312		—		6,153,312
Miscellaneous Manufacturing		—		10,005,287		—		10,005,287
Oil & Gas		—		359,354		—		359,354
Oil & Gas Services		—		154,975		—		154,975
Packaging & Containers		—		15,281,638		—		15,281,638
Pharmaceuticals		—		24,182,473		120,105		24,302,578
Pipelines		—		5,299,060		—		5,299,060
Real Estate		—		3,897,746		—		3,897,746
Real Estate Investment Trusts		—		776,644		—		776,644
Retail		—		19,975,813		540,156		20,515,969
Semiconductors		—		5,948,158		—		5,948,158
Software		—		94,242,471		—		94,242,471
Telecommunications		—		14,144,605		—		14,144,605
Transportation		—		3,231,680		—		3,231,680
Total Floating Rate Loans (Less Unfunded Loan Commitments of $49,583)		—		551,080,095		660,261		551,740,356
Total Corporate Bonds & Notes*		—		20,739,728		—		20,739,728
Common Stocks
Commercial Services		—		—		190,497		190,497
Electric Utilities		—		508,157		—		508,157
Energy Equipment & Services		37,578		—		—		37,578
Entertainment		7,342		—		—		7,342
Health Care Equipment & Supplies		—		—		0		0

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Household Products	$	—	$	88,405	$	—	$	88,405
Investment Company Securities		199,350		—		—		199,350
Media		411,710		—		164,869		576,579
Metals & Mining		—		314,700		72,011		386,711
Oil, Gas & Consumable Fuels		—		231,750		—		231,750
Professional Services		86,945		—		—		86,945
Specialty Retail		—		—		4,084		4,084
Total Common Stocks		742,925		1,143,012		431,461		2,317,398
Preferred Stocks
Metals & Mining		891,600		—		—		891,600
Specialty Retail		—		—		0		0
Total Preferred Stocks		891,600		—		0		891,600
Total Warrants		—		—		0		0
Total Short-Term Investment*		—		42,659,638		—		42,659,638
Total Net Investments	$	1,634,525	$	615,622,473	$	1,091,722	$	618,348,720

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

During the year ended December 31, 2022, a transfer out of Level 3 in the amount of $311,148 was due to the initiation of trading activity which resulted in the availability of significant observable inputs.

During the year ended December 31, 2022, transfers into Level 3 in the amount of $964,798 were due to the cessation of a vendor or broker providing prices based on market indications which resulted in a lack of significant observable inputs.

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)(b)	$	618,348,720
Cash		2,659,878
Receivable for:
Investments sold		1,798,174
Fund shares sold		24,165
Dividends and interest		2,649,561
Prepaid expenses		2,506
Other assets		6,424
Total Assets		625,489,428
Liabilities
Payables for:
Investments purchased		2,429,681
Fund shares redeemed		49,497
Accrued Expenses:
Management fees		317,031
Distribution and service fees		30,550
Deferred trustees’ fees		155,755
Other expenses		274,865
Total Liabilities		3,257,379
Net Assets	$	622,232,049
Net Assets Consist of:
Paid in surplus	$	672,689,129
Distributed earnings (Accumulated losses)		(50,457,080	)
Net Assets	$	622,232,049
Net Assets
Class A	$	478,520,806
Class B		143,711,243
Capital Shares Outstanding*
Class A		50,526,024
Class B		15,306,741
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.47
Class B		9.39

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $661,282,771.
(b)	Investments at value is net of unfunded loan commitments of $49,583.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends	$	89,620
Interest		38,731,888
Total investment income		38,821,508
Expenses
Management fees		4,190,052
Administration fees		46,181
Custodian and accounting fees		319,500
Distribution and service fees—Class B		366,360
Audit and tax services		123,884
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		29,158
Insurance		5,679
Miscellaneous		15,956
Total expenses		5,151,425
Less management fee waiver		(38,835	)
Net expenses		5,112,590
Net Investment Income		33,708,918
Net Realized and Unrealized Gain (Loss)
Net realized loss on investments		(8,784,788	)
Net change in unrealized depreciation on investments		(36,615,016	)
Net realized and unrealized gain (loss)		(45,399,804	)
Net Increase (Decrease) in Net Assets From Operations	$	(11,690,886	)

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	33,708,918		$	24,949,554
Net realized gain (loss)		(8,784,788	)		(1,846,518	)
Net change in unrealized appreciation (depreciation)		(36,615,016	)		5,710,313
Increase (decrease) in net assets from operations		(11,690,886	)		28,813,349
From Distributions to Shareholders
Class A		(19,869,217	)		(21,837,727	)
Class B		(5,187,338	)		(4,210,408	)
Total distributions		(25,056,555	)		(26,048,135	)
Increase (decrease) in net assets from capital share transactions		(140,409,916	)		36,141,052
Total increase (decrease) in net assets		(177,157,357	)		38,906,266
Net Assets
Beginning of period		799,389,406			760,483,140
End of period	$	622,232,049		$	799,389,406

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		155,740		$	1,523,609			2,307,203		$	23,124,674
Reinvestments		2,134,180			19,869,217			2,221,539			21,837,727
Redemptions		(17,348,133	)		(168,084,217	)		(3,001,883	)		(29,825,614	)
Net increase (decrease)		(15,058,213	)	$	(146,691,391	)		1,526,859		$	15,136,787
Class B
Sales		3,417,527		$	32,877,844			3,573,358		$	35,421,414
Reinvestments		561,400			5,187,338			430,953			4,210,408
Redemptions		(3,346,608	)		(31,783,707	)		(1,880,551	)		(18,627,557	)
Net increase (decrease)		632,319		$	6,281,475			2,123,760		$	21,004,265
Increase (decrease) derived from capital shares transactions				$	(140,409,916	)				$	36,141,052

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.98		$	9.94		$	10.23		$	10.00		$	10.34
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.47			0.32			0.35			0.48			0.46
Net realized and unrealized gain (loss)		(0.62	)		0.05			(0.14	)		0.24			(0.39	)
Total income (loss) from investment operations		(0.15	)		0.37			0.21			0.72			0.07
Less Distributions
Distributions from net investment income		(0.36	)		(0.33	)		(0.50	)		(0.49	)		(0.41	)
Total distributions		(0.36	)		(0.33	)		(0.50	)		(0.49	)		(0.41	)
Net Asset Value, End of Period	$	9.47		$	9.98		$	9.94		$	10.23		$	10.00
Total Return (%) (b)		(1.46	) (c)		3.80	(c)		2.33			7.32			0.56
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69			0.69			0.69			0.69			0.68
Net ratio of expenses to average net assets (%)		0.68			0.68			0.69			0.69			0.68
Ratio of net investment income (loss) to average net assets (%)		4.88			3.18			3.55			4.73			4.45
Portfolio turnover rate (%)		7			34			26			27			25
Net assets, end of period (in millions)	$	478.5		$	654.2		$	636.7		$	653.1		$	639.3
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.89		$	9.86		$	10.15		$	9.93		$	10.27
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.45			0.29			0.32			0.45			0.43
Net realized and unrealized gain (loss)		(0.61	)		0.05			(0.14	)		0.24			(0.39	)
Total income (loss) from investment operations		(0.16	)		0.34			0.18			0.69			0.04
Less Distributions
Distributions from net investment income		(0.34	)		(0.31	)		(0.47	)		(0.47	)		(0.38	)
Total distributions		(0.34	)		(0.31	)		(0.47	)		(0.47	)		(0.38	)
Net Asset Value, End of Period	$	9.39		$	9.89		$	9.86		$	10.15		$	9.93
Total Return (%) (b)		(1.60	)		3.50			2.06			7.03			0.31
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.94			0.94			0.94			0.94			0.93
Net ratio of expenses to average net assets (%)		0.93			0.93			0.94			0.94			0.93
Ratio of net investment income (loss) to average net assets (%)		4.77			2.93			3.31			4.48			4.23
Portfolio turnover rate (%)		7			34			26			27			25
Net assets, end of period (in millions)	$	143.7		$	145.2		$	123.8		$	129.8		$	118.6

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Eaton Vance Floating Rate Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market

BHFTI-22

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

BHFTI-23

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of December 31, 2022, the Portfolio had open unfunded loan commitments of $49,583. At December 31, 2022, the Portfolio had sufficient cash and/or securities to cover these commitments.

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

At December 31, 2022, the Portfolio had investments in repurchase agreements with a gross value of $42,659,638, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of

BHFTI-24

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

BHFTI-25

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$ 0	$	44,760,250	$	0	$	201,355,104

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$4,190,052		0.625	%	First $	100 million
		0.600	%	Over $	100 million

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

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average daily net assets
0.020%	On amounts over $	500 million

An identical agreement was in effect for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as management fee waivers in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

BHFTI-26

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	661,504,046
Gross unrealized appreciation		2,368,851
Gross unrealized (depreciation)		(45,524,177	)
Net unrealized appreciation (depreciation)	$	(43,155,326	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain		Total
2022	2021		2022	2021	2022	2021
$25,056,555	$	26,048,135	$—	$—	$25,056,555	$26,048,135

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain	Net Unrealized Appreciation (Depreciation)	Accumulated Capital Losses	Total
$33,512,081	$—	$(43,155,326)	$(40,658,080)	$(50,301,325)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $1,695,038 and accumulated long-term capital losses of $38,963,042.

8. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

BHFTI-27

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-28

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/Eaton Vance Floating Rate Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Eaton Vance Floating Rate Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/Eaton Vance Floating Rate Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-29

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-30

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-31

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-32

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-33

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Brighthouse/Eaton Vance Floating Rate Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Eaton Vance Management regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Morningstar LSTA U.S. Leveraged Loan Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees were above the Expense Group median and the Expense Universe median and equal to the Sub-advised Expense Universe Median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe

BHFTI-34

Brighthouse Funds Trust I

Brighthouse/Eaton Vance Floating Rate Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-35

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Managed by Franklin Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse/Franklin Low Duration Total Return Portfolio returned -4.54% and -4.74%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Index¹, returned -3.69%.

MARKET ENVIRONMENT / CONDITIONS

In 2022, financial markets were marked with high levels of volatility as multi-decade high inflation, rapid central bank monetary tightening, and recession woes caused significant turmoil in the market as strong risk-off investment sentiment prevailed through most of the year.

As the world began to exit pandemic lockdowns, economies opened, driving pent-up consumer demand across both goods and services. Businesses were unable to keep pace due in part to ongoing supply chain disruptions and lack of raw materials and labor. This contributed to increased inflation across both the U.S. and Europe. Adding to the already stressed system, Russia’s invasion of Ukraine caused further turmoil in global energy markets pushing up oil and gasoline prices and directly impacting consumers.

U.S. inflation increased to levels last seen in the 1980s with the U.S. Bureau of Labor Statistics reporting that the headline Consumer Price Index reached an annualized rate of 9.1% in June before moderating towards the end of the year. The U.S. Federal Reserve (the “Fed”) entered the year with the view that inflation pressures were “transitory” and once supply chains improved and workers returned to their jobs, prices would stabilize. However, as inflation kept surprising on the upside, the Fed moved to the view that inflation was more “sticky” than they had originally projected. From March to December, the Fed raised the fed funds rate by a total of 425 basis points (“bps”) including four large consecutive 75 bps hikes. Rhetoric from the Fed turned hawkish as they promised swift action to rein in consumer spending and bring the overheated U.S. job market back to equilibrium. Europe experienced a similar shift as high levels of inflation spurred the European Central Bank off their negative deposit policy rate by increasing the rate 250 bps over the course of the year.

Concerns that central banks would not be able to engineer “soft landings” and the potential for global and regional recessions increased as the year went along, creating a difficult environment for fixed income credit. Through the first three quarters of the year, investors generally decreased risk with most fixed income asset classes experiencing significant outflows, especially in lower-rated sectors. Volatility spiked, surpassing levels seen in the March 2020 COVID-19 shock. However, expectations that the Fed was approaching a slower pace and a possible pause in rate hikes allowed some retracement of losses in the fourth quarter.

Over the course of the year, U.S. Treasury yields moved significantly higher across the curve as the market adjusted to the Fed’s actions. Short-term yields increased the most, causing the yield curve to be inverted by yearend. The 10-year yield finished the year at 3.88% and the 30-year yield ended at 3.97%. Fixed income spread sectors were dealt with a double blow of higher Treasury yields along with widening credit spreads, pushing excess returns into the negative territory. Higher beta sectors, such as High Yield (“HY”) corporate bonds and Emerging Market (“EM”) bonds were among the worst performers for the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Index, during the period. Sector allocations and security selection were the main detractors from performance for the year. Poor investor sentiment impacted lower-quality sectors, and our out-of-benchmark exposure to both Bank Loans and Collateralized Loan Obligations (“CLOs”) weighed heavily on relative performance. In both sectors, we looked for opportunities to lower our overall exposure as market conditions permitted. In contrast, an overweight to Investment Grade (“IG”) corporate bonds was accretive to returns over the course of the year.

Security selection in sovereign EM bonds was a strong detractor from returns during the year. Additionally, selection in Bank Loans, CLOs, IG corporate bonds, and Commercial Mortgage-Backed Securities (“CMBS”) also hurt performance, but this was partially offset by strong performance from our selection among HY corporate bonds. In other securitized bond sectors, Agency Mortgage-Backed Securities (“MBS”) had a minimal impact on results, but our out-of-benchmark holdings of Non-Agency Residential MBS (“RMBS”) lifted relative returns.

Over the course of the year, duration positioning contributed to performance. We entered the year with Portfolio duration in-line with the benchmark. Based on our assessment that interest rates did not properly reflect our inflation projections, we moved to an underweight duration positioning early in the year and maintained it for the rest of the period. This exposure contributed to returns, especially in the 2-year and shorter part of the yield curve.

As the year progressed, we made several changes to the Portfolio, lowering our overall active risk versus the benchmark, preferring to reserve our risk allocations for better entry points. The main change to our exposure came from an increase in IG corporate bond positions. In the third and fourth quarters, we purchased short-maturity

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Managed by Franklin Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

IG corporate bonds from select issuers, mostly U.S. companies in the financial sector, that we believed had superior credit profiles and afforded better carry with limited downside risk. Other modest changes came from reducing our out-of-benchmark exposure to Bank Loans, CLOs, HY corporate bonds, and EM bonds. By the end of the year, our MBS positioning was similar to that of the benchmark, but we retained our CMBS and RMBS overweights.

During the reporting period, the Portfolio employed derivatives as a tool in seeking efficient management of certain risks. We used derivatives to manage portfolio duration, credit risk and currency exposures.

Sonal Desai

Kent Burns

Tina Chou

Patrick Klein

Portfolio Managers

Franklin Advisers, Inc.

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

¹ The Bloomberg U.S. Government/Credit 1-3 Year Index measures performance of U.S. Dollar-denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have maturities ranging from one to three years.

BHFTI-2

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. GOVERNMENT/CREDIT 1-3 YEAR BOND INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Brighthouse/Franklin Low Duration Total Return Portfolio
Class A		–4.54		0.74		1.10
Class B		–4.74		0.50		0.85
Bloomberg U.S. Government/Credit 1-3 Year Bond Index		–3.69		0.92		0.88

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		31.6
U.S. Treasury & Government Agencies		25.9
Asset-Backed Securities		11.0
Mortgage-Backed Securities		6.2
Floating Rate Loans		3.7
Municipals		2.2
Foreign Government		1.5
Common Stocks		0.2
Warrants		0.1

BHFTI-3

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Franklin Low Duration Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.48	%	$	1,000.00	$	1,005.80	$	2.43
	Hypothetical*		0.48	%	$	1,000.00	$	1,022.79	$	2.45
Class B (a)	Actual		0.73	%	$	1,000.00	$	1,003.50	$	3.69
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.53	$	3.72

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes — 31.6% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—0.8%
Boeing Co. (The) 2.196%, 02/04/26		2,600,000	$	2,362,263
General Dynamics Corp. 3.250%, 04/01/25		3,300,000		3,197,550
TransDigm, Inc. 6.250%, 03/15/26 (144A) (a)		900,000		887,571
				6,447,384
Agriculture—0.4%
Altria Group, Inc. 2.350%, 05/06/25 (a)		2,200,000		2,072,207
Imperial Brands Finance plc 3.125%, 07/26/24 (144A) (a)		300,000		286,795
4.250%, 07/21/25 (144A)		800,000		764,009
				3,123,011
Airlines—0.8%
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 5.500%, 04/20/26 (144A) (a)		1,000,000		961,647
Delta Air Lines, Inc. / SkyMiles IP, Ltd. 4.500%, 10/20/25 (144A) (a)		4,700,000		4,585,234
United Airlines Pass-Through Trust 4.875%, 01/15/26		152,400		144,991
United Airlines, Inc. 4.375%, 04/15/26 (144A) (a)		100,000		92,693
				5,784,565
Banks—14.8%
Bank of America Corp. 3.384%, SOFR + 1.330%, 04/02/26 (b)		2,800,000		2,674,108
3.550%, 3M LIBOR + 0.780%, 03/05/24 (b)		3,700,000		3,686,073
3.864%, 3M LIBOR + 0.940%, 07/23/24 (b)		3,600,000		3,567,384
Bank of Montreal 4.250%, 09/14/24 (a)		3,000,000		2,960,036
Bank of New York Mellon 5.224%, 11/21/25 (a)		2,300,000		2,306,044
Bank of Nova Scotia (The) 2.951%, 03/11/27 (a)		2,300,000		2,122,229
BNP Paribas S.A. 2.219%, SOFR + 2.074%, 06/09/26 (144A) (a)(b)		700,000		642,697
2.819%, 3M LIBOR + 1.111%, 11/19/25 (144A) (b)		1,500,000		1,420,917
BPCE S.A. 2.375%, 01/14/25 (144A) (a)		3,000,000		2,798,025
Citigroup, Inc. 3.290%, SOFR + 1.528%, 03/17/26 (b)		1,900,000		1,806,048
4.044%, 3M LIBOR + 1.023%, 06/01/24 (a)(b)		3,600,000		3,576,007
4.600%, 03/09/26 (a)		4,000,000		3,928,878
Credit Suisse Group AG 2.193%, SOFR + 2.044%, 06/05/26 (144A) (b)		400,000		341,637
4.550%, 04/17/26		2,400,000		2,116,735
6.373%, SOFR + 3.340%, 07/15/26 (144A) (b)		400,000		375,540
Deutsche Bank AG 2.222%, SOFR + 2.159%, 09/18/24 (b)		2,300,000		2,221,395
5.371%, 09/09/27 (a)		2,000,000		2,004,459
Goldman Sachs Group, Inc. (The) 0.673%, SOFR + 0.572%, 03/08/24 (a)(b)		2,700,000		2,670,909
Banks—(Continued)
Goldman Sachs Group, Inc. (The) 2.640%, SOFR + 1.114%, 02/24/28 (b)		2,000,000		1,780,771
3.750%, 02/25/26 (a)		2,000,000		1,925,114
4.250%, 10/21/25		3,000,000		2,927,840
4.387%, SOFR + 1.510%, 06/15/27 (a)(b)		900,000		867,076
5.700%, 11/01/24 (a)		1,600,000		1,619,043
HSBC Holdings plc 0.976%, SOFR + 0.708%, 05/24/25 (a)(b)		900,000		833,294
1.645%, SOFR + 1.538%, 04/18/26 (b)		1,500,000		1,353,919
4.180%, SOFR + 1.510%, 12/09/25 (a)(b)		1,900,000		1,845,241
Huntington National Bank (The) 5.699%, SOFR + 1.215%, 11/18/25 (a)(b)		2,300,000		2,304,567
JPMorgan Chase & Co. 2.083%, SOFR + 1.850%, 04/22/26 (a)(b)		5,400,000		5,012,800
3.559%, 3M LIBOR + 0.730%, 04/23/24 (b)		2,700,000		2,682,216
3.845%, SOFR + 0.980%, 06/14/25 (a)(b)		1,700,000		1,662,126
3.875%, 09/10/24 (a)		2,500,000		2,447,174
KeyBank N.A. 4.150%, 08/08/25 (a)		1,600,000		1,563,173
Manufacturers & Traders Trust Co. 5.400%, 11/21/25 (a)		2,300,000		2,312,061
Mitsubishi UFJ Financial Group, Inc. 5.063%, 1Y H15 + 1.550%, 09/12/25 (a)(b)		3,200,000		3,177,183
Morgan Stanley 2.188%, SOFR + 1.990%, 04/28/26 (a)(b)		2,900,000		2,694,869
3.737%, 3M LIBOR + 0.847%, 04/24/24 (a)(b)		3,600,000		3,580,539
4.350%, 09/08/26		2,200,000		2,134,534
National Bank of Canada 3.750%, SOFR + 1.009%, 06/09/25 (a)(b)		2,300,000		2,235,152
Nordea Bank Abp 4.750%, 09/22/25 (144A) (a)		1,200,000		1,192,421
Santander UK Group Holdings plc 1.673%, SOFR + 0.989%, 06/14/27 (b)		1,800,000		1,530,527
Shinhan Bank Co., Ltd. 1.375%, 10/21/26 (144A)		2,500,000		2,177,593
Societe Generale S.A. 1.792%, 1Y H15 + 1.000%, 06/09/27 (144A) (a)(b)		1,500,000		1,290,615
2.226%, 1Y H15 + 1.050%, 01/21/26 (144A) (a)(b)		1,700,000		1,563,478
Toronto-Dominion Bank (The) 4.285%, 09/13/24 (a)		4,200,000		4,150,760
Truist Financial Corp. 5.900%, SOFR + 1.626%, 10/28/26 (a)(b)		2,000,000		2,044,602
UBS Group AG 4.490%, 1Y H15 + 1.600%, 08/05/25 (144A) (a)(b)		1,900,000		1,867,370
Wells Fargo & Co. 1.654%, SOFR + 1.600%, 06/02/24 (a)(b)		3,200,000		3,148,296
2.188%, SOFR + 2.000%, 04/30/26 (a)(b)		2,500,000		2,326,645
4.100%, 06/03/26 (a)		3,000,000		2,904,755
Woori Bank 4.750%, 04/30/24 (144A)		1,200,000		1,180,572
				111,555,447
Beverages—0.3%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 3.650%, 02/01/26		1,400,000		1,347,369

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Beverages—(Continued)
Coca-Cola Europacific Partners plc 1.500%, 01/15/27 (144A) (a)		1,600,000	$	1,383,803
				2,731,172
Biotechnology—0.2%
Bio-Rad Laboratories, Inc. 3.300%, 03/15/27		300,000		277,249
Illumina, Inc. 5.800%, 12/12/25 (a)		1,200,000		1,208,154
				1,485,403
Commercial Services—0.1%
Grand Canyon University 4.125%, 10/01/24 (a)		600,000		562,787
Cosmetics/Personal Care—0.2%
GSK Consumer Healthcare Capital U.S. LLC 3.375%, 03/24/27		1,400,000		1,303,338
Oriflame Investment Holding plc 5.125%, 05/04/26 (144A)		700,000		429,800
				1,733,138
Diversified Financial Services—0.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.000%, 10/29/28 (a)		1,000,000		837,775
Electric—2.6%
Berkshire Hathaway Energy Co. 4.050%, 04/15/25 (a)		1,700,000		1,673,833
Comision Federal de Electricidad 4.750%, 02/23/27 (144A)		2,300,000		2,144,750
Dominion Energy, Inc. 1.450%, 04/15/26 (a)		2,000,000		1,780,526
Exelon Corp. 3.400%, 04/15/26		2,000,000		1,898,971
4.050%, 04/15/30 (a)		2,400,000		2,228,154
InterGen NV 7.000%, 06/30/23 (144A)		1,500,000		1,455,051
Korea East-West Power Co., Ltd. 1.750%, 05/06/25 (144A)		2,500,000		2,305,486
3.600%, 05/06/25 (144A) (a)		1,600,000		1,546,969
3.875%, 07/19/23 (144A)		1,300,000		1,291,764
Southern Co. (The) 3.250%, 07/01/26 (a)		3,000,000		2,820,902
Talen Energy Supply LLC 10.500%, 01/15/26 (144A) (c)		500,000		232,500
				19,378,906
Electronics—0.2%
Flex, Ltd. 3.750%, 02/01/26 (a)		1,300,000		1,227,605
Food Products—0.1%
General Mills, Inc. 5.241%, 11/18/25 (a)		400,000		400,996
Healthcare-Products—0.1%
GE HealthCare Technologies, Inc. 5.550%, 11/15/24 (144A) (a)		900,000		903,240
Healthcare-Services—0.7%
Centene Corp. 3.375%, 02/15/30 (a)		900,000		760,833
Elevance Health, Inc. 1.500%, 03/15/26 (a)		3,000,000		2,696,347
Quest Diagnostics, Inc. 3.450%, 06/01/26 (a)		2,100,000		2,002,720
				5,459,900
Insurance—1.1%
GA Global Funding Trust 3.850%, 04/11/25 (144A) (a)		3,800,000		3,636,895
New York Life Global Funding 3.600%, 08/05/25 (144A) (a)		3,200,000		3,084,289
Protective Life Global Funding 3.218%, 03/28/25 (144A)		1,500,000		1,429,345
				8,150,529
Internet—1.0%
Amazon.com, Inc. 2.400%, 02/22/23 (a)		1,700,000		1,694,471
Netflix, Inc. 3.625%, 06/15/25 (144A) (a)		800,000		765,864
4.375%, 11/15/26 (a)		700,000		673,750
5.750%, 03/01/24		400,000		402,768
Tencent Holdings, Ltd. 1.810%, 01/26/26 (144A)		900,000		811,413
2.985%, 01/19/23 (144A)		3,300,000		3,297,095
				7,645,361
Leisure Time—0.1%
NCL Corp., Ltd. 5.875%, 03/15/26 (144A) (a)		900,000		706,923
Lodging—0.4%
Sands China, Ltd. 2.800%, 03/08/27		1,200,000		1,027,716
Studio City Finance, Ltd. 6.000%, 07/15/25 (144A) (a)		1,000,000		867,025
Wynn Macau, Ltd. 5.625%, 08/26/28 (144A) (a)		1,000,000		854,090
				2,748,831
Media—1.4%
CCO Holdings LLC / CCO Holdings Capital Corp. 4.000%, 03/01/23 (144A) (a)		800,000		795,690
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.908%, 07/23/25		3,000,000		2,940,303
DISH DBS Corp. 5.250%, 12/01/26 (144A) (a)		800,000		673,868

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Fox Corp. 3.050%, 04/07/25 (a)		1,700,000	$	1,625,143
TWDC Enterprises 18 Corp. 3.150%, 09/17/25 (a)		3,000,000		2,874,290
Univision Communications, Inc. 5.125%, 02/15/25 (144A) (a)		600,000		571,434
Walt Disney Co. (The) 1.750%, 01/13/26 (a)		1,300,000		1,189,856
				10,670,584
Miscellaneous Manufacturing—0.2%
Anagram International, Inc. / Anagram Holdings LLC 10.000%, 08/15/26 (144A) (d)		122,895		81,111
Parker-Hannifin Corp. 3.650%, 06/15/24 (a)		1,600,000		1,565,520
				1,646,631
Multi-National—0.1%
Banque Ouest Africaine de Developpement 5.000%, 07/27/27 (144A)		1,300,000		1,219,166
Oil & Gas—1.7%
BP Capital Markets America, Inc. 3.410%, 02/11/26 (a)		2,000,000		1,920,067
3.796%, 09/21/25 (a)		3,200,000		3,141,967
Endeavor Energy Resources L.P. / EER Finance, Inc. 5.750%, 01/30/28 (144A)		900,000		861,768
Equinor ASA 1.750%, 01/22/26 (a)		1,300,000		1,188,104
2.875%, 04/06/25 (a)		4,700,000		4,503,620
Harvest Operations Corp. 4.200%, 06/01/23 (144A)		800,000		797,616
Mesquite Energy, Inc. 7.750%, 06/15/21		1,200,000		16,500
Petroleos Mexicanos 6.875%, 10/16/25 (a)		350,000		342,615
				12,772,257
Oil & Gas Services—0.0%
Weatherford International, Ltd. 11.000%, 12/01/24 (144A)		12,000		12,241
Packaging & Containers—0.1%
Owens-Brockway Glass Container, Inc. 5.375%, 01/15/25 (144A) (a)		300,000		287,820
5.875%, 08/15/23 (144A)		462,000		458,712
				746,532
Pharmaceuticals—1.0%
AstraZeneca plc 0.700%, 04/08/26 (a)		200,000		175,824
Bayer U.S. Finance II LLC 3.875%, 12/15/23 (144A)		3,000,000		2,956,577
Cigna Corp. 1.250%, 03/15/26 (a)		4,000,000		3,563,751
Pharmaceuticals—(Continued)
Teva Pharmaceutical Finance Netherlands III B.V. 4.750%, 05/09/27 (a)		800,000		723,120
				7,419,272
Pipelines—1.6%
Cheniere Corpus Christi Holdings LLC 5.875%, 03/31/25		2,500,000		2,515,185
Energy Transfer L.P. 4.050%, 03/15/25 (a)		1,800,000		1,743,470
4.200%, 09/15/23 (a)		1,000,000		993,723
EnLink Midstream Partners L.P. 4.850%, 07/15/26 (a)		1,100,000		1,034,031
MPLX L.P. 4.875%, 12/01/24 (a)		2,500,000		2,479,558
Sabine Pass Liquefaction LLC 5.625%, 03/01/25 (a)		1,700,000		1,702,401
5.750%, 05/15/24 (a)		1,000,000		1,000,242
Williams Cos., Inc. (The) 4.000%, 09/15/25 (a)		500,000		485,983
				11,954,593
Real Estate—0.1%
Country Garden Holdings Co., Ltd. 7.250%, 04/08/26		700,000		441,603
Vivion Investments Sarl 3.000%, 08/08/24 (EUR)		200,000		165,491
				607,094
Real Estate Investment Trusts—0.1%
MPT Operating Partnership L.P. / MPT Finance Corp. 5.000%, 10/15/27 (a)		1,300,000		1,092,689
Retail—0.0%
KSouth Africa, Ltd. 3.000%, 12/31/22 (144A)† (c)(d)(e)(f)		712,186		0
25.000%, 12/31/22 (144A)† (c)(d)(e)(f)		313,720		0
Party City Holdings, Inc. 8.061%, 6M LIBOR + 5.000%, 07/15/25 (144A) (a)(b)		195,885		52,889
				52,889
Semiconductors—0.4%
SK Hynix, Inc. 1.500%, 01/19/26 (144A)		3,400,000		2,946,464
Software—0.1%
Fiserv, Inc. 2.250%, 06/01/27 (a)		1,000,000		892,484
Telecommunications—0.7%
AT&T, Inc. 2.300%, 06/01/27 (a)		400,000		355,755
CommScope Technologies LLC 6.000%, 06/15/25 (144A) (a)		300,000		273,000
Iliad Holding SASU 6.500%, 10/15/26 (144A) (a)		700,000		649,218

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.738%, 03/20/25 (144A)		168,750	$	166,761
Verizon Communications, Inc. 1.450%, 03/20/26 (a)		4,300,000		3,860,211
				5,304,945
Trucking & Leasing—0.1%
DAE Funding LLC 1.550%, 08/01/24 (144A)		600,000		557,586
Total Corporate Bonds & Notes (Cost $ 265,975,876)				238,778,400
U.S. Treasury & Government Agencies—25.9%
Agency Sponsored Mortgage-Backed — 4.3%
Fannie Mae 15 Yr. Pool 4.500%, 09/01/24		44,290		44,184
4.500%, 03/01/25		156,488		156,190
Fannie Mae ARM Pool 1.795%, 12M LIBOR + 1.420%, 03/01/36 (b)		4,401		4,285
1.960%, 12M LIBOR + 1.585%, 02/01/36 (b)		9,479		9,278
2.030%, 12M LIBOR + 1.530%, 02/01/33 (b)		26,578		25,958
2.213%, 12M LIBOR + 1.838%, 03/01/36 (b)		13,993		13,689
2.323%, 12M LIBOR + 1.815%, 03/01/36 (b)		8,920		8,737
2.355%, 1Y H15 + 2.105%, 07/01/25 (b)		60		59
2.386%, 12M LIBOR + 1.580%, 03/01/33 (b)		12,172		11,899
2.525%, 1Y H15 + 2.275%, 06/01/35 (b)		36,072		35,075
2.560%, 12M LIBOR + 1.810%, 04/01/40 (b)		636		622
2.817%, 1Y H15 + 1.879%, 02/01/25 (b)		10,523		10,381
2.845%, 6M LIBOR + 0.845%, 11/01/33 (b)		403		395
2.898%, 6M LIBOR + 1.399%, 03/01/35 (b)		9,830		9,785
2.927%, 6M LIBOR + 1.413%, 11/01/34 (b)		3,581		3,509
3.005%, 6M LIBOR + 1.570%, 11/01/35 (b)		26,465		26,436
3.012%, 1Y H15 + 2.149%, 03/01/30 (b)		211		205
3.038%, 6M LIBOR + 1.538%, 09/01/35 (b)		4,335		4,249
3.045%, 1Y H15 + 2.270%, 01/01/29 (b)		6,444		6,194
3.083%, 1Y H15 + 2.230%, 09/01/36 (b)		266		260
3.119%, 12M LIBOR + 1.712%, 09/01/35 (b)		767,982		775,151
3.121%, 1Y H15 + 2.422%, 04/01/36 (b)		1,570		1,531
3.125%, 12M LIBOR + 1.750%, 04/01/34 (b)		14,402		14,104
3.185%, 12M LIBOR + 1.810%, 04/01/35 (b)		152,409		151,786
3.289%, 1Y H15 + 2.164%, 07/01/33 (b)		18,038		17,311
3.380%, 6M LIBOR + 1.676%, 03/01/37 (b)		1,805		1,815
3.421%, 1Y H15 + 2.088%, 07/01/33 (b)		14,279		14,111
3.445%, 12M LIBOR + 1.684%, 11/01/36 (b)		557,643		563,075
3.462%, 1Y H15 + 2.167%, 11/01/35 (b)		830,444		841,392
3.481%, 6M LIBOR + 2.106%, 09/01/33 (b)		20,522		20,015
3.515%, 1Y H15 + 2.463%, 09/01/33 (b)		434		427
3.518%, 12M LIBOR + 1.614%, 01/01/36 (b)		20,151		20,127
3.525%, 6M LIBOR + 2.275%, 08/01/32 (b)		20,195		19,694
3.529%, 1Y H15 + 2.247%, 03/01/38 (b)		4,690		4,629
3.540%, 6M LIBOR + 1.415%, 12/01/32 (b)		39,454		38,455
3.549%, 1Y H15 + 2.270%, 08/01/30 (b)		9,161		8,845
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae ARM Pool 3.583%, 12M LIBOR + 1.833%, 08/01/32 (b)		29,514		29,080
3.625%, 12M LIBOR + 1.375%, 07/01/33 (b)		10,960		10,777
3.641%, 12M LIBOR + 1.637%, 05/01/33 (b)		5,888		5,782
3.661%, 6M LIBOR + 1.783%, 06/01/28 (b)		833		818
3.665%, 6M LIBOR + 1.415%, 06/01/32 (b)		6,930		6,767
3.666%, 1Y H15 + 2.275%, 01/01/32 (b)		716		712
3.703%, 12M LIBOR + 1.905%, 11/01/35 (b)		234,348		238,437
3.752%, 12M LIBOR + 1.502%, 07/01/33 (b)		25,164		24,801
3.800%, 1Y H15 + 1.675%, 11/01/32 (b)		7,477		7,291
3.800%, 12M LIBOR + 1.550%, 02/01/44 (b)		25,869		25,261
3.805%, 1Y H15 + 2.010%, 06/01/25 (b)		7,649		7,573
3.821%, 12M LIBOR + 1.571%, 11/01/36 (b)		211		208
3.895%, 12M LIBOR + 1.645%, 09/01/39 (b)		1,708		1,684
3.901%, 12M LIBOR + 1.651%, 10/01/33 (b)		14,704		14,407
3.905%, 12M LIBOR + 1.655%, 08/01/34 (b)		809		792
3.942%, 12M LIBOR + 1.692%, 08/01/37 (b)		3,088		3,120
3.953%, 1Y H15 + 1.941%, 08/01/29 (b)		449		444
3.973%, 12M LIBOR + 1.723%, 10/01/36 (b)		992		996
4.000%, 6M LIBOR + 2.250%, 10/01/33 (b)		15,950		15,640
4.023%, 6M LIBOR + 1.585%, 03/01/36 (b)		46,500		47,695
4.028%, 12M LIBOR + 1.778%, 12/01/35 (b)		103,606		101,689
4.033%, 12M LIBOR + 1.690%, 11/01/35 (b)		5,347		5,276
4.046%, 1Y H15 + 2.535%, 07/01/28 (b)		1,016		1,000
4.094%, 12M LIBOR + 1.844%, 09/01/37 (b)		655		651
4.123%, 1Y H15 + 1.998%, 10/01/32 (b)		9,063		8,890
4.138%, 1Y H15 + 2.223%, 07/01/35 (b)		6,761		6,842
4.149%, 1Y H15 + 2.149%, 08/01/33 (b)		37,022		36,628
4.203%, 1Y H15 + 2.277%, 04/01/27 (b)		96		95
4.227%, 1Y H15 + 2.152%, 12/01/33 (b)		34,890		34,172
4.280%, 1Y H15 + 2.280%, 07/01/32 (b)		1,921		1,899
4.290%, 1Y H15 + 2.290%, 08/01/32 (b)		4,886		4,812
4.334%, 6M LIBOR + 1.682%, 04/01/36 (b)		13,292		13,509
4.379%, 1Y H15 + 2.360%, 11/01/34 (b)		831,730		850,493
4.395%, 1Y H15 + 2.270%, 01/01/32 (b)		5,152		5,016
4.410%, 1Y H15 + 2.285%, 02/01/35 (b)		26,806		26,167
4.423%, 6M LIBOR + 1.067%, 11/01/33 (b)		2,362		2,354
4.519%, 6M LIBOR + 1.430%, 02/01/36 (b)		17,646		18,012
4.879%, 6M LIBOR + 1.157%, 03/01/28 (b)		1,522		1,514
4.947%, 6M LIBOR + 1.620%, 11/01/32 (b)		17,944		17,815
5.172%, 6M LIBOR + 1.541%, 12/01/34 (b)		19,075		19,176
Fannie Mae Connecticut Avenue Securities (CMO) 6.989%, 1M LIBOR + 2.600%, 05/25/24 (b)		1,667,886		1,688,354
7.289%, 1M LIBOR + 2.900%, 07/25/24 (b)		610,787		610,788
7.389%, 1M LIBOR + 3.000%, 07/25/24 (b)		1,727,429		1,759,829
8.389%, 1M LIBOR + 4.000%, 05/25/25 (b)		909,982		914,513
8.689%, 1M LIBOR + 4.300%, 02/25/25 (b)		857,010		872,012
9.289%, 1M LIBOR + 4.900%, 11/25/24 (b)		1,339,002		1,373,851
9.389%, 1M LIBOR + 5.000%, 11/25/24 (b)		104,083		105,230
9.389%, 1M LIBOR + 5.000%, 07/25/25 (b)		804,939		816,956
9.639%, 1M LIBOR + 5.250%, 10/25/23 (b)		1,037,159		1,054,410
11.339%, 1M LIBOR + 6.950%, 08/25/28 (b)		941,709		1,000,432
Freddie Mac 15 Yr.Pool 3.000%, 10/01/37		3,712,459		3,477,220
3.500%, 10/01/37		4,010,146		3,837,482
Freddie Mac STACR REMIC Trust (CMO) 5.928%, SOFR30A + 2.000%, 04/25/42 (144A) (b)		1,387,485		1,380,548
7.989%, 1M LIBOR + 3.600%, 04/25/24 (b)		619,474		626,707

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

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

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed —(Continued)
Freddie Mac STACR REMIC Trust (CMO) 8.139%, 1M LIBOR + 3.750%, 09/25/24 (b)		1,944,066	$	1,948,899
8.389%, 1M LIBOR + 4.000%, 08/25/24 (b)		60,866		61,026
8.939%, 1M LIBOR + 4.550%, 10/25/24 (b)		873,347		882,905
9.039%, 1M LIBOR + 4.650%, 10/25/28 (b)		1,670,237		1,718,476
9.539%, 1M LIBOR + 5.150%, 11/25/28 (b)		1,191,793		1,232,184
9.939%, 1M LIBOR + 5.550%, 07/25/28 (b)		2,532,535		2,644,058
				32,468,033
U.S. Treasury — 21.6%
U.S. Treasury Inflation Indexed Notes 0.625%, 01/15/26 (g)		9,154,492		8,787,224
U.S. Treasury Notes 0.375%, 08/15/24		10,000,000		9,342,188
1.125%, 01/15/25 (a)		32,000,000		29,946,250
1.500%, 02/15/25 (a)		28,000,000		26,357,187
2.500%, 08/15/23 (a)		10,000,000		9,861,719
2.875%, 05/31/25 (a)		13,000,000		12,567,852
2.875%, 07/31/25 (h)		42,500,000		41,057,324
2.875%, 11/30/25		26,000,000		25,016,875
				162,936,619
Total U.S. Treasury & Government Agencies (Cost $197,264,353)				195,404,652
Asset-Backed Securities—11.0%
Asset-Backed-Credit Card—2.3%
American Express Credit Account Master Trust 3.750%, 08/15/27		5,496,000		5,372,839
BA Credit Card Trust 3.530%, 11/15/27		1,200,000		1,166,913
Capital One Multi-Asset Execution Trust 3.490%, 05/15/27		3,070,000		2,985,581
Chase Issuance Trust 3.970%, 09/15/27		2,047,000		2,002,558
Discover Card Execution Note Trust 3.560%, 07/15/27		5,710,000		5,543,216
				17,071,107
Asset-Backed-Other—8.7%
Adagio CLO VIII DAC 3.028%, 3M EURIBOR + 1.650%, 04/15/32 (144A) (EUR) (b)		400,000		398,565
American Homes 4 Rent Trust 3.467%, 04/17/52 (144A)		2,170,672		2,067,047
Ares European CLO VIII DAC 2.298%, 3M EURIBOR + 0.920%, 04/17/32 (144A) (EUR)(b)		3,200,000		3,328,242
2.978%, 3M EURIBOR + 1.600%, 04/17/32 (144A) (EUR)(b)		500,000		503,264
Armada Euro CLO IV DAC 3.078%, 3M EURIBOR + 1.700%, 07/15/33 (144A) (EUR) (b)		500,000		498,509
Bain Capital Credit CLO 5.475%, 3M LIBOR + 1.150%, 04/23/31 (144A) (b)		1,000,000		958,720
Asset-Backed-Other—(Continued)
Blackrock European CLO IX DAC 2.946%, 3M EURIBOR + 0.900%, 12/15/32 (144A) (EUR)(b)		2,600,000		2,689,298
3.596%, 3M EURIBOR + 1.550%, 12/15/32 (144A) (EUR)(b)		800,000		794,508
BlueMountain CLO XXXIV, Ltd. 6.363%, 3M TSFR + 2.400%, 04/20/35 (144A) (b)		1,090,000		1,014,582
BlueMountain Fuji Eur CLO V DAC 2.928%, 3M EURIBOR + 1.550%, 01/15/33 (144A) (EUR) (b)		1,400,000		1,390,266
Carlyle GMS Finance MM CLO LLC 6.279%, 3M LIBOR + 2.200%, 10/15/31 (144A) (b)		1,000,000		942,035
CF Hippolyta LLC 1.690%, 07/15/60 (144A)		1,153,543		1,029,644
Cook Park CLO Ltd. 5.199%, 3M LIBOR + 1.120%, 04/17/30 (144A) (b)		1,500,000		1,427,559
Countrywide Asset-Backed Certificates 5.139%, 1M LIBOR + 0.750%, 03/25/34 (b)		30,604		29,776
Dryden 44 Euro CLO B.V. 2.258%, 3M EURIBOR + 0.880%, 04/15/34 (144A) (EUR) (b)		7,166,000		7,300,853
Dryden 45 Senior Loan Fund 5.479%, 3M LIBOR + 1.400%, 10/15/30 (144A) (b)		3,000,000		2,882,751
FirstKey Homes Trust 1.266%, 10/19/37 (144A)		1,414,101		1,252,990
Holland Park CLO DAC 2.722%, 3M EURIBOR + 0.920%, 11/14/32 (144A) (EUR) (b)		9,900,000		10,213,398
Home Partners of America Trust 2.649%, 01/17/41 (144A)		495,359		413,862
Madison Park Euro Funding VIII DAC 3.078%, 3M EURIBOR + 1.700%, 04/15/32 (144A) (EUR) (b)		900,000		886,940
Madison Park Funding, Ltd. 6.025%, 3M LIBOR + 1.700%, 10/22/30 (144A) (b)		1,000,000		974,948
Neuberger Berman CLO, Ltd. 5.678%, 3M LIBOR + 1.400%, 10/21/30 (144A) (b)		1,700,000		1,638,110
New Economy Assets Phase 1 Sponsor LLC 1.910%, 10/20/61 (144A)		5,010,000		4,233,298
Octagon 58, Ltd. 3.924%, 3M TSFR + 2.350%, 07/15/37 (144A) (b)		3,000,000		2,872,827
Octagon Investment Partners, Ltd. 5.343%, 3M LIBOR + 1.100%, 01/20/31 (144A) (b)		600,000		588,779
5.775%, 3M LIBOR + 1.450%, 10/24/30 (144A) (b)		2,000,000		1,934,048
OHA Credit Partners VII, Ltd. 5.745%, 3M LIBOR + 1.070%, 02/20/34 (144A) (b)		6,398,000		6,177,173
RAAC Trust 5.089%, 1M LIBOR + 0.700%, 03/25/34 (b)		65,092		62,909
RR 14, Ltd. 5.199%, 3M LIBOR + 1.120%, 04/15/36 (144A) (b)		5,382,000		5,240,523
Voya CLO, Ltd. 5.594%, 3M LIBOR + 1.400%, 10/18/31 (144A) (b)		2,454,544		2,386,590
				66,132,014
Total Asset-Backed Securities (Cost $88,753,955)				83,203,121

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Mortgage-Backed Securities—6.2%

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—3.7%
Adjustable Rate Mortgage Trust 3.481%, 02/25/35 (b)		842,633	$	811,513
BRAVO Residential Funding Trust 3.500%, 10/25/44 (144A) (b)		1,206,204		1,116,719
CHL Mortgage Pass-Through Trust 3.402%, 07/25/34 (b)		183,325		169,380
COLT Mortgage Loan Trust 4.301%, 03/25/67 (144A) (b)		1,029,775		983,843
Credit Suisse First Boston Mortgage Securities Corp. 5.000%, 09/25/19		34,837		20,591
JPMorgan Mortgage Trust 2.500%, 10/25/51 (144A) (b)		4,471,918		3,834,146
2.500%, 04/25/52 (144A) (b)		4,136,481		3,551,513
2.500%, 06/25/52 (144A) (b)		796,838		683,195
Merrill Lynch Mortgage Investors Trust 5.129%, 1M LIBOR + 0.740%, 03/25/28 (b)		104,920		98,829
Mill City Mortgage Loan Trust 3.250%, 05/25/62 (144A) (b)		802,008		773,077
3.485%, 04/25/66 (144A) (b)		1,464,878		1,387,585
New York Mortgage Trust 5.064%, 1M LIBOR + 0.675%, 02/25/36 (b)		60,791		57,722
OBX Trust 2.500%, 05/25/51 (144A) (b)		2,687,481		2,304,200
2.500%, 10/25/51 (144A) (b)		719,526		617,809
5.039%, 1M LIBOR + 0.650%, 06/25/57 (144A) (b)		367,030		345,181
Provident Funding Mortgage Trust 2.500%, 10/25/51 (144A) (b)		2,738,912		2,348,297
PSMC Trust 2.500%, 08/25/51 (144A) (b)		4,167,329		3,583,416
Sequoia Mortgage Trust 4.993%, 1M LIBOR + 0.640%, 11/20/34 (b)		122,314		107,875
Towd Point Mortgage Trust 2.750%, 10/25/56 (144A) (b)		531,204		522,270
3.000%, 06/25/58 (144A) (b)		1,532,057		1,396,965
3.722%, 03/25/58 (144A) (b)		402,297		378,525
3.750%, 05/25/58 (144A) (b)		2,376,050		2,246,288
WaMu Mortgage Pass-Through Certificates Trust 4.849%, 1M LIBOR + 0.460%, 04/25/45 (b)		507,250		480,091
				27,819,030
Commercial Mortgage-Backed Securities—2.5%
BX Commercial Mortgage Trust 5.007%, 1M LIBOR + 0.689%, 10/15/36 (144A) (b)		2,643,000		2,536,935
5.018%, 1M LIBOR + 0.700%, 09/15/36 (144A) (b)		1,950,000		1,878,378
5.370%, 1M TSFR + 1.034%, 10/15/36 (144A) (b)		7,157,790		7,069,540
BX Trust 5.817%, 1M TSFR + 1.491%, 04/15/37 (144A) (b)		3,062,164		2,996,951
Commercial Mortgage Trust 3.611%, 08/10/49 (144A) (b)		1,220,000		1,153,142
DBCG Mortgage Trust 5.018%, 1M LIBOR + 0.700%, 06/15/34 (144A) (b)		2,550,000		2,505,266
Greenwich Capital Commercial Mortgage Trust 6.012%, 07/10/38 (b)		357,974		231,358
Commercial Mortgage-Backed Securities—(Continued)
GS Mortgage Securities Corp. 5.067%, 1M TSFR + 0.731%, 08/15/36 (144A) (b)		580,000		571,881
				18,943,451
Total Mortgage-Backed Securities (Cost $51,057,809)				46,762,481
Floating Rate Loans (i)—3.7%
Aerospace/Defense—0.1%
Alloy Finco, Ltd. Holdco PIK Term Loan, 13.500%, 03/06/25 (d)		454,517		395,430
Airlines—0.1%
American Airlines, Inc. Term Loan, 8.993%, 3M LIBOR + 4.750%, 04/20/28		168,286		167,760
United Airlines, Inc. Term Loan B, 8.108%, 3M LIBOR + 3.750%, 04/21/28		740,264		732,553
				900,313
Auto Manufacturers—0.0%
American Trailer World Corp. Term Loan B, 8.173%, 1M TSFR + 3.750%, 03/03/28		83,874		72,945
Auto Parts & Equipment—0.1%
Clarios Global L.P. USD Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/30/26		220,305		216,633
DexKo Global, Inc. 2021 USD Term Loan B, 7.821%, 1M LIBOR + 3.750%, 10/04/28		49,275		44,340
USD Delayed Draw Term Loan, 6.865%, 1M LIBOR + 3.750%, 10/04/28		11,245		10,119
First Brands Group LLC Term Loan, 8.369%, 3M TSFR + 5.000%, 03/30/27		431,403		410,911
				682,003
Beverages—0.1%
City Brewing Co. LLC Term Loan, 7.792%, 1M LIBOR + 3.500%, 04/05/28		109,722		49,375
Triton Water Holdings, Inc. Term Loan, 8.230%, 3M LIBOR + 3.500%, 03/31/28		952,233		888,671
				938,046
Chemicals—0.2%
CPC Acquisition Corp. Term Loan, 8.480%, 3M LIBOR + 3.750%, 12/29/27		279,736		204,207
Hexion Holdings Corp. USD Term Loan, 8.935%, 3M TSFR + 4.500%, 03/15/29		294,550		253,902
Illuminate Buyer LLC Term Loan, 7.884%, 1M LIBOR + 3.500%, 06/30/27		224,695		215,754
INEOS Styrolution U.S. Holding LLC USD Term Loan B, 7.134%, 1M LIBOR + 2.750%, 01/29/26		548,062		539,841
PMHC II, Inc. Term Loan B, 8.494%, 3M TSFR + 4.250%, 04/23/29		183,731		156,272

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Sparta U.S. HoldCo LLC Term Loan, 7.392%, 1M LIBOR + 3.250%, 08/02/28		127,686	$	124,813
				1,494,789
Commercial Services—0.2%
Allied Universal Holdco LLC USD Incremental Term Loan B, 8.173%, 1M LIBOR + 3.750%, 05/12/28		266,798		253,758
Avis Budget Car Rental LLC Term Loan B, 6.140%, 1M LIBOR + 1.750%, 08/06/27		745,313		725,050
CHG Healthcare Services, Inc. Term Loan, 7.634%, 1M LIBOR + 3.250%, 09/29/28		57,295		56,181
MPH Acquisition Holdings LLC Term Loan B, 8.985%, 3M LIBOR + 4.250%, 09/01/28		171,139		146,876
Verscend Holding Corp. Term Loan B, 8.384%, 1M LIBOR + 4.000%, 08/27/25		234,206		233,327
				1,415,192
Computers—0.1%
Magenta Buyer LLC USD 1st Lien Term Loan, 9.170%, 3M LIBOR + 4.750%, 07/27/28		207,855		179,015
McAfee LLC USD Term Loan B, 7.974%, 1M TSFR + 3.750%, 03/01/29		182,026		170,194
Peraton Corp. Term Loan B, 8.134%, 1M LIBOR + 3.750%, 02/01/28		321,023		314,259
Vision Solutions, Inc. Incremental Term Loan, 8.358%, 3M LIBOR + 4.000%, 04/24/28		171,723		142,888
				806,356
Diversified Financial Services—0.1%
Ascensus Holdings, Inc. Term Loan, 8.250%, 3M LIBOR + 3.500%, 08/02/28		246,688		235,895
Citadel Securities L.P. Term Loan B, 6.823%, 1M TSFR + 2.500%, 02/02/28		383,175		376,649
Edelman Financial Center LLC Term Loan B, 7.884%, 1M LIBOR + 3.500%, 04/07/28		689,500		647,022
Russell Investments U.S. Inst’l Holdco, Inc. Term Loan, 7.884%, 1M LIBOR + 3.500%, 05/30/25		131		126
				1,259,692
Engineering & Construction—0.0%
USIC Holdings, Inc. Term Loan, 7.884%, 1M LIBOR + 3.500%, 05/12/28		173,782		166,360
Entertainment—0.1%
Great Canadian Gaming Corp. Term Loan, 8.753%, 3M LIBOR + 4.000%, 11/01/26		151,273		148,941
Penn National Gaming, Inc. Term Loan B, 7.173%, 1M TSFR + 2.750%, 05/03/29		63,592		63,053
Scientific Games Holdings L.P. USD Term Loan B, 7.097%, 3M TSFR + 3.500%, 04/04/29		271,480		259,569
Entertainment—(Continued)
Twin River Worldwide Holdings, Inc. Term Loan B, 7.542%, 3M LIBOR + 3.250%, 10/02/28		532,799		496,392
				967,955
Environmental Control—0.0%
Madison IAQ LLC Term Loan, 7.988%, 3M LIBOR + 3.250%, 06/21/28		119,096		110,958
Food—0.0%
Primary Products Finance LLC Term Loan, 7.709%, 3M LIBOR + 4.000%, 03/31/29		84,143		82,890
Healthcare-Products—0.0%
Medline Borrower L.P. USD Term Loan B, 7.634%, 1M LIBOR + 3.250%, 10/23/28		129,057		122,854
Healthcare-Services—0.1%
Aveanna Healthcare LLC Delayed Draw Term Loan, 8.139%, 1M LIBOR + 3.750%, 07/17/28		9,401		7,282
Term Loan B, 8.139%, 1M LIBOR + 3.750%, 07/17/28		133,375		103,310
Dermatology Intermediate Holdings III, Inc. Term Loan B, 8.573%, 1M TSFR + 4.250%, 03/30/29		176		172
eResearchTechnology, Inc. 1st Lien Term Loan, 8.884%, 1M LIBOR + 4.500%, 02/04/27		191,562		170,171
Global Medical Response, Inc. Incremental Term Loan, 8.634%, 1M LIBOR + 4.250%, 03/14/25		102,248		72,596
Icon Luxembourg S.a.r.l. LUX Term Loan, 7.000%, 3M LIBOR + 2.250% 07/03/28		83,964		83,807
Phoenix Guarantor, Inc. Term Loan B3, 7.884%, 1M LIBOR + 3.500%, 03/05/26		196,009		184,371
Radiology Partners, Inc. 1st Lien Term Loan B, 8.639%, 1M LIBOR + 4.250%, 07/09/25		139,115		117,204
U.S. Anesthesia Partners, Inc. Term Loan, 8.370%, 1M LIBOR + 4.250%, 10/01/28		99,716		94,980
U.S. Radiology Specialists, Inc. Term Loan, 9.980%, 3M LIBOR + 5.250%, 12/15/27		133,624		121,076
				954,969
Home Furnishings—0.1%
AI Aqua Merger Sub, Inc. 1st Lien Term Loan B, 7.967%, 1M TSFR + 3.750%, 07/31/28		233,186		219,778
Delayed Draw Term loan, 8.086%, SOFR + 4.000%, 07/31/28 (j)		25,707		24,280
Term Loan B, 7.844%, 3M TSFR + 3.750%, 07/31/28		147,645		139,451
				383,509

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Housewares—0.0%
Petmate Incremental Term Loan B, 10.230%, 3M LIBOR + 5.500%, 09/15/28		122,814	$	92,571
Insurance—0.4%
Acrisure LLC Incremental Term Loan B, 8.134%, 1M LIBOR + 3.750%, 02/15/27		161,005		153,425
Alliant Holdings Intermediate LLC Term Loan B, 7.634%, 1M LIBOR + 3.250%, 05/09/25		476,344		470,806
Term Loan B4, 7.854%, 1M LIBOR + 3.500%, 11/06/27		267,994		262,355
AssuredPartners, Inc. Term Loan B, 7.884%, 1M LIBOR + 3.500%, 02/12/27		818,283		796,603
Term Loan, 7.823%, 1M TSFR + 3.500%, 02/12/27		148,875		144,316
Asurion LLC Second Lien Term Loan B4, 9.634%, 1M LIBOR + 5.250%, 01/20/29		544,707		426,233
Term Loan B6, 5.649%, 1M LIBOR + 3.125%, 11/03/23		145,671		130,831
Term Loan B8, 7.634%, 1M LIBOR + 3.250%, 12/23/26		111,899		99,890
Sedgwick Claims Management Services, Inc. Term Loan B, 7.634%, 1M LIBOR + 3.250%, 12/31/25		225,306		219,613
				2,704,072
Internet—0.0%
Hunter Holdco 3, Ltd. Term Loan B, 8.980%, 3M LIBOR + 4.250%, 08/19/28		298,454		293,231
Leisure Time—0.0%
Varsity Brands, Inc. Term Loan B, 7.884%, 1M LIBOR + 3.500%, 12/15/24		211,347		204,033
Lodging—0.0%
Caesars Resort Collection LLC Term Loan B1, 7.884%, 1M LIBOR + 3.500%, 07/21/25		227,833		227,513
Machinery-Diversified—0.1%
ASP Blade Holdings, Inc. Initial Term Loan, 8.730%, 3M LIBOR + 4.000%, 10/13/28		236,531		190,492
Vertical U.S. Newco, Inc. Term Loan B, 6.871%, 6M LIBOR + 3.500%, 07/30/27		378,921		365,726
				556,218
Media—0.2%
Diamond Sports Group LLC First Priority Term Loan, 12.317%, 1M TSFR + 8.100%, 05/25/26		3,505		3,295
Gray Television, Inc. Term Loan D, 7.120%, 1M LIBOR + 3.000%, 12/01/28		297,000		288,886
McGraw-Hill Global Education Holdings LLC Term Loan, 8.317%, 6M LIBOR + 4.750%, 07/28/28		472,143		445,703
Radiate Holdco LLC Term Loan B, 7.634%, 1M LIBOR + 3.250%, 09/25/26		295,511		241,765
Media—(Continued)
Univision Communications, Inc. First Lien Term Loan B, 7.634%, 1M LIBOR + 3.250%, 03/15/26		419,615		413,845
				1,393,494
Metal Fabricate/Hardware—0.1%
AZZ, Inc. Term Loan B, 8.673%, 1M TSFR + 4.250%, 05/13/29		130,346		130,395
Tiger Acquisition LLC Term Loan, 7.634%, 1M LIBOR + 3.250%, 06/01/28		609,781		580,674
				711,069
Mining—0.0%
U.S. Silica Co. Term Loan B, 8.438%, 1M LIBOR + 4.000%, 05/01/25		245,343		243,043
Office/Business Equipment—0.1%
Pitney Bowes, Inc. Term Loan B, 8.438%, 1M LIBOR + 4.000%, 03/17/28		443,040		409,812
Oil & Gas—0.1%
QuarterNorth Energy Holding, Inc. Exit 2nd Lien Term Loan, 12.384%, 1M LIBOR + 8.000%, 08/27/26		360,484		359,695
Oil & Gas Services—0.1%
Onsite Rental Group Pty, Ltd. Term Loan, 6.100%, 10/26/23 (d)(e)(f)		882,507		641,557
Packaging & Containers—0.0%
Klockner-Pentaplast of America, Inc. Term Loan B, 8.259%, 6M LIBOR + 4.750%, 02/12/26		211,245		188,800
Pharmaceuticals—0.3%
Bausch Health Companies, Inc. Term Loan B, 9.667%, 1M TSFR + 5.250%, 02/01/27		298,178		231,088
Gainwell Acquisition Corp. Term Loan B, 8.730%, 3M LIBOR + 4.000%, 10/01/27		246,599		233,961
Jazz Financing Lux S.a.r.l. USD Term Loan, 7.884%, 1M LIBOR + 3.500%, 05/05/28		584,258		580,079
Organon & Co. USD Term Loan, 7.750%, 3M LIBOR + 3.000%, 06/02/28		378,214		375,378
Pathway Vet Alliance LLC Term Loan, 8.134%, 3M LIBOR + 3.750%, 03/31/27		270,338		225,732
Perrigo Investments, LLC Term Loan B, 6.923%, 1M TSFR + 2.500%, 04/20/29		109,916		108,542
Delayed Draw Term Loan B, 04/20/29		40,170		38,764
PetVet Care Centers LLC Term Loan B3, 7.884%, 1M LIBOR + 3.500%, 02/14/25		54,645		51,640
PRA Health Sciences, Inc. Term Loan, 7.000%, 3M LIBOR + 2.250%, 07/03/28		20,920		20,880
				1,866,064
Real Estate—0.0%
Cushman & Wakefield U.S. Borrower LLC Term Loan B, 7.134%, 1M LIBOR + 2.750%, 08/21/25		302,283		295,923

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Floating Rate Loans (i)—(Continued)

Security Description	Principal Amount*		Value
Retail—0.3%
Evergreen Acqco 1 L.P. USD Term Loan, 10.230%, 3M LIBOR + 5.500%, 04/26/28		361,942	$	349,726
Flynn Restaurant Group L.P. Term Loan B, 8.634%, 1M LIBOR + 4.250%, 12/01/28		123,747		116,322
General Nutrition Centers, Inc. 2nd Lien Term Loan, 6.242%, 10/07/26 (d)		222,005		205,355
Great Outdoors Group LLC Term Loan B1, 8.134%, 1M LIBOR + 3.750%, 03/06/28		414,970		400,100
Highline Aftermarket Acquisition LLC Term Loan B, 8.884%, 1M LIBOR + 4.500%, 11/09/27		249,295		228,105
Medical Solutions Holdings, Inc. Delayed Draw Term Loan, 7.940%, 3M LIBOR + 3.500%, 11/01/28		13,147		12,358
Michaels Companies, Inc. Term Loan B, 8.980%, 3M LIBOR + 4.250%, 04/15/28		226,550		196,645
Staples, Inc. 7 Year Term Loan, 9.440%, 3M LIBOR + 5.000%, 04/16/26		556,911		516,274
Tory Burch LLC Term Loan B, 7.884%, 1M LIBOR + 3.250%, 04/16/28		79,194		73,329
				2,098,214
Software—0.5%
Aptean, Inc. Term Loan, 8.985%, 3M LIBOR + 4.250%, 04/23/26		324,635		311,649
Athenahealth, Inc. Delayed Draw Term Loan, 4.580%, 1M TSFR + 3.500%, 02/15/29 (j)		70,308		63,658
Term Loan B, 7.821%, 1M TSFR + 3.500%, 02/15/29		412,745		373,706
Atlas Purchaser, Inc. Term Loan, 9.807%, 3M LIBOR + 5.250%, 05/08/28		295,352		210,069
Cloudera, Inc. 2nd Lien Term Loan, 10.384%, 1M LIBOR + 6.000%, 10/08/29		51,033		42,804
Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/08/28		118,859		112,991
Cornerstone OnDemand, Inc. Term Loan, 8.134%, 1M LIBOR + 3.750%, 10/16/28		219,840		197,307
ECI Macola Max Holdings LLC Term Loan, 8.480%, 3M LIBOR + 3.750%, 11/09/27		192,060		184,618
Epicor Software Corp. Term Loan, 7.634%, 1M LIBOR + 3.250%, 07/30/27		148,481		143,099
Greeneden U.S. Holdings II LLC USD Term Loan B4, 8.384%, 1M LIBOR + 4.000%, 12/01/27		114,105		109,798
Hyland Software, Inc. 1st Lien Term Loan, 7.884%, 1M LIBOR + 3.500%, 07/01/24		144,261		142,497
IGT Holding IV AB USD Term Loan B2, 8.130%, 3M LIBOR + 3.400%, 03/31/28		188,942		185,636
Ivanti Software, Inc. Term Loan B, 9.011%, 3M LIBOR + 4.250%, 12/01/27		286,409		228,769
MedAssets Software Intermediate Holdings, Inc. Term Loan, 8.384%, 1M LIBOR + 4.000%, 12/18/28		110,137		93,479
Mitchell International, Inc. Term Loan B, 8.415%, 3M LIBOR + 3.750%, 10/15/28		256,341		237,243
Software—(Continued)
Navicure, Inc. Term Loan B, 8.384%, 1M LIBOR + 4.000%, 10/22/26		252,850		249,531
Polaris Newco LLC USD Term Loan B, 8.730%, 3M LIBOR + 4.000%, 06/02/28		394,819		361,259
Quest Software U.S. Holdings, Inc. Term Loan, 8.494%, 3M TSFR + 4.250%, 02/01/29		447,078		346,765
Rocket Software, Inc. Term Loan, 8.637%, 1M LIBOR + 4.250%, 11/28/25		268,027		258,423
Sovos Compliance LLC Delayed Draw Term Loan, 8.571%, 1M LIBOR + 4.500%, 08/11/28		9,131		8,426
Term Loan, 8.884%, 1M LIBOR + 4.500%, 08/11/28		52,326		48,283
				3,910,010
Telecommunications—0.1%
CommScope, Inc. Term Loan B, 7.634%, 1M LIBOR + 3.250%, 04/06/26		135,515		128,104
Global Tel*Link Corp. 1st Lien Term Loan, 8.494%, 3M LIBOR + 4.250%, 11/29/25		827,546		720,999
GoTo Group, Inc. Term Loan B, 9.139%, 1M LIBOR + 4.750%, 08/31/27		298,868		193,197
				1,042,300
Transportation—0.1%
Kenan Advantage Group, Inc. Term Loan B1, 8.134%, 1M LIBOR + 3.750%, 03/24/26		264,003		257,875
LaserShip, Inc. Term Loan, 9.230%, 3M LIBOR + 4.500%, 05/07/28		113,615		81,405
				339,280
Total Floating Rate Loans (Cost $30,524,571)				28,331,160
Municipals—2.2%
City & County Honolulu HI Wastewater System Revenue 2.233%, 07/01/24		710,000		685,935
Colorado Bridge Enterprise 0.923%, 12/31/23		5,000,000		4,787,537
Curators of the University of Missouri (The) 2.012%, 11/01/27		2,000,000		1,738,461
Golden State Tobacco Securitization Corp. 3.850%, 06/01/50		2,190,000		1,936,256
Massachusetts State College Building Authority 2.256%, 05/01/26		760,000		699,451
New York State Urban Development Corp. 2.250%, 03/15/26		5,950,000		5,501,250
Texas State University System 2.351%, 03/15/26		1,385,000		1,292,122
Total Municipals (Cost $18,026,350)				16,641,012

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Foreign Government—1.5%

Security Description	Shares/ Principal Amount*		Value
Banks — 0.4%
Korea Development Bank (The) 3.375%, 03/12/23		2,700,000	$	2,693,028
Electric — 0.1%
Korea Electric Power Corp. 5.375%, 04/06/26 (144A)		800,000		806,295
Sovereign — 1.0%
Colombia Government International Bond 8.125%, 05/21/24 (a)		1,910,000		1,963,938
Dominican Republic International Bond 8.900%, 02/15/23 (144A) (DOP)		82,600,000		1,458,338
Peruvian Government International Bonds 2.783%, 01/23/31 (a)		600,000		496,338
7.350%, 07/21/25 (a)		900,000		943,439
Philippine Government International Bond 4.200%, 01/21/24		600,000		593,401
Romanian Government International Bond 4.875%, 01/22/24 (144A)		2,300,000		2,287,566
				7,743,020
Total Foreign Government (Cost $12,415,430)				11,242,343
Common Stocks—0.2%
Energy Equipment & Services — 0.1%
Weatherford International plc (a)(k)		6,622		337,192
Oil, Gas & Consumable Fuels — 0.1%
QuarterNorth Energy, Inc. (f)		8,038		1,060,220
Retail — 0.0%
KSouth Africa, Ltd./EdCon-A Shares (e) (f) (k)		8,217,950		0
KSouth Africa, Ltd./EdCon-B Shares (e) (f) (k)		817,800		0
KSouth Africa, Ltd./EdCon-Escrow Shares (e) (f) (k)		40,457		0
				0
Total Common Stocks (Cost $1,835,860)				1,397,412
Warrants—0.1%
Oil, Gas & Consumable Fuels—0.1%
QuarterNorth Energy, Inc. Expires 08/05/49 (f) (Cost $0)		2,901		386,511
Short-Term Investments—16.7%
Commercial Paper—0.9%
Toronto-Dominion Bank (The) 2.291%, 02/10/23 (l)		6,900,000		6,865,176
Discount Note—14.6%
Federal Home Loan Bank 2.637%, 01/03/23 (l)		110,580,000		110,580,000
Repurchase Agreement—1.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $8,980,984; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $9,158,787.		8,979,189		8,979,189
Total Short-Term Investments (Cost $126,417,520)				126,424,365
Securities Lending Reinvestments (m)—16.0%
Certificates of Deposit — 2.4%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (b)		1,000,000		1,001,351
Bank of Nova Scotia 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (b)		2,000,000		2,000,036
4.810%, SOFR + 0.510%, 03/15/23 (b)		2,000,000		2,000,840
Canadian Imperial Bank of Commerce (NY) 4.550%, SOFR + 0.250%, 02/03/23 (b)		1,000,000		1,000,066
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (b)		1,000,000		1,000,071
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (b)		2,000,000		2,000,000
4.830%, SOFR + 0.530%, 02/01/23 (b)		2,000,000		2,000,418
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (b)		2,000,000		2,000,789
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (b)		1,000,000		1,001,518
Sumitomo Mitsui Trust Bank, Ltd. 4.850%, SOFR + 0.550%, 03/07/23 (b)		2,000,000		2,000,556
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (b)		2,000,000		2,000,000
				18,005,645
Commercial Paper—1.2%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (b)		2,000,000		2,000,506
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (b)		2,000,000		2,002,724
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (b)		3,000,000		3,000,810
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (b)		2,000,000		2,000,000
				9,004,040

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (m)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—7.0%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $4,017,967; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $4,080,000.		4,000,000	$	4,000,000
Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $6,121,907; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $6,246,791.		6,118,984		6,118,984
HSBC Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,000,944; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $2,040,963.		2,000,000		2,000,000
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $10,004,800; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $10,238,692.		10,000,000		10,000,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $10,008,400; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $10,223,782.		10,000,000		10,000,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $4,003,461; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $4,355,314.		4,000,000		4,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $2,009,042; collateralized by various Common Stock with an aggregate market value of $2,222,509.		2,000,000		2,000,000
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $2,000,976; collateralized by various Common Stock with an aggregate market value of $2,225,694.		2,000,000		2,000,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $6,803,332; collateralized by various Common Stock with an aggregate market value of $7,568,016.		6,800,000		6,800,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $1,301,117; collateralized by various Common Stock with an aggregate market value of $1,447,149.		1,300,000		1,300,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $3,001,466; collateralized by various Common Stock with an aggregate market value of $3,353,929.		3,000,000		3,000,000
				53,218,984
Time Deposit — 0.6%
Canadian Imperial Bank London 4.250%, 01/03/23		5,000,000		5,000,000
Mutual Funds — 4.8%
Allspring Government Money Market Fund, Select Class 4.090% (n)		2,005,958		2,005,958
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (n)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.060% (n)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (n)		2,000,000		2,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (n)		5,000,000		5,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (n)		2,000,000		2,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (n)		5,000,000		5,000,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (n)		10,000,000		10,000,000
				36,005,958
Total Securities Lending Reinvestments (Cost $121,224,987)				121,234,627
Total Investments—115.1% (Cost $913,496,711)				869,806,084
Unfunded Loan Commitments—(0.0)% (Cost $(65,601))				(65,601	)
Net Investments—115.1% (Cost $913,431,110)				869,740,483
Other assets and liabilities (net)—(15.1)%				(114,090,954	)
Net Assets — 100.0%			$	755,649,529

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $132,517,776 and the collateral received consisted of cash in the amount of $121,224,997 and non-cash collateral with a value of $15,191,814. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(c)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(d)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.3% of net assets.
(g)	Principal amount of security is adjusted for inflation.

(h)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $2,415,137.
(i)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(j)	Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements for which all or a portion may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(k)	Non-income producing security.
(l)	The rate shown represents current yield to maturity.
(m)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(n)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $179,694,235, which is 23.8% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
KSouth Africa, Ltd., 25.000%, 12/31/22		12/22/16-12/31/18	$	313,720	$	313,720	$	0
KSouth Africa, Ltd., 3.000%, 12/31/22		04/15/13-12/31/18		712,186		1,372,248		0
							$	0

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Depreciation
EUR	27,486,897	JPMC		05/30/23		USD	29,305,431	$	(397,349	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 2 Year Futures		03/31/23		835			USD	171,240,235		$	87,171
Futures Contracts—Short
U.S. Treasury Note 10 Year Futures		03/22/23		(198	)		USD	(22,234,781	)		219,385
U.S. Treasury Note 5 Year Futures		03/31/23		(254	)		USD	(27,414,141	)		90,036
Net Unrealized Appreciation										$	396,592

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Swap Agreements

OTC Total Return Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Maturity Date		Counterparty		Underlying Reference Instrument	Notional Amount		Market Value			Upfront Premium Paid		Unrealized Appreciation/ (Depreciation) (1)
Receive	1M SOFR		Quarterly		03/20/23		MSIP	Markit iBoxx USD Liquid Leveraged Loans Total Return Index		USD 1,220,000	$	(37,023	)	$	—	$	(37,023	)
Receive	1M SOFR		Monthly		06/20/23		MSIP	Markit iBoxx USD Liquid Leveraged Loans Total Return Index		USD 2,625,000		(18,627	)		—		(18,627	)
Receive	1M SOFR		Quarterly		06/20/23		MSIP	Markit iBoxx USD Liquid Leveraged Loans Total Return Index		USD 2,625,000		(2,221	)		—		(2,221	)
Totals											$	(57,871	)	$	—	$	(57,871	)

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2022(b)			Notional Amount(c)			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CDX.EM.38		(1.000	%)		Quarterly		12/20/27		2.388	%		USD	4,210,000	$	246,089		$	334,016		$	(87,927	)
CDX.NA.HY.39		(5.000	%)		Quarterly		12/20/27		2.766	%		USD	9,700,000		(56,655	)		199,909			(256,564	)
CDX.NA.HY.39		(5.000	%)		Quarterly		12/20/27		2.766	%		USD	1,900,000		(11,097	)		16,784			(27,881	)
CDX.NA.HY.39		(5.000	%)		Quarterly		12/20/27		2.766	%		USD	1,900,000		(11,097	)		17,830			(28,927	)
CDX.NA.HY.39		(5.000	%)		Quarterly		12/20/27		2.766	%		USD	2,300,000		(13,434	)		39,328			(52,762	)
CDX.NA.HY.39		(5.000	%)		Quarterly		12/20/27		2.766	%		USD	1,130,000		(6,600	)		(2,676	)		(3,924	)
CDX.NA.HY.39		(5.000	%)		Quarterly		12/20/27		2.766	%		USD	1,900,000		(11,097	)		1,173			(12,270	)
CDX.NA.HY.39		(5.000	%)		Quarterly		12/20/27		2.766	%		USD	1,900,000		(11,097	)		(30,211	)		19,114
Totals														$	125,012		$	576,153		$	(451,141	)

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2022 (b)			Notional Amount (c)			Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.31		5.000	%		Quarterly		12/20/23		2.766	%		USD	8,100,000	$	169,986	$	(211,409	)	$	381,395
CDX.NA.HY.31		5.000	%		Quarterly		12/20/23		2.766	%		USD	4,500,000		94,436		(162,599	)		257,035
Totals														$	264,422	$	(374,008	)	$	638,430

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

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Counterparty		Implied Credit Spread at December 31, 2022 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Avon Products, Inc. 6.150%, due 03/15/23		(5.000	%)		Quarterly		03/20/23		CBNA		0.714	%		USD	950,000	$	(8,933	)	$	(5,923	)	$	(3,010	)
Avon Products, Inc. 6.150%, due 03/15/23		(5.000	%)		Quarterly		03/20/23		CBNA		0.714	%		USD	950,000		(8,933	)		(5,916	)		(3,017	)
Totals																$	(17,866	)	$	(11,839	)	$	(6,027	)

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

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

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Counterparty		Implied Credit Spread at December 31, 2022 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Air-France KLM S.A. 1.875% due 01/16/25		5.000	%		Quarterly		06/20/26		JPMC		6.646	%		EUR	760,000	$	(37,728	)	$	9,609		$	(47,337	)
Carnival Corp. 6.650%, due 01/15/28		1.000	%		Quarterly		06/20/27		CBNA		16.309	%		USD	1,985,000		(766,164	)		(322,058	)		(444,106	)
Mexico Government International Bond 4.150%, due 03/28/27		1.000	%		Quarterly		06/20/26		CBNA		0.961	%		USD	2,500,000		3,111			5,050			(1,939	)
Totals																$	(800,781	)	$	(307,399	)	$	(493,382	)

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

Reference Obligation(e)	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2022 (b)			Notional Amount (c)			Market Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Bespoke Kenai 0-5% CDX Tranche		0.000	%		Quarterly		12/20/23	CBNA		46.250	%		USD	2,100,000	$	(756,337	)	$	(310,765	)	$	(445,572	)
Bespoke Rotorua 0-5% CDX Tranche		0.000	%		Quarterly		12/20/23	CBNA		44.750	%		USD	2,800,000		(983,323	)		(419,617	)		(563,706	)
Bespoke Rotorua 5-10% CDX Tranche		3.600	%		Quarterly		12/20/23	CBNA		5.054	%		USD	1,800,000		(24,645	)		—			(24,645	)
Totals															$	(1,764,305	)	$	(730,382	)	$	(1,033,923	)

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

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

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

(e) Represents a custom index comprised of a basket of underlying issues.

(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

Glossary of Abbreviations

Counterparties

(CBNA)—	Citibank N.A.
(JPMC)—	JPMorganChase Bank N.A.
(MSIP)—	MorganStanley & Co. International plc

Currencies

(DOP)—	Dominican Peso
(EUR)—	Euro
(USD)—	United States Dollar

Index Abbreviations

(CDX.EM)—	Markit Emerging Market CDS Index
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(EURIBOR)—	Euro InterBank Offered Rate

(FEDEFF PRV)—	Effective Federal Funds Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(TSFR)—	Term Secured Financing Rate

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Glossary of Abbreviations—(Continued)

Other Abbreviations

(ARM)—	Adjustable-Rate Mortgage
(CLO)—	Collateralized Loan Obligation

(CMO)—	Collateralized Mortgage Obligation
(DAC)—	Designated Activity Company

(REMIC)—	Real Estate Mortgage Investment Conduit
(STACR)—	Structured Agency Credit Risk

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Aerospace/Defense	$	—	$	6,447,384	$	—	$	6,447,384
Agriculture		—		3,123,011		—		3,123,011
Airlines		—		5,784,565		—		5,784,565
Banks		—		111,555,447		—		111,555,447
Beverages		—		2,731,172		—		2,731,172
Biotechnology		—		1,485,403		—		1,485,403
Commercial Services		—		562,787		—		562,787
Cosmetics/Personal Care		—		1,733,138		—		1,733,138
Diversified Financial Services		—		837,775		—		837,775
Electric		—		19,378,906		—		19,378,906
Electronics		—		1,227,605		—		1,227,605
Food Products		—		400,996		—		400,996
Healthcare-Products		—		903,240		—		903,240
Healthcare-Services		—		5,459,900		—		5,459,900
Insurance		—		8,150,529		—		8,150,529
Internet		—		7,645,361		—		7,645,361
Leisure Time		—		706,923		—		706,923
Lodging		—		2,748,831		—		2,748,831
Media		—		10,670,584		—		10,670,584
Miscellaneous Manufacturing		—		1,646,631		—		1,646,631
Multi-National		—		1,219,166		—		1,219,166
Oil & Gas		—		12,772,257		—		12,772,257
Oil & Gas Services		—		12,241		—		12,241
Packaging & Containers		—		746,532		—		746,532
Pharmaceuticals		—		7,419,272		—		7,419,272
Pipelines		—		11,954,593		—		11,954,593
Real Estate		—		607,094		—		607,094
Real Estate Investment Trusts		—		1,092,689		—		1,092,689
Retail		—		52,889		0		52,889
Semiconductors		—		2,946,464		—		2,946,464
Software		—		892,484		—		892,484
Telecommunications		—		5,304,945		—		5,304,945

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Trucking & Leasing	$	—	$	557,586	$	—	$	557,586
Total Corporate Bonds & Notes		—		238,778,400		0		238,778,400
Total U.S. Treasury & Government Agencies*		—		195,404,652		—		195,404,652
Total Asset-Backed Securities*		—		83,203,121		—		83,203,121
Total Mortgage-Backed Securities*		—		46,762,481		—		46,762,481
Floating Rate Loans
Aerospace/Defense		—		395,430		—		395,430
Airlines		—		900,313		—		900,313
Auto Manufacturers		—		72,945		—		72,945
Auto Parts & Equipment		—		682,003		—		682,003
Beverages		—		938,046		—		938,046
Chemicals		—		1,494,789		—		1,494,789
Commercial Services		—		1,415,192		—		1,415,192
Computers		—		806,356		—		806,356
Diversified Financial Services		—		1,259,692		—		1,259,692
Engineering & Construction		—		166,360		—		166,360
Entertainment		—		967,955		—		967,955
Environmental Control		—		110,958		—		110,958
Food		—		82,890		—		82,890
Healthcare-Products		—		122,854		—		122,854
Healthcare-Services		—		954,969		—		954,969
Home Furnishings (Less Unfunded Loan Commitments of $12,870)		—		370,639		—		370,639
Housewares		—		92,571		—		92,571
Insurance		—		2,704,072		—		2,704,072
Internet		—		293,231		—		293,231
Leisure Time		—		204,033		—		204,033
Lodging		—		227,513		—		227,513
Machinery-Diversified		—		556,218		—		556,218
Media		—		1,393,494		—		1,393,494
Metal Fabricate/Hardware		—		711,069		—		711,069
Mining		—		243,043		—		243,043
Office/Business Equipment		—		409,812		—		409,812
Oil & Gas		—		359,695		—		359,695
Oil & Gas Services		—		—		641,557		641,557
Packaging & Containers		—		188,800		—		188,800
Pharmaceuticals		—		1,866,064		—		1,866,064
Real Estate		—		295,923		—		295,923
Retail		—		2,098,214		—		2,098,214
Software (Less Unfunded Loan Commitments of $52,731)		—		3,857,279		—		3,857,279
Telecommunications		—		1,042,300		—		1,042,300
Transportation		—		339,280		—		339,280
Total Floating Rate Loans (Less Unfunded Loan Commitments of $65,601)		—		27,624,002		641,557		28,265,559
Total Municipals*		—		16,641,012		—		16,641,012
Total Foreign Government*		—		11,242,343		—		11,242,343
Common Stocks
Energy Equipment & Services		337,192		—		—		337,192
Oil, Gas & Consumable Fuels		—		1,060,220		—		1,060,220
Retail		—		—		0		0
Total Common Stocks		337,192		1,060,220		0		1,397,412
Total Warrants*		—		386,511		—		386,511
Total Short-Term Investments*		—		126,424,365		—		126,424,365
Securities Lending Reinvestments
Certificates of Deposit		—		18,005,645		—		18,005,645
Commercial Paper		—		9,004,040		—		9,004,040

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Repurchase Agreements	$	—	$	53,218,984		$	—	$	53,218,984
Time Deposit		—		5,000,000			—		5,000,000
Mutual Funds		36,005,958		—			—		36,005,958
Total Securities Lending Reinvestments		36,005,958		85,228,669			—		121,234,627
Total Net Investments	$	36,343,150	$	832,755,776		$	641,557	$	869,740,483
Collateral for Securities Loaned (Liability)	$	—	$	(121,224,997	)	$	—	$	(121,224,997	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)	$	—	$	(397,349	)	$	—	$	(397,349	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	396,592	$	—		$	—	$	396,592
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	657,544		$	—	$	657,544
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—		(470,255	)		—		(470,255	)
Total Centrally Cleared Swap Contracts	$	—	$	187,289		$	—	$	187,289
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	3,111		$	—	$	3,111
OTC Swap Contracts at Value (Liabilities)		—		(2,643,934	)		—		(2,643,934	)
Total OTC Swap Contracts	$	—	$	(2,640,823	)	$	—	$	(2,640,823	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)(b)(c)	$	869,740,483
Cash		162,537
Cash denominated in foreign currencies (d)		562,561
Cash collateral (e)		3,605,711
OTC swap contracts at market value (f)		3,111
Receivable for:
Investments sold		1,354,573
Fund shares sold		95,269
Dividends and interest		5,121,684
Interest on OTC swap contracts		34,697
Variation margin on centrally cleared swap contracts		294,403
Prepaid expenses		3,101
Total Assets		880,978,130
Liabilities
OTC swap contracts at market value (g)		2,643,934
Unrealized depreciation on forward foreign currency exchange contracts		397,349
Collateral for securities loaned		121,224,997
Payables for:
Investments purchased		27,642
Fund shares redeemed		301,250
Variation margin on futures contracts		38,992
Interest on OTC swap contracts		3,167
Accrued Expenses:
Management fees		267,562
Distribution and service fees		48,262
Deferred trustees’ fees		149,475
Other expenses		225,971
Total Liabilities		125,328,601
Net Assets	$	755,649,529
Net Assets Consist of:
Paid in surplus	$	913,957,381
Distributable earnings (Accumulated losses)		(158,307,852	)
Net Assets	$	755,649,529
Net Assets
Class A	$	529,266,873
Class B		226,382,656
Capital Shares Outstanding*
Class A		61,418,636
Class B		26,418,535
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.62
Class B		8.57

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $913,431,110.
(b)	Includes securities loaned at value of $132,517,776.
(c)	Investments at value is net of unfunded loan commitments of $65,601.
(d)	Identified cost of cash denominated in foreign currencies was $571,715.
(e)	Includes collateral of $938,658 for futures contracts and $2,667,053 for OTC swap contracts.
(f)	Net premium paid on OTC swap contracts was $5,050.
(g)	Net premium received on OTC swap contracts was $1,054,670.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends	$	67,798
Interest		19,289,925
Securities lending income		139,468
Total investment income		19,497,191
Expenses
Management fees		4,249,322
Administration fees		55,552
Custodian and accounting fees		238,262
Distribution and service fees—Class B		617,366
Audit and tax services		101,004
Legal		45,080
Trustees’ fees and expenses		9,574
Shareholder reporting		31,268
Insurance		7,118
Miscellaneous		15,071
Total expenses		5,369,617
Less management fee waiver		(749,167	)
Net expenses		4,620,450
Net Investment Income		14,876,741
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(24,243,361	)
Purchased options		(62,684	)
Futures contracts		(1,990,522	)
Swap contracts		522,428
Foreign currency transactions		(668,318	)
Forward foreign currency transactions		2,673,347
Net realized gain (loss)		(23,769,110	)
Net change in unrealized appreciation (depreciation) on:
Investments		(35,249,598	)
Purchased options		20,064
Futures contracts		1,363,725
Swap contracts		(1,490,073	)
Foreign currency transactions		37,290
Forward foreign currency transactions		(96,501	)
Net change in unrealized appreciation (depreciation)		(35,415,093	)
Net realized and unrealized gain (loss)		(59,184,203	)
Net Increase (Decrease) in Net Assets From Operations	$	(44,307,462	)

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	14,876,741		$	9,502,320
Net realized gain (loss)		(23,769,110	)		8,580,560
Net change in unrealized appreciation (depreciation)		(35,415,093	)		(12,865,292	)
Increase (decrease) in net assets from operations		(44,307,462	)		5,217,588
From Distributions to Shareholders
Class A		(17,918,174	)		(15,360,392	)
Class B		(6,718,550	)		(5,169,146	)
Total distributions		(24,636,724	)		(20,529,538	)
Increase (decrease) in net assets from capital share transactions		(170,279,722	)		40,339,249
Total increase (decrease) in net assets		(239,223,908	)		25,027,299
Net Assets
Beginning of period		994,873,437			969,846,138
End of period	$	755,649,529		$	994,873,437

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		11,247		$	97,276			2,385,743		$	22,593,228
Reinvestments		2,090,802			17,918,174			1,648,110			15,360,392
Redemptions		(17,710,718	)		(156,470,929	)		(2,168,981	)		(20,280,204	)
Net increase (decrease)		(15,608,669	)	$	(138,455,479	)		1,864,872		$	17,673,416
Class B
Sales		3,222,408		$	28,460,272			8,149,278		$	76,336,803
Reinvestments		786,716			6,718,550			557,020			5,169,146
Redemptions		(7,629,923	)		(67,003,065	)		(6,290,365	)		(58,840,116	)
Net increase (decrease)		(3,620,799	)	$	(31,824,243	)		2,415,933		$	22,665,833
Increase (decrease) derived from capital shares transactions				$	(170,279,722	)				$	40,339,249

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.31		$	9.45		$	9.59		$	9.49		$	9.62
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.16			0.10			0.17			0.29			0.29
Net realized and unrealized gain (loss)		(0.58	)		(0.04	)		0.05			0.16			(0.22	)
Total income (loss) from investment operations		(0.42	)		0.06			0.22			0.45			0.07
Less Distributions
Distributions from net investment income		(0.27	)		(0.20	)		(0.36	)		(0.35	)		(0.20	)
Total distributions		(0.27	)		(0.20	)		(0.36	)		(0.35	)		(0.20	)
Net Asset Value, End of Period	$	8.62		$	9.31		$	9.45		$	9.59		$	9.49
Total Return (%) (b)		(4.54	)		0.62			2.40			4.77			0.70
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.56			0.55			0.56			0.55			0.55
Net ratio of expenses to average net assets (%) (c)		0.47			0.46			0.49			0.48			0.48
Ratio of net investment income (loss) to average net assets (%)		1.82			1.01			1.87			3.03			3.00
Portfolio turnover rate (%)		56	(d)		78	(d)		103	(d)		49	(d)		48	(d)
Net assets, end of period (in millions)	$	529.3		$	716.9		$	710.3		$	728.0		$	731.6
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.25		$	9.40		$	9.54		$	9.44		$	9.56
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.14			0.07			0.15			0.26			0.26
Net realized and unrealized gain (loss)		(0.58	)		(0.04	)		0.04			0.16			(0.21	)
Total income (loss) from investment operations		(0.44	)		0.03			0.19			0.42			0.05
Less Distributions
Distributions from net investment income		(0.24	)		(0.18	)		(0.33	)		(0.32	)		(0.17	)
Total distributions		(0.24	)		(0.18	)		(0.33	)		(0.32	)		(0.17	)
Net Asset Value, End of Period	$	8.57		$	9.25		$	9.40		$	9.54		$	9.44
Total Return (%) (b)		(4.74	)		0.28			2.12			4.52	(e)		0.54	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.81			0.80			0.81			0.80			0.80
Net ratio of expenses to average net assets (%) (c)		0.72			0.71			0.74			0.73			0.73
Ratio of net investment income (loss) to average net assets (%)		1.58			0.76			1.62			2.78			2.75
Portfolio turnover rate (%)		56	(d)		78	(d)		103	(d)		49	(d)		48	(d)
Net assets, end of period (in millions)	$	226.4		$	278.0		$	259.6		$	272.7		$	267.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 6 of the Notes to Financial Statements).

(d) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 49%, 50%, 71%, 45%, and 42% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

(e) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

See accompanying notes to financial statements.

BHFTI-24

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Franklin Low Duration Total Return Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

BHFTI-25

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses

BHFTI-26

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Unfunded Loan Commitments - The Portfolio may enter into certain credit agreements, all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedule of Investments. As of December 31, 2022, the Portfolio had open unfunded loan commitments of $65,601. At December 31, 2022, the Portfolio had sufficient cash and/or securities to cover these commitments.

BHFTI-27

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

BHFTI-28

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $8,979,189. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $53,218,984. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

BHFTI-29

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(303,858	)	$	—	$	—	$	—	$	(303,858	)
Corporate Bonds & Notes		(66,021,559	)		—		—		—		(66,021,559	)
Foreign Government		(2,479,892	)		—		—		—		(2,479,892	)
U.S. Treasury & Government Agencies		(52,419,688	)		—		—		—		(52,419,688	)
Total Borrowings	$	(121,224,997	)	$	—	$	—	$	—	$	(121,224,997	)
Gross amount of recognized liabilities for securities lending transactions										$	(121,224,997	)

3. Investments in Derivative Instruments

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

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

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

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

BHFTI-30

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

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

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

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

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

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

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

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

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin

BHFTI-31

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

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

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

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

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Notes to Financial Statements—December 31, 2022—(Continued)

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

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2022, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

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

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Notes to Financial Statements—December 31, 2022—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a)(b)	$	396,592
Credit	OTC swap contracts at market value (c)		3,111	OTC swap contracts at market value (c)	$	2,643,934
	Unrealized appreciation on centrally cleared swap contracts (b) (d)		657,544	Unrealized depreciation on centrally cleared swap contracts (b) (d)		470,255
Foreign Exchange				Unrealized depreciation on forward foreign currency exchange contracts		397,349
Total		$	1,057,247		$	3,511,538

(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(b)	Financialinstrument not subject to a master netting agreement.
(c)	ExcludesOTC swap interest receivable of $34,697 and OTC swap interest payable of $3,167.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

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

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Citibank N.A.	$	3,111	$	(3,111	)	$	—	$	—

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Citibank N.A.	$	2,548,335	$	(3,111	)	$	(2,320,000	)	$	225,224
JPMorgan Chase Bank N.A.		435,077		—			(347,053	)		88,024
Morgan Stanley & Co. International plc		57,871		—			—			57,871
	$	3,041,283	$	(3,111	)	$	(2,667,053	)	$	371,119

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Purchased options	$	—		$	(42,423	)	$	(20,261	)	$	(62,684	)
Forward foreign currency transactions		—			—			2,673,347			2,673,347
Futures contracts		(1,990,522	)		—			—			(1,990,522	)
Swap contracts		—			(584,205	)		1,106,633			522,428
	$	(1,990,522	)	$	(626,628	)	$	3,759,719		$	1,142,569

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Notes to Financial Statements—December 31, 2022—(Continued)

Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Credit			Foreign Exchange			Total
Purchased options	$	—	$	—		$	20,064		$	20,064
Forward foreign currency transactions		—		—			(96,501	)		(96,501	)
Futures contracts		1,363,725		—			—			1,363,725
Swap contracts		—		(1,110,335	)		(379,738	)		(1,490,073	)
	$	1,363,725	$	(1,110,335	)	$	(456,175	)	$	(202,785	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	8,830,191
Forward foreign currency transactions		35,275,436
Futures contracts long		185,274,418
Futures contracts short		(60,781,134	)
Swap contracts		73,285,892

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of

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Notes to Financial Statements—December 31, 2022—(Continued)

Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time

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Notes to Financial Statements—December 31, 2022—(Continued)

there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$301,021,633	$	153,859,930	$	485,600,511	$	258,622,083

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Notes to Financial Statements—December 31, 2022—(Continued)

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

Purchases	Sales
$64,427,427	$85,149,249

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$4,249,322		0.520	%	First $100 million
		0.510	%	$100 million to $250 million
		0.500	%	$250 million to $500 million
		0.490	%	$500 million to $1 billion
		0.470	%	$1 billion to $1.5 billion
		0.450	%	Over $1.5 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Franklin Advisers, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

The subadvisory fee the Adviser pays to the Subadviser in connection with the investment management of the Portfolio is calculated based on the aggregate average daily net assets of the Portfolio and certain other portfolios of the Trust that are managed by the Subadviser and/or its affiliates.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.040%	First $100 million
0.030%	$100 million to $150 million
0.060%	$150 million to $250 million
0.050%	$250 million to $500 million
0.090%	$500 million to $1.5 billion
0.070%	Over $1.5 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Statement of Operations.

Additionally, for the period April 29, 2022 to April 30, 2023, the Adviser has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Portfolio and those of the Brighthouse/Templeton International Bond Portfolio, a series of the Trust also subadvised by the Subadviser. An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the

BHFTI-38

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

“Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	919,126,329
Gross unrealized appreciation		834,931
Gross unrealized (depreciation)		(50,220,777	)
Net unrealized appreciation (depreciation)	$	(49,385,846	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$24,636,724	$	20,529,538	$	—	$	—	$	24,636,724	$	20,529,538

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$26,679,010	$	—	$	(49,384,499	)	$	(135,452,884	)	$	(158,158,373	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $27,739,280 and accumulated long-term capital losses of $107,713,604.

9. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and

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Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-40

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/Franklin Low Duration Total Return Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Franklin Low Duration Total Return Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/Franklin Low Duration Total Return Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-41

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

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Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-43

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-44

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-45

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Brighthouse/Franklin Low Duration Total Return Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Franklin Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2022. The Board considered that the Portfolio outperformed the average of its Morningstar Category for the one-year period ended June 30, 2022 and underperformed the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Bloomberg U.S. Government/Credit 1-3 Year Bond Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTI-46

Brighthouse Funds Trust I

Brighthouse/Franklin Low Duration Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were above the Expense Group median, below the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board further noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-47

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Managed by Franklin Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the Brighthouse/Templeton International Bond Portfolio returned -4.42% and -4.63%, respectively. The Portfolio’s benchmark, the FTSE World Government Bond Index (“WGBI”) ex-U.S.¹, returned -22.07%.

MARKET ENVIRONMENT / CONDITIONS

Just as it seemed prospects were improving for the global economy as it began emerging from the worst of the pandemic slowdown, Russia invaded Ukraine in February 2022. The dominant themes of the year—high inflation, tighter monetary policy, rising bond yields, a stronger U.S. dollar, and increasing concerns about global growth—became overshadowed, and in some instances exacerbated, by the war.

As the worst of the pandemic effects on the global economy ebbed and inflation started rising sharply during 2022, central bank focus turned to taming inflation. The U.S. Federal Reserve raised the federal funds target rate range a total of 425 basis points (“bps”) from the zero lower bound. The European Central Bank raised its policy rate a total of 250 bps. The Bank of Japan left rates unchanged all year but widened the band around its 10-year government bond yield target in December.

In financial markets, a growing realization over the course of the year that central banks were committed to bringing inflation down toward target ranges, even at the expense of short-term growth considerations, prompted sovereign bond yields across most of the world to increase. The U.S. dollar strengthened over the period, partly on repeated upward reassessments of the terminal federal funds rate for this cycle. The final months of the year, however, generally saw these trends begin to roll over, and both bond yields and the U.S. dollar closed 2022 well off their peaks but also still well above where they started the year. The 10-year U.S. Treasury yield surged 273 bps to 4.24% during October before falling back to 3.88% at year-end. In Europe, the yield on the 10-year German Bund increased from -0.18% at year-end 2021 to end 2022 at 2.57%.

PORTFOLIO REVIEW / PERIOD-END POSITIONING

The Portfolio outperformed its benchmark, the FTSE WGBI ex-U.S. Index, primarily due to interest rate strategies and currency positions. The Portfolio maintained duration exposures primarily in select emerging markets (“EM”). A lack of duration exposures in the euro area contributed to relative performance, as did underweight duration exposures in the United Kingdom (“U.K.”) and Japan. Overweight duration exposures in Argentina and Brazil also contributed to relative results, while out-of-benchmark duration exposure in the U.S. detracted. Among currencies, tactical positioning in the Japanese yen contributed to relative performance, as did the Portfolio’s underweight exposure to the euro. However, overweight positions in the Argentine peso, Colombian peso, Indonesian rupiah, South Korean won, Indian rupee and Ghanaian cedi detracted from relative results.

During the reporting period, the Portfolio’s negative absolute performance was primarily due to currency positions. Interest rate strategies contributed to absolute results. Among currencies, positions in the South Korean won, Indonesian rupiah, Chinese yuan, Indian rupee, Argentine peso, Colombian peso and Ghanaian cedi detracted from absolute performance, while the Portfolio’s position in the Japanese yen contributed. Net-negative positioning in the euro earlier in the period also contributed to absolute return. Duration exposures in Argentina and Brazil contributed to absolute results, while duration exposure in the U.S. detracted.

During the reporting period, foreign exchange forwards were used to actively manage currencies for both hedging and investment exposure purposes. These derivatives were used specifically as follows: to gain additional currency exposure in specific countries in which we also held local-currency denominated securities, such as Japan, Norway, South Korea and India (positions that were long the Japanese yen contributed, while positions that were long the South Korean won and Indian rupee detracted); to gain negative exposure to specific currencies, such as the euro (positions that were short the euro contributed); to gain positive exposure to specific currencies, such as the Chinese yuan, New Zealand dollar and Chilean peso (positions that were long the Chinese yuan detracted); and to hedge currency exposure to local-currency denominated bonds, such as those in Mexico.

Michael Hasenstab

Calvin Ho

Christine Zhu

Portfolio Managers

Franklin Advisers, Inc.

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

¹ The FTSE World Government Bond Index ex-U.S. measures the performance of fixed-rate, local currency, investment-grade sovereign bonds primarily in Europe and Asia.

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE FTSE WORLD GOVERNMENT BOND INDEX EX-U.S.

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Brighthouse/Templeton International Bond Portfolio
Class A		–4.42		–2.48		–1.23
Class B		–4.63		–2.73		–1.48
FTSE World Government Bond Index ex-U.S.		–22.07		–4.21		–2.27

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Countries
	% of Net Assets
South Korea		19.3
United States		17.3
Japan		11.5
Brazil		10.0
Indonesia		7.9
Colombia		4.6
Singapore		4.6
Norway		4.5
India		4.4
Thailand		3.1

BHFTI-2

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Templeton International Bond Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.71	%	$	1,000.00	$	1,013.40	$	3.60
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.63	$	3.62
Class B (a)	Actual		0.96	%	$	1,000.00	$	1,012.30	$	4.87
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.37	$	4.89

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-3

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2022

Foreign Government—72.2% of Net Assets

Security Description	Principal Amount*		Value
Brazil—10.0%
Brazil Letras do Tesouro Nacional
Zero Coupon, 07/01/24 (BRL)		56,830,000	$	8,974,388
Zero Coupon, 01/01/25 (BRL)		225,060,000		33,558,674
Brazil Notas do Tesouro Nacional
10.000%, 01/01/27 (BRL)		91,060,000		15,852,572
10.000%, 01/01/31 (BRL)		15,490,000		2,563,940
				60,949,574
Colombia—4.6%
Colombian TES
5.750%, 11/03/27 (COP)		14,348,000,000		2,238,567
6.000%, 04/28/28 (COP)		10,513,000,000		1,617,958
6.250%, 11/26/25 (COP)		20,549,000,000		3,626,038
6.250%, 07/09/36 (COP)		2,495,000,000		296,020
7.000%, 03/26/31 (COP)		9,039,100,000		1,315,216
7.000%, 06/30/32 (COP)		19,600,000,000		2,746,163
7.500%, 08/26/26 (COP)		18,459,100,000		3,250,878
7.750%, 09/18/30 (COP)		54,694,100,000		8,473,031
10.000%, 07/24/24 (COP)		22,869,800,000		4,593,707
				28,157,578
Ghana—0.6%
Ghana Government Bonds
16.500%, 02/06/23 (GHS)		16,820,000		1,618,265
17.700%, 03/18/24 (GHS)		1,450,000		112,732
18.300%, 03/02/26 (GHS)		810,000		46,370
18.850%, 09/28/23 (GHS)		5,300,000		454,256
19.000%, 09/18/23 (GHS)		680,000		58,631
19.250%, 11/27/23 (GHS)		1,820,000		152,038
19.250%, 12/18/23 (GHS)		130,000		10,759
19.750%, 03/15/32 (GHS)		18,788,000		762,016
20.750%, 01/16/23 (GHS)		150,000		14,626
Ghana Treasury Notes
17.250%, 07/31/23 (GHS)		320,000		28,045
17.600%, 02/20/23 (GHS)		4,457,000		425,852
18.500%, 01/02/23 (GHS)		90,000		8,824
				3,692,414
India—4.4%
India Government Bonds
5.150%, 11/09/25 (INR)		139,600,000		1,601,443
6.790%, 05/15/27 (INR)		1,478,610,000		17,563,521
7.270%, 04/08/26 (INR)		94,000,000		1,136,976
7.590%, 01/11/26 (INR)		552,000,000		6,736,362
				27,038,302
Indonesia—7.9%
Indonesia Treasury Bonds
5.500%, 04/15/26 (IDR)		284,920,000,000		17,927,036
5.625%, 05/15/23 (IDR)		37,968,000,000		2,442,586
6.500%, 06/15/25 (IDR)		5,160,000,000		334,268
8.375%, 03/15/24 (IDR)		296,213,000,000		19,647,905
10.000%, 09/15/24 (IDR)		122,770,000,000		8,161,423
				48,513,218
Japan—11.5%
Japan Treasury Bills
Zero Coupon, 01/25/23 (JPY) (a)		1,101,000,000	$	8,390,088
Zero Coupon, 02/27/23 (JPY) (a)		2,644,900,000		20,158,572
Zero Coupon, 05/10/23 (JPY) (a)		2,651,000,000		20,210,004
Zero Coupon, 09/20/23 (JPY) (a)		2,814,500,000		21,459,161
				70,217,825
Mexico—1.7%
Mexico Bonos
7.500%, 05/26/33 (MXN)		180,800,000		8,490,997
8.500%, 05/31/29 (MXN)		41,400,000		2,065,719
				10,556,716
Norway—4.5%
Norway Government Bonds
1.500%, 02/19/26 (144A) (NOK)		20,165,000		1,962,449
1.750%, 03/13/25 (144A) (NOK)		33,998,000		3,371,274
2.000%, 05/24/23 (144A) (NOK)		119,955,000		12,190,331
3.000%, 03/14/24 (144A) (NOK)		100,903,000		10,281,048
				27,805,102
Singapore—4.6%
Singapore Treasury Bill
0.719%, 01/24/23 (SGD) (a)		11,940,000		8,891,635
3.917%, 05/30/23 (SGD) (a)		26,090,000		19,137,854
				28,029,489
South Korea—19.3%
Korea Monetary Stabilization Bond 0.905%, 04/02/23 (KRW)		34,690,000,000		27,257,121
Korea Treasury Bonds
0.875%, 12/10/23 (KRW)		27,639,000,000		21,273,347
1.125%, 06/10/24 (KRW)		7,685,000,000		5,857,023
2.375%, 03/10/27 (KRW)		18,568,000,000		13,879,240
3.125%, 09/10/27 (KRW)		65,573,000,000		50,460,453
				118,727,184
Thailand—3.1%
Bank of Thailand Bond
0.660%, 11/22/23 (THB)		113,580,000		3,260,639
Thailand Government Bonds
0.750%, 09/17/24 (THB)		319,810,000		9,121,554
1.000%, 06/17/27 (THB)		244,740,000		6,781,634
				19,163,827
Total Foreign Government (Cost $493,126,221)				442,851,229

See accompanying notes to financial statements.

BHFTI-4

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—15.7%

Security Description	Principal Amount*		Value
U.S. Treasury—15.7%
U.S. Treasury Notes
1.500%, 09/30/24 (b)		33,000,000	$	31,335,820
1.500%, 10/31/24		15,650,000		14,827,764
1.750%, 12/31/24		52,891,000		50,205,129
Total U.S. Treasury & Government Agencies (Cost $99,479,666)				96,368,713
Short-Term Investments—10.3%
Repurchase Agreement—8.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $53,606,001; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $54,667,246.		53,595,282		53,595,282
U.S. Treasury—1.6%
U.S. Treasury Bill 3.167%, 01/12/23 (a) (b)		10,000,000		9,991,319
Total Short-Term Investments (Cost $63,585,604)				63,586,601
Total Investments—98.2% (Cost $656,191,491)				602,806,543
Other assets and liabilities (net)—1.8%				10,852,981
Net Assets—100.0%			$	613,659,524

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	The rate shown represents current yield to maturity.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $36,933,006 and the collateral received consisted of non-cash collateral with a value of $37,844,240. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $27,805,102, which is 4.5% of net assets.

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement   Date		In Exchange     for			Unrealized   Appreciation/     (Depreciation)
CAD	5,417,000	DBAG		02/03/23		USD	4,024,607	$	(23,274	)
CAD	15,930,000	DBAG		02/03/23		USD	11,929,725		(162,838	)
CAD	5,212,000	HSBC		02/03/23		USD	3,883,350		(33,444	)
CAD	5,212,000	HSBC		02/03/23		USD	3,874,690		(24,783	)
CAD	510,000	MSCS		03/15/23		USD	378,875		(2,002	)
CLP	1,499,360,000	GSBU		01/20/23		USD	1,558,586		206,474
CLP	1,631,447,676	JPMC		01/24/23		USD	1,653,355		266,572
CLP	2,691,900,000	JPMC		02/09/23		USD	3,006,198		156,754
CLP	1,631,452,324	JPMC		02/15/23		USD	1,896,266		18,772
CLP	3,442,291,280	GSBU		02/21/23		USD	3,767,007		269,637
CLP	2,697,170,000	MSCS		02/21/23		USD	2,947,244		215,625
CLP	973,750,000	GSBU		03/07/23		USD	1,152,913		(13,680	)
CLP	4,680,680,527	GSBU		03/15/23		USD	5,215,243		253,126
CLP	721,613,030	GSBU		07/26/23		USD	721,613		106,549
CLP	992,448,360	GSBU		07/26/23		USD	994,437		144,551
CNH	55,783,810	CBNA		01/11/23		USD	8,323,085		(257,564	)
CNH	97,879,210	BOA		03/07/23		USD	14,195,679		15,615
CNH	52,239,590	JPMC		03/15/23		USD	7,569,310		20,105
CNH	56,822,730	CBNA		06/07/23		USD	8,256,597		50,560
EUR	1,140,000	BBP		01/25/23		USD	1,186,514		35,511
EUR	2,985,000	BBP		01/25/23		USD	3,112,788		86,989
EUR	3,622,000	BBP		01/25/23		USD	3,823,408		59,202
EUR	10,179,000	DBAG		01/25/23		USD	10,755,773		155,628
EUR	829,000	MSCS		02/06/23		USD	875,339		14,000
INR	102,619,900	HSBC		01/11/23		USD	1,273,769		(33,836	)
INR	113,234,200	JPMC		01/11/23		USD	1,373,135		(4,953	)
INR	63,624,900	CBNA		03/15/23		USD	758,432		7,529

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement   Date		In Exchange     for			Unrealized   Appreciation/     (Depreciation)
INR	85,052,900	CBNA		03/15/23		USD	1,026,341	$	(2,415	)
INR	102,523,300	CBNA		03/15/23		USD	1,237,158		(2,911	)
INR	87,540,800	JPMC		03/15/23		USD	1,056,235		(2,358	)
INR	768,000,000	HSBC		03/23/23		USD	9,506,715		(265,979	)
INR	227,293,700	JPMC		06/14/23		USD	2,715,089		5,743
JPY	1,508,625,880	BOA		02/22/23		USD	10,920,202		648,625
JPY	750,210,940	BNP		03/15/23		USD	5,354,439		415,483
JPY	2,667,975,460	BOA		03/15/23		USD	19,049,144		1,470,430
JPY	1,328,000,000	GSBU		03/15/23		USD	9,147,499		1,066,236
JPY	1,816,000,000	GSBU		03/15/23		USD	12,506,482		1,460,492
JPY	787,664,730	JPMC		03/15/23		USD	5,621,920		436,061
JPY	3,472,722,990	DBAG		06/15/23		USD	25,890,745		1,174,941
KRW	2,815,700,000	CBNA		01/25/23		USD	2,159,942		67,676
KRW	24,890,000,000	DBAG		03/15/23		USD	19,101,339		620,192
NZD	4,480,000	BOA		03/15/23		USD	2,692,704		153,909
NZD	5,280,000	CBNA		03/15/23		USD	3,381,972		(27,035	)
NZD	20,030,000	JPMC		03/15/23		USD	12,050,549		676,607
Contracts to Deliver
EUR	7,747,000	BBP		01/25/23		USD	7,682,545		(621,868	)
EUR	5,453,000	DBAG		01/25/23		USD	5,995,137		149,782
EUR	4,726,000	DBAG		01/25/23		USD	5,222,159		156,113
EUR	8,349,000	MSCS		02/06/23		USD	8,625,035		(331,651	)
EUR	3,635,000	BBP		04/25/23		USD	4,037,376		117,227
EUR	10,129,000	DBAG		04/25/23		USD	10,098,350		(825,225	)
Cross Currency Contracts to Buy
CAD	10,423,699	HSBC		02/03/23		EUR	7,872,260		(744,014	)
CAD	21,347,000	DBAG		02/03/23		EUR	15,758,314		(1,133,786	)
CAD	1,289,781	MSCS		03/15/23		EUR	962,286		(81,915	)
CAD	3,260,000	CBNA		03/15/23		EUR	2,419,298		(193,127	)
CAD	9,729,000	BOA		03/15/23		EUR	7,221,699		(578,139	)
CAD	8,014,154	HSBC		05/03/23		EUR	5,889,902		(429,244	)
EUR	2,963,281	DBAG		01/19/23		SEK	31,352,065		168,113
EUR	2,033,719	DBAG		01/19/23		SEK	21,459,825		120,873
EUR	11,511,363	DBAG		02/03/23		CAD	15,930,000		579,937
EUR	3,687,614	HSBC		02/03/23		CAD	5,211,850		105,454
EUR	3,827,241	DBAG		02/03/23		CAD	5,417,000		103,678
EUR	3,683,632	HSBC		02/03/23		CAD	5,211,850		101,183
EUR	1,355,619	JPMC		02/13/23		SEK	14,250,000		86,313
EUR	359,158	MSCS		03/15/23		CAD	510,000		9,432
NOK	243,300,200	MSCS		01/27/23		EUR	23,372,114		(199,652	)
SEK	26,395,500	DBAG		01/19/23		EUR	2,479,475		(125,109	)
SEK	26,416,390	DBAG		01/19/23		EUR	2,531,348		(178,689	)
SEK	14,250,000	JPMC		02/13/23		EUR	1,364,242		(95,568	)
Net Unrealized Appreciation								$	5,582,640

Securities in the amount of $2,058,613 and cash in the amount of $3,030,000 have been received at the custodian bank and held as collateral for forward foreign currency exchange contracts.

Glossary of Abbreviations

Counterparties

(BBP)—	Barclays Bank plc
(BNP)—	BNP Paribas S.A.
(BOA)—	Bank of America N.A.
(CBNA)—	Citibank N.A.
(DBAG)—	Deutsche Bank AG
(GSBU)—	Goldman Sachs Bank USA
(HSBC)—	HSBC Bank plc
(JPMC)—	JPMorgan Chase Bank N.A.
(MSCS)—	Morgan Stanley Capital Services LLC

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2022

Glossary of Abbreviations—(Continued)

Currencies

(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CLP)—	Chilean Peso
(CNH)—	Chinese Renminbi
(COP)—	Colombian Peso
(EUR)—	Euro
(GHS)—	Ghana Cedi
(IDR)—	Indonesian Rupiah
(INR)—	Indian Rupee
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(SEK)—	Swedish Krona
(SGD)—	Singapore Dollar
(THB)—	Thai Baht
(USD)—	United States Dollar

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Total Foreign Government*	$	—	$	442,851,229		$	—	$	442,851,229
Total U.S. Treasury & Government Agencies*		—		96,368,713			—		96,368,713
Total Short-Term Investments*		—		63,586,601			—		63,586,601
Total Investments	$	—	$	602,806,543		$	—	$	602,806,543
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	11,977,699		$	—	$	11,977,699
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(6,395,059	)		—		(6,395,059	)
Total Forward Contracts	$	—	$	5,582,640		$	—	$	5,582,640

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	602,806,543
Cash denominated in foreign currencies (c)		4,105
Cash collateral for forward foreign currency exchange contracts		2,820,000
Unrealized appreciation on forward foreign currency exchange contracts		11,977,699
Receivable for:
Fund shares sold		89,637
Dividends and interest		5,561,900
Prepaid expenses		2,263
Total Assets		623,262,147
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		6,395,059
Payables for:
Investments purchased		785,078
Fund shares redeemed		1,416,096
Foreign taxes		180,376
Accrued Expenses:
Management fees		313,204
Distribution and service fees		7,138
Deferred trustees’ fees		163,275
Other expenses		342,397
Total Liabilities		9,602,623
Net Assets	$	613,659,524
Net Assets Consist of:
Paid in surplus	$	762,638,089
Distributable earnings (Accumulated losses) (d)		(148,978,565	)
Net Assets	$	613,659,524
Net Assets
Class A	$	579,586,231
Class B		34,073,293
Capital Shares Outstanding*
Class A		76,538,622
Class B		4,596,738
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	7.57
Class B		7.41

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, was $656,191,491.
(b)	Includes securities loaned at value of $36,933,006.
(c)	Identified cost of cash denominated in foreign currencies was $4,277.
(d)	Includes foreign capital gains tax of $180,376.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Interest (a)	$	9,788,451
Securities lending income		12,060
Total investment income		9,800,511
Expenses
Management fees		4,284,864
Administration fees		50,683
Custodian and accounting fees		473,085
Distribution and service fees—Class B		91,265
Audit and tax services		87,952
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		25,903
Insurance		6,346
Miscellaneous		39,266
Total expenses		5,114,019
Net Investment Income		4,686,492
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments (b)		(95,298,483	)
Foreign currency transactions		(3,207,245	)
Forward foreign currency transactions		(2,574,841	)
Net realized gain (loss)		(101,080,569	)
Net change in unrealized appreciation (depreciation) on:
Investments (c)		56,473,936
Foreign currency transactions		199,792
Forward foreign currency transactions		4,193,250
Net change in unrealized appreciation (depreciation)		60,866,978
Net realized and unrealized gain (loss)		(40,213,591	)
Net Increase (Decrease) in Net Assets From Operations	$	(35,527,099	)

(a)	Net of foreign withholding taxes of $816,033.
(b)	Net of foreign capital gains tax of $71,522.
(c)	Includes change in foreign capital gains tax of $360,084.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	4,686,492		$	20,458,171
Net realized gain (loss)		(101,080,569	)		(59,112,803	)
Net change in unrealized appreciation (depreciation)		60,866,978			(10,284,063	)
Increase (decrease) in net assets from operations		(35,527,099	)		(48,938,695	)
Increase (decrease) in net assets from capital share transactions		(265,140,377	)		(68,624,693	)
Total increase (decrease) in net assets		(300,667,476	)		(117,563,388	)
Net Assets
Beginning of period		914,327,000			1,031,890,388
End of period	$	613,659,524		$	914,327,000

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		106,257		$	823,381			9,840,766		$	81,050,518
Redemptions		(33,640,794	)		(259,230,646	)		(18,645,291	)		(151,075,689	)
Net increase (decrease)		(33,534,537	)	$	(258,407,265	)		(8,804,525	)	$	(70,025,171	)
Class B
Sales		150,758		$	1,119,387			664,530		$	5,306,838
Redemptions		(1,037,926	)		(7,852,499	)		(494,708	)		(3,906,360	)
Net increase (decrease)		(887,168	)	$	(6,733,112	)		169,822		$	1,400,478
Increase (decrease) derived from capital shares transactions				$	(265,140,377	)				$	(68,624,693	)

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Financial Highlights

Selected per share data

	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.92		$	8.31		$	9.48		$	10.22		$	10.08
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.05			0.17			0.29			0.43			0.40
Net realized and unrealized gain (loss)		(0.40	)		(0.56	)		(0.84	)		(0.28	)		(0.26	)
Total income (loss) from investment operations		(0.35	)		(0.39	)		(0.55	)		0.15			0.14
Less Distributions
Distributions from net investment income		0.00			0.00			(0.62	)		(0.87	)		0.00
Distributions from net realized capital gains		0.00			0.00			0.00			(0.02	)		0.00
Distributions from return of capital		0.00			0.00			(0.00	)(b)		0.00			0.00
Total distributions		0.00			0.00			(0.62	)		(0.89	)		0.00
Net Asset Value, End of Period	$	7.57		$	7.92		$	8.31		$	9.48		$	10.22
Total Return (%) (c)		(4.42	)		(4.69	)		(5.75	)		1.44			1.29
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.70			0.69			0.68			0.68			0.70
Net ratio of expenses to average net assets (%) (d)		0.70			0.69			0.68			0.68			0.70
Ratio of net investment income (loss) to average net assets (%)		0.67			2.09			3.36			4.35			3.95
Portfolio turnover rate (%)		29			41			37			31			34
Net assets, end of period (in millions)	$	579.6		$	871.7		$	988.4		$	1,037.7		$	1,144.8
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.77		$	8.18		$	9.33		$	10.07		$	9.96
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.03			0.15			0.27			0.40			0.37
Net realized and unrealized gain (loss)		(0.39	)		(0.56	)		(0.82	)		(0.28	)		(0.26	)
Total income (loss) from investment operations		(0.36	)		(0.41	)		(0.55	)		0.12			0.11
Less Distributions
Distributions from net investment income		0.00			0.00			(0.60	)		(0.84	)		0.00
Distributions from net realized capital gains		0.00			0.00			0.00			(0.02	)		0.00
Distributions from return of capital		0.00			0.00			(0.00	)(b)		0.00			0.00
Total distributions		0.00			0.00			(0.60	)		(0.86	)		0.00
Net Asset Value, End of Period	$	7.41		$	7.77		$	8.18		$	9.33		$	10.07
Total Return (%) (c)		(4.63	)		(5.01	)		(5.91	)		1.17			1.10	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.95			0.94			0.93			0.93			0.95
Net ratio of expenses to average net assets (%) (d)		0.95			0.94			0.93			0.93			0.95
Ratio of net investment income (loss) to average net assets (%)		0.44			1.85			3.12			4.11			3.69
Portfolio turnover rate (%)		29			41			37			31			34
Net assets, end of period (in millions)	$	34.1		$	42.6		$	43.5		$	44.4		$	45.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from return of capital were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(e)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Templeton International Bond Portfolio (the “Portfolio”), which is non-diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $53,595,282, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations.

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

As of December 31, 2022, all securities on loan are classified as U.S. Treasury or U.S. Treasury & Government Agency in the Portfolio’s Schedule of Investments and are collateralized by securities with a value of $37,844,240. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	11,977,699	Unrealized depreciation on forward foreign currency exchange contracts	$	6,395,059

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

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	2,288,579	$	(578,139	)	$	—		$	1,710,440
Barclays Bank plc		298,929		(298,929	)		—			—
BNP Paribas S.A.		415,483		—			(279,957	)		135,526
Citibank N.A.		125,765		(125,765	)		—			—
Deutsche Bank AG		3,229,257		(2,448,921	)		(393,353	)		386,983
Goldman Sachs Bank USA		3,507,065		(13,680	)		(3,030,000	)		463,385
HSBC Bank plc		206,637		(206,637	)		—			—
JPMorgan Chase Bank N.A.		1,666,927		(102,879	)		(1,385,303	)		178,745
Morgan Stanley Capital Services LLC		239,057		(239,057	)		—			—
	$	11,977,699	$	(4,014,007	)	$	(5,088,613	)	$	2,875,079

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Bank of America N.A.	$	578,139	$	(578,139	)	$	—		$	—
Barclays Bank plc		621,868		(298,929	)		(322,939	)		—
Citibank N.A.		483,052		(125,765	)		(357,287	)		—
Deutsche Bank AG		2,448,921		(2,448,921	)		—			—
Goldman Sachs Bank USA		13,680		(13,680	)		—			—
HSBC Bank plc		1,531,300		(206,637	)		(1,324,663	)		—
JPMorgan Chase Bank N.A.		102,879		(102,879	)		—			—
Morgan Stanley Capital Services LLC		615,220		(239,057	)		(376,163	)		—
	$	6,395,059	$	(4,014,007	)	$	(2,381,052	)		—

* Net amount represents the net amount receivable from the counterparty in the event of default.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Forward foreign currency transactions	$	(2,574,841	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Forward foreign currency transactions	$	4,193,250

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	560,144,781

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

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

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

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	146,434,384	$	17,426,895	$	224,621,586

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.600% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $4,284,864.

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

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average daily net assets
0.020%	On amounts over $1 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. No fees were waived during the year ended December 31, 2022.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

BHFTI-17

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	659,193,182
Gross unrealized appreciation		7,380,172
Gross unrealized (depreciation)		(63,947,187	)
Net unrealized appreciation (depreciation)	$	(56,567,015	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income		Long-Term Capital Gain		Total
2022	2021	2022	2021	2022	2021
$—	$—	$—	$—	$—	$—

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$—	$	—	$	(56,411,447	)	$	(92,403,841	)	$	(148,815,288	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated long-term capital losses of $92,403,841.

During the year ended December 31, 2022, the Portfolio utilized accumulated short-term capital losses of $31,979.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/Templeton International Bond Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Templeton International Bond Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/Templeton International Bond Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-19

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-20

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-21

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-22

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-23

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Brighthouse/Templeton International Bond Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Franklin Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-year period ended June 30, 2022 and underperformed the median of its Performance Universe and the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed its benchmark, the FTSE World Government Bond Index (WGBI) ex-U.S., for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTI-24

Brighthouse Funds Trust I

Brighthouse/Templeton International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, above the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-25

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Brighthouse/Wellington Large Cap Research Portfolio returned -19.02%, -19.21%, and -19.12%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned -18.11%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities, as measured by the S&P 500 Index, declined over the twelve-month period ending December 31, 2022, amid surging inflation, tighter financial conditions, and moderating economic activity which has increased the probability of recession. In the first quarter of 2022, U.S. equities registered their first quarterly loss since March 2020. Fears about the economic implications of Russia’s large-scale military attack on Ukraine and the prospect of aggressive monetary policy tightening by the Federal Reserve (the “Fed”) drove the S&P 500 Index into correction territory in February. In March, the Fed raised interest rates by 25 basis points (“bps”), lifted its 2022 core inflation forecast to 4.1%, and cut its 2022 Gross Domestic Product (“GDP”) growth forecast to 2.8%.

In the second quarter of 2022, U.S. equities fell sharply during a volatile quarter. Rampant inflation and tighter financial conditions hurt risk sentiment and increased the probability of recession. Growth stocks significantly underperformed their value counterparts as surging Treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index to its biggest quarterly loss since September 2001. The Fed responded to the larger-than-expected increase in prices by accelerating its pace of interest-rate hikes to 75 bps in June, following a 50 bps increase in May.

In the third quarter of 2022, U.S. equities fell as risk sentiment deteriorated on fears that aggressive interest-rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. to recession. Stocks suffered steep losses in September after a larger-than-expected rise in core consumer prices showed that inflation continued to mount across broad areas of the economy. As expected, the Fed raised interest rates by 75 bps in September—the third straight increase of this magnitude.

U.S. equities rallied in the fourth quarter. Greater optimism that the Fed would begin to scale back its aggressive pace of interest-rate hikes, along with outsized short covering and hedging, helped to fuel a sharp rebound in stocks in October and November before risk sentiment waned in December amid recession fears, macroeconomic headwinds, and downside earnings risks in the coming quarters. In December, the Fed raised interest rates by 50 bps, snapping a streak of four consecutive hikes of 75 bps. However, the Fed’s Summary of Economic Projections in December indicated a more hawkish outlook compared to its September forecast.

Within the S&P 500 Index, 9 of the 11 sectors declined for the twelve months ended December 31, 2022. Communication Services (-39.9%) and Consumer Discretionary (-37.0%) were the worst performing sectors.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark, the S&P 500 Index, for the twelve-month period ended December 31, 2022. Challenging stock selection within the Information Technology (“IT”), Health Care, and Industrials sectors detracted most from relative performance. This was partially offset by stronger stock selection within the Consumer Staples, Utilities, and Financials sectors.

Among the Portfolio’s largest individual relative detractors included not owning Exxon Mobil (Energy), an overweight position in Amazon (Consumer Discretionary) and an overweight position in Meta Platforms (Communication Services). Shares of Exxon Mobil advanced during the period with crude oil prices soaring as tensions between Russia and Ukraine threatened to create a tighter oil market. Shares of Amazon fell during the period after the company reported an unexpected first-quarter loss. Results from both the company’s core online retailing business and its advertising unit came in short of estimates. The share price of Meta Platforms fell after management released disappointing second-quarter results and weak near-term guidance. The Portfolio held positions in Amazon and Meta Platforms at the end of the period.

Top contributors to relative performance during the period included underweight exposure to Tesla (Consumer Discretionary), an out-of-benchmark position in Shell (Energy) and an out-of-benchmark position in Performance Food Group (Consumer Staples). Shares of Tesla fell as news that CEO, Elon Musk, was buying Twitter for $44 billion raised investor concern. Additionally, the company continued to grapple with supply chain issues and COVID-related shutdowns in Shanghai. Shares of Shell advanced after the oil and gas conglomerate reported adjusted profit for the fourth quarter that beat consensus estimates. Shell also announced a share repurchase program to buy back $8.5 billion worth of its own shares during the first half of 2022 using proceeds from its Permian divestment and capital allocation framework. The share price of Performance Food Group rose after the company reported higher fiscal-first-quarter sales and earnings as the food-services provider raised prices and benefited from a recent acquisition. We believe the company has done an excellent job passing through price increases and expanding gross profit dollars amid a difficult macro backdrop. The Portfolio held all three positions at the end of the period.

BHFTI-1

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Managed By Wellington Management Company LLP

Portfolio Manager Commentary*—(Continued)

The Portfolio is managed in an industry-neutral structure relative to the benchmark, which promotes stock selection as the primary driver of performance. On an absolute basis, the Portfolio ended the period with the most exposure to the IT, Health Care and Financials sectors.

Mary Pryshlak

Jonathan White

Portfolio Managers

Wellington Management Company LLP

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

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

BHFTI-2

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

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

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Brighthouse/Wellington Large Cap Research Portfolio
Class A		-19.02		8.82		12.46
Class B		-19.21		8.55		12.18
Class E		-19.12		8.67		12.29
S&P 500 Index		-18.11		9.43		12.56

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Microsoft Corp.		6.1
Amazon.com, Inc.		3.3
Alphabet, Inc. - Class A		3.1
Apple, Inc.		2.8
Performance Food Group Co.		2.6
Charles Schwab Corp. (The)		2.0
Eli Lilly and Co.		1.9
BP plc (ADR)		1.5
Constellation Brands, Inc. - Class A		1.4
Shell plc (ADR)		1.4

Top Sectors

	% of Net Assets
Information Technology		19.3
Health Care		18.6
Financials		10.2
Communication Services		9.1
Consumer Discretionary		8.8
Consumer Staples		8.7
Industrials		8.5
Energy		5.8
Utilities		3.7
Materials		2.9

BHFTI-3

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Brighthouse/Wellington Large Cap Research Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.52	%	$	1,000.00	$	1,024.50	$	2.65
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.58	$	2.65
Class B (a)	Actual		0.77	%	$	1,000.00	$	1,023.60	$	3.93
	Hypothetical*		0.77	%	$	1,000.00	$	1,021.32	$	3.92
Class E (a)	Actual		0.67	%	$	1,000.00	$	1,024.00	$	3.42
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.83	$	3.41

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—97.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.5%
Boeing Co. (The) (a) (b)		48,139	$	9,169,998
General Dynamics Corp.		46,012		11,416,037
Lockheed Martin Corp.		25,242		12,279,981
Raytheon Technologies Corp.		177,353		17,898,465
				50,764,481
Air Freight & Logistics—0.1%
FedEx Corp. (b)		9,404		1,628,773
Airlines—0.3%
JetBlue Airways Corp. (a)		729,910		4,729,817
Southwest Airlines Co. (a)		39,540		1,331,312
				6,061,129
Automobiles—0.4%
Ford Motor Co.		263,504		3,064,551
Tesla, Inc. (a)		34,453		4,243,921
				7,308,472
Banks—0.3%
JPMorgan Chase & Co.		54,096		7,254,274
Beverages—2.1%
Constellation Brands, Inc. - Class A		123,706		28,668,866
Monster Beverage Corp. (a) (b)		149,929		15,222,291
				43,891,157
Biotechnology—2.0%
Alkermes plc (a) (b)		52,040		1,359,805
Alnylam Pharmaceuticals, Inc. (a) (b)		9,451		2,246,030
Apellis Pharmaceuticals, Inc. (a)		11,753		607,748
Ascendis Pharma A/S (ADR) (a)		7,307		892,404
Biogen, Inc. (a)		15,894		4,401,366
Blueprint Medicines Corp. (a) (b)		6,245		273,593
Celldex Therapeutics, Inc. (a) (b)		20,298		904,682
Genmab A/S (ADR) (a) (b)		38,519		1,632,435
Horizon Therapeutics plc (a)		9,406		1,070,403
Incyte Corp. (a)		14,918		1,198,214
Karuna Therapeutics, Inc. (a) (b)		14,721		2,892,676
Moderna, Inc. (a) (b)		14,238		2,557,430
PTC Therapeutics, Inc. (a) (b)		16,593		633,355
Regeneron Pharmaceuticals, Inc. (a)		9,614		6,936,405
REVOLUTION Medicines, Inc. (a) (b)		18,281		435,453
Sarepta Therapeutics, Inc. (a) (b)		7,145		925,849
Seagen, Inc. (a)		14,433		1,854,785
Syndax Pharmaceuticals, Inc. (a) (b)		18,410		468,535
United Therapeutics Corp. (a)		4,844		1,347,068
Vertex Pharmaceuticals, Inc. (a)		28,103		8,115,584
				40,753,820
Building Products—0.8%
Azek Co., Inc. (The) (a) (b)		90,126		1,831,360
Builders FirstSource, Inc. (a) (b)		94,915		6,158,085
Fortune Brands Innovations, Inc. (b)		70,727		4,039,219
Building Products—(Continued)
Johnson Controls International plc		68,707	$	4,397,248
Masterbrand, Inc. (b)		70,727		533,989
				16,959,901
Capital Markets—6.7%
Ares Management Corp. - Class A		353,533		24,195,798
BlackRock, Inc.		19,448		13,781,436
Charles Schwab Corp. (The)		492,662		41,019,038
Goldman Sachs Group, Inc. (The)		59,624		20,473,689
Morgan Stanley		121,088		10,294,902
MSCI, Inc.		35,335		16,436,782
Tradeweb Markets, Inc. - Class A		155,748		10,112,718
				136,314,363
Chemicals—2.8%
Cabot Corp. (b)		111,173		7,430,803
Celanese Corp.		57,983		5,928,182
FMC Corp.		97,709		12,194,083
Ingevity Corp. (a) (b)		40,662		2,864,231
Linde plc		53,609		17,486,184
Livent Corp. (a) (b)		98,064		1,948,532
PPG Industries, Inc. (b)		76,473		9,615,715
				57,467,730
Commercial Services & Supplies—0.4%
Aurora Innovation, Inc. (a) (b)		272,633		329,886
Clean Harbors, Inc. (a) (b)		33,230		3,792,208
Waste Connections, Inc.		39,218		5,198,738
				9,320,832
Communications Equipment—0.1%
Arista Networks, Inc. (a)		17,967		2,180,295
Construction & Engineering—0.4%
Fluor Corp. (a) (b)		229,344		7,949,063
Containers & Packaging—0.1%
Ball Corp. (b)		53,605		2,741,360
Diversified Financial Services—0.3%
Equitable Holdings, Inc.		236,816		6,796,619
Diversified Telecommunication Services—0.7%
AT&T, Inc.		744,160		13,699,986
Electric Utilities—3.1%
Duke Energy Corp. (b)		189,715		19,538,748
Edison International		219,412		13,958,991
Exelon Corp.		323,707		13,993,854
FirstEnergy Corp. (b)		371,266		15,570,896
				63,062,489
Electrical Equipment—0.3%
AMETEK, Inc.		33,017		4,613,135

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(continued)

Security Description	Shares		Value
Electrical Equipment—(Continued)
Emerson Electric Co.		16,330	$	1,568,660
				6,181,795
Energy Equipment & Services—0.6%
Schlumberger, Ltd.		222,607		11,900,570
Entertainment—1.0%
Electronic Arts, Inc.		29,339		3,584,639
Walt Disney Co. (The) (a)		189,076		16,426,923
				20,011,562
Equity Real Estate Investment Trusts—1.9%
Kimco Realty Corp. (b)		398,741		8,445,334
Rexford Industrial Realty, Inc. (b)		90,706		4,956,176
Ryman Hospitality Properties, Inc.		108,172		8,846,306
Sun Communities, Inc.		51,078		7,304,154
Welltower, Inc.		148,962		9,764,459
				39,316,429
Food & Staples Retailing—3.4%
Performance Food Group Co. (a)		899,654		52,530,797
Sysco Corp.		223,686		17,100,795
				69,631,592
Food Products—2.0%
Archer-Daniels-Midland Co.		132,722		12,323,238
Hershey Co. (The)		89,636		20,757,009
Kellogg Co. (b)		111,139		7,917,542
				40,997,789
Health Care Equipment & Supplies—2.8%
Abbott Laboratories		75,851		8,327,681
Baxter International, Inc.		109,787		5,595,843
Boston Scientific Corp. (a)		255,654		11,829,111
DexCom, Inc. (a)		56,817		6,433,957
Edwards Lifesciences Corp. (a)		121,741		9,083,096
Insulet Corp. (a)		16,518		4,862,734
Stryker Corp.		47,056		11,504,722
				57,637,144
Health Care Providers & Services—4.3%
Agilon Health, Inc. (a) (b)		486,704		7,855,402
Centene Corp. (a) (b)		201,811		16,550,520
Elevance Health, Inc.		26,176		13,427,503
HCA Healthcare, Inc.		58,932		14,141,323
Humana, Inc.		26,523		13,584,815
Laboratory Corp. of America Holdings		4,830		1,137,368
McKesson Corp. (b)		18,432		6,914,212
Molina Healthcare, Inc. (a)		12,378		4,087,463
UnitedHealth Group, Inc.		20,287		10,755,762
				88,454,368
Hotels, Restaurants & Leisure—1.8%
Airbnb, Inc. - Class A (a)		237,261		20,285,816
Hotels, Restaurants & Leisure—(Continued)
Hyatt Hotels Corp. - Class A (a) (b)		78,563		7,106,023
Starbucks Corp. (b)		104,426		10,359,059
				37,750,898
Household Durables—0.2%
DR Horton, Inc. (b)		9,530		849,504
Lennar Corp. - Class A (b)		30,314		2,743,417
				3,592,921
Independent Power and Renewable Electricity Producers—0.6%
AES Corp. (The)		419,472		12,064,015
Industrial Conglomerates—0.8%
Honeywell International, Inc.		72,309		15,495,819
Insurance—2.8%
American International Group, Inc.		173,748		10,987,824
Arch Capital Group, Ltd. (a)		122,331		7,679,940
Assured Guaranty, Ltd. (b)		100,491		6,256,570
Chubb, Ltd.		59,174		13,053,784
Marsh & McLennan Cos., Inc.		84,930		14,054,216
Trupanion, Inc. (a) (b)		112,703		5,356,774
				57,389,108
Interactive Media & Services—5.3%
Alphabet, Inc. - Class A (a)		728,228		64,251,557
Bumble, Inc. - Class A (a) (b)		367,267		7,730,970
Cargurus, Inc. (a) (b)		496,636		6,957,870
Match Group, Inc. (a)		114,892		4,766,869
Meta Platforms, Inc. - Class A (a)		213,627		25,707,873
				109,415,139
Internet & Direct Marketing Retail—4.3%
Amazon.com, Inc. (a)		795,631		66,833,004
Etsy, Inc. (a) (b)		168,960		20,238,029
				87,071,033
IT Services—4.3%
Block, Inc. (a)		128,998		8,106,234
FleetCor Technologies, Inc. (a)		21,451		3,940,120
Genpact, Ltd. (b)		85,709		3,970,041
Global Payments, Inc. (b)		109,631		10,888,551
GoDaddy, Inc. - Class A (a) (b)		111,669		8,355,075
Okta, Inc. (a)		10,720		732,498
PayPal Holdings, Inc. (a)		127,137		9,054,697
Snowflake, Inc. - Class A (a)		5,508		790,618
VeriSign, Inc. (a)		105,503		21,674,536
Visa, Inc. - Class A (b)		60,648		12,600,228
WEX, Inc. (a)		42,701		6,988,019
				87,100,617
Life Sciences Tools & Services—2.6%
Agilent Technologies, Inc. (b)		86,619		12,962,534

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(continued)

Security Description	Shares		Value
Life Sciences Tools & Services—(Continued)
Danaher Corp.		84,748	$	22,493,814
ICON plc (a) (b)		17,993		3,495,140
Illumina, Inc. (a)		31,095		6,287,409
Syneos Health, Inc. (a)		234,628		8,606,155
				53,845,052
Machinery—1.9%
Caterpillar, Inc.		23,868		5,717,818
Flowserve Corp. (b)		147,824		4,535,240
Fortive Corp.		56,319		3,618,496
Ingersoll Rand, Inc.		80,402		4,201,004
Kennametal, Inc. (b)		90,076		2,167,229
Middleby Corp. (The) (a) (b)		32,915		4,407,318
PACCAR, Inc.		21,734		2,151,014
Westinghouse Air Brake Technologies Corp.		113,343		11,312,765
				38,110,884
Media—1.2%
Charter Communications, Inc. - Class A (a)		8,583		2,910,495
New York Times Co. (The) - Class A		151,800		4,927,428
Omnicom Group, Inc.		203,436		16,594,275
				24,432,198
Oil, Gas & Consumable Fuels—5.2%
BP plc (ADR)		883,617		30,864,742
ConocoPhillips		210,344		24,820,592
Diamondback Energy, Inc.		26,051		3,563,256
EOG Resources, Inc. (b)		56,297		7,291,587
Marathon Petroleum Corp.		100,391		11,684,509
Shell plc (ADR) (b)		492,999		28,076,293
				106,300,979
Pharmaceuticals—6.8%
Aclaris Therapeutics, Inc. (a) (b)		36,588		576,261
AstraZeneca plc (ADR)		226,106		15,329,987
Bristol-Myers Squibb Co.		62,474		4,495,004
Elanco Animal Health, Inc. (a)		203,685		2,489,031
Eli Lilly and Co.		103,971		38,036,751
GSK plc (ADR) (b)		149,652		5,258,771
Intra-Cellular Therapies, Inc. (a) (b)		36,625		1,938,195
Merck & Co., Inc.		238,853		26,500,740
Novartis AG (ADR)		85,643		7,769,533
Pfizer, Inc.		524,455		26,873,074
Royalty Pharma plc - Class A (b)		10,123		400,061
Zoetis, Inc.		61,829		9,061,040
				138,728,448
Professional Services—0.4%
Science Applications International Corp. (b)		37,855		4,199,255
TriNet Group, Inc. (a) (b)		47,713		3,234,942
				7,434,197
Road & Rail—0.4%
Knight-Swift Transportation Holdings, Inc.		140,496		7,363,395
Semiconductors & Semiconductor Equipment—3.7%
Advanced Micro Devices, Inc. (a)		168,138		10,890,298
Intel Corp.		177,455		4,690,136
KLA Corp.		23,623		8,906,580
Marvell Technology, Inc. (b)		142,659		5,284,089
Micron Technology, Inc.		174,695		8,731,256
NVIDIA Corp.		37,003		5,407,618
ON Semiconductor Corp. (a) (b)		141,779		8,842,756
Teradyne, Inc.		69,389		6,061,129
Texas Instruments, Inc.		107,212		17,713,567
				76,527,429
Software—8.4%
Adobe, Inc. (a)		14,023		4,719,160
Ceridian HCM Holding, Inc. (a)		127,811		8,199,076
Guidewire Software, Inc. (a) (b)		28,777		1,800,289
Hashicorp, Inc. - Class A (a) (b)		85,895		2,348,369
HubSpot, Inc. (a)		3,785		1,094,357
Microsoft Corp.		523,889		125,639,060
Palo Alto Networks, Inc. (a) (b)		18,617		2,597,816
Qualtrics International, Inc. - Class A (a) (b)		97,185		1,008,780
Rapid7, Inc. (a) (b)		13,379		454,619
Salesforce, Inc. (a)		87,680		11,625,491
SentinelOne, Inc. - Class A (a) (b)		39,682		578,961
ServiceNow, Inc. (a)		21,268		8,257,726
Workday, Inc. - Class A (a)		24,070		4,027,633
				172,351,337
Specialty Retail—1.3%
TJX Cos., Inc. (The)		336,877		26,815,409
Technology Hardware, Storage & Peripherals—2.8%
Apple, Inc.		441,110		57,313,422
Textiles, Apparel & Luxury Goods—0.9%
NIKE, Inc. - Class B		157,149		18,388,004
Tobacco—1.1%
Altria Group, Inc.		107,203		4,900,249
Philip Morris International, Inc.		179,269		18,143,816
				23,044,065
Trading Companies & Distributors—0.3%
United Rentals, Inc. (a) (b)		3,409		1,211,627
WESCO International, Inc. (a)		35,050		4,388,260
				5,599,887
Wireless Telecommunication Services—0.9%
T-Mobile U.S., Inc. (a)		131,803		18,452,420
Total Common Stocks (Cost $1,856,780,368)				1,992,872,669

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of December 31, 2022

Short-Term Investment—2.8%

Security Description	Principal Amount*		Value
Repurchase Agreement—2.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $56,713,065; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $57,835,809.		56,701,725	$	56,701,725
Total Short-Term Investments (Cost $56,701,725)				56,701,725
Securities Lending Reinvestments (c)—10.2%
Certificates of Deposit—4.7%
Bank of Montreal (Chicago) 4.790%, FEDEFF PRV + 0.460%, 03/02/23 (d)		6,000,000		6,000,000
Bank of Nova Scotia
4.710%, FEDEFF PRV + 0.380%, 01/06/23 (d)		4,000,000		4,000,071
4.810%, SOFR + 0.510%, 03/15/23 (d)		6,000,000		6,002,522
Canadian Imperial Bank of Commerce (NY)
4.550%, SOFR + 0.250%, 02/03/23 (d)		3,000,000		3,000,199
4.800%, SOFR + 0.500%, 03/03/23 (d)		5,000,000		5,001,914
Commonwealth Bank of Australia 4.680%, SOFR + 0.380%, 03/30/23 (d)		2,000,000		2,000,148
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (d)		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp. 4.860%, SOFR + 0.560%, 02/14/23 (d)		3,000,000		3,000,900
Mizuho Bank, Ltd. 4.850%, SOFR + 0.550%, 01/26/23 (d)		4,000,000		4,001,201
MUFG Bank Ltd. (NY) 4.810%, SOFR + 0.510%, 02/17/23 (d)		4,000,000		4,001,016
Natixis S.A. 4.750%, SOFR + 0.450%, 06/21/23 (d)		2,000,000		2,000,648
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (d)		10,000,000		10,003,945
Nordea Bank Abp (NY)
4.760%, SOFR + 0.460%, 02/13/23 (d)		2,000,000		2,000,342
4.850%, SOFR + 0.550%, 02/21/23 (d)		3,000,000		3,001,005
Royal Bank of Canada
4.550%, SOFR + 0.250%, 01/11/23 (d)		7,000,000		6,999,888
4.890%, FEDEFF PRV + 0.560%, 04/10/23 (d)		2,000,000		2,001,152
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (d)		4,000,000		4,006,071
State Street Bank and Trust Co. 4.980%, SOFR + 0.680%, 07/14/23 (d)		2,000,000		2,002,354
Sumitomo Mitsui Banking Corp. 4.710%, SOFR + 0.410%, 03/06/23 (d)		2,000,000		2,000,220
Sumitomo Mitsui Trust Bank, Ltd. 4.840%, SOFR + 0.540%, 01/10/23 (d)		3,000,000		3,000,234
Svenska Handelsbanken AB 4.900%, SOFR + 0.600%, 04/12/23 (d)		3,000,000		3,002,037
Toronto-Dominion Bank (The) 4.550%, SOFR + 0.250%, 02/09/23 (d)		3,000,000		2,999,869
Certificates of Deposit—(Continued)
Westpac Banking Corp.
4.530%, SOFR + 0.230%, 02/17/23 (d)		8,000,000		7,999,120
4.850%, SOFR + 0.550%, 02/22/23 (d)		2,000,000		2,000,682
				95,025,538
Commercial Paper—1.2%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (d)		5,000,000		5,001,265
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (d)		7,000,000		7,009,534
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (d)		6,000,000		6,001,620
Skandinaviska Enskilda Banken AB
4.980%, SOFR + 0.680%, 05/03/23 (d)		2,000,000		2,001,976
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (d)		5,000,000		5,000,000
				25,014,395
Repurchase Agreements—3.8%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $10,250,264; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $10,200,001.		10,000,000		10,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $17,074,526; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $17,422,837.		17,066,372		17,066,372
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $10,004,800; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $10,238,692.		10,000,000		10,000,000
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $8,807,392; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $8,996,928.		8,800,000		8,800,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $24,120,853; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $26,240,768.		24,100,000		24,100,000

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (c)—(continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.570%, due on 02/03/23 with a maturity value of $3,013,329; collateralized by various Common Stock with an aggregate market value of $3,333,757.		3,000,000	$	3,000,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $700,331; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $715,264.		700,000		700,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $4,704,039; collateralized by various Common Stock with an aggregate market value of $5,232,002.		4,700,000		4,700,000
				78,366,372
Time Deposit—0.5%
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (d)		10,000,000		10,000,000
Total Securities Lending Reinvestments (Cost $208,366,485)				208,406,305
Total Investments—110.4% (Cost $2,121,848,578)				2,257,980,699
Other assets and liabilities (net)—(10.4)%				(212,792,608	)
Net Assets—100.0%			$	2,045,188,091

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $202,960,339 and the collateral received consisted of cash in the amount of $208,366,509. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(d)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
S&P 500 Index E-Mini Futures		03/17/23		138		USD	26,640,900	$	(936,971	)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	1,992,872,669		$	—		$	—	$	1,992,872,669
Total Short-Term Investment*		—			56,701,725			—		56,701,725
Total Securities Lending Reinvestments*		—			208,406,305			—		208,406,305
Total Investments	$	1,992,872,669		$	265,108,030		$	—	$	2,257,980,699
Collateral for Securities Loaned (Liability)	$	—		$	(208,366,509	)	$	—	$	(208,366,509	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(936,971	)	$	—		$	—	$	(936,971	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	2,257,980,699
Cash collateral for futures contracts		1,462,800
Receivable for:
Investments sold		727,093
Fund shares sold		52,761
Dividends and interest		1,607,674
Prepaid expenses		8,240
Total Assets		2,261,839,267
Liabilities
Collateral for securities loaned		208,366,509
Payables for:
Investments purchased		5,747,696
Fund shares redeemed		1,175,472
Variation margin on futures contracts		74,175
Accrued Expenses:
Management fees		872,811
Distribution and service fees		26,068
Deferred trustees’ fees		163,276
Other expenses		225,169
Total Liabilities		216,651,176
Net Assets	$	2,045,188,091
Net Assets Consist of:
Paid in surplus	$	1,808,359,505
Distributable earnings (Accumulated losses)		236,828,586
Net Assets	$	2,045,188,091
Net Assets
Class A	$	1,899,552,500
Class B		81,785,387
Class E		63,850,204
Capital Shares Outstanding*
Class A		162,172,061
Class B		7,257,685
Class E		5,537,790
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.71
Class B		11.27
Class E		11.53

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,121,848,578.
(b)	Includes securities loaned at value of $202,960,339.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	29,787,035
Interest		172,464
Securities lending income		681,404
Total investment income		30,640,903
Expenses
Management fees		12,787,034
Administration fees		96,382
Custodian and accounting fees		119,895
Distribution and service fees—Class B		232,072
Distribution and service fees—Class E		106,880
Audit and tax services		46,352
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		112,911
Insurance		19,160
Miscellaneous		22,051
Total expenses		13,597,392
Less management fee waiver		(1,680,598	)
Less broker commission recapture		(19,066	)
Net expenses		11,897,728
Net Investment Income		18,743,175
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		87,828,391
Futures contracts		192,514
Foreign currency transactions		896
Net realized gain (loss)		88,021,801
Net change in unrealized appreciation (depreciation) on:
Investments		(617,473,257	)
Futures contracts		(936,971	)
Net change in unrealized appreciation (depreciation)		(618,410,228	)
Net realized and unrealized gain (loss)		(530,388,427	)
Net Increase (Decrease) in Net Assets From Operations	$	(511,645,252	)

(a) Net of foreign withholding taxes of $80,056.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	18,743,175		$	17,669,945
Net realized gain (loss)		88,021,801			491,188,637
Net change in unrealized appreciation (depreciation)		(618,410,228	)		80,605,759
Increase (decrease) in net assets from operations		(511,645,252	)		589,464,341
From Distributions to Shareholders
Class A		(465,831,897	)		(268,179,609	)
Class B		(20,586,065	)		(12,701,849	)
Class E		(15,766,431	)		(9,253,185	)
Total distributions		(502,184,393	)		(290,134,643	)
Increase (decrease) in net assets from capital share transactions		291,101,383			(118,466,615	)
Total increase (decrease) in net assets		(722,728,262	)		180,863,083
Net Assets
Beginning of period		2,767,916,353			2,587,053,270
End of period	$	2,045,188,091		$	2,767,916,353

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		602,631		$	8,108,812			620,046		$	11,328,152
Reinvestments		40,826,634			465,831,897			15,619,080			268,179,609
Redemptions		(13,952,582	)		(196,749,122	)		(21,137,151	)		(385,159,212	)
Net increase (decrease)		27,476,683		$	277,191,587			(4,898,025	)	$	(105,651,451	)
Class B
Sales		448,026		$	6,039,433			409,790		$	7,182,357
Reinvestments		1,873,163			20,586,065			761,502			12,701,849
Redemptions		(1,463,898	)		(20,799,988	)		(1,732,149	)		(30,523,206	)
Net increase (decrease)		857,291		$	5,825,510			(560,857	)	$	(10,639,000	)
Class E
Sales		101,490		$	1,360,969			245,766		$	4,472,136
Reinvestments		1,402,707			15,766,431			545,267			9,253,185
Redemptions		(643,725	)		(9,043,114	)		(884,124	)		(15,901,485	)
Net increase (decrease)		860,472		$	8,084,286			(93,091	)	$	(2,176,164	)
Increase (decrease) derived from capital shares transactions				$	291,101,383					$	(118,466,615	)

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	19.02		$	17.12		$	15.21		$	13.19		$	16.02
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.12			0.12			0.15			0.17			0.17
Net realized and unrealized gain (loss)		(3.83	)		3.84			2.92			3.82			(0.93	)
Total income (loss) from investment operations		(3.71	)		3.96			3.07			3.99			(0.76	)
Less Distributions
Distributions from net investment income		(0.12	)		(0.17	)		(0.17	)		(0.18	)		(0.17	)
Distributions from net realized capital gains		(3.48	)		(1.89	)		(0.99	)		(1.79	)		(1.90	)
Total distributions		(3.60	)		(2.06	)		(1.16	)		(1.97	)		(2.07	)
Net Asset Value, End of Period	$	11.71		$	19.02		$	17.12		$	15.21		$	13.19
Total Return (%) (b)		(19.02	)		24.38			22.27			32.07			(6.15	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58			0.57			0.59			0.59			0.58
Net ratio of expenses to average net assets (%) (c) (d)		0.51			0.50			0.51			0.51			0.51
Ratio of net investment income (loss) to average net assets (%)		0.84			0.67			1.00			1.14			1.12
Portfolio turnover rate (%)		54			60			76			55			64
Net assets, end of period (in millions)	$	1,899.6		$	2,562.0		$	2,390.3		$	2,197.0		$	1,896.0
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	18.45		$	16.67		$	14.83		$	12.90		$	15.71
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.08			0.07			0.11			0.13			0.13
Net realized and unrealized gain (loss)		(3.71	)		3.73			2.86			3.73			(0.91	)
Total income (loss) from investment operations		(3.63	)		3.80			2.97			3.86			(0.78	)
Less Distributions
Distributions from net investment income		(0.07	)		(0.13	)		(0.14	)		(0.14	)		(0.13	)
Distributions from net realized capital gains		(3.48	)		(1.89	)		(0.99	)		(1.79	)		(1.90	)
Total distributions		(3.55	)		(2.02	)		(1.13	)		(1.93	)		(2.03	)
Net Asset Value, End of Period	$	11.27		$	18.45		$	16.67		$	14.83		$	12.90
Total Return (%) (b)		(19.21	)		24.03			22.03			31.70			(6.40	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.82			0.84			0.84			0.83
Net ratio of expenses to average net assets (%) (c) (d)		0.76			0.75			0.76			0.76			0.76
Ratio of net investment income (loss) to average net assets (%)		0.59			0.42			0.75			0.89			0.87
Portfolio turnover rate (%)		54			60			76			55			64
Net assets, end of period (in millions)	$	81.8		$	118.1		$	116.0		$	112.4		$	100.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	18.78		$	16.93		$	15.05		$	13.07		$	15.89
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.10			0.09			0.12			0.14			0.15
Net realized and unrealized gain (loss)		(3.78	)		3.79			2.90			3.79			(0.92	)
Total income (loss) from investment operations		(3.68	)		3.88			3.02			3.93			(0.77	)
Less Distributions
Distributions from net investment income		(0.09	)		(0.14	)		(0.15	)		(0.16	)		(0.15	)
Distributions from net realized capital gains		(3.48	)		(1.89	)		(0.99	)		(1.79	)		(1.90	)
Total distributions		(3.57	)		(2.03	)		(1.14	)		(1.95	)		(2.05	)
Net Asset Value, End of Period	$	11.53		$	18.78		$	16.93		$	15.05		$	13.07
Total Return (%) (b)		(19.12	)		24.20			22.10			31.83			(6.29	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73			0.72			0.74			0.74			0.73
Net ratio of expenses to average net assets (%) (c) (d)		0.66			0.65			0.66			0.66			0.66
Ratio of net investment income (loss) to average net assets (%)		0.69			0.52			0.85			0.99			0.97
Portfolio turnover rate (%)		54			60			76			55			64
Net assets, end of period (in millions)	$	63.9		$	87.9		$	80.8		$	75.7		$	64.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for each of the years ended December 31, 2022 through 2018. (see Note 6 of the Notes to Financial Statements).
(d)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Brighthouse/Wellington Large Cap Research Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-15

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-16

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $56,701,725. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $78,366,372. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign

BHFTI-17

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)	$	936,971

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	192,514
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(936,971	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	19,233,825

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely

BHFTI-18

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate

BHFTI-19

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	1,228,299,206	$	0	$	1,448,909,894

The Portfolio engaged in security transactions with other accounts managed by Wellington Management Company LLP, the subadviser to the Portfolio, that amounted to $967,839 in purchases of investments and $346,203 in sales of investments, which are included above, and resulted in net realized losses of $326,525.

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$12,787,034		0.625	%	First $250 million
		0.600	%	$250 million to $500 million
		0.575	%	$500 million to $1 billion
		0.550	%	$1 billion to $2 billion
		0.500	%	Over $2 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Wellington Management Company LLP (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.070%	First $250 million
0.045%	$250 million to $2 billion
0.005%	Over $2 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $974,598 and are included in the total amount shown as management fee waivers in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $706,000 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

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

BHFTI-20

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,155,248,254
Gross unrealized appreciation		300,771,465
Gross unrealized (depreciation)		(198,039,020	)
Net unrealized appreciation (depreciation)	$	102,732,445

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$143,357,892	$	61,754,573	$	358,826,501	$	228,380,070	$	502,184,393	$	290,134,643

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$17,576,114	$	116,683,304	$	102,732,445	$	—	$	236,991,863

BHFTI-21

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-22

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Brighthouse/Wellington Large Cap Research Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brighthouse/Wellington Large Cap Research Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Brighthouse/Wellington Large Cap Research Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-23

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-24

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-25

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-26

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-27

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Brighthouse/Wellington Large Cap Research Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Wellington Management Company LLP regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of one of its Performance Universes for the one- and three-year periods ended June 30, 2022 and underperformed the median of that Performance Universe for the five-year period ended June 30, 2022. The Board also considered that the Portfolio underperformed the median of its other Performance Universe for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed the average of its Morningstar Category for the one- and three-year periods and underperformed the average of such Morningstar Category for the five-year period ended June 30, 2022. The Board also considered that the Portfolio underperformed the average of a different, but still comparable, Morningstar Category for the one-year period ended June 30, 2022, outperformed the average of such Morningstar Category for the three-year period ended June 30, 2022, and performed

BHFTI-28

Brighthouse Funds Trust I

Brighthouse/Wellington Large Cap Research Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

equal to the average of such Morningstar Category for the five-year period ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the S&P 500 Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-29

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Managed by CBRE Investment Management Listed Real Assets LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the CBRE Global Real Estate Portfolio returned -24.71%, -24.99%, and -24.89%, respectively. The Portfolio’s benchmark, the FTSE EPRA/NAREIT Developed Index¹, returned -25.09%.

MARKET ENVIRONMENT / CONDITIONS

For 2022, global real estate stocks finished down -25.1%, as the world’s capital markets battled the headwinds of a sharp rise in inflation, a significant increase in interest rates, geopolitical uncertainty, and the increasing probability of a global economic slowdown. In a year of higher interest rates and lower economic growth, we find the underperformance to be striking considering that global real estate investment trusts (“REITs”) have resilient earnings compared to broad market equities, growing dividends compared to bonds, and the same underlying assets as private real estate.

While all regions were down for the year, the Asia-Pacific region outperformed the benchmark (-9.0%), while the Americas (-25.6%) and Europe (-40.9%) lagged. In most markets, we believe the underlying fundamentals remained strong. The average earnings growth for the sector averaged slightly over 10% and dividend growth in 2022 was nearly 15%. Companies in several regions and sectors saw material increases in occupancy and were able to raise rents accordingly.

We believe that the underperformance of global REITs in 2022 has likely created what we believed was an opportunity for investors based on valuations at the end of the year. At the end of the year, global REITs traded at an approximately 18% discount to estimates of net asset value (“NAV”) or intrinsic value — estimates that we have already lowered by approximately 14% to reflect market conditions and the current economic landscape. Historically, when REIT valuations have traded at material discounts to NAV, investors have benefited from buying the space.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the benchmark during the period as value was added in each of the three major geographic regions. Sector allocation decisions drove the outperformance as stock selection modestly detracted from relative performance during the period. The European region was the top contributor to performance, followed by the Americas and the Asia-Pacific region.

In Europe, stock selection and sector allocations contributed to relative performance. The Portfolio was underweight both the United Kingdom (“U.K.”) as well as Continental Europe (the “Continent”) as these markets underperformed for the year. Stock selection on the Continent was positive but stock selection in the U.K. was a slight detractor from performance. Relative outperformance within the Americas region was driven by positive stock selection in Canada as well as positive contributions from positioning in the U.S. Data Center, Mall, and Healthcare sectors. Throughout the year, the Portfolio continued to be underweight the U.S. Office sector, which helped performance as conditions continued to be challenging given the shift to a more flexible work environment. In the Asia-Pacific region, relative performance was essentially flat as positive sector allocation within the region was mostly offset by sub-par stock selection. Favorable positioning in Japan and Hong Kong was mostly offset by underperformance in Australia.

At period end, in North America, we were overweight Canadian real estate stocks with an emphasis on Residential, Industrial, and Retail. In the U.S., we were overweight Single-Family Home for Rent, Storage, Malls, Hotels, and Data Centers. In Japan, we preferred Mid-cap Diversified and Hotel REITs that are providing earnings growth and resiliency at very attractive relative valuations and select Real Estate Operating Companies that have committed to improving their corporate governance. In Hong Kong, we were overweight Diversified companies with a commercial bias and Non-Discretionary Retail. In Australia, we preferred Retail, Industrial, and a few select Diversified companies. In the U.K., we favored the Storage and Residential sectors, as well as attractively priced Diversified companies. Within the Continent, we had a positive bias to Retail, Industrial, Storage, and select Diversified companies.

Joseph P. Smith

Christopher S. Reich

Kenneth S. Weinberg

Portfolio Managers

CBRE Investment Management Listed Real Assets LLC

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

¹ The FTSE EPRA/NAREIT Developed Index is designed to track the performance of listed real estate companies and Real Estate Investment Trusts worldwide.

BHFTI-1

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

A $10,000 INVESTMENT COMPARED TO THE FTSE EPRA/NAREIT DEVELOPED INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
CBRE Global Real Estate Portfolio
Class A		–24.71		2.06		3.77
Class B		–24.99		1.77		3.50
Class E		–24.89		1.89		3.61
FTSE EPRA /NAREIT Developed Index		–25.09		–0.23		2.99

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Prologis, Inc. (REIT)		9.4
Equinix, Inc. (REIT)		7.0
Simon Property Group, Inc. (REIT)		6.9
Invitation Homes, Inc. (REIT)		4.0
Link REIT (REIT)		3.0
Public Storage (REIT)		3.0
Essex Property Trust, Inc. (REIT)		2.7
Alexandria Real Estate Equities, Inc. (REIT)		2.5
CubeSmart (REIT)		2.3
Life Storage, Inc. (REIT)		2.1

Top Countries

	% of Net Assets
United States		60.1
Japan		10.1
Hong Kong		6.1
Canada		4.5
Australia		3.4
United Kingdom		3.3
France		3.0
Singapore		2.7
Belgium		2.2
Sweden		1.0

BHFTI-2

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

CBRE Global Real Estate Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.65	%	$	1,000.00	$	968.70	$	3.23
	Hypothetical*		0.65	%	$	1,000.00	$	1,021.93	$	3.31
Class B (a)	Actual		0.90	%	$	1,000.00	$	966.60	$	4.46
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.67	$	4.58
Class E (a)	Actual		0.80	%	$	1,000.00	$	967.70	$	3.97
	Hypothetical*		0.80	%	$	1,000.00	$	1,021.17	$	4.08

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-3

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—99.1% of Net Assets

Security Description	Shares		Value
Australia—3.4%
Goodman Group (REIT)		878,202	$	10,317,659
Ingenia Communities Group (REIT)		1,336,798		4,062,556
Rural Funds Group (REIT)		2,832,233		4,623,912
Scentre Group (REIT)		6,853,455		13,326,253
				32,330,380
Austria—0.5%
CA Immobilien Anlagen AG (a)(b)		158,346		4,792,928
Belgium—2.2%
Aedifica S.A. (REIT)		63,559		5,172,849
Cofinimmo S.A. (REIT)		65,737		5,906,175
Shurgard Self Storage S.A.		77,334		3,554,778
Warehouses De Pauw NV (REIT)		209,329		5,985,686
				20,619,488
Canada—4.5%
Boardwalk Real Estate Investment Trust (REIT) (a)		119,544		4,364,151
Chartwell Retirement Residences (a)		586,502		3,655,891
First Capital Real Estate Investment Trust (REIT) (a)		604,015		7,498,886
H&R Real Estate Investment Trust (REIT) (a)		816,690		7,304,369
Killam Apartment Real Estate Investment Trust (REIT)		238,625		2,856,803
RioCan Real Estate Investment Trust (REIT) (a)		709,294		11,068,968
Tricon Residential, Inc. (a)		788,612		6,080,199
				42,829,267
France—3.0%
ICADE (REIT)		101,782		4,400,948
Klepierre S.A. (REIT) (b)		483,730		11,188,897
Mercialys S.A. (REIT)		335,942		3,523,761
Unibail—Rodamco-Westfield (REIT) (b)		88,571		4,621,571
Unibail—Rodamco-Westfield (REIT) (Interim Shares) (b)		93,777		4,881,652
				28,616,829
Hong Kong—6.1%
Hang Lung Properties, Ltd.		5,332,680		10,353,802
Kerry Properties, Ltd.		482,365		1,050,717
Link REIT (REIT)		3,868,662		28,405,736
Sino Land Co., Ltd. (a)		3,268,776		4,071,242
Sun Hung Kai Properties, Ltd.		1,048,703		14,351,104
				58,232,601
Japan—10.1%
Activia Properties, Inc. (REIT)		2,443		7,663,037
AEON REIT Investment Corp. (REIT)		3,953		4,641,385
GLP J-REIT (REIT)		8,026		9,233,970
Hulic Reit, Inc. (REIT)		1,907		2,374,197
Japan Hotel REIT Investment Corp. (REIT)		20,391		11,995,356
Japan Metropolitan Fund Investment Corp. (REIT)		17,875		14,206,511
Kenedix Retail REIT Corp. (REIT)		1,410		2,728,025
LaSalle Logiport (REIT)		10,918		13,317,071
Mitsui Fudosan Co., Ltd.		551,557		10,076,362
Orix JREIT, Inc. (REIT)		8,225		11,663,538
Tokyu Fudosan Holdings Corp.		1,889,768		8,969,523
				96,868,975
Netherlands—0.5%
Eurocommercial Properties NV (REIT)		200,185		4,829,057
Singapore — 2.7%
CapitaLand Ascendas REIT		6,188,890		12,671,057
Frasers Logistics & Industrial Trust (REIT)		9,289,040		8,025,893
Lendlease Global Commercial (REIT)		10,578,720		5,571,520
				26,268,470
Spain—0.9%
Merlin Properties Socimi S.A. (REIT)		951,731		8,968,392
Sweden—1.0%
Catena AB		72,799		2,712,425
Hufvudstaden AB—A Shares		211,889		3,018,450
Pandox AB (b)		319,012		3,569,506
				9,300,381
Switzerland—0.8%
PSP Swiss Property AG		61,809		7,268,584
United Kingdom — 3.3%
British Land Co. plc (The) (REIT)		1,452,480		6,945,165
Grainger plc		2,645,302		8,033,184
NewRiver REIT plc (REIT)		2,431,447		2,291,830
Safestore Holdings plc (REIT)		498,883		5,704,794
Target Healthcare REIT plc (REIT)		1,875,860		1,819,904
UNITE Group plc (The) (REIT)		592,981		6,529,284
				31,324,161
United States—60.1%
Alexandria Real Estate Equities, Inc. (REIT)		166,816		24,300,087
Apartment Income REIT Corp. (REIT)		173,251		5,944,242
Brixmor Property Group, Inc. (REIT)		258,999		5,871,507
Broadstone Net Lease, Inc. (REIT) (a)		446,619		7,239,694
Camden Property Trust (REIT)		126,641		14,168,595
CubeSmart (REIT) (a)		536,224		21,583,016
DiamondRock Hospitality Co. (REIT) (a)		429,285		3,515,844
Digital Realty Trust, Inc. (REIT)		188,789		18,929,873
Equinix, Inc. (REIT)		101,820		66,695,155
Essex Property Trust, Inc. (REIT)		120,457		25,527,247
Four Corners Property Trust, Inc. (REIT) (a)		203,901		5,287,153
Host Hotels & Resorts, Inc. (REIT)		615,401		9,877,186
Independence Realty Trust, Inc. (REIT) (a)		371,451		6,262,664
Invitation Homes, Inc. (REIT) (a)		1,295,196		38,389,609
Iron Mountain, Inc. (REIT) (a)		172,232		8,585,765
Kite Realty Group Trust (REIT) (a)		176,670		3,718,903
Life Storage, Inc. (REIT)		202,994		19,994,909
Mid-America Apartment Communities, Inc. (REIT)		86,677		13,607,422
National Retail Properties, Inc. (REIT) (a)		368,118		16,845,080
Park Hotels & Resorts, Inc. (REIT) (a)		569,102		6,709,713
Pebblebrook Hotel Trust (REIT) (a)		490,642		6,569,696
Piedmont Office Realty Trust, Inc. (REIT)—Class A		460,910		4,226,545
Prologis, Inc. (REIT)		792,820		89,374,599
Public Storage (REIT)		101,250		28,369,237
Simon Property Group, Inc. (REIT)		556,885		65,422,850
Spirit Realty Capital, Inc. (REIT) (a)		354,521		14,156,024
STAG Industrial, Inc. (REIT) (a)		449,213		14,514,072

See accompanying notes to financial statements.

BHFTI-4

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
United States—(Continued)
Sunstone Hotel Investors, Inc. (REIT) (a)		683,960	$	6,607,054
Ventas, Inc. (REIT)		390,343		17,584,952
Xenia Hotels & Resorts, Inc. (REIT)		257,053		3,387,959
				573,266,652
Total Common Stocks (Cost $1,006,232,820)				945,516,165
Short-Term Investment—0.6%
Repurchase Agreement —0.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $5,398,855; collateralized by U.S. Treasury Bond at 3.375%, maturing 11/15/48, with a market value of $5,505,814.		5,397,776		5,397,776
Total Short-Term Investments (Cost $5,397,776)				5,397,776
Securities Lending Reinvestments (c)—11.4%
Certificates of Deposit—0.9%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (d)		1,000,000		1,001,351
Bank of Nova Scotia 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (d)		1,000,000		1,000,018
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (d)		1,000,000		1,000,071
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (d)		1,000,000		1,000,000
4.830%, SOFR + 0.530%, 02/01/23 (d)		1,000,000		1,000,209
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (d)		1,000,000		1,000,394
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (d)		2,000,000		2,003,036
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (d)		1,000,000		1,000,000
				9,005,079
Commercial Paper—0.5%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (d)		1,000,000		1,000,253
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (d)		1,000,000		1,001,362
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (d)		1,000,000		1,000,270
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (d)		2,000,000		2,000,000
				5,001,885
Repurchase Agreements—7.1%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $2,008,983; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $18,076,591; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $18,445,344.		18,067,958		18,067,958
National Bank Financial Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $5,002,400; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $5,119,346.		5,000,000		5,000,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $10,091,330; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $10,308,496.		10,082,860		10,082,860
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $7,006,057; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $7,621,800.		7,000,000		7,000,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,000,472; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $1,021,806.		1,000,000		1,000,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $1,394,242; collateralized by various Common Stock with an aggregate market value of $1,550,821.		1,393,562		1,393,562
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $9,004,410; collateralized by various Common Stock with an aggregate market value of $10,017,348.		9,000,000		9,000,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $800,688; collateralized by various Common Stock with an aggregate market value of $890,554.		800,000		800,000

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $11,005,378; collateralized by various Common Stock with an aggregate market value of $12,213,966.		11,000,000	$	11,000,000
				67,344,380
Mutual Funds — 2.9%
Allspring Government Money Market Fund, Select Class 4.090% (e)		2,000,000		2,000,000
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (e)		2,000,000		2,000,000
Fidelity Government Portfolio, Class I 4.060% (e)		1,000,000		1,000,000
Fidelity Government Portfolio, Institutional Class 4.100% (e)		5,000,000		5,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (e)		2,000,000		2,000,000
HSBC U.S. Government Money Market Fund, Intermediary Class 4.130% (e)		5,000,000		5,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (e)		700,000		700,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (e)		5,000,000		5,000,000
Western Asset Institutional Government Reserves Fund, Institutional Shares 4.220% (e)		5,000,000		5,000,000
				27,700,000
Total Securities Lending Reinvestments (Cost $109,044,403)				109,051,344
Total Investments— 111.1% (Cost $1,120,674,999)				1,059,965,285
Other assets and liabilities (net) — (11.1)%				(105,706,447	)
Net Assets — 100.0%			$	954,258,838

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $106,643,921 and the collateral received consisted of cash in the amount of $109,044,407 and non-cash collateral with a value of $1,149,292. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(d)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

Ten Largest Industries as of December 31, 2022 (Unaudited)	% of Net Assets
Retail REIT’s	23.6
Specialized REIT’s	18.8
Industrial REIT’s	17.1
Residential REIT’s	12.8
Real Estate Operating Companies	5.2
Hotel & Resort REITs	5.1
Diversified REIT’s	4.7
Office REIT’s	4.2
Diversified Real Estate Activities	3.6
Health Care REITs	3.2

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(SOFR)—	Secured Overnight Financing Rate
Other Abbreviations
(REIT)—	Real Estate Investment Trust

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	32,330,380		$	—	$	32,330,380
Austria		—		4,792,928			—		4,792,928
Belgium		—		20,619,488			—		20,619,488
Canada		42,829,267		—			—		42,829,267
France		4,881,652		23,735,177			—		28,616,829
Hong Kong		—		58,232,601			—		58,232,601
Japan		—		96,868,975			—		96,868,975
Netherlands		—		4,829,057			—		4,829,057
Singapore		—		26,268,470			—		26,268,470
Spain		—		8,968,392			—		8,968,392
Sweden		—		9,300,381			—		9,300,381
Switzerland		—		7,268,584			—		7,268,584
United Kingdom		—		31,324,161			—		31,324,161
United States		573,266,652		—			—		573,266,652
Total Common Stocks		620,977,571		324,538,594			—		945,516,165
Total Short-Term Investment*		—		5,397,776			—		5,397,776
Securities Lending Reinvestments
Certificates of Deposit		—		9,005,079			—		9,005,079
Commercial Paper		—		5,001,885			—		5,001,885
Repurchase Agreements		—		67,344,380			—		67,344,380
Mutual Funds		27,700,000		—			—		27,700,000
Total Securities Lending Reinvestments		27,700,000		81,351,344			—		109,051,344
Total Investments	$	648,677,571	$	411,287,714		$	—	$	1,059,965,285
Collateral for Securities Loaned (Liability)	$	—	$	(109,044,407	)	$	—	$	(109,044,407	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,059,965,285
Cash		11,507
Cash denominated in foreign currencies (c)		770,764
Receivable for:
Fund shares sold		35,014
Dividends and interest		3,641,430
Prepaid expenses		3,802
Total Assets		1,064,427,802
Liabilities
Collateral for securities loaned		109,044,407
Payables for:
Fund shares redeemed		193,574
Accrued Expenses:
Management fees		493,997
Distribution and service fees		75,682
Deferred trustees’ fees		163,276
Other expenses		198,028
Total Liabilities		110,168,964
Net Assets	$	954,258,838
Net Assets Consist of:
Paid in surplus	$	1,012,522,700
Distributable earnings (Accumulated losses)		(58,263,862	)
Net Assets	$	954,258,838
Net Assets
Class A	$	594,086,946
Class B		337,853,556
Class E		22,318,336
Capital Shares Outstanding*
Class A		61,918,460
Class B		35,403,125
Class E		2,327,664
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.59
Class B		9.54
Class E		9.59

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,120,674,999.
(b)	Includes securities loaned at value of $106,643,921.
(c)	Identified cost of cash denominated in foreign currencies was $770,764.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	31,546,004
Interest		14,618
Securities lending income		162,334
Total investment income		31,722,956
Expenses
Management fees		6,745,576
Administration fees		53,454
Custodian and accounting fees		183,537
Distribution and service fees—Class B		958,629
Distribution and service fees—Class E		38,353
Audit and tax services		51,552
Legal		45,080
Trustees’ fees and expenses		9,574
Shareholder reporting		86,738
Insurance		9,477
Miscellaneous		54,753
Total expenses		8,236,723
Less management fee waiver		(397,193	)
Less broker commission recapture		(97,628	)
Net expenses		7,741,902
Net Investment Income		23,981,054
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(6,363,073	)
Foreign currency transactions		(525,334	)
Net realized gain (loss)		(6,888,407	)
Net change in unrealized appreciation (depreciation) on:
Investments		(338,942,847	)
Foreign currency transactions		(30,770	)
Net change in unrealized appreciation (depreciation)		(338,973,617	)
Net realized and unrealized gain (loss)		(345,862,024	)
Net Increase (Decrease) in Net Assets From Operations	$	(321,880,970	)

(a) Net of foreign withholding taxes of $1,246,838.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	23,981,054		$	19,989,792
Net realized gain (loss)		(6,888,407	)		208,289,575
Net change in unrealized appreciation (depreciation)		(338,973,617	)		164,507,871
Increase (decrease) in net assets from operations		(321,880,970	)		392,787,238
From Distributions to Shareholders
Class A		(91,857,121	)		(25,070,933	)
Class B		(52,303,267	)		(13,592,164	)
Class E		(3,528,793	)		(880,014	)
Total distributions		(147,689,181	)		(39,543,111	)
Increase (decrease) in net assets from capital share transactions		65,116,131			(254,579,358	)
Total increase (decrease) in net assets		(404,454,020	)		98,664,769
Net Assets
Beginning of period		1,358,712,858			1,260,048,089
End of period	$	954,258,838		$	1,358,712,858

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		1,370,550		$	13,527,384			740,107		$	9,675,494
Reinvestments		9,363,621			91,857,121			1,873,762			25,070,933
Redemptions		(4,342,489	)		(56,284,551	)		(15,511,467	)		(209,253,658	)
Net increase (decrease)		6,391,682		$	49,099,954			(12,897,598	)	$	(174,507,231	)
Class B
Sales		1,633,977		$	17,147,824			1,220,598		$	16,267,709
Reinvestments		5,353,456			52,303,267			1,020,433			13,592,164
Redemptions		(4,518,639	)		(55,190,679	)		(8,062,699	)		(106,967,473	)
Net increase (decrease)		2,468,794		$	14,260,412			(5,821,668	)	$	(77,107,600	)
Class E
Sales		152,089		$	1,703,546			169,891		$	2,274,373
Reinvestments		359,714			3,528,793			65,771			880,014
Redemptions		(301,952	)		(3,476,574	)		(456,577	)		(6,118,914	)
Net increase (decrease)		209,851		$	1,755,765			(220,915	)	$	(2,964,527	)
Increase (decrease) derived from capital shares transactions				$	65,116,131					$	(254,579,358	)

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.03		$	11.53		$	12.97		$	10.72		$	12.45
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.27			0.21			0.47			0.30			0.30
Net realized and unrealized gain (loss)		(3.96	)		3.70			(1.16	)		2.36			(1.29	)
Total income (loss) from investment operations		(3.69	)		3.91			(0.69	)		2.66			(0.99	)
Less Distributions
Distributions from net investment income		(0.55	)		(0.41	)		(0.52	)		(0.41	)		(0.74	)
Distributions from net realized capital gains		(1.20	)		0.00			(0.23	)		0.00			0.00
Total distributions		(1.75	)		(0.41	)		(0.75	)		(0.41	)		(0.74	)
Net Asset Value, End of Period	$	9.59		$	15.03		$	11.53		$	12.97		$	10.72
Total Return (%) (b)		(24.71	)		34.35	(c)(d)		(4.53	)(c)(d)		25.10			(8.36	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68			0.65			0.67			0.67			0.66
Net ratio of expenses to average net assets (%)(e)		0.64			0.62			0.64			0.65			0.66
Ratio of net investment income (loss) to average net assets (%)		2.33			1.59			4.35			2.47			2.60
Portfolio turnover rate (%)		91			70			93			77			106
Net assets, end of period (in millions)	$	594.1		$	834.7		$	788.7		$	767.0		$	747.2
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.95		$	11.47		$	12.90		$	10.66		$	12.39
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.24			0.18			0.43			0.27			0.27
Net realized and unrealized gain (loss)		(3.94	)		3.68			(1.14	)		2.35			(1.30	)
Total income (loss) from investment operations		(3.70	)		3.86			(0.71	)		2.62			(1.03	)
Less Distributions
Distributions from net investment income		(0.51	)		(0.38	)		(0.49	)		(0.38	)		(0.70	)
Distributions from net realized capital gains		(1.20	)		0.00			(0.23	)		0.00			0.00
Total distributions		(1.71	)		(0.38	)		(0.72	)		(0.38	)		(0.70	)
Net Asset Value, End of Period	$	9.54		$	14.95		$	11.47		$	12.90		$	10.66
Total Return (%) (b)		(24.99	)		34.07	(c)(d)		(4.77	)(c)(d)		24.81			(8.64	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93			0.90			0.92			0.92			0.91
Net ratio of expenses to average net assets (%)(e)		0.89			0.87			0.89			0.90			0.91
Ratio of net investment income (loss) to average net assets (%)		2.08			1.35			4.03			2.22			2.34
Portfolio turnover rate (%)		91			70			93			77			106
Net assets, end of period (in millions)	$	337.9		$	492.3		$	444.4		$	470.4		$	448.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.02		$	11.52		$	12.96		$	10.70		$	12.44
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.25			0.19			0.44			0.29			0.28
Net realized and unrealized gain (loss)		(3.95	)		3.70			(1.15	)		2.36			(1.30	)
Total income (loss) from investment operations		(3.70	)		3.89			(0.71	)		2.65			(1.02	)
Less Distributions
Distributions from net investment income		(0.53	)		(0.39	)		(0.50	)		(0.39	)		(0.72	)
Distributions from net realized capital gains		(1.20	)		0.00			(0.23	)		0.00			0.00
Total distributions		(1.73	)		(0.39	)		(0.73	)		(0.39	)		(0.72	)
Net Asset Value, End of Period	$	9.59		$	15.02		$	11.52		$	12.96		$	10.70
Total Return (%) (b)		(24.89	)		34.21	(c)(d)		(4.71	)(c)(d)		25.05			(8.60	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.80			0.82			0.82			0.81
Net ratio of expenses to average net assets (%) (e)		0.79			0.77			0.79			0.80			0.81
Ratio of net investment income (loss) to average net assets (%)		2.18			1.47			4.05			2.33			2.44
Portfolio turnover rate (%)		91			70			93			77			106
Net assets, end of period (in millions)	$	22.3		$	31.8		$	26.9		$	31.3		$	27.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.
(d)	Includes gains from settlement of security litigations; excluding these gains, the total return for Class A, Class B and Class E would have been 33.99%, 33.71% and 33.85% for the year ended December 31, 2021, and (4.70)%, (4.93)% and (4.88)% for the year ended December 31, 2020, respectively.
(e)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-12

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the amount of $217,214 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTI-13

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $5,397,776. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $67,344,380. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of

BHFTI-14

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into

BHFTI-15

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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

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

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

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases		Sales
U.S. Government	Non-U.S. Government	U.S. Government	Non-U.S. Government
$0	$981,569,513	$0	$1,023,805,928

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$6,745,576		0.700	%	First $200 million
		0.650	%	$200 million to $750 million
		0.550	%	Over $750 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. CBRE Investment Management Listed Real Assets LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows.

% per annum reduction	Average Daily Net Assets
0.050%	First $200 million
0.050%	$250 million to $750 million
0.050%	Over $1 billion

An identical agreement was in effect for the period April 30, 2021 to April 29, 2022 Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

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

BHFTI-16

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

6. Contractual Obligations

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

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,132,385,674
Gross unrealized appreciation		45,515,354
Gross unrealized (depreciation)		(117,935,743	)
Net unrealized appreciation (depreciation)	$	(72,420,389	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$68,739,629	$	39,543,111	$	78,949,552	$	—	$	147,689,181	$	39,543,111

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$23,937,049	$	—	$	(72,428,608	)	$	(9,609,026	)	$	(58,100,585	)

BHFTI-17

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses $9,609,026.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-18

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the CBRE Global Real Estate Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the CBRE Global Real Estate Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the CBRE Global Real Estate Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-19

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-20

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-21

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

BHFTI-22

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such

BHFTI-23

Brighthouse Funds Trust I

CBRE Global Real Estate Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

CBRE Global Real Estate Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and CBRE Investment Management Listed Real Assets LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the FTSE EPRA/NAREIT Developed Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-24

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Managed by Harris Associates L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Harris Oakmark International Portfolio returned -15.78%, -16.00%, and -15.93%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned -14.45%.

MARKET ENVIRONMENT / CONDITIONS

In 2022, a variety of macroeconomic concerns including inflation, supply chain disruptions, tightening financial conditions, currency volatility, and the continued presence of Covid-19 pressured equity markets. In addition, Russia’s invasion of Ukraine prompted additional unease among investors and volatility in energy prices. Supply concerns stemming from the conflict sent prices of West Texas Intermediate crude oil in excess of $120 per barrel, before eventually returning to $80 per barrel at the end of the year. Major currencies including the pound, yen, euro, Australian dollar and Swiss franc all depreciated against the dollar throughout the period. International equities benefitted from most international currencies strengthening relative to the U.S. dollar in the fourth quarter, though most major currencies still ended the year down 5% to 15% versus the U.S. dollar.

Euro zone inflation reached a peak of 10.6% during the year, before declining to 10.1% in November. Throughout the year, the European Central Bank enacted a series of hikes to its benchmark interest rate of 0.50% in July, 0.75% in September and November, and 0.50% in December to reach 2.5%. The Bank of England opted for a more aggressive policy stance and the United Kingdom (“U.K.”) Bank Rate reached 3.5% at year-end after a series of rate hikes. The Bank of Japan continued its accommodative policy stance on interest rates through most of the year, but surprised markets by doubling its cap on 10-year yields from 0.25% to 0.50% late in December. The Japanese central bank said the reason was to enhance the sustainability of monetary easing, but many investors speculated that it was a sign of a potential exit from its decade-long stimulus policy. Late in the year, China backpedaled from the zero-COVID policy it had followed since the onset of the pandemic, and subsequently saw a sharp increase in the number of COVID-19 cases.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Country weightings caused the Portfolio to underperform its benchmark, the MSCI EAFE Index, for the reporting period, while stock selection provided a positive effect. Stock selection in the U.K. and the Portfolio’s exposure to South Korea furnished the largest negative relative effects. China was the top contributor exclusively due to stock selection and the Portfolio’s position in Japan delivered the next best relative result.

The Portfolio’s worst detractor for the year was Credit Suisse Group (Switzerland) as its share price fell over 67% in 2022. Credit Suisse Group faced several challenges in 2022. The company suffered from a succession of negative internal and external events, which produced consistent quarterly net income losses during the year. Most recently, third-quarter results were impeded by a Swiss franc (“CHF”) 3.7 billion impairment of deferred tax assets (“DTA”). The DTA is attributed to the company’s securitized products segment, and the expected spin-off of this segment prompted the charge. Although the DTA impairment is a non-cash charge, it necessitated a larger than expected capital raise of CHF 4 billion to enable reaching its target capital ranges. However, Credit Suisse has instituted some restructuring initiatives to reinstate profitability. In addition, Credit Suisse saw the departure of some key executive team members in 2022, including Chief Executive Officer Thomas Gottstein, Chief Financial Officer David Mathers and General Counsel Romeo Cerutti. In our view, Credit Suisse’s new leadership team is a material upgrade and positions the company to better realize benefits from its restructuring plan that appears to be quite methodical and well contemplated.

The Portfolio’s top contributor to performance for the year was Glencore (Switzerland) as its share price gained over 39% for the full year. The share price of Glencore was volatile early in the year and rose mainly in the third and fourth quarters. In August, the company delivered a solid set of first-half earnings results, in our view, as marketing segment earnings increased over 100% year-over-year and profit of $3.7 billion handily surpassed the company’s long-term range of $2.2-$3.2 billion for the year. Furthermore, adjusted earnings in the coal segment reached $8.9 billion for the first half, which outpaced our full-year expectations of $15.4 billion. Management later participated in some corporate actions with the goal of enhancing the company’s value. The Australian Foreign Investment Review Board approved Metals Acquisition Corp’s purchase of CSA Copper Mine from Glencore. In addition, Glencore management announced plans to purchase all of Newmont’s stake in the MARA Project, an Argentina-based copper and gold mine, for $124.9 million along with other considerations. At its investor update event in December, Glencore issued its nine-month production report and lowered full-year output targets across most commodities as the company faced negative weather, labor and supply chain issues in certain geographies. Even so, management left intact its previously established long-term guidance range for earnings in the marketing segment. The company also announced plans to close 12 coal mines by 2035 as it endeavors to achieve its climate priorities.

Currency hedging was actively utilized throughout the year, as we believed that some currencies were overvalued compared to the U.S. dollar. However, at year-end no currencies remained hedged in the Portfolio. Currency hedges contributed 11 bps to the Portfolio’s return for the year.

At period end, the Portfolio held 64 securities across a variety of countries and industries. During 2022, we initiated 13 new positions and eliminated 13 positions. Compared with year-end 2021, at period end, the Portfolio had exposure to Denmark due to the purchase of DSV. The weighting in Germany increased roughly 3% mainly from the addition of Adidas and Siemens. The weighting in France also rose about 3% primarily due to the additions of Edenred and Kering.

BHFTI-1

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Managed by Harris Associates L.P.

Portfolio Manager Commentary*—(Continued)

The weighting in Switzerland fell nearly 4% largely from share sales and market value declines. Exposures to Finland, Indonesia and South Africa were eliminated during the year due to sales of the single holdings in those countries. There were no other material changes to country weightings for the reporting period.

As of December 31, 2022, the Portfolio was most heavily weighted in Germany (28%), the U.K. and France (both 16%). The smallest weightings were in Mexico (less than 1%), Australia and Denmark (both 1%).

David G. Herro

Michael L. Manelli

Portfolio Managers

Harris Associates L.P.

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

¹ The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

BHFTI-2

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Harris Oakmark International Portfolio
Class A		-15.78		-1.70		4.41
Class B		-16.00		-1.94		4.15
Class E		-15.93		-1.85		4.25
MSCI EAFE Index		-14.45		1.54		4.67

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
BNP Paribas S.A.		3.6
Intesa Sanpaolo S.p.A.		3.4
Mercedes-Benz Group AG		3.0
Lloyds Banking Group plc		3.0
Allianz SE		2.8
Prosus NV		2.7
Bayerische Motoren Werke AG		2.6
Continental AG		2.6
Fresenius SE & Co. KGaA		2.5
adidas AG		2.4

    Top Countries

	% of Net Assets
Germany		28.0
United Kingdom		16.0
France		15.7
Switzerland		8.5
China		5.9
Netherlands		3.5
Italy		3.4
South Korea		3.3
Sweden		3.3
Canada		2.1

BHFTI-3

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Harris Oakmark International Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.77	%	$	1,000.00	$	1,041.70	$	3.96
	Hypothetical*		0.77	%	$	1,000.00	$	1,021.32	$	3.92
Class B (a)	Actual		1.02	%	$	1,000.00	$	1,041.00	$	5.25
	Hypothetical*		1.02	%	$	1,000.00	$	1,020.06	$	5.19
Class E (a)	Actual		0.92	%	$	1,000.00	$	1,041.50	$	4.73
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.57	$	4.69

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—97.7% of Net Assets

Security Description	Shares		Value
Australia—0.8%
Orica, Ltd.		1,840,359	$	18,805,698
Belgium—2.0%
Anheuser-Busch InBev S.A.		767,900		46,164,751
Canada—2.1%
Open Text Corp.		1,347,086		39,915,133
Restaurant Brands International, Inc.		152,820		9,882,870
				49,798,003
China—5.9%
Alibaba Group Holding, Ltd. (a) (b)		4,549,100		50,227,362
Prosus NV (a)		927,903		63,705,599
Vipshop Holdings, Ltd. (ADR) (a)		1,683,200		22,958,848
				136,891,809
Denmark—1.2%
DSV A/S		184,300		29,231,105
France—15.7%
Accor S.A. (a)		1,916,890		47,626,043
BNP Paribas S.A.		1,493,675		85,001,050
Capgemini SE		185,230		31,065,637
Danone S.A.		483,800		25,488,468
Edenred		380,130		20,684,449
Kering S.A.		73,300		37,513,653
Publicis Groupe S.A.		578,851		36,757,525
Valeo		1,953,573		34,822,026
Worldline S.A. (a)		1,226,800		47,870,161
				366,829,012
Germany—28.0%
adidas AG		409,533		55,905,418
Allianz SE		300,800		64,679,883
Bayer AG		1,023,560		52,848,939
Bayerische Motoren Werke AG		688,307		61,434,944
Continental AG		1,009,290		60,300,948
Daimler Truck Holding AG (a)		1,559,970		48,332,958
Fresenius Medical Care AG & Co. KGaA		816,000		26,689,860
Fresenius SE & Co. KGaA		2,047,100		57,594,897
Henkel AG & Co. KGaA		542,209		34,969,578
Mercedes-Benz Group AG		1,078,593		70,781,076
SAP SE		455,100		46,966,049
Siemens AG		356,500		49,479,576
ThyssenKrupp AG (a)		3,847,346		23,476,666
				653,460,792
Ireland—2.0%
Ryanair Holdings plc (ADR) (a)		621,970		46,498,477
Italy—3.4%
Intesa Sanpaolo S.p.A.		35,356,200		78,879,296
Japan—1.7%
Fujitsu, Ltd.		130,700		17,308,346
Komatsu, Ltd.		1,092,300		23,697,638
				41,005,984
Mexico—0.3%
Grupo Televisa S.A.B. (ADR)		1,382,472		6,304,072
Netherlands—3.5%
Akzo Nobel NV		226,400		15,106,775
EXOR NV		675,752		49,327,860
Koninklijke Philips NV		1,101,598		16,534,145
				80,968,780
South Korea—1.9%
NAVER Corp.		312,600		44,398,195
Spain—1.4%
Amadeus IT Group S.A. (a)		621,800		32,066,255
Sweden—3.3%
Sandvik AB		488,300		8,816,367
SKF AB - B Shares		2,351,333		35,982,896
Volvo AB - B Shares		1,750,991		31,704,597
				76,503,860
Switzerland—8.5%
Cie Financiere Richemont S.A. - Class A		94,647		12,247,855
Credit Suisse Group AG (a) (b)		8,345,786		25,074,608
Glencore plc (a)		6,001,065		40,127,767
Holcim AG (a)		922,148		47,552,564
Novartis AG		281,600		25,507,697
Roche Holding AG		41,700		13,104,719
Schindler Holding AG (Participation Certificate)		80,700		15,152,953
Swatch Group AG (The) - Bearer Shares		69,880		19,838,638
				198,606,801
United Kingdom—16.0%
Ashtead Group plc		429,700		24,547,342
CNH Industrial NV		3,463,800		55,629,172
Compass Group plc		572,200		13,221,797
Informa plc		2,887,949		21,651,880
Liberty Global plc - Class A (a)		1,650,400		31,242,072
Lloyds Banking Group plc		126,669,800		69,558,560
Prudential plc		3,694,700		49,999,020
Reckitt Benckiser Group plc		166,500		11,583,245
Rolls-Royce Holdings plc (a)		7,953,365		8,904,512
Schroders plc		8,112,141		42,642,886
Smiths Group plc		612,609		11,810,747
WPP plc		3,352,034		33,278,478
				374,069,711
Total Common Stocks (Cost $2,382,009,003)				2,280,482,601
Preferred Stock—1.4%
South Korea—1.4%
Samsung Electronics Co., Ltd. (Cost $45,147,953)		814,200		32,761,663

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of December 31, 2022

Short-Term Investment—1.1%

Security Description	Principal Amount*		Value
Repurchase Agreement—1.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $25,232,637; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $25,732,152.		25,227,591	$	25,227,591
Total Short-Term Investments (Cost $25,227,591)				25,227,591
Securities Lending Reinvestments (c)—0.0%
Repurchase Agreements—0.0%
Barclays Capital, Inc. Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $200; collateralized by U.S. Treasury Obligations with rate 0.000%, maturity dates ranging from 11/15/29 - 02/15/40, and an aggregate market value of $204.		200		200
BofA Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $200; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $204.		200		200
Goldman Sachs & Co. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $155; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 7.625%, maturity dates ranging from 01/24/23 - 11/15/52, and an aggregate market value of $158.		155		155
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $200; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $204.		200		200
HSBC Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $200; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $204.		200		200
Societe Generale Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $200; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $204.		200		200
				1,155
Total Securities Lending Reinvestments (Cost $1,155)				1,155
Total Investments—100.2% (Cost $2,452,385,702)				2,338,473,010
Other assets and liabilities (net)—(0.2)%				(4,137,887	)
Net Assets—100.0%			$	2,334,335,123

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $2,087,916 and the collateral received consisted of cash in the amount of $1,155. A position on loan was received as part of a corporate action. The counterparty was delayed in posting the associated collateral to the lending agent. Sufficient collateral was maintained by the lending agent on their books for exposure to the counterparty. Subsequent to year-end, the appropriate collateral was posted to the Portfolio. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.

Ten Largest Industries as of December 31, 2022 (Unaudited)	% of Net Assets
Banks		10.0
Machinery		9.4
IT Services		6.4
Internet & Direct Marketing Retail		5.9
Automobiles		5.7
Textiles, Apparel & Luxury Goods		5.4
Insurance		4.9
Media		4.2
Auto Components		4.1
Pharmaceuticals		3.9

Glossary of Abbreviations

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	18,805,698		$	—	$	18,805,698
Belgium		—		46,164,751			—		46,164,751
Canada		49,798,003		—			—		49,798,003
China		22,958,848		113,932,961			—		136,891,809
Denmark		—		29,231,105			—		29,231,105
France		—		366,829,012			—		366,829,012
Germany		—		653,460,792			—		653,460,792
Ireland		46,498,477		—			—		46,498,477
Italy		—		78,879,296			—		78,879,296
Japan		—		41,005,984			—		41,005,984
Mexico		6,304,072		—			—		6,304,072
Netherlands		—		80,968,780			—		80,968,780
South Korea		—		44,398,195			—		44,398,195
Spain		—		32,066,255			—		32,066,255
Sweden		—		76,503,860			—		76,503,860
Switzerland		—		198,606,801			—		198,606,801
United Kingdom		31,242,072		342,827,639			—		374,069,711
Total Common Stocks		156,801,472		2,123,681,129			—		2,280,482,601
Total Preferred Stock*		—		32,761,663			—		32,761,663
Total Short-Term Investment*		—		25,227,591			—		25,227,591
Total Securities Lending Reinvestments*		—		1,155			—		1,155
Total Investments	$	156,801,472	$	2,181,671,538		$	—	$	2,338,473,010
Collateral for Securities Loaned (Liability)	$	—	$	(1,155	)	$	—	$	(1,155	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	2,338,473,010
Cash		256,026
Cash denominated in foreign currencies (c)		658,770
Receivable for:
Investments sold		3,679,053
Fund shares sold		58,458
Dividends and interest		2,537,046
Prepaid expenses		9,129
Total Assets		2,345,671,492
Liabilities
Collateral for securities loaned		1,155
Payables for:
Investments purchased		3,898,113
Fund shares redeemed		5,184,032
Accrued Expenses:
Management fees		1,469,741
Distribution and service fees		169,788
Deferred trustees’ fees		163,276
Other expenses		450,264
Total Liabilities		11,336,369
Net Assets	$	2,334,335,123
Net Assets Consist of:
Paid in surplus	$	2,597,837,729
Distributable earnings (Accumulated losses)		(263,502,606	)
Net Assets	$	2,334,335,123
Net Assets
Class A	$	1,531,982,979
Class B		741,457,591
Class E		60,894,553
Capital Shares Outstanding*
Class A		136,466,063
Class B		67,925,963
Class E		5,516,878
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.23
Class B		10.92
Class E		11.04

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,452,385,702.
(b)	Includes securities loaned at value of $2,087,916.
(c)	Identified cost of cash denominated in foreign currencies was $660,015.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	65,476,325
Interest		330,568
Securities lending income		562,745
Total investment income		66,369,638
Expenses
Management fees		19,056,262
Administration fees		103,583
Custodian and accounting fees		603,606
Distribution and service fees—Class B		1,965,113
Distribution and service fees—Class E		98,979
Audit and tax services		52,592
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		99,000
Insurance		22,676
Miscellaneous		85,756
Total expenses		22,142,222
Less management fee waiver		(1,225,626	)
Net expenses		20,916,596
Net Investment Income		45,453,042
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(78,568,762	)
Foreign currency transactions		(1,081,098	)
Forward foreign currency transactions		2,850,315
Net realized gain (loss)		(76,799,545	)
Net change in unrealized appreciation (depreciation) on:
Investments		(422,256,355	)
Foreign currency transactions		(15,038	)
Forward foreign currency transactions		523,705
Net change in unrealized appreciation (depreciation)		(421,747,688	)
Net realized and unrealized gain (loss)		(498,547,233	)
Net Increase (Decrease) in Net Assets From Operations	$	(453,094,191	)

(a) Net of foreign withholding taxes of $7,945,281.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	45,453,042		$	54,178,326
Net realized gain (loss)		(76,799,545	)		260,992,557
Net change in unrealized appreciation (depreciation)		(421,747,688	)		(48,190,387	)
Increase (decrease) in net assets from operations		(453,094,191	)		266,980,496
From Distributions to Shareholders
Class A		(126,527,645	)		(16,654,085	)
Class B		(60,626,449	)		(6,354,518	)
Class E		(5,121,190	)		(637,461	)
Total distributions		(192,275,284	)		(23,646,064	)
Increase (decrease) in net assets from capital share transactions		(10,057,128	)		(443,525,508	)
Total increase (decrease) in net assets		(655,426,603	)		(200,191,076	)
Net Assets
Beginning of period		2,989,761,726			3,189,952,802
End of period	$	2,334,335,123		$	2,989,761,726

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		3,404,230		$	38,311,872			3,487,929		$	51,901,386
Reinvestments		11,378,385			126,527,645			1,059,420			16,654,085
Redemptions		(13,218,618	)		(167,592,969	)		(24,023,336	)		(344,356,382	)
Net increase (decrease)		1,563,997		$	(2,753,452	)		(19,475,987	)	$	(275,800,911	)
Class B
Sales		4,362,000		$	47,100,199			3,430,005		$	48,989,947
Reinvestments		5,598,010			60,626,449			414,786			6,354,518
Redemptions		(9,509,928	)		(112,527,564	)		(14,901,443	)		(211,892,775	)
Net increase (decrease)		450,082		$	(4,800,916	)		(11,056,652	)	$	(156,548,310	)
Class E
Sales		418,234		$	4,925,519			532,801		$	7,542,144
Reinvestments		468,116			5,121,190			41,180			637,461
Redemptions		(1,054,417	)		(12,549,469	)		(1,345,518	)		(19,355,892	)
Net increase (decrease)		(168,067	)	$	(2,502,760	)		(771,537	)	$	(11,176,287	)
Increase (decrease) derived from capital shares transactions				$	(10,057,128	)				$	(443,525,508	)

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.50		$	13.45		$	13.61		$	12.16		$	16.92
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.23			0.27			0.07			0.42			0.33
Net realized and unrealized gain (loss)		(2.53	)		0.91			0.43			2.40			(4.13	)
Total income (loss) from investment operations		(2.30	)		1.18			0.50			2.82			(3.80	)
Less Distributions
Distributions from net investment income		(0.30	)		(0.13	)		(0.37	)		(0.33	)		(0.31	)
Distributions from net realized capital gains		(0.67	)		0.00			(0.29	)		(1.04	)		(0.65	)
Total distributions		(0.97	)		(0.13	)		(0.66	)		(1.37	)		(0.96	)
Net Asset Value, End of Period	$	11.23		$	14.50		$	13.45		$	13.61		$	12.16
Total Return (%) (b)		(15.78	)		8.66			5.37			24.83			(23.73	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.81			0.81			0.81			0.81			0.81
Net ratio of expenses to average net assets (%) (c)		0.76			0.75			0.78			0.80			0.79
Ratio of net investment income (loss) to average net assets (%)		1.92			1.82			0.60			3.26			2.14
Portfolio turnover rate (%)		34			31			48			35			43
Net assets, end of period (in millions)	$	1,532.0		$	1,956.0		$	2,075.7		$	1,946.6		$	1,670.5
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.12		$	13.10		$	13.27		$	11.88		$	16.56
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.19			0.23			0.04			0.38			0.29
Net realized and unrealized gain (loss)		(2.46	)		0.88			0.42			2.34			(4.05	)
Total income (loss) from investment operations		(2.27	)		1.11			0.46			2.72			(3.76	)
Less Distributions
Distributions from net investment income		(0.26	)		(0.09	)		(0.34	)		(0.29	)		(0.27	)
Distributions from net realized capital gains		(0.67	)		0.00			(0.29	)		(1.04	)		(0.65	)
Total distributions		(0.93	)		(0.09	)		(0.63	)		(1.33	)		(0.92	)
Net Asset Value, End of Period	$	10.92		$	14.12		$	13.10		$	13.27		$	11.88
Total Return (%) (b)		(16.00	)		8.44			5.12			24.52			(23.97	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.06			1.06			1.06			1.06			1.06
Net ratio of expenses to average net assets (%) (c)		1.01			1.00			1.03			1.05			1.04
Ratio of net investment income (loss) to average net assets (%)		1.68			1.58			0.34			3.01			1.92
Portfolio turnover rate (%)		34			31			48			35			43
Net assets, end of period (in millions)	$	741.5		$	952.6		$	1,028.8		$	1,039.4		$	941.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.27		$	13.24		$	13.40		$	11.99		$	16.70
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.21			0.24			0.04			0.40			0.31
Net realized and unrealized gain (loss)		(2.49	)		0.90			0.44			2.36			(4.09	)
Total income (loss) from investment operations		(2.28	)		1.14			0.48			2.76			(3.78	)
Less Distributions
Distributions from net investment income		(0.28	)		(0.11	)		(0.35	)		(0.31	)		(0.28	)
Distributions from net realized capital gains		(0.67	)		0.00			(0.29	)		(1.04	)		(0.65	)
Total distributions		(0.95	)		(0.11	)		(0.64	)		(1.35	)		(0.93	)
Net Asset Value, End of Period	$	11.04		$	14.27		$	13.24		$	13.40		$	11.99
Total Return (%) (b)		(15.93	)		8.52			5.24			24.60			(23.86	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96			0.96			0.96			0.96			0.96
Net ratio of expenses to average net assets (%) (c)		0.91			0.90			0.93			0.95			0.94
Ratio of net investment income (loss) to average net assets (%)		1.79			1.68			0.42			3.12			2.05
Portfolio turnover rate (%)		34			31			48			35			43
Net assets, end of period (in millions)	$	60.9		$	81.1		$	85.5		$	91.2		$	85.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-12

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the

BHFTI-13

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

amount of $185,371 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $25,227,591. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $1,155. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments.

BHFTI-14

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Investments in Derivative Instruments

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

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened. The Portfolio had no open forward foreign currency exchange contracts at December 31, 2022.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Forward foreign currency transactions	$	2,850,315
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Forward foreign currency transactions	$	523,705

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	45,177,639

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event

BHFTI-15

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each

BHFTI-16

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

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

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

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases		Sales
U.S. Government	Non-U.S. Government	U.S. Government	Non-U.S. Government
$0	$827,555,993	$0	$916,543,473

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$19,056,262		0.850	%	First $100 million
		0.800	%	$100 million to $1 billion
		0.750	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Harris Associates L.P. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	$500 million to $1 billion
0.075%	Over $1 billion

BHFTI-17

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

An identical agreement was in place for the period July 1, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,573,532,007
Gross unrealized appreciation		266,121,886
Gross unrealized (depreciation)		(501,180,883	)
Net unrealized appreciation (depreciation)	$	(235,058,997	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2022		2021		2022		2021		2022		2021
$	98,321,288	$	23,646,064	$	93,953,996	$	—	$	192,275,284	$	23,646,064

BHFTI-18

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$	47,289,583	$	—	$	(235,058,894	)	$	(75,570,018	)	$	(263,339,329	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $33,376,827 and accumulated long-term capital losses of $42,193,191.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-19

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Harris Oakmark International Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Harris Oakmark International Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Harris Oakmark International Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-20

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-21

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-22

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.    

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-23

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-24

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Harris Oakmark International Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Harris Associates L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the MSCI EAFE Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees were above the Expense Group median and the Sub-advised Expense Universe median and equal to the Expense Universe median. The Board also considered that the Portfolio’s total expenses

BHFTI-25

Brighthouse Funds Trust I

Harris Oakmark International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

(exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median and above the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-26

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B shares of the Invesco Balanced-Risk Allocation Portfolio returned -12.41%. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

MARKET ENVIRONMENT / CONDITIONS

For the year, global equities and bonds broadly declined amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting towards tighter monetary policy. Despite the rebound in the fourth quarter of 2022, trailing one-year returns for global equities and bonds were both in negative territory. Commodities led major asset classes for the second year in a row on the back of strong gains within energy.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio strategically balances the amount of risk exposure to equities, fixed income and commodities and targets a strategic risk level of 8%. This is intended to limit the impact of surprise outcomes on the Portfolio. Secondarily, the Portfolio tactically shifts from the strategic equal risk in order to emphasize those assets that are more likely to outperform cash on a monthly basis. Tactical allocation is applied at the individual asset level and aggregated with the strategic allocation allowing the portfolio risk target to fluctuate between 6% and 10%.

The Portfolio outperformed its benchmark for the reporting period. Within the Portfolio’s strategic allocation, the largest contributor to performance came from commodities, led by energy. Higher energy prices were driven not only by tight supplies stemming from long-standing underinvestment and the additional pressures brought upon by Russia’s invasion of Ukraine, but also on increased demand. Agriculture commodities also bolstered results as adverse weather impacted crops such as the soy complex and corn. Metals did not fare as well over the year as concerns that the aggressive central bank hiking would plunge economies into recession led to demand destruction for industrial metals like aluminum and copper. Gold and silver prices also fell on a combination of a strong U.S. dollar and higher inflation-adjusted interest rates.

The Portfolio’s exposure to global equity markets detracted from results as five of the six underlying markets in which the Portfolio was invested posted losses because of the resurgence of inflation and central bank efforts to combat it. Of the equity markets that the Portfolio invests in, only the United Kingdom was able to post positive results as the sector make-up of its market had a higher exposure to sectors like Energy that performed well in this environment. U.S. large and small cap equities fell over the period as a result of aggressive interest rate hiking by the Federal Reserve as well as a sector make-up that tilted toward growth-oriented sectors like Technology that were relative underperformers. European equities fell on interest rate hikes and inflationary pressures as well as the war between Russia and Ukraine, which has raised fears regarding energy security and the follow through impact on economic activity. Emerging market equities were the lead detractor within the asset class largely due to the poor performance of China.

The Portfolio’s exposure to government bonds was the largest detractor for the year due to a combination of strong inflation readings and aggressive monetary policy actions by central banks. Japanese government bonds were the relative outperformer among the six bond markets in which the Portfolio invests due to the Bank of Japan’s decision to keep interest rates unchanged. The other bond markets—Australia, Canada, the United Kingdom, the U.S., and Germany—all generated losses as their respective central banks hiked interest rates to the highest levels in at least a decade as inflation remained well above target levels. Periods of high inflation and higher interest rates are damaging to bond returns as their fixed coupon payments become less attractive and have a downward impact on prices.

Tactical positioning detracted from Portfolio results, as did losses in equities and commodities that overshadowed positive results from underweight allocation exposures across government bonds.

The Portfolio is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a more liquid and cost-effective way to gain exposure to asset classes as compared to investing directly. Additionally, the leverage used in the strategy is inherent in these instruments. Derivatives performed as expected during the period.

BHFTI-1

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

At period end, the Portfolio had an overweight allocation to all equity markets, except emerging markets, which was neutral. Across government bond markets, the Portfolio was underweight to all markets. In commodities, the Portfolio was marginally overweight agriculture and energy and underweight metals.

Scott Wolle

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

Portfolio Managers

Invesco Advisers, Inc.

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

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTI-2

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

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

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Invesco Balanced-Risk Allocation Portfolio
Class B		-12.41		2.68		3.75
Dow Jones Moderate Portfolio Index		-14.97		3.26		5.66

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		57.2
Commodities - Production Weighted		30.6
Global Developed Equities		26.4
Emerging Market Equities		5.8

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

BHFTI-3

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Invesco Balanced-Risk Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a)	Actual		0.90	%	$	1,000.00	$	964.40	$	4.46
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.67	$	4.58

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

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

BHFTI-4

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—5.1% of Net Assets

Security Description	Principal Amount*		Value
U.S. Treasury—5.1%
U.S. Treasury Floating Rate Notes 4.323%, 3M USTBMM - 0.075%, 04/30/24 (a)		30,700,000	$	30,640,891
4.435%, 3M USTBMM + 0.037%, 07/31/24 (a)		29,400,000		29,365,577
Total U.S. Treasury & Government Agencies (Cost $60,099,987)				60,006,468
Commodity-Linked Securities—3.2%
Canadian Imperial Bank of Commerce Commodity Linked Note, U.S. Federal Funds (Effective) Rate minus 0.020% (linked to CIBC Custom 7 Agriculture Commodity Index, multiplied by 2), 12/26/23 (144A) (a)		11,670,000		12,732,055
Cargill, Inc.Commodity Linked Note, one month LIBOR Rate minus 0.010% (linked to Monthly Rebalance Commodity Excess Return Index, multiplied by 2), 11/14/23 (144A) (a)		23,000,000		25,125,763
Total Commodity-Linked Securities (Cost $34,670,000)				37,857,818
Municipals—2.1%
New York State Housing Finance Agency 4.320%, 11/01/46 (a)		10,100,000		10,100,000
Port of Portland OR Airport Revenue 4.260%, 07/01/26 (a)		14,235,000		14,235,000
Total Municipals (Cost $24,335,000)				24,335,000
Short-Term Investments—84.0%
Certificate of Deposit—2.5%
Bank of Nova Scotia 5.040%, SOFR + 0.740%, 08/09/23 (a)		20,000,000		20,034,834
Korea Development Bank 4.710%, SOFR + 0.410%, 03/09/23 (a)		10,000,000		10,002,805
				30,037,639
Commercial Paper—57.0%
ABN AMRO Funding USA LLC 4.388%, 02/01/23 (b)		35,000,000		34,858,577
Anglesea Funding LLC 4.289%, 02/01/23 (144A) (b)		18,000,000		17,928,093
Atlantic Asset Securitization LLC 4.800%, SOFR + 0.500%, 01/05/23 (144A) (a)		12,000,000		12,000,420
Britannia Funding Co. LLC 3.897%, 01/09/23 (144A) (b)		5,000,000		4,993,971
Caisse des Depots et Consignations 3.095%, 01/06/23 (144A) (b)		30,000,000		29,975,191
4.523%, 03/09/23 (144A) (b)		5,000,000		4,957,814
CDP Financial, Inc. 4.343%, 02/02/23 (144A) (b)		35,000,000		34,856,076
Citigroup Global Markets Inc. 5.080%, SOFR + 0.780%, 05/25/23 (144A) (a)		25,000,000		25,035,522
Collateralized Commercial Paper FLEX Co. LLC 3.330%, 02/01/23 (144A) (b)		10,000,000		9,958,310
Commercial Paper—(Continued)
Dexia Credit Local S.A. 4.644%, 03/15/23 (144A) (b)		13,500,000		13,371,187
Emory University 4.250%, 01/11/23		28,400,000		28,399,546
4.300%, 02/06/23		7,500,000		7,490,425
Export Development Canada
3.466%, 01/06/23 (b)		12,000,000		11,989,990
4.284%, 02/07/23 (b)		16,500,000		16,421,958
Federation des Caisses Desjardins du Quebec 4.683%, 03/21/23 (144A) (b)		15,000,000		14,845,324
Halkin Finance LLC 4.800%, SOFR + 0.500%, 01/20/23 (144A) (a)		20,000,000		20,004,120
KFW 4.499%, 03/13/23 (144A) (b)		20,000,000		19,821,191
Korea Development Bank 4.686%, 03/16/23 (b)		20,000,000		19,807,129
L’Oreal S. A. 4.096%, 01/26/23 (144A) (b)		14,550,000		14,502,651
LVMH Moet Hennessy Louis Vuitton SE 4.308%, 02/15/23 (144A) (b)		15,500,000		15,410,516
4.360%, 02/06/23 (b)		15,000,000		14,930,270
Mackinac Funding Co. LLC 3.909%, 01/12/23 (144A) (b)		25,000,000		24,960,892
Nationwide Building Society 3.210%, 01/04/23 (b)		17,500,000		17,489,563
3.576%, 01/06/23 (b)		14,000,000		13,988,349
Nestle Finance International, Ltd. 4.098%, 01/19/23 (144A) (b)		42,000,000		41,901,510
Novartis Finance Corp. 3.919%, 01/10/23 (144A) (b)		15,000,000		14,980,301
Old Line Funding LLC 4.890%, FEDL01 + 0.560%, 02/10/23 (144A) (a)		32,500,000		32,509,750
Ontario Teachers’ Finance Trust 5.085%, 05/04/23 (144A) (b)		8,500,000		8,359,130
Pacific Life Short Term Funding LLC 3.843%, 01/09/23 (b)		8,200,000		8,190,180
4.404%, 02/17/23 (b)		10,500,000		10,436,631
4.882%, 04/10/23 (144A) (b)		15,000,000		14,802,798
Procter & Gamble Co. (The) 2.400%, 01/03/23 (144A) (b)		15,000,000		14,992,865
3.584%, 01/17/23 (b)		15,000,000		14,967,825
Skandinaviska Enskilda Banken AB 4.800%, SOFR + 0.500%, 02/21/23 (144A) (a)		15,000,000		15,004,717
TotalEnergies Capital Canada, Ltd. 4.174%, 01/18/23 (144A) (b)		25,000,000		24,941,746
Toyota Motor Credit Corp. 4.760%, SOFR + 0.460%, 02/14/23 (a)		20,100,000		20,103,779
Unilever Capital Corp. 4.045%, 01/23/23 (144A) (b)		25,000,000		24,928,250
				674,116,567
Mutual Funds—14.6%
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class 4.290% (c) (d)		110,716,720		110,716,720

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

See accompanying notes to consolidated financial statements.

BHFTI-5

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Short-Term Investments—(Continued)

Security Description	Shares/ Principal Amount*		Value
Mutual Funds—(Continued)
STIT-Government & Agency Portfolio, Institutional Class 4.220% (c) (d)		37,195,804	$	37,195,804
STIT-Treasury Portfolio, Institutional Class 4.200% (c) (d)		24,027,394		24,027,394
				171,939,918
U.S. Treasury—9.9%
U.S. Treasury Bills
3.670%, 03/16/23 (b)		53,400,000		52,957,154
4.336%, 03/30/23 (b)		12,000,000		11,877,074
4.511%, 06/15/23 (b)		25,000,000		24,496,030
4.535%, 06/08/23 (b)		28,000,000		27,452,786
				116,783,044
Total Short-Term Investments (Cost $992,933,316)				992,877,168
Total Investments—94.4% (Cost $1,112,038,303)				1,115,076,454
Other assets and liabilities (net)—5.6%				66,749,205
Net Assets—100.0%			$	1,181,825,659

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	The rate shown represents current yield to maturity.
(c)	Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)
(d)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $492,900,163, which is 41.7% of net assets.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		03/15/23		1,630		AUD	188,560,764	$	(7,605,663	)
Brent Crude Oil Futures		04/28/23		284		USD	24,071,840		(49,421	)
Canada Government Bond 10 Year Futures		03/22/23		1,610		CAD	197,305,500		(3,292,959	)
Euro STOXX 50 Index Futures		03/17/23		1,305		EUR	49,394,250		(2,246,001	)
Euro-Bund Futures		03/08/23		971		EUR	129,075,030		(8,792,986	)
FTSE 100 Index Futures		03/17/23		695		GBP	51,888,700		(65,384	)
Japanese Government 10 Year Bond Futures		03/13/23		79		JPY	11,491,340,000		(1,628,574	)
MSCI Emerging Markets Index Mini Futures		03/17/23		1,440		USD	69,076,800		(1,885,723	)
Natural Gas Futures		11/28/23		171		USD	8,339,670		(1,419,285	)
New York Harbor ULSD Futures		03/31/23		181		USD	23,262,880		1,234,449
RBOB Gasoline Futures		01/31/23		256		USD	26,646,682		4,046,642
Russell 2000 Index E-Mini Futures		03/17/23		810		USD	71,721,450		(2,095,663	)
S&P 500 Index E-Mini Futures		03/17/23		193		USD	37,258,650		(1,579,376	)
Silver Futures		03/29/23		103		USD	12,380,600		971,181
TOPIX Index Futures		03/09/23		609		JPY	11,519,235,000		(2,333,241	)
U.S. Treasury Long Bond Futures		03/22/23		572		USD	71,696,625		(1,064,360	)
United Kingdom Long Gilt Bond Futures		03/29/23		881		GBP	88,011,900		(6,345,023	)
WTI Light Sweet Crude Oil Futures		06/20/23		306		USD	24,427,980		1,094,770
Net Unrealized Depreciation								$	(33,056,617	)

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

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Swap Agreements

OTC Total Return Swaps

Pay/Receive Fixed Rate	Fixed Rate			Payment Frequency	Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount		Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation) (1)
Pay		0.260	%	Monthly	11/20/23	BBP	Barclays Copper Excess Return Index	USD	7,104,579	$	58,674		$	—	$	58,674
Pay		0.270	%	Monthly	08/16/23	CIBC	CIBC Dynamic Roll LME Copper Excess Return Index	USD	24,970,712		(37,335	)		—		(37,335	)
Pay		0.400	%	Monthly	12/13/23	GSI	Goldman Sachs Commodity i-Select Strategy 1121 (a)	USD	21,771,725		557,657			—		557,657
Pay		0.090	%	Monthly	11/01/23	JPMC	S&P GSCI Gold Excess Return Index	USD	17,667,287		304,085			—		304,085
Pay		0.250	%	Monthly	03/08/23	JPMC	JPMorgan Contag Gas Oil Excess Return Index	USD	21,979,500		412,481			—		412,481
Pay		0.300	%	Monthly	02/09/23	MBL	Macquarie Dynamic Roll Aluminum Excess Return Index	USD	2,927,954		(7,296	)		—		(7,296	)
Pay		0.140	%	Monthly	11/01/23	MLI	Merrill Lynch Gold Excess Return Index	USD	10,279,150		—			—		—
Pay		0.250	%	Monthly	06/26/23	MLI	Merrill Lynch Natural Gas Excess Return Index	USD	14,147,509		—			—		—
Pay		0.300	%	Monthly	07/10/23	MSCS	Morgan Stanley GSCI Aluminum Dynamic Roll Index	USD	16,819,970		(108,104	)		—		(108,104	)
Pay		0.350	%	Monthly	05/03/23	RBC	RBC Enhanced Agricultural Basket 07 Excess Return Index (b)	USD	32,528,103		—			—		—
Totals										$	1,180,162		$	—	$	1,180,162

Cash in the amount of $1,510,000 has been received at the custodian bank and held in a segregated account as collateral for OTC swap contracts.

(1) There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

(a) The following table represents the individual components and related notional value and weighting (as a percentage of the notional value of the swap) of the futures contracts underlying the total return swap with Goldman Sachs International, as of December 31, 2022:

Futures Contracts—Long	Notional Value		Component Weighting
Soybean Meal	$	4,417,483		20.3	%
Cotton No. 2		4,056,072		18.6	%
Soybean		4,047,364		18.6	%
Soybean Oil		3,048,042		14.0	%
Corn No. 2 Yellow		1,759,155		8.1	%
Wheat		1,454,351		6.7	%
Sugar No. 11		1,354,201		6.2	%
Coffee “C”		1,336,784		6.1	%
Live Cattle		191,591		0.9	%
Lean Hogs		106,682		0.5	%
	$	21,771,725		100.0	%

(b) The following table represents the individual components and related notional value and weighting (as a percentage of the notional value of the swap) of the futures contracts underlying the total return swap with Royal Bank of Canada, as of December 31, 2022:

Futures Contracts—Long	Notional Value		Component Weighting
Soybean Meal	$	6,599,953		20.3	%
Cotton No. 2		6,059,986		18.6	%
Soybean		6,046,974		18.6	%
Soybean Oil		4,553,934		14.0	%
Corn No. 2 Yellow		2,628,271		8.1	%
Wheat		2,172,877		6.7	%
Sugar No. 11		2,023,248		6.2	%
Coffee “C”		1,997,225		6.1	%
Live Cattle		286,247		0.9	%
Lean Hogs		159,388		0.5	%
	$	32,528,103		100.0	%

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

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Glossary of Abbreviations

Counterparties

(BBP)—	Barclays Bank plc
(CIBC)—	Canadian Imperial Bank of Commerce
(GSI)—	Goldman Sachs International
(JPMC)—	JPMorgan Chase Bank N.A.
(MBL)—	Macquarie Bank, Ltd.
(MLI)—	Merill Lynch International
(MSCS)—	Morgan Stanley Capital Services LLC
(RBC)—	Royal Bank of Canada

Currencies

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

Index Abbreviations

(FEDL01)—	Federal Funds Rate
(LIBOR)—	London Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate
(USTBMM)—	U.S. Treasury Bill Money Market Yield

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	60,006,468		$	—	$	60,006,468
Total Commodity-Linked Securities*		—			37,857,818			—		37,857,818
Total Municipals*		—			24,335,000			—		24,335,000
Short-Term Investments
Certificate of Deposit		—			30,037,639			—		30,037,639
Commercial Paper		—			674,116,567			—		674,116,567
Mutual Funds		171,939,918			—			—		171,939,918
U.S. Treasury		—			116,783,044			—		116,783,044
Total Short-Term Investments		171,939,918			820,937,250			—		992,877,168
Total Investments	$	171,939,918		$	943,136,536		$	—	$	1,115,076,454
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	7,347,042		$	—		$	—	$	7,347,042
Futures Contracts (Unrealized Depreciation)		(40,403,659	)		—			—		(40,403,659	)
Total Futures Contracts	$	(33,056,617	)	$	—		$	—	$	(33,056,617	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	1,332,897		$	—	$	1,332,897
OTC Swap Contracts at Value (Liabilities)		—			(152,735	)		—		(152,735	)
Total OTC Swap Contracts	$	—		$	1,180,162		$	—	$	1,180,162

* See Consolidated Schedule of Investments for additional detailed categorizations.

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

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)	$	943,136,536
Affiliated investments at value (b)		171,939,918
Cash		395,729
Cash collateral (c)		69,388,000
OTC swap contracts at market value		1,332,897
Receivable for:
Fund shares sold		136,944
Dividends and interest		963,978
Dividends on affiliated investments		90,253
OTC swap contracts		740,942
Prepaid expenses		4,955
Total Assets		1,188,130,152
Liabilities
OTC swap contracts at market value		152,735
Payables for:
OTC swap contracts		2,814,866
Fund shares redeemed		285,264
Variation margin on futures contracts		1,818,928
Interest on OTC swap contracts		13,741
Accrued Expenses:
Management fees		629,406
Distribution and service fees		255,929
Deferred trustees’ fees		142,968
Other expenses		190,656
Total Liabilities		6,304,493
Net Assets	$	1,181,825,659
Net Assets Consist of:
Paid in surplus	$	1,312,465,923
Distributable earnings (Accumulated losses)		(130,640,264	)
Net Assets	$	1,181,825,659
Net Assets
Class B	$	1,181,825,659
Capital Shares Outstanding*
Class B		150,328,226
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	7.86

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $940,098,385.
(b)	Identified cost of affiliated investments was $171,939,918.
(c)	Includes collateral of $2,740,000 for OTC swap contracts and $66,648,000 for futures contracts.

Consolidated§ Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from affiliated investments	$	2,332,381
Interest		17,031,708
Total investment income		19,364,089
Expenses
Management fees		8,157,134
Administration fees		88,506
Custodian and accounting fees		110,166
Distribution and service fees—Class B		3,190,473
Audit and tax services		98,331
Legal		52,189
Trustees’ fees and expenses		9,574
Shareholder reporting		44,067
Insurance		10,510
Miscellaneous		19,042
Total expenses		11,779,992
Less management fee waiver		(330,303	)
Net expenses		11,449,689
Net Investment Income		7,914,400
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		24,513,472
Futures contracts		(157,260,425	)
Swap contracts		10,063,330
Foreign currency transactions		2,508,094
Net realized gain (loss)		(120,175,529	)
Net change in unrealized appreciation (depreciation) on:
Investments		(6,318,906	)
Futures contracts		(48,828,929	)
Swap contracts		(2,480,627	)
Foreign currency transactions		211,843
Net change in unrealized appreciation (depreciation)		(57,416,619	)
Net realized and unrealized gain (loss)		(177,592,148	)
Net Increase (Decrease) in Net Assets From Operations	$	(169,677,748	)

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

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	7,914,400		$	(11,308,354	)
Net realized gain (loss)		(120,175,529	)		160,739,619
Net change in unrealized appreciation (depreciation)		(57,416,619	)		(17,877,754	)
Increase (decrease) in net assets from operations		(169,677,748	)		131,553,511
From Distributions to Shareholders
Class B		(154,290,949	)		(85,289,315	)
Total distributions		(154,290,949	)		(85,289,315	)
Increase (decrease) in net assets from capital share transactions		107,735,831			(51,387,993	)
Total increase (decrease) in net assets		(216,232,866	)		(5,123,797	)
Net Assets
Beginning of period		1,398,058,525			1,403,182,322
End of period	$	1,181,825,659		$	1,398,058,525

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		10,829,237		$	96,901,731			3,908,070		$	40,044,866
Reinvestments		18,815,969			154,290,949			8,486,499			85,289,315
Redemptions		(15,968,979	)		(143,456,849	)		(17,344,283	)		(176,722,174	)
Net increase (decrease)		13,676,227		$	107,735,831			(4,949,714	)	$	(51,387,993	)
Increase (decrease) derived from capital shares transactions				$	107,735,831					$	(51,387,993	)

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

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019		2018
Net Asset Value, Beginning of Period	$	10.23		$	9.91		$	10.11		$	8.77	$	10.27
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.06			(0.08	)		(0.02	)		0.13		0.10
Net realized and unrealized gain (loss)		(1.28	)		1.03			0.87			1.21		(0.69	)
Total income (loss) from investment operations		(1.22	)		0.95			0.85			1.34		(0.59	)
Less Distributions
Distributions from net investment income		(0.59	)		(0.32	)		(0.53	)		0.00		(0.12	)
Distributions from net realized capital gains		(0.56	)		(0.31	)		(0.52	)		0.00		(0.79	)
Distributions from return of capital		0.00			0.00			0.00			0.00		(0.00	)(b)
Total distributions		(1.15	)		(0.63	)		(1.05	)		0.00		(0.91	)
Net Asset Value, End of Period	$	7.86		$	10.23		$	9.91		$	10.11	$	8.77
Total Return (%) (c)		(12.41	)		9.69			10.14			15.28		(6.43	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.92			0.92			0.93			0.92		0.92
Net ratio of expenses to average net assets (%) (d) (e)		0.90			0.90			0.90			0.89		0.89
Ratio of net investment income (loss) to average net assets (%)		0.62			(0.80	)		(0.22	)		1.40		1.04
Portfolio turnover rate (%)		132			57			147			44		103
Net assets, end of period (in millions)	$	1,181.8		$	1,398.1		$	1,403.2		$	1,445.0	$	1,415.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from return of capital were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).
(e)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022, 2021, 2020, 2019 and 2018 (see Note 7 of the Notes to Consolidated Financial Statements).

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

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022

1. Organization

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

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

2. Consolidation of Subsidiary—Invesco Balanced-Risk Allocation Portfolio, Ltd.

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

Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio’s annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio’s business of investing in stock, securities or currencies.

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

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

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $287,094,536 in the Subsidiary, representing 24.2% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

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

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Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Investments in unregistered open-end management investment companies are reported at NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy provided the NAV is observable, calculated daily and are the value at which both purchases and sales will be conducted.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for

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such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

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

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

4. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio’s investment in equity futures, interest rate futures and commodity futures were used for investment exposure purposes. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be

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illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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

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

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

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

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Equity Swaps: Equity swaps are two-party contracts that generally obligate one party to pay the positive return and the other party to pay the negative return on a specified reference security, basket of securities, security index or index component during the period of the swap. Equity swap contracts are marked-to-market daily based on the value of the underlying security and the change, if any, is recorded as an unrealized gain or loss. Equity swaps normally do not involve the delivery of securities or other underlying assets. If the other party to an equity swap defaults, a Portfolio’s risk of loss consists of the net amount of payments that such Portfolio is contractually entitled to receive, if any. Equity swaps are derivatives and their value can be very volatile.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another

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

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate				Unrealized depreciation on futures contracts (a) (b)	$	28,729,565
Equity				Unrealized depreciation on futures contracts (a) (b)		10,205,388
Commodity	OTC swap contracts at market value (c)	$	1,332,897	OTC swap contracts at market value (c)		152,735
	Unrealized appreciation on futures contracts (a) (b)		7,347,042	Unrealized depreciation on futures contracts (a) (b)		1,468,706
Total		$	8,679,939		$	40,556,394

(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Excludes OTC swap interest receivable of $13,741.

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

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset		Collateral Received†			Net Amount*
Barclays Bank plc	$	58,674	$	—	$	(30,000	)	$	28,674
Goldman Sachs International		557,657		—		(330,000	)		227,657
JPMorgan Chase Bank N.A.		716,566		—		(550,000	)		166,566
	$	1,332,897	$	—	$	(910,000	)	$	422,897

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset		Collateral Pledged†		Net Amount**
Canadian Imperial Bank of Commerce	$	37,335	$	—	$	—	$	37,335
Macquarie Bank, Ltd		7,296		—		—		7,296
Morgan Stanley Capital Services LLC		108,104		—		—		108,104
	$	152,735	$	—	$	—	$	152,735

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

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The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Commodity			Total
Swap contracts	$	—		$	—		$	10,063,330		$	10,063,330
Futures contracts		(118,856,595	)		(67,463,567	)		29,059,737			(157,260,425	)
	$	(118,856,595	)	$	(67,463,567	)	$	39,123,067		$	(147,197,095	)
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity			Total
Swap contracts	$	—		$	—		$	(2,480,627	)	$	(2,480,627	)
Futures contracts		(34,451,275	)		(16,402,293	)		2,024,639			(48,828,929	)
	$	(34,451,275	)	$	(16,402,293	)	$	(455,988	)	$	(51,309,556	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long		1,498,455,768
Swap contracts		183,548,148

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

5. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These

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sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

BHFTI-18

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

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

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$60,099,984	$	142,340,000	$	59,000,000	$	181,227,431

7. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$8,157,134		0.675	%	First $250 million
		0.650	%	$250 million to $750 million
		0.625	%	$750 million to $1 billion
		0.600	%	Over $1 billion

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

BHFTI-19

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Management Fee Waiver - The Subadviser has agreed to waive the subadvisory fee it receives in an amount equal to any advisory fee it receives as a result of any investment by the Portfolio in any investment company, unit investment trust or other collective investment fund, registered or nonregistered, for which the Subadviser or any of its affiliates serves as investment adviser. The Adviser has agreed to waive a portion of the management fee related to the Subadviser’s waiving of its subadvisory fee on funds where the Subadviser or any of its affiliates serves as investment adviser. $223,060 was waived for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Consolidated Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. The Adviser has agreed to reduce its advisory fee to reflect a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to this voluntary subadvisory fee waiver. $107,243 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Consolidated Statement of Operations.

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

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

8. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Ending Value as of December 31, 2022
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class	$	144,038,799	$	635,013,561	$	(668,335,640	)	$	110,716,720
STIT-Government & Agency Portfolio, Institutional Class		43,650,258		617,014,712		(623,469,166	)		37,195,804
STIT-Treasury Portfolio, Institutional Class		28,330,363		411,343,142		(415,646,111	)		24,027,394
	$	216,019,420	$	1,663,371,415	$	(1,707,450,917	)	$	171,939,918

BHFTI-20

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Security Description	Income earned from affiliates during the period		Number of shares held December 31, 2022
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class		$    1,306,728		110,716,720
STIT-Government & Agency Portfolio, Institutional Class		574,297		37,195,804
STIT-Treasury Portfolio, Institutional Class		451,356		24,027,394
		$2,332,381

9. Contractual Obligations

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

10. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,112,038,305
Gross unrealized appreciation		4,380,416
Gross unrealized (depreciation)		(9,144,206	)
Net unrealized appreciation (depreciation)	$	(4,763,790	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$124,126,897	$	58,712,676	$	30,164,052	$	26,576,639	$	154,290,949	$	85,289,315

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$38,040,543	$	—	$	(4,676,084	)	$	(163,861,754	)	$	(130,497,295	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $64,670,224 and accumulated long-term capital losses of $99,191,530.

11. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

BHFTI-21

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-22

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Invesco Balanced-Risk Allocation Portfolio and subsidiary:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Invesco Balanced-Risk Allocation Portfolio and subsidiary (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the Invesco Balanced-Risk Allocation Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-23

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-24

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-25

Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.    

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

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Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

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Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Invesco Balanced-Risk Allocation Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Portfolio Index for the one- and three-year periods ended October 31, 2022 and underperformed its benchmark for the five-year period ended October 31, 2022. The Board also considered that the Portfolio outperformed its blended benchmark for the one-year period ended October 31, 2022 and underperformed its blended benchmark for the three- and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

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Brighthouse Funds Trust I

Invesco Balanced-Risk Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

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Brighthouse Funds Trust I

Invesco Comstock Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the Invesco Comstock Portfolio returned 0.88% and 0.64%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned -7.54%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the shift by the U.S. Federal Reserve (the “Fed”) toward tighter monetary policy. The Russian invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas, and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008. Inflation continued to be a top concern for consumers, investors, and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March 2022 and indicated it would taper its asset purchase program quickly.

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a U.S. recession. Driven by higher food and energy prices, the Consumer Price Index rose to another 40-year high of 8.6% for the twelve months ended May 2022. In early June 2022, oil prices peaked near $122 per barrel, resulting in skyrocketing gasoline prices, and the national average price reached a record high above $5 per gallon. To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and by another 0.75% in July, which were the largest increases in nearly 30 years. U.S. equity markets rose in July and August until Fed Chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.

After experiencing a sharp drop in September 2022, U.S. equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued interest rate hikes until data shows inflation meaningfully declining, sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, although companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade.

In this environment, U.S. stocks had double-digit negative returns for the year of -18.11%, as measured by the S&P 500 Index.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the 12 months ended December 31, 2022, the Portfolio outperformed its benchmark over the period due to stock selection and a material overweight allocation in Energy being the largest contributor to relative returns. Energy stocks were buoyed by rising oil prices driven by Russia’s invasion of Ukraine and continued supply shortages. All holdings within the sector, including Marathon Oil, Devon Energy and Pioneer Resources, were notable contributors to absolute and relative returns. We believe tailwinds for Energy companies remain favorable due to limited supply, with no short-term solution. A material underweight allocation in Communication Services also enhanced relative returns, as the sector was the second worst performing sector for the period.

Stock selection within Healthcare also boosted relative returns. McKesson and Elevance Health (formerly Anthem) were the top performers. McKesson’s stock outperformed as earnings and revenues handily beat expectations and early in the year, management provided upbeat guidance for the rest of 2022.

On the negative side, weak stock selection within Information Technology (“IT”) detracted from relative performance. Semiconductor firms Qualcomm and NXP Semiconductor underperformed as the industry generally underperformed due to slowing growth and demand, with supply chain issues exacerbating the problems.

Having a material underweight to Utilities also detracted from relative returns, as the sector was one of the few sectors with positive returns for the period. Stock selection within Financials was a slight detractor, with not owning Berkshire Hathaway being the main detractor, as the stock posted positive performance and outperformed the benchmark and sector.

We used currency forward contracts during the reporting period for the purpose of hedging currency exposure of non-U.S. based companies held in the Portfolio. Derivatives were used solely for the purpose of hedging. The use of currency forward contracts had a slight positive impact on relative performance.

BHFTI-1

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

At period end, the Portfolio’s notable overweight exposures were Energy, Industrials and Healthcare. It was also overweight IT stocks, but to a lesser extent. The Portfolio ended the period underweight Utilities, Real Estate, Communication Services and Materials. Energy, Financial and Consumer Discretionary stocks were reduced by a nominal degree while we slightly increased exposure to Healthcare and Utilities. Derivatives performed as expected during the period.

Kevin C. Holt

Devin E. Armstrong

James Warwick

Portfolio Managers

Invesco Advisers, Inc.

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

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

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Brighthouse Funds Trust I

Invesco Comstock Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Invesco Comstock Portfolio
Class A		0.88		8.18		11.19
Class B		0.64		7.92		10.92
Russell 1000 Value Index		-7.54		6.67		10.29

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Chevron Corp.		3.0
Philip Morris International, Inc.		2.7
Bank of America Corp.		2.6
American International Group, Inc.		2.5
Elevance Health, Inc.		2.5
Wells Fargo & Co.		2.4
Johnson Controls International plc		2.2
Cisco Systems, Inc.		2.1
Caterpillar, Inc.		2.0
Suncor Energy, Inc.		1.9

Top Sectors

	% of Net Assets
Financials		19.8
Health Care		19.6
Industrials		13.4
Energy		11.7
Information Technology		9.7
Consumer Staples		7.4
Consumer Discretionary		6.3
Communication Services		3.4
Materials		3.3
Utilities		1.0

BHFTI-3

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Invesco Comstock Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.58	%	$	1,000.00	$	1,091.40	$	3.06
	Hypothetical*		0.58	%	$	1,000.00	$	1,022.28	$	2.96
Class B (a)	Actual		0.83	%	$	1,000.00	$	1,090.40	$	4.37
	Hypothetical*		0.83	%	$	1,000.00	$	1,021.02	$	4.23

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

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Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—96.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.0%
Textron, Inc.		260,751	$	18,461,171
Air Freight & Logistics—1.7%
FedEx Corp.		184,613		31,974,972
Automobiles—1.5%
General Motors Co.		841,778		28,317,412
Banks—12.1%
Bank of America Corp.		1,487,809		49,276,234
Citigroup, Inc.		625,214		28,278,429
Citizens Financial Group, Inc.		638,929		25,154,635
Fifth Third Bancorp (a)		580,388		19,042,530
Huntington Bancshares, Inc.		1,538,116		21,687,436
JPMorgan Chase & Co.		176,167		23,623,995
M&T Bank Corp.		106,380		15,431,483
Wells Fargo & Co.		1,104,953		45,623,509
				228,118,251
Beverages—1.2%
Coca-Cola Co. (The)		349,219		22,213,820
Building Products—2.2%
Johnson Controls International plc		646,664		41,386,496
Capital Markets—4.2%
Goldman Sachs Group, Inc. (The)		73,614		25,277,575
Morgan Stanley		195,250		16,600,155
State Street Corp.		472,924		36,684,715
				78,562,445
Chemicals—2.0%
BASF SE		199,593		9,908,634
CF Industries Holdings, Inc.		221,071		18,835,249
Corteva, Inc.		144,437		8,490,007
				37,233,890
Communications Equipment—2.8%
Cisco Systems, Inc.		816,396		38,893,106
F5, Inc. (b)		103,732		14,886,579
				53,779,685
Containers & Packaging—1.4%
International Paper Co. (a)		753,747		26,102,259
Electric Utilities—0.5%
PPL Corp.		321,230		9,386,341
Electrical Equipment—3.6%
Eaton Corp. plc		231,297		36,302,064
Emerson Electric Co.		340,293		32,688,546
				68,990,610
Equity Real Estate Investment Trusts—0.5%
Host Hotels & Resorts, Inc. (a)		635,973		10,207,367
Food Products—0.8%
Kraft Heinz Co. (The)		383,105		15,596,204
Health Care Equipment & Supplies—3.2%
Baxter International, Inc.		199,263		10,156,435
Becton Dickinson & Co.		93,627		23,809,346
Dentsply Sirona, Inc. (a)		245,951		7,831,080
Medtronic plc		246,779		19,179,664
				60,976,525
Health Care Providers & Services—10.0%
CVS Health Corp.		388,526		36,206,738
Elevance Health, Inc.		90,541		46,444,817
HCA Healthcare, Inc.		85,172		20,437,873
Henry Schein, Inc. (b)		277,953		22,200,106
Humana, Inc.		34,859		17,854,431
McKesson Corp.		65,614		24,613,124
Universal Health Services, Inc. - Class B		157,647		22,210,886
				189,967,975
Hotels, Restaurants & Leisure—3.2%
Booking Holdings, Inc. (b)		16,972		34,203,332
Las Vegas Sands Corp. (b)		537,222		25,824,262
				60,027,594
Household Products—1.7%
Kimberly-Clark Corp.		239,822		32,555,836
Industrial Conglomerates—1.2%
General Electric Co.		274,347		22,987,535
Insurance—3.6%
Allstate Corp. (The)		152,752		20,713,171
American International Group, Inc.		756,159		47,819,495
				68,532,666
Interactive Media & Services—1.0%
Meta Platforms, Inc. - Class A (b)		156,858		18,876,292
Internet & Direct Marketing Retail—0.3%
eBay, Inc.		149,554		6,202,004
IT Services—2.6%
Cognizant Technology Solutions Corp. - Class A		450,662		25,773,360
DXC Technology Co. (a) (b)		910,108		24,117,862
				49,891,222
Machinery—3.7%
Caterpillar, Inc.		154,915		37,111,437
Westinghouse Air Brake Technologies Corp.		333,731		33,309,691
				70,421,128
Media—1.2%
Comcast Corp. - Class A		661,607		23,136,397
Multi-Utilities—1.0%
Dominion Energy, Inc.		316,089		19,382,577

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Oil, Gas & Consumable Fuels—11.7%
Chevron Corp.		312,828	$	56,149,498
ConocoPhillips		273,202		32,237,836
Devon Energy Corp.		244,424		15,034,520
Exxon Mobil Corp.		152,184		16,785,895
Hess Corp.		181,666		25,763,872
Marathon Oil Corp.		811,426		21,965,302
Pioneer Natural Resources Co.		73,690		16,830,059
Suncor Energy, Inc.		1,163,614		36,921,472
				221,688,454
Personal Products—1.0%
Haleon plc (b)		4,684,938		18,739,203
Pharmaceuticals—6.3%
Bristol-Myers Squibb Co.		327,996		23,599,312
Johnson & Johnson (a)		185,649		32,794,896
Merck & Co., Inc.		300,443		33,334,151
Sanofi (ADR)		620,486		30,050,137
				119,778,496
Semiconductors & Semiconductor Equipment—3.0%
Intel Corp.		318,683		8,422,791
NXP Semiconductors NV		188,630		29,809,199
QUALCOMM, Inc.		172,835		19,001,480
				57,233,470
Software—1.2%
Microsoft Corp.		92,915		22,282,875
Specialty Retail—0.5%
Ross Stores, Inc.		74,195		8,611,814
Textiles, Apparel & Luxury Goods—0.8%
Ralph Lauren Corp. (a)		148,234		15,663,887
Tobacco—2.7%
Philip Morris International, Inc.		504,605		51,071,072
Wireless Telecommunication Services—1.2%
T-Mobile U.S., Inc. (b)		159,949		22,392,860
Total Common Stocks (Cost $1,392,639,663)				1,830,750,805
Short-Term Investment—3.3%
Repurchase Agreement—3.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $61,736,823; collateralized by U.S. Treasury Bond at 3.375%, maturing 11/15/48, with a market value of $62,959,022.		61,724,478		61,724,478
Total Short-Term Investments (Cost $61,724,478)				61,724,478
Securities Lending Reinvestments (c)—3.0%
Security Description	Principal Amount*		Value
Certificates of Deposit—0.2%
Bank of Nova Scotia 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (d)		1,000,000		1,000,018
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (d)		1,000,000		1,000,394
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (d)		1,000,000		999,984
				3,000,396
Repurchase Agreements—2.1%
BofA Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $2,149,081; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $2,191,040.		2,148,079		2,148,079
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $11,005,256; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $11,229,757.		11,000,000		11,000,000
HSBC Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $8,003,778; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $8,163,853.		8,000,000		8,000,000
ING Financial Markets LLC Repurchase Agreement dated 12/30/22 at 4.290%, due on 01/03/23 with a maturity value of $8,003,813; collateralized by U.S. Government Agency Obligations with rates ranging from 0.500% - 6.625%, maturity dates ranging from 09/06/24 - 11/15/30, and an aggregate market value of $8,160,225.		8,000,000		8,000,000
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $313,001; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $320,319.		312,851		312,851
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $1,201,008; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $1,226,854.		1,200,000		1,200,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $8,003,787; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $8,160,001.		8,000,000		8,000,000

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $2,000,980; collateralized by various Common Stock with an aggregate market value of $2,226,384.		2,000,000	$	2,000,000
				40,660,930
Time Deposit—0.1%
First Abu Dhabi Bank USA NV 4.300%, 01/03/23		2,000,000		2,000,000
Mutual Funds—0.6%
Allspring Government Money Market Fund, Select Class 4.090% (e)		1,000,000		1,000,000
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (e)		1,000,000		1,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (e)		1,000,000		1,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (e)		2,000,000		2,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (e)		1,000,000		1,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (e)		5,000,000		5,000,000
				11,000,000
Total Securities Lending Reinvestments (Cost $56,660,929)				56,661,326
Total Investments—102.9% (Cost $1,511,025,070)				1,949,136,609
Other assets and liabilities (net)—(2.9)%				(54,952,275	)
Net Assets—100.0%			$	1,894,184,334

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $55,455,500 and the collateral received consisted of cash in the amount of $56,660,929. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(d)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CAD	813,072	CIBC		01/13/23		USD	595,506	$	5,020
CAD	649,885	RBC		01/13/23		USD	478,073		1,924
GBP	195,596	SSBT		01/13/23		USD	237,725		(1,203	)
Contracts to Deliver
CAD	23,494,414	CIBC		01/13/23		USD	17,200,054		(152,652	)
CAD	704,035	CIBC		01/13/23		USD	521,523		1,531
CAD	946,711	DBAG		01/13/23		USD	693,686		(5,544	)
CAD	1,060,973	RBC		01/13/23		USD	784,285		663
EUR	614,535	GSI		01/13/23		USD	653,804		(4,437	)
EUR	17,718,019	RBC		01/13/23		USD	18,778,939		(199,187	)
EUR	454,430	SSBT		01/13/23		USD	482,363		(4,386	)
GBP	7,369,408	RBC		01/13/23		USD	9,066,354		154,992
GBP	152,260	RBC		01/13/23		USD	185,678		1,560
GBP	186,226	SSBT		01/13/23		USD	224,283		(908	)
Net Unrealized Depreciation								$	(202,627	)

Glossary of Abbreviations

Counterparties

(CIBC)—	Canadian Imperial Bank of Commerce
(DBAG)—	Deutsche Bank AG
(GSI)—	Goldman Sachs International
(RBC)—	Royal Bank of Canada
(SSBT)—	State Street Bank and Trust

Currencies

(CAD)—	Canadian Dollar
(EUR)—	Euro
(GBP)—	British Pound
(USD)—	United States Dollar

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)— American Depositary Receipt

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	18,461,171	$	—		$	—	$	18,461,171
Air Freight & Logistics		31,974,972		—			—		31,974,972
Automobiles		28,317,412		—			—		28,317,412
Banks		228,118,251		—			—		228,118,251
Beverages		22,213,820		—			—		22,213,820
Building Products		41,386,496		—			—		41,386,496
Capital Markets		78,562,445		—			—		78,562,445
Chemicals		27,325,256		9,908,634			—		37,233,890
Communications Equipment		53,779,685		—			—		53,779,685
Containers & Packaging		26,102,259		—			—		26,102,259
Electric Utilities		9,386,341		—			—		9,386,341
Electrical Equipment		68,990,610		—			—		68,990,610
Equity Real Estate Investment Trusts		10,207,367		—			—		10,207,367
Food Products		15,596,204		—			—		15,596,204
Health Care Equipment & Supplies		60,976,525		—			—		60,976,525
Health Care Providers & Services		189,967,975		—			—		189,967,975
Hotels, Restaurants & Leisure		60,027,594		—			—		60,027,594
Household Products		32,555,836		—			—		32,555,836
Industrial Conglomerates		22,987,535		—			—		22,987,535
Insurance		68,532,666		—			—		68,532,666
Interactive Media & Services		18,876,292		—			—		18,876,292
Internet & Direct Marketing Retail		6,202,004		—			—		6,202,004
IT Services		49,891,222		—			—		49,891,222
Machinery		70,421,128		—			—		70,421,128
Media		23,136,397		—			—		23,136,397
Multi-Utilities		19,382,577		—			—		19,382,577
Oil, Gas & Consumable Fuels		221,688,454		—			—		221,688,454
Personal Products		—		18,739,203			—		18,739,203
Pharmaceuticals		119,778,496		—			—		119,778,496
Semiconductors & Semiconductor Equipment		57,233,470		—			—		57,233,470
Software		22,282,875		—			—		22,282,875
Specialty Retail		8,611,814		—			—		8,611,814
Textiles, Apparel & Luxury Goods		15,663,887		—			—		15,663,887
Tobacco		51,071,072		—			—		51,071,072
Wireless Telecommunication Services		22,392,860		—			—		22,392,860
Total Common Stocks		1,802,102,968		28,647,837			—		1,830,750,805
Total Short-Term Investment*		—		61,724,478			—		61,724,478
Securities Lending Reinvestments
Certificates of Deposit		—		3,000,396			—		3,000,396
Repurchase Agreements		—		40,660,930			—		40,660,930
Time Deposit		—		2,000,000			—		2,000,000
Mutual Funds		11,000,000		—			—		11,000,000
Total Securities Lending Reinvestments		11,000,000		45,661,326			—		56,661,326
Total Investments	$	1,813,102,968	$	136,033,641		$	—	$	1,949,136,609
Collateral for Securities Loaned (Liability)	$	—	$	(56,660,929	)	$	—	$	(56,660,929	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	165,690		$	—	$	165,690
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(368,317	)		—		(368,317	)
Total Forward Contracts	$	—	$	(202,627	)	$	—	$	(202,627	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,949,136,609
Cash denominated in foreign currencies (c)		3,315
Unrealized appreciation on forward foreign currency exchange contracts		165,690
Receivable for:
Fund shares sold		302,692
Dividends and interest		3,739,730
Prepaid expenses		7,917
Total Assets		1,953,355,953
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		368,317
Collateral for securities loaned		56,660,929
Payables for:
Fund shares redeemed		698,554
Accrued Expenses:
Management fees		908,960
Distribution and service fees		185,606
Deferred trustees’ fees		163,275
Other expenses		185,978
Total Liabilities		59,171,619
Net Assets	$	1,894,184,334
Net Assets Consist of:
Paid in surplus	$	1,105,628,209
Distributable earnings (Accumulated losses)		788,556,125
Net Assets	$	1,894,184,334
Net Assets
Class A	$	1,032,144,313
Class B		862,040,021
Capital Shares Outstanding*
Class A		73,236,856
Class B		61,628,084
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.09
Class B		13.99

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,511,025,070.
(b)	Includes securities loaned at value of $55,455,500.
(c)	Identified cost of cash denominated in foreign currencies was $3,294.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	50,581,193
Interest		249,077
Securities lending income		124,813
Total investment income		50,955,083
Expenses
Management fees		11,926,834
Administration fees		89,764
Custodian and accounting fees		108,708
Distribution and service fees—Class B		2,311,762
Audit and tax services		50,512
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		67,029
Insurance		18,000
Miscellaneous		21,266
Total expenses		14,648,530
Less management fee waiver		(458,645	)
Less broker commission recapture		(18,464	)
Net expenses		14,171,421
Net Investment Income		36,783,662
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		329,531,431
Foreign currency transactions		(51,770	)
Forward foreign currency transactions		2,433,260
Net realized gain (loss)		331,912,921
Net change in unrealized appreciation (depreciation) on:
Investments		(351,663,526	)
Foreign currency transactions		(907	)
Forward foreign currency transactions		215,101
Net change in unrealized appreciation (depreciation)		(351,449,332	)
Net realized and unrealized gain (loss)		(19,536,411	)
Net Increase (Decrease) in Net Assets From Operations	$	17,247,251

(a) Net of foreign withholding taxes of $526,815.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	36,783,662		$	39,449,502
Net realized gain (loss)		331,912,921			344,678,479
Net change in unrealized appreciation (depreciation)		(351,449,332	)		330,346,240
Increase (decrease) in net assets from operations		17,247,251			714,474,221
From Distributions to Shareholders
Class A		(183,503,409	)		(28,908,359	)
Class B		(147,249,242	)		(19,160,481	)
Total distributions		(330,752,651	)		(48,068,840	)
Increase (decrease) in net assets from capital share transactions		(194,708,539	)		(655,480,380	)
Total increase (decrease) in net assets		(508,213,939	)		10,925,001
Net Assets
Beginning of period		2,402,398,273			2,391,473,272
End of period	$	1,894,184,334		$	2,402,398,273

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		53,348		$	780,962			289,494		$	4,533,078
Reinvestments		13,818,028			183,503,409			1,836,618			28,908,359
Redemptions		(23,075,705	)		(364,873,846	)		(33,072,279	)		(503,564,498	)
Net increase (decrease)		(9,204,329	)	$	(180,589,475	)		(30,946,167	)	$	(470,123,061	)
Class B
Sales		4,085,530		$	61,982,369			3,184,818		$	49,054,608
Reinvestments		11,155,246			147,249,242			1,223,531			19,160,481
Redemptions		(14,634,353	)		(223,350,675	)		(16,672,760	)		(253,572,408	)
Net increase (decrease)		606,423		$	(14,119,064	)		(12,264,411	)	$	(185,357,319	)
Increase (decrease) derived from capital shares transactions				$	(194,708,539	)				$	(655,480,380	)

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	16.79		$	12.84		$	14.18		$	13.26		$	16.38
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.28			0.26			0.27			0.31			0.29
Net realized and unrealized gain (loss)		(0.30	)		4.02			(0.55	)		2.77			(2.05	)
Total income (loss) from investment operations		(0.02	)		4.28			(0.28	)		3.08			(1.76	)
Less Distributions
Distributions from net investment income		(0.35	)		(0.33	)		(0.30	)		(0.36	)		(0.14	)
Distributions from net realized capital gains		(2.33	)		0.00			(0.76	)		(1.80	)		(1.22	)
Total distributions		(2.68	)		(0.33	)		(1.06	)		(2.16	)		(1.36	)
Net Asset Value, End of Period	$	14.09		$	16.79		$	12.84		$	14.18		$	13.26
Total Return (%) (b)		0.88			33.47			(0.27	)		25.26			(11.91	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.59			0.59			0.60			0.59			0.59
Net ratio of expenses to average net assets (%) (c) (d)		0.57			0.56			0.57			0.56			0.56
Ratio of net investment income (loss) to average net assets (%)		1.87			1.71			2.41			2.28			1.85
Portfolio turnover rate (%)		20			15			39			23			19
Net assets, end of period (in millions)	$	1,032.1		$	1,384.6		$	1,456.1		$	1,458.6		$	1,284.2
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	16.68		$	12.76		$	14.09		$	13.18		$	16.29
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.25			0.22			0.24			0.28			0.25
Net realized and unrealized gain (loss)		(0.30	)		4.00			(0.55	)		2.75			(2.04	)
Total income (loss) from investment operations		(0.05	)		4.22			(0.31	)		3.03			(1.79	)
Less Distributions
Distributions from net investment income		(0.31	)		(0.30	)		(0.26	)		(0.32	)		(0.10	)
Distributions from net realized capital gains		(2.33	)		0.00			(0.76	)		(1.80	)		(1.22	)
Total distributions		(2.64	)		(0.30	)		(1.02	)		(2.12	)		(1.32	)
Net Asset Value, End of Period	$	13.99		$	16.68		$	12.76		$	14.09		$	13.18
Total Return (%) (b)		0.64			33.18			(0.51	)		24.95			(12.15	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84			0.84			0.85			0.84			0.84
Net ratio of expenses to average net assets (%) (c) (d)		0.82			0.81			0.82			0.81			0.81
Ratio of net investment income (loss) to average net assets (%)		1.64			1.47			2.16			2.03			1.61
Portfolio turnover rate (%)		20			15			39			23			19
Net assets, end of period (in millions)	$	862.0		$	1,017.8		$	935.3		$	958.1		$	855.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(d)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022 , 2021, 2020, 2019 and 2018, respectively (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-13

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP.

BHFTI-14

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

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

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $61,724,478. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $40,660,930. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

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

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

BHFTI-15

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

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

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

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	165,690	Unrealized depreciation on forward foreign currency exchange contracts	$	368,317

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

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Canadian Imperial Bank of Commerce	$	6,551	$	(6,551	)	$	—	$	—
Royal Bank of Canada		159,139		(159,139	)		—		—
	$	165,690	$	(165,690	)	$	—	$	—

BHFTI-16

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Canadian Imperial Bank of Commerce	$	152,652	$	(6,551	)	$	—	$	146,101
Deutsche Bank AG		5,544		—			—		5,544
Goldman Sachs International		4,437		—			—		4,437
Royal Bank of Canada		199,187		(159,139	)		—		40,048
State Street Bank and Trust		6,497		—			—		6,497
	$	368,317	$	(165,690	)	$	—	$	202,627

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

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Forward foreign currency transactions	$	2,433,260
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Forward foreign currency transactions	$	215,101

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	53,718,396

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

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

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the

BHFTI-17

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

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

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

BHFTI-18

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

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

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

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	408,742,287	$	0	$	910,620,761

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$11,926,834		0.650	%	First $500 million
		0.600	%	$500 million to $1 billion
		0.525	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	$1 billion to $2 billion
0.050%	Over $2 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $300,833 and are included in the total amount shown as a management fee waivers in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $157,812 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

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

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B,

BHFTI-19

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

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

Affiliated Broker - During the year ended December 31, 2022 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

Affiliate	Commission
Invesco Capital Markets, Inc.	$	36,169

7. Contractual Obligations

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

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,527,532,046
Gross unrealized appreciation		493,918,217
Gross unrealized (depreciation)		(72,313,654	)
Net unrealized appreciation (depreciation)	$	421,604,563

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$59,199,989	$	48,068,840	$	271,552,662	$	—	$	330,752,651	$	48,068,840

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$45,685,930	$	321,428,889	$	421,604,583	$	—	$	788,719,402

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

BHFTI-20

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

As of December 31, 2022, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-21

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Invesco Comstock Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Invesco Comstock Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Invesco Comstock Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-22

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-23

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-24

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.    

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-25

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-26

Brighthouse Funds Trust I

Invesco Comstock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Invesco Comstock Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Russell 1000 Value Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

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Brighthouse Funds Trust I

Invesco Comstock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

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Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Invesco Global Equity Portfolio returned -31.70%, -31.84%, and -31.79%, respectively. The Portfolio’s benchmark, the MSCI All Country World Index¹, returned -18.36%.

MARKET ENVIRONMENT / CONDITIONS

Inflation was the major market theme of 2022, leading to a year that was dominated by macroeconomic headlines, beyond the norm. Inflation’s impact on the equity market was varied. First, it resulted in the U.S. Federal Reserve (the “Fed”) raising the federal funds rate significantly and rapidly, and far beyond what its own projections were at the beginning of the year. At the margin, rising interest rates diminish the appeal of risk assets, such as equities, by providing competition for them. Given the broad valuation expansion among growth equities since the pandemic, they were especially vulnerable to that competition, and they suffered a sharp decline over the course of the year. Second, inflation ignited considerable pricing leverage in the industrial and commodity landscape, which had pervasive spillover effects. Although real gross domestic product (“GDP”) was relatively weak, especially in the first half of the year, nominal GDP remained strong throughout 2022 and nominal growth is, in part, what the Fed has been trying to reign in. Third, long-term U.S. treasury bonds posted one of their worst years ever. Losses dwarfed those of the most recent sizable bond bear market of 1994. It has been many decades since bonds and stocks declined in tandem over an extended period of time. The last episode occurred during the 1970s. Then, however, due to higher bond yields, total returns for bondholders were weak but price declines were buffered by higher interest income. The bond market of 2022 lacked that coupon interest buffer, leaving it highly vulnerable to the change in the Fed’s policy.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed notably versus the MSCI All Country World Index due to valuation compression across the market and the Portfolio as well as the Portfolio’s off-benchmark holdings. The most significant area of underperformance occurred within the Communication Services sector. The Portfolio’s largest holding, Alphabet, as well as another large holding, Meta Platforms, performed poorly. Both remain in the Portfolio, however, as we believe they are attractive prospects.

Information Technology was also an area that challenged the Portfolio performance over the period. Software, one of the significant performers post pandemic, stumbled in 2022. Among our positions, Intuit and Adobe were disappointments during the year. Adobe, however, declined for reasons beyond the market’s broad valuation retreat. Adobe experienced a slowdown in activity and made an expensive acquisition, leaving its strategic logic open to question. We trimmed Adobe to reflect that deterioration in fundamentals, although it remains in the Portfolio. Other issues that cropped up during the year in tech came in some of the electronic component makers held in the Portfolio, virtually all based in Asia. They were entangled all year in supply chain headwinds and customer slowdowns from China’s COVID-19 lockdown policies and we trimmed most during the year. At period-end that policy was lifted, which we believe may offer some relief in the upcoming year.

Healthcare also detracted from Portfolio performance over the period. Valuation compression impacted some portions of the sector, and the Portfolio felt the effect of that, but there were also names we hold which were impacted by supply chain issues, speculation about diminishing COVID-19 testing, and execution stumbles. While there were no large losers in this sector, there was a dearth of winners.

Our investment approach does not lend itself to investments in commodity companies or commodity sectors, generally. The Energy sector was a persistent headwind during the year due to the Portfolio’s lack of exposure to it. The cyclical nature of commodity companies makes them, in our view, an unappealing choice in a Portfolio that maintains a focus on structural growth opportunities, not cyclical ones. Energy is not the only commoditized sector where we have limited exposure. That would also be true of the Financials, Utilities and Materials sectors.

For the period, the Portfolio also underperformed in the Consumer Staples sector, due to both an underweight to the Portfolio’s detriment and a single holding, Zur Rose Group AG, a Swiss digital pharmacy company, which disappointed and the Portfolio exited from it during the period.

There were some bright spots during the period worth mentioning. The Portfolio outperformed in the Consumer Discretionary sector for the period. This was due to not holding any position in Tesla, which fell by 65% in 2022. We have never been comfortable with either the valuation of the company, or the governance of it. In our view, the valuation never reflected that it makes cars. The auto industry is a notoriously competitive one and, as it pertains to electric vehicles particularly, is getting more competitive in our view. In addition, much as Elon Musk’s entrepreneurial skills may be admired, we believe that historically his governance practices leave much to be desired.

Luxury goods were also a bright spot in the Consumer Discretionary sector. Despite fears of an imminent slowdown, the luxury houses generally displayed resilience throughout the year. The exception to that being Kering (France), the sponsor of brands such as Gucci, Saint Laurent, Brioni, Balenciaga, and Boucheron among others. We believe their troubles have emanated from the Gucci brand, which is its largest one, and in our view needs a refresh. We trimmed our position in response.

The Portfolio also had modest outperformance in the Real Estate sector. There we have a single position, DLF Limited, which is a real

BHFTI-1

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

estate development company in India. India’s economy has remained fairly strong and demand for housing has been brisk.

We tailor our holdings to benefit from long-term structural changes to the manner in which we live, work, and communicate, among other themes. That being the case, the Portfolio is not geared, or organized, to perform in any particular economic or market environment. Our belief is that quality companies, shaping or benefiting from change will have ample capacity to compound their economic returns over the next 5 to 10 years. This approach is one that we have applied in the Portfolio for many decades, and it has proved to be an effective way to create economic value for investors in the Portfolio. As a result, our broad positioning has not meaningfully shifted in recent periods.

John Delano

Portfolio Manager

Invesco Advisers, Inc

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

¹ The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed and 24 emerging market indices. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

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Brighthouse Funds Trust I

Invesco Global Equity Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Invesco Global Equity Portfolio
Class A		-31.70		3.03		8.05
Class B		-31.84		2.79		7.78
Class E		-31.79		2.89		7.89
MSCI All Country World Index		-18.36		5.23		7.98

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Alphabet, Inc. - Class A		9.4
LVMH Moet Hennessy Louis Vuitton SE		5.9
Analog Devices, Inc.		5.3
S&P Global, Inc.		5.1
Airbus SE		4.9
Intuit, Inc.		4.9
JD.com, Inc.(ADR)		4.8
Novo Nordisk A/S - Class B		4.0
DLF, Ltd.		3.6
Meta Platforms, Inc. - Class A		3.2

Top Countries

	% of Net Assets
United States		52.0
France		14.3
Japan		6.5
China		6.4
India		5.6
Sweden		4.2
Denmark		4.0
Germany		2.1
Netherlands		1.1
Switzerland		0.8

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Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Invesco Global Equity Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.57	%	$	1,000.00	$	998.90	$	2.87
	Hypothetical*		0.57	%	$	1,000.00	$	1,022.33	$	2.91
Class B (a)	Actual		0.82	%	$	1,000.00	$	997.90	$	4.13
	Hypothetical*		0.82	%	$	1,000.00	$	1,021.07	$	4.18
Class E (a)	Actual		0.72	%	$	1,000.00	$	998.40	$	3.63
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.58	$	3.67

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

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

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Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—99.0% of Net Assets

Security Description	Shares		Value
Brazil—0.2%
StoneCo, Ltd. - Class A (a) (b)		243,860	$	2,302,038
Canada—0.2%
Canadian Pacific Railway, Ltd.		20,176		1,504,928
China—6.4%
JD.com, Inc. (ADR) (b)		860,985		48,327,088
Meituan - Class B (144A) (a)		406,900		8,997,121
Tencent Holdings, Ltd.		151,000		6,417,833
				63,742,042
Denmark—4.0%
Novo Nordisk A/S - Class B		297,180		40,238,158
France—14.3%
Airbus SE		412,179		49,009,018
Dassault Systemes SE		115,368		4,160,986
EssilorLuxottica S.A.		33,742		6,144,287
Kering S.A. (b)		45,723		23,400,229
LVMH Moet Hennessy Louis Vuitton SE		81,255		59,027,280
Pernod Ricard S.A.		8,131		1,598,226
				143,340,026
Germany—2.1%
Allianz SE		14,538		3,126,051
SAP SE		169,231		17,464,538
				20,590,589
India—5.6%
DLF, Ltd.		7,842,023		35,507,478
ICICI Bank, Ltd. (ADR) (b)		924,183		20,230,366
				55,737,844
Israel—0.2%
Nice, Ltd. (ADR) (a) (b)		10,946		2,104,916
Italy—0.7%
Brunello Cucinelli S.p.A.		100,030		7,422,435
Japan—6.5%
Keyence Corp.		78,400		30,693,967
Murata Manufacturing Co., Ltd.		356,600		17,890,371
Nidec Corp.		17,500		911,347
Omron Corp.		46,000		2,243,579
TDK Corp.		391,700		12,718,883
				64,458,147
Netherlands—1.1%
ASML Holding NV		21,024		11,380,353
Spain—0.7%
Amadeus IT Group S.A. (a)		144,321		7,442,641
Sweden—4.2%
Assa Abloy AB - Class B		828,274		17,821,076
Atlas Copco AB - A Shares		2,069,622		24,502,997
				42,324,073
Switzerland—0.8%
Lonza Group AG		16,819		8,277,940
United States—52.0%
Adobe, Inc. (a)		94,103		31,668,483
Agilent Technologies, Inc.		140,801		21,070,870
Alphabet, Inc. - Class A (a)		1,068,842		94,303,930
Amazon.com, Inc. (a)		94,943		7,975,212
Analog Devices, Inc.		324,827		53,281,373
Avantor, Inc. (a)		267,692		5,645,624
Boston Scientific Corp. (a)		71,865		3,325,194
Charles River Laboratories International, Inc. (a) (b)		19,663		4,284,568
Charter Communications, Inc. - Class A (a)		12,198		4,136,342
Danaher Corp.		22,853		6,065,643
Datadog, Inc. - Class A (a) (b)		27,817		2,044,549
Dun & Bradstreet Holdings, Inc. (b)		129,781		1,591,115
Ecolab, Inc.		21,972		3,198,244
Equifax, Inc. (b)		103,622		20,139,972
Fidelity National Information Services, Inc.		54,593		3,704,135
IDEXX Laboratories, Inc. (a)		8,256		3,368,118
Illumina, Inc. (a)		38,549		7,794,608
Intuit, Inc.		124,957		48,635,763
Intuitive Surgical, Inc. (a)		34,013		9,025,350
IQVIA Holdings, Inc. (a)		52,071		10,668,827
Lam Research Corp.		2,652		1,114,636
Marriott International, Inc. - Class A		40,551		6,037,638
Marvell Technology, Inc.		312,723		11,583,260
Meta Platforms, Inc. - Class A (a)		265,283		31,924,156
Microsoft Corp.		63,290		15,178,208
NVIDIA Corp.		33,008		4,823,789
Phathom Pharmaceuticals, Inc. (a) (b)		145,354		1,630,872
Qualtrics International, Inc. - Class A (a) (b)		252,202		2,617,857
S&P Global, Inc. (b)		153,092		51,276,634
Splunk, Inc. (a) (b)		48,693		4,191,980
United Parcel Service, Inc. - Class B		138,779		24,125,341
Visa, Inc. - Class A (b)		102,731		21,343,393
Walt Disney Co. (The) (a)		16,729		1,453,415
				519,229,099
Total Common Stocks (Cost $674,900,521)				990,095,229
Short-Term Investment—0.9%
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $8,710,334; collateralized by U.S. Treasury Bond at 1.375%, maturing 08/15/50, with a market value of $8,882,777.		8,708,592		8,708,592
Total Short-Term Investments (Cost $8,708,592)				8,708,592

See accompanying notes to financial statements.

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Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (c)—7.1%

Security Description	Principal Amount*		Value
Certificates of Deposit—2.3%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (d)		1,000,000	$	1,001,351
Bank of Montreal (Chicago) 4.790%, FEDEFF PRV + 0.460%, 03/02/23 (d)		2,000,000		2,000,000
Bank of Nova Scotia 4.550%, SOFR + 0.250%, 02/17/23 (d)		2,000,000		1,999,909
4.810%, SOFR + 0.510%, 03/15/23 (d)		2,000,000		2,000,840
Canadian Imperial Bank of Commerce (NY) 4.800%, SOFR + 0.500%, 03/03/23 (d)		3,000,000		3,001,148
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (d)		1,000,000		1,000,071
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (d)		2,000,000		2,000,000
4.830%, SOFR + 0.530%, 02/01/23 (d)		1,000,000		1,000,209
Mitsubishi UFJ Trust and Banking Corp. 4.860%, SOFR + 0.560%, 02/14/23 (d)		2,000,000		2,000,600
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (d)		1,000,000		1,000,395
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (d)		1,000,000		1,001,518
Sumitomo Mitsui Trust Bank, Ltd. 4.850%, SOFR + 0.550%, 03/07/23 (d)		1,000,000		1,000,278
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (d)		1,000,000		1,000,000
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (d)		3,000,000		2,999,670
				23,005,989
Commercial Paper—0.5%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (d)		1,000,000		1,000,253
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (d)		1,000,000		1,001,362
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (d)		2,000,000		2,000,540
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (d)		1,000,000		1,000,000
				5,002,155
Master Demand Notes—0.4%
Bank of America N.A. 4.880%, SOFR + 0.580%, 05/15/23 (d)		4,000,000		3,999,955
Repurchase Agreements—3.6%
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $5,002,389; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $5,100,000.		5,000,000		5,000,000
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc.
Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $2,008,983; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $ 13,126,881; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 3/31/27, and an aggregate market value of $13,433,761.		13,120,583		13,120,583
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $4,103,444; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $4,191,751.		4,100,000		4,100,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $5,004,326; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $5,444,143.		5,000,000		5,000,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,100,519; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $1,123,987.		1,100,000		1,100,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $2,402,063; collateralized by various Common Stock with an aggregate market value of $2,671,661.		2,400,000		2,400,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $1,409,404; collateralized by various Common Stock with an aggregate market value of $1,562,869.		1,408,716		1,408,716
				36,129,299
Time Deposit—0.2%
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (d)		2,000,000		2,000,000

See accompanying notes to financial statements.

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Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares		Value
Mutual Funds—0.1%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (e)		893,691	$	893,691
Total Securities Lending Reinvestments (Cost $71,023,013)				71,031,089
Total Investments—107.0% (Cost $754,632,126)				1,069,834,910
Other assets and liabilities (net)—(7.0)%				(70,369,150	)
Net Assets—100.0%			$	999,465,760

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $69,212,221 and the collateral received consisted of cash in the amount of $71,023,017 and non-cash collateral with a value of $459,540. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(d)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $8,997,121, which is 0.9% of net assets.

Ten Largest Industries as of December 31, 2022 (Unaudited)	% of Net Assets
Interactive Media & Services		13.3
Software		12.8
Textiles, Apparel & Luxury Goods		9.0
Semiconductors & Semiconductor Equipment		8.2
Internet & Direct Marketing Retail		6.5
Life Sciences Tools & Services		6.4
Electronic Equipment, Instruments & Components		6.4
Capital Markets		5.1
Aerospace & Defense		4.9
Pharmaceuticals		4.2

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

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

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

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

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

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Brazil	$	2,302,038	$	—		$	—	$	2,302,038
Canada		1,504,928		—			—		1,504,928
China		48,327,088		15,414,954			—		63,742,042
Denmark		—		40,238,158			—		40,238,158
France		—		143,340,026			—		143,340,026
Germany		—		20,590,589			—		20,590,589
India		20,230,366		35,507,478			—		55,737,844
Israel		2,104,916		—			—		2,104,916
Italy		—		7,422,435			—		7,422,435
Japan		—		64,458,147			—		64,458,147
Netherlands		—		11,380,353			—		11,380,353
Spain		—		7,442,641			—		7,442,641
Sweden		—		42,324,073			—		42,324,073
Switzerland		—		8,277,940			—		8,277,940
United States		519,229,099		—			—		519,229,099
Total Common Stocks		593,698,435		396,396,794			—		990,095,229
Total Short-Term Investment*		—		8,708,592			—		8,708,592
Securities Lending Reinvestments
Certificates of Deposit		—		23,005,989			—		23,005,989
Commercial Paper		—		5,002,155			—		5,002,155
Master Demand Notes		—		3,999,955			—		3,999,955
Repurchase Agreements		—		36,129,299			—		36,129,299
Time Deposit		—		2,000,000			—		2,000,000
Mutual Funds		893,691		—			—		893,691
Total Securities Lending Reinvestments		893,691		70,137,398			—		71,031,089
Total Investments	$	594,592,126	$	475,242,784		$	—	$	1,069,834,910
Collateral for Securities Loaned (Liability)	$	—	$	(71,023,017	)	$	—	$	(71,023,017	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,069,834,910
Cash		3,155
Cash denominated in foreign currencies (c)		483,053
Receivable for:
Investments sold		3,367,063
Fund shares sold		148,871
Dividends and interest		423,383
Prepaid expenses		3,722
Total Assets		1,074,264,157
Liabilities
Collateral for securities loaned		71,023,017
Payables for:
Investments purchased		456,431
Fund shares redeemed		816,477
Foreign taxes		1,602,104
Accrued Expenses:
Management fees		459,983
Distribution and service fees		57,762
Deferred trustees’ fees		178,951
Other expenses		203,672
Total Liabilities		74,798,397
Net Assets	$	999,465,760
Net Assets Consist of:
Paid in surplus	$	620,725,017
Distributable earnings (Accumulated losses) (d)		378,740,743
Net Assets	$	999,465,760
Net Assets
Class A	$	730,521,624
Class B		256,412,012
Class E		12,532,124
Capital Shares Outstanding*
Class A		38,768,339
Class B		13,772,415
Class E		669,860
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.84
Class B		18.62
Class E		18.71

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $754,632,126.
(b)	Includes securities loaned at value of $69,212,221.
(c)	Identified cost of cash denominated in foreign currencies was $480,937.
(d)	Includes foreign capital gains tax of $1,602,104.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	10,382,037
Interest		58,518
Securities lending income		176,225
Total investment income		10,616,780
Expenses
Management fees		7,408,934
Administration fees		54,932
Custodian and accounting fees		186,846
Distribution and service fees—Class B		720,974
Distribution and service fees—Class E		22,706
Audit and tax services		54,672
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		72,135
Insurance		10,260
Miscellaneous		45,852
Total expenses		8,631,966
Less management fee waiver		(1,554,797	)
Net expenses		7,077,169
Net Investment Income		3,539,611
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments (b)		62,290,658
Foreign currency transactions		(64,650	)
Net realized gain (loss)		62,226,008
Net change in unrealized appreciation (depreciation) on:
Investments (c)		(535,666,812	)
Foreign currency transactions		(41,362	)
Net change in unrealized appreciation (depreciation)		(535,708,174	)
Net realized and unrealized gain (loss)		(473,482,166	)
Net Increase (Decrease) in Net Assets From Operations	$	(469,942,555	)

(a)	Net of foreign withholding taxes of $841,154.
(b)	Net of foreign capital gains tax of $69,465.
(c)	Includes change in foreign capital gains tax of $196,994.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	3,539,611		$	(1,076,698	)
Net realized gain (loss)		62,226,008			162,795,388
Net change in unrealized appreciation (depreciation)		(535,708,174	)		61,200,397
Increase (decrease) in net assets from operations		(469,942,555	)		222,919,087
From Distributions to Shareholders
Class A		(116,963,860	)		(45,961,149	)
Class B		(41,674,335	)		(16,173,184	)
Class E		(2,170,112	)		(937,943	)
Total distributions		(160,808,307	)		(63,072,276	)
Increase (decrease) in net assets from capital share transactions		139,864,227			(155,006,641	)
Total increase (decrease) in net assets		(490,886,635	)		4,840,170
Net Assets
Beginning of period		1,490,352,395			1,485,512,225
End of period	$	999,465,760		$	1,490,352,395

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		1,686,025		$	38,687,621			510,660		$	16,044,763
Reinvestments		6,159,234			116,963,860			1,475,952			45,961,149
Redemptions		(2,146,868	)		(47,594,997	)		(5,336,834	)		(169,889,310	)
Net increase (decrease)		5,698,391		$	108,056,484			(3,350,222	)	$	(107,883,398	)
Class B
Sales		1,046,187		$	23,850,338			629,105		$	19,436,492
Reinvestments		2,217,900			41,674,335			522,896			16,173,184
Redemptions		(1,484,170	)		(32,847,408	)		(2,572,761	)		(80,442,566	)
Net increase (decrease)		1,779,917		$	32,677,265			(1,420,760	)	$	(44,832,890	)
Class E
Sales		26,860		$	600,038			41,533		$	1,322,921
Reinvestments		115,003			2,170,112			30,237			937,943
Redemptions		(153,871	)		(3,639,672	)		(143,408	)		(4,551,217	)
Net increase (decrease)		(12,008	)	$	(869,522	)		(71,638	)	$	(2,290,353	)
Increase (decrease) derived from capital shares transactions				$	139,864,227					$	(155,006,641	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	32.65		$	29.42		$	23.28		$	20.45		$	26.14
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.09			(0.00	)(b)		0.04			0.20			0.28
Net realized and unrealized gain (loss)		(10.41	)		4.57			6.37			5.90			(3.18	)
Total income (loss) from investment operations		(10.32	)		4.57			6.41			6.10			(2.90	)
Less Distributions
Distributions from net investment income		0.00			(0.04	)		(0.21	)		(0.26	)		(0.33	)
Distributions from net realized capital gains		(3.49	)		(1.30	)		(0.06	)		(3.01	)		(2.46	)
Total distributions		(3.49	)		(1.34	)		(0.27	)		(3.27	)		(2.79	)
Net Asset Value, End of Period	$	18.84		$	32.65		$	29.42		$	23.28		$	20.45
Total Return (%) (c)		(31.70	)		15.76			27.92			31.91			(12.96	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.71			0.70			0.70			0.70			0.71
Net ratio of expenses to average net assets (%) (d) (e)		0.57			0.56			0.58			0.59			0.61
Ratio of net investment income (loss) to average net assets (%)		0.38			(0.00	)(f)		0.18			0.91			1.12
Portfolio turnover rate (%)		19			7			9			8			17
Net assets, end of period (in millions)	$	730.5		$	1,079.7		$	1,071.4		$	970.2		$	834.2
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	32.39		$	29.23		$	23.13		$	20.33		$	25.99
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.03			(0.08	)		(0.02	)		0.15			0.22
Net realized and unrealized gain (loss)		(10.31	)		4.54			6.33			5.85			(3.16	)
Total income (loss) from investment operations		(10.28	)		4.46			6.31			6.00			(2.94	)
Less Distributions
Distributions from net investment income		0.00			0.00			(0.15	)		(0.19	)		(0.26	)
Distributions from net realized capital gains		(3.49	)		(1.30	)		(0.06	)		(3.01	)		(2.46	)
Total distributions		(3.49	)		(1.30	)		(0.21	)		(3.20	)		(2.72	)
Net Asset Value, End of Period	$	18.62		$	32.39		$	29.23		$	23.13		$	20.33
Total Return (%) (c)		(31.84	)		15.47			27.58			31.57			(13.14	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.96			0.95			0.95			0.95			0.96
Net ratio of expenses to average net assets (%) (d) (e)		0.82			0.81			0.83			0.84			0.86
Ratio of net investment income (loss) to average net assets (%)		0.14			(0.25	)		(0.07	)		0.67			0.87
Portfolio turnover rate (%)		19			7			9			8			17
Net assets, end of period (in millions)	$	256.4		$	388.5		$	392.1		$	363.1		$	319.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	32.50		$	29.29		$	23.18		$	20.37		$	26.04
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.05			(0.05	)		0.01			0.17			0.24
Net realized and unrealized gain (loss)		(10.35	)		4.56			6.34			5.87			(3.17	)
Total income (loss) from investment operations		(10.30	)		4.51			6.35			6.04			(2.93	)
Less Distributions
Distributions from net investment income		0.00			0.00			(0.18	)		(0.22	)		(0.28	)
Distributions from net realized capital gains		(3.49	)		(1.30	)		(0.06	)		(3.01	)		(2.46	)
Total distributions		(3.49	)		(1.30	)		(0.24	)		(3.23	)		(2.74	)
Net Asset Value, End of Period	$	18.71		$	32.50		$	29.29		$	23.18		$	20.37
Total Return (%) (c)		(31.79	)		15.61			27.69			31.71			(13.07	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.86			0.85			0.85			0.85			0.86
Net ratio of expenses to average net assets (%) (d) (e)		0.72			0.71			0.73			0.74			0.76
Ratio of net investment income (loss) to average net assets (%)		0.23			(0.15	)		0.03			0.77			0.97
Portfolio turnover rate (%)		19			7			9			8			17
Net assets, end of period (in millions)	$	12.5		$	22.2		$	22.1		$	20.9		$	18.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(e)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022, 2021, 2020 and 2019 (see Note 5 of the Notes to Financial Statements).
(f)	Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

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

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

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

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

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-13

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

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

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

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

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the amount of $119,558 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

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

BHFTI-14

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $8,708,592. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $36,129,299. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

BHFTI-15

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with

BHFTI-16

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	215,032,070	$	0	$	231,896,880

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$7,408,934		0.700	%	First $100 million
		0.680	%	$100 million to $250 million
		0.670	%	$250 million to $500 million
		0.660	%	$500 million to $750 million
		0.650	%	Over $750 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.110%	First $100 million
0.140%	$100 million to $250 million
0.130%	$250 million to $300 million
0.160%	$300 million to $350 million
0.140%	$350 million to $500 million
0.130%	$500 million to $600 million
0.140%	$600 million to $750 million
0.130%	Over $750 million

BHFTI-17

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $1,487,787 and are included in the amount shown as a management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $67,010 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	754,943,370
Gross unrealized appreciation		360,674,131
Gross unrealized (depreciation)		(45,782,591	)
Net unrealized appreciation (depreciation)	$	314,891,540

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$691,550	$	1,405,225	$	160,116,757	$	61,667,051	$	160,808,307	$	63,072,276

BHFTI-18

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$3,213,978	$	62,438,920	$	313,266,798	$	—	$	378,919,696

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-19

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Invesco Global Equity Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Invesco Global Equity Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Invesco Global Equity Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-20

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-21

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-22

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.    

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-23

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-24

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Invesco Global Equity Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the MSCI All Country World Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

BHFTI-25

Brighthouse Funds Trust I

Invesco Global Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-26

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Invesco Small Cap Growth Portfolio returned -35.04%, -35.15%, and -35.11%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned -26.36%.

MARKET ENVIRONMENT / CONDITIONS

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation, and the shift by the U.S. Federal Reserve (the “Fed”) toward tighter monetary policy. The Russian invasion exacerbated inflation pressures, disrupting already strained supply chains, and increasing shortages of oil, gas, and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008. Inflation continued to be a top concern for consumers, investors, and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March 2022 and indicated it would taper its asset purchase program quickly.

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid substantial inflation, rising interest rates and an increasing likelihood of a U.S. recession. Driven by higher food and energy prices, the Consumer Price Index rose to another 40-year high of 8.6% for the twelve months ended May 2022. In early June 2022, oil prices peaked near $122 per barrel, resulting in skyrocketing gasoline prices, and the national average price reached a record high above $5 per gallon. To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and by another 0.75% in July, which were the largest increases in nearly 30 years. U.S. equity markets rose in July and August until Fed Chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.

After experiencing a sharp drop in September 2022, U.S. equity markets rebounded in October and November, despite mixed data on the economy and corporate earnings. However, the Fed’s message of continued interest rate hikes until data shows inflation meaningfully declining, sent markets lower in December. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter. Corporate earnings generally met expectations, although companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December, marking its highest level in over a decade. In this environment, U.S. stocks had double-digit negative returns for the fiscal year of -18.11%, as measured by the S&P 500 Index.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the 12 months ended December 31, 2022, the Portfolio delivered a negative return and underperformed the Russell 2000 Growth Index. A challenging macro-economic environment brought about by COVID-19 driven supply chain disruptions and followed by Russia’s invasion of Ukraine meant that inflation would stay higher for longer and central banks would need to aggressively raise interest rates to combat record inflation levels. As a result of more persistent inflation and the Fed’s shift in interest rate policy, small cap and growth-oriented equities sold off as investors scrambled to reposition portfolios more defensively. At a sector level, relative Portfolio performance was negatively impacted by stock selection in several sectors including Health Care, Industrials, Materials, Information Technology (“IT”), Consumer Staples, and Consumer Discretionary. Stock selection in the Energy sector was also a headwind, but the Portfolio’s underweight allocation relative to the benchmark was a bigger detractor to relative performance as energy companies broadly experienced strong performance as supply chain constraints and the ongoing war in Ukraine pushed energy prices higher. Active positioning relative to the benchmark in the IT and Consumer Staples sectors were also headwinds during the period. Conversely, the leading contributors to relative performance included stock selection in the Financials, Communication Services, Real Estate, and Utilities sectors. An underweight in the Real Estate sector and the Portfolio’s ancillary cash position also provided a boost to relative performance during the period.

On an individual stock basis, the leading absolute detractor was Kornit Digital. Kornit develops industrial and commercial printing solutions for apparel. Disappointing guidance driven by a slower pace of consumable purchases and the timing of new system deliveries weighed on stock performance. Additionally, rising interest rates and elevated geopolitical risks caused investor sentiment to sour on this higher growth higher valuation business. We sold our position during the period to reallocate capital into businesses with higher quality and more stable revenues.

Semiconductor company Ambarella, after putting together a string of solid quarterly marks, reported “in-line” results and disappointing guidance due to supply chain issues in the first half of 2022. Specifically, Ambarella’s long-time wafer supplier, Samsung, reported that Ambarella’s supply would be constrained in the second quarter and could not quantify the impact for the second half of the year, which made the near-term outlook for the company much less compelling. We exited our position in this name during the period as a result.

Another leading absolute detractor was Ranpak Holdings, which makes paper packing material machines and proprietary paper products. Initial headwinds faced by Ranpak were due to enterprise software implementation downtime and supply chain bottlenecks. Subsequently, with roughly 40-45% of the company’s sales coming from Europe, the fallout from the Ukraine war caused significant disruptions to the business. In an effort to reduce exposure to names with significant ties to Europe, we decided to exit this position.

BHFTI-1

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

The leading absolute contributor during the period was Halozyme Therapeutics, which is a biotechnology firm focused on the development of novel oncology therapies used on human enzymes with the aim of altering tumors. Halozyme’s share price received a boost after its acquisition of Antares (not a Portfolio holding) and the subsequent solid reported earnings and revenue that beat analyst estimates. Revenue growth was 80.1%, which boosted third quarter adjusted earnings that were up 35% year-over-year. Management’s forward guidance was also upbeat due to robust demand for several of its therapies.

Another leading contributor was LPL Financial, which did relatively well in the period versus other interest rate sensitive stocks due to its ability to provide good interest rate exposure with less credit risk than a bank, while also delivering strong growth in assets under management as more registered investment advisers joined the LPL platform. In our view, this is a continuation of trends that have been ongoing for several quarters.

Valmont Industries was also among the top absolute contributors during the year. Valmont makes highly engineered steel structures and sells them to a variety of end markets, all of which are seeing solid demand growth and appear to have multi-year growth drivers relatively insulated from the broader economy. Valmont also delivered decent earnings and modestly raised fourth quarter guidance.

All positioning changes are based on bottom-up stock selection while disciplined portfolio construction acts as a risk control and ensures alignment with small-cap market sector exposure with modest over- and under-weights. The war in Ukraine has continued to drive market uncertainty and persistent inflationary pressure. The Fed continues to aggressively raise interest rates to combat inflation, causing meaningful slowing in housing and significantly tighter financial conditions. In our view, the U.S. economy is in a recession already. In this environment, we have repositioned the Portfolio into high quality, stable revenue, and Energy stocks and away from long duration growth and cyclical revenue stocks.

Structural underweights include real estate investment trusts and pharmaceutical/biotechnology. To manage risk of binary events, companies with either Phase III clinical data showing proven efficacy, or an existing revenue stream, are preferred.

At period end, relative to the Russell 2000 Growth Index, the Portfolio’s largest sector overweight allocations included Consumer Discretionary and IT. The largest sector underweight allocations included Materials, Energy, Health Care, and Real Estate.

Juan Hartsfield

Clay Manley

Justin Sander

Portfolio Managers

Invesco Advisers, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Russell 2000 Growth Index is an unmanaged measure of performance of those Russell 2000 companies (small capitalization companies) that have higher price-to book ratios and higher forecasted growth values.

BHFTI-2

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Invesco Small Cap Growth Portfolio
Class A		-35.04		4.47		10.10
Class B		-35.15		4.23		9.83
Class E		-35.11		4.33		9.94
Russell 2000 Growth Index		-26.36		3.51		9.20

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Halozyme Therapeutics, Inc.		2.5
Valmont Industries, Inc.		2.1
AECOM		1.9
Evoqua Water Technologies Corp.		1.8
Impinj, Inc.		1.6
Iridium Communications, Inc.		1.6
Clean Harbors, Inc.		1.5
Performance Food Group Co.		1.5
Insulet Corp.		1.4
Allegro MicroSystems, Inc.		1.4

Top Sectors

	% of Net Assets
Health Care		21.8
Information Technology		21.6
Industrials		17.5
Consumer Discretionary		12.8
Financials		5.7
Energy		4.5
Consumer Staples		4.4
Communication Services		2.4
Utilities		1.7
Real Estate		1.7

BHFTI-3

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Invesco Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.81	%	$	1,000.00	$	1,044.30	$	4.17
	Hypothetical*		0.81	%	$	1,000.00	$	1,021.12	$	4.13
Class B (a)	Actual		1.06	%	$	1,000.00	$	1,045.00	$	5.46
	Hypothetical*		1.06	%	$	1,000.00	$	1,019.86	$	5.40
Class E (a)	Actual		0.96	%	$	1,000.00	$	1,044.40	$	4.95
	Hypothetical*		0.96	%	$	1,000.00	$	1,020.37	$	4.89

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—96.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.5%
BWX Technologies, Inc.		133,523	$	7,755,016
Mercury Systems, Inc. (a)		135,505		6,062,494
				13,817,510
Air Freight & Logistics—0.7%
GXO Logistics, Inc. (a)		148,541		6,341,215
Auto Components—1.8%
Fox Factory Holding Corp. (a) (b)		96,217		8,777,877
Gentherm, Inc. (a) (b)		110,407		7,208,473
				15,986,350
Automobiles—1.2%
Harley-Davidson, Inc. (b)		248,056		10,319,130
Biotechnology—6.2%
Abcam plc (ADR) (a)		538,545		8,379,760
Apellis Pharmaceuticals, Inc. (a)		72,824		3,765,729
Cytokinetics, Inc. (a) (b)		88,629		4,060,981
Halozyme Therapeutics, Inc. (a)		391,991		22,304,288
Intellia Therapeutics, Inc. (a)		60,423		2,108,158
Karuna Therapeutics, Inc. (a)		19,655		3,862,208
Mirati Therapeutics, Inc. (a) (b)		48,719		2,207,458
Natera, Inc. (a)		206,325		8,288,075
				54,976,657
Capital Markets—3.0%
Blucora, Inc. (a)		60,911		1,555,058
LPL Financial Holdings, Inc.		26,986		5,833,564
Morningstar, Inc.		49,545		10,730,951
TMX Group, Ltd.		84,264		8,433,868
				26,553,441
Chemicals—0.8%
Element Solutions, Inc.		408,110		7,423,521
Commercial Services & Supplies—1.5%
Clean Harbors, Inc. (a)		114,823		13,103,601
Communications Equipment—1.2%
Calix, Inc. (a)		163,370		11,179,409
Construction & Engineering—5.0%
AECOM		200,628		17,039,336
Construction Partners, Inc. - Class A (a) (b)		345,100		9,210,719
Valmont Industries, Inc. (b)		56,320		18,623,334
				44,873,389
Distributors—0.9%
Pool Corp.		26,344		7,964,581
Diversified Consumer Services—0.6%
Stride, Inc. (a) (b)		167,237		5,231,173
Diversified Telecommunication Services—1.5%
Iridium Communications, Inc. (a)		269,667	$	13,860,884
Electronic Equipment, Instruments & Components—2.1%
Flex, Ltd. (a) (b)		432,651		9,284,691
Littelfuse, Inc.		43,557		9,591,251
				18,875,942
Energy Equipment & Services—0.9%
ChampionX Corp.		292,179		8,470,269
Equity Real Estate Investment Trusts—1.7%
EastGroup Properties, Inc.		60,161		8,907,438
Terreno Realty Corp.		106,114		6,034,703
				14,942,141
Food & Staples Retailing—2.1%
Grocery Outlet Holding Corp. (a) (b)		183,106		5,344,864
Performance Food Group Co. (a)		223,163		13,030,488
				18,375,352
Food Products—2.4%
Freshpet, Inc. (a) (b)		111,556		5,886,810
Post Holdings, Inc. (a)		86,892		7,842,872
Simply Good Foods Co. (The) (a)		193,934		7,375,310
				21,104,992
Gas Utilities—0.9%
New Jersey Resources Corp. (b)		156,470		7,764,041
Health Care Equipment & Supplies—7.1%
AtriCure, Inc. (a) (b)		202,736		8,997,424
Axonics, Inc. (a)		92,088		5,758,263
Globus Medical, Inc. - Class A (a) (b)		114,923		8,535,331
Inari Medical, Inc. (a) (b)		149,984		9,532,983
Insulet Corp. (a)		43,127		12,696,157
iRhythm Technologies, Inc. (a)		74,728		6,999,772
Lantheus Holdings, Inc. (a)		93,701		4,775,003
Mesa Laboratories, Inc.		34,599		5,750,700
				63,045,633
Health Care Providers & Services—3.2%
Acadia Healthcare Co., Inc. (a)		123,074		10,131,452
Chemed Corp.		18,966		9,680,815
Guardant Health, Inc. (a) (b)		81,172		2,207,878
R1 RCM, Inc. (a)		581,047		6,362,465
				28,382,610
Health Care Technology—1.5%
Doximity, Inc. - Class A (a) (b)		188,928		6,340,424
Evolent Health, Inc. - Class A (a)		238,131		6,686,718
				13,027,142

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—5.9%
Marriott Vacations Worldwide Corp.		83,876	$	11,288,871
Planet Fitness, Inc. - Class A (a)		155,450		12,249,460
Texas Roadhouse, Inc. (b)		128,888		11,722,364
Wingstop, Inc. (b)		74,118		10,200,119
Wyndham Hotels & Resorts, Inc.		94,117		6,711,483
				52,172,297
Insurance—2.7%
BRP Group, Inc. - Class A (a)		338,430		8,508,130
Hanover Insurance Group, Inc. (The)		61,032		8,247,254
Selective Insurance Group, Inc.		81,729		7,242,007
				23,997,391
Interactive Media & Services—0.8%
Shutterstock, Inc. (b)		135,399		7,138,235
Internet & Direct Marketing Retail—0.5%
Overstock.com, Inc. (a) (b)		212,413		4,112,316
IT Services—3.1%
ExlService Holdings, Inc. (a)		57,642		9,766,284
Flywire Corp. (a) (b)		286,518		7,011,096
Perficient, Inc. (a)		74,635		5,211,762
Verra Mobility Corp. (a)		409,823		5,667,852
				27,656,994
Life Sciences Tools & Services—1.3%
Repligen Corp. (a)		66,340		11,232,025
Machinery—3.7%
Chart Industries, Inc. (a) (b)		55,578		6,404,253
Evoqua Water Technologies Corp. (a)		398,835		15,793,866
Nordson Corp.		44,841		10,659,602
				32,857,721
Metals & Mining—0.3%
Cleveland-Cliffs, Inc. (a) (b)		62,998		1,014,898
MP Materials Corp. (a) (b)		64,093		1,556,178
				2,571,076
Oil, Gas & Consumable Fuels—4.1%
Centennial Resource Development, Inc. - Class A (b)		702,800		6,606,320
Chord Energy Corp. (b)		58,564		8,012,141
Matador Resources Co. (b)		195,079		11,166,322
Range Resources Corp. (b)		219,321		5,487,411
SM Energy Co.		153,071		5,331,463
				36,603,657
Pharmaceuticals—3.3%
Arvinas, Inc. (a) (b)		89,816		3,072,605
Harmony Biosciences Holdings, Inc. (a) (b)		136,380		7,514,538
Intra-Cellular Therapies, Inc. (a)		101,618		5,377,625
Pacira BioSciences, Inc. (a)		152,609		5,892,233
Pharmaceuticals—(Continued)
Prestige Consumer Healthcare, Inc. (a)		119,518		7,481,827
				29,338,828
Professional Services—2.9%
ASGN, Inc. (a)		80,235		6,537,548
CACI International, Inc. - Class A (a)		25,534		7,675,265
Clarivate plc (a)		304,905		2,542,908
KBR, Inc. (b)		174,209		9,198,235
				25,953,956
Road & Rail—0.9%
Saia, Inc. (a) (b)		36,449		7,642,626
Semiconductors & Semiconductor Equipment—5.9%
Allegro MicroSystems, Inc. (a) (b)		409,454		12,291,809
Diodes, Inc. (a)		78,628		5,986,736
Impinj, Inc. (a)		127,974		13,972,201
Lattice Semiconductor Corp. (a)		139,627		9,059,000
MKS Instruments, Inc. (b)		54,761		4,639,899
Power Integrations, Inc.		92,373		6,624,992
				52,574,637
Software—9.2%
Altair Engineering, Inc. - Class A (a) (b)		177,715		8,080,701
CCC Intelligent Solutions Holdings, Inc. (a)		633,681		5,513,025
Clearwater Analytics Holdings, Inc. - Class A (a) (b)		67,326		1,262,362
Descartes Systems Group, Inc. (The) (a)		130,767		9,107,922
Gitlab, Inc. - Class A (a) (b)		101,061		4,592,212
Guidewire Software, Inc. (a)		115,208		7,207,412
Hashicorp, Inc. - Class A (a) (b)		80,802		2,209,127
KnowBe4, Inc. - Class A (a)		261,007		6,467,753
Manhattan Associates, Inc. (a)		75,748		9,195,807
Paycor HCM, Inc. (a)		241,461		5,908,551
Procore Technologies, Inc. (a) (b)		147,900		6,977,922
Sprout Social, Inc. - Class A (a) (b)		137,912		7,786,512
Workiva, Inc. (a) (b)		90,828		7,626,827
				81,936,133
Specialty Retail—1.1%
National Vision Holdings, Inc. (a) (b)		254,333		9,857,947
Textiles, Apparel & Luxury Goods—1.0%
Kontoor Brands, Inc. (b)		216,242		8,647,518
Trading Companies & Distributors—1.2%
WESCO International, Inc. (a)		89,214		11,169,593
Water Utilities—0.8%
American States Water Co.		78,498		7,264,990
Total Common Stocks (Cost $843,729,866)				858,346,923

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Short-Term Investment—3.6%

Security Description	Principal Amount*		Value
Repurchase Agreement—3.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $32,249,526; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $32,887,962.		32,243,077	$	32,243,077
Total Short-Term Investments (Cost $32,243,077)				32,243,077
Securities Lending Reinvestments (c)—12.7%
Certificates of Deposit—1.8%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (d)		1,000,000		1,001,351
Bank of Nova Scotia 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (d)		3,000,000		3,000,053
4.810%, SOFR + 0.510%, 03/15/23 (d)		2,000,000		2,000,840
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (d)		1,000,000		1,000,071
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (d)		3,000,000		3,000,000
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (d)		3,000,000		3,001,184
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (d)		1,000,000		1,001,518
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (d)		2,000,000		2,000,000
				16,005,017
Commercial Paper—1.0%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (d)		3,000,000		3,000,759
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (d)		3,000,000		3,000,810
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (d)		3,000,000		3,000,000
				9,001,569
Repurchase Agreements—5.9%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $3,013,475; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $3,060,000.		3,000,000		3,000,000
Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $15,565,862; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $15,883,397.		15,558,428		15,558,428
Repurchase Agreements—(Continued)
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $2,192,809; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $2,244,073.		2,191,758		2,191,758
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $3,703,108; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $3,782,799.		3,700,000		3,700,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $7,006,057; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $7,621,800.		7,000,000		7,000,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $600,283; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $613,084.		600,000		600,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $1,000,488; collateralized by various Common Stock with an aggregate market value of $1,112,847.		1,000,000		1,000,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $7,003,430; collateralized by various Common Stock with an aggregate market value of $7,790,964.		7,000,000		7,000,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $1,601,375; collateralized by various Common Stock with an aggregate market value of $1,781,107.		1,600,000		1,600,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $9,004,400; collateralized by various Common Stock with an aggregate market value of $10,025,884.		9,000,000		9,000,000
				52,650,186
Mutual Funds—4.0%
Allspring Government Money Market Fund, Select Class 4.090% (e)		2,000,000		2,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (e)		2,000,000		2,000,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (e)		1,000,000		1,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (e)		10,000,000		10,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (e)		7,000,000		7,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (e)		5,000,000		5,000,000

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares		Value
Mutual Funds—(Continued)
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (e)		3,000,000	$	3,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (e)		5,000,000		5,000,000
				35,000,000
Total Securities Lending Reinvestments (Cost $112,650,253)				112,656,772
Total Investments—112.8% (Cost $988,623,196)				1,003,246,772
Other assets and liabilities (net)—(12.8)%				(113,465,308	)
Net Assets—100.0%			$	889,781,464

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $109,909,698 and the collateral received consisted of cash in the amount of $112,650,268. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(d)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)— American Depositary Receipt

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	858,346,923	$	—		$	—	$	858,346,923
Total Short-Term Investment*		—		32,243,077			—		32,243,077
Securities Lending Reinvestments
Certificates of Deposit		—		16,005,017			—		16,005,017
Commercial Paper		—		9,001,569			—		9,001,569
Repurchase Agreements		—		52,650,186			—		52,650,186
Mutual Funds		35,000,000		—			—		35,000,000
Total Securities Lending Reinvestments		35,000,000		77,656,772			—		112,656,772
Total Investments	$	893,346,923	$	109,899,849		$	—	$	1,003,246,772
Collateral for Securities Loaned (Liability)	$	—	$	(112,650,268	)	$	—	$	(112,650,268	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,003,246,772
Receivable for:
Fund shares sold		88,544
Dividends and interest		323,328
Prepaid expenses		3,206
Total Assets		1,003,661,850
Liabilities
Due to custodian		26,930
Due to custodian denominated in foreign currencies (c)		124,983
Collateral for securities loaned		112,650,268
Payables for:
Fund shares redeemed		104,870
Accrued Expenses:
Management fees		595,635
Distribution and service fees		87,813
Deferred trustees’ fees		162,784
Other expenses		127,103
Total Liabilities		113,880,386
Net Assets	$	889,781,464
Net Assets Consist of:
Paid in surplus	$	970,374,937
Distributable earnings (Accumulated losses)		(80,593,473	)
Net Assets	$	889,781,464
Net Assets
Class A	$	482,390,667
Class B		394,370,941
Class E		13,019,856
Capital Shares Outstanding*
Class A		66,068,364
Class B		68,055,907
Class E		1,976,942
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	7.30
Class B		5.79
Class E		6.59

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $109,909,698.
(b)	Identified cost of investments was $988,623,196.
(c)	Identified cost of cash due to bank denominated in foreign currencies was $125,060.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	5,555,210
Interest		199,155
Securities lending income		925,791
Total investment income		6,680,156
Expenses
Management fees		8,356,390
Administration fees		49,863
Custodian and accounting fees		81,933
Distribution and service fees—Class B		1,088,746
Distribution and service fees—Class E		22,778
Audit and tax services		46,352
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		53,373
Insurance		8,496
Miscellaneous		16,382
Total expenses		9,778,968
Less management fee waiver		(873,601	)
Less broker commission recapture		(7,791	)
Net expenses		8,897,576
Net Investment Loss		(2,217,420	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(95,516,019	)
Foreign currency transactions		(4,217	)
Net realized gain (loss)		(95,520,236	)
Net change in unrealized appreciation (depreciation) on:
Investments		(358,764,423	)
Foreign currency transactions		75
Net change in unrealized appreciation (depreciation)		(358,764,348	)
Net realized and unrealized gain (loss)		(454,284,584	)
Net Increase (Decrease) in Net Assets From Operations	$	(456,502,004	)

(a) Net of foreign withholding taxes of $23,656.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(2,217,420	)	$	(7,149,112	)
Net realized gain (loss)		(95,520,236	)		328,213,869
Net change in unrealized appreciation (depreciation)		(358,764,348	)		(225,789,414	)
Increase (decrease) in net assets from operations		(456,502,004	)		95,275,343
From Distributions to Shareholders
Class A		(161,499,702	)		(119,784,219	)
Class B		(154,435,354	)		(113,299,833	)
Class E		(4,808,048	)		(4,351,039	)
From Return of Capital
Class A		(142,543	)		—
Class B		(136,308	)		—
Class E		(4,244	)		—
Total distributions		(321,026,199	)		(237,435,091	)
Increase (decrease) in net assets from capital share transactions		414,438,000			69,728,995
Total increase (decrease) in net assets		(363,090,203	)		(72,430,753	)
Net Assets
Beginning of period		1,252,871,667			1,325,302,420
End of period	$	889,781,464		$	1,252,871,667

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		7,419,877		$	90,615,117			1,419,495		$	27,081,801
Reinvestments		22,993,207			161,642,245			7,202,900			119,784,219
Redemptions		(2,767,120	)		(23,247,025	)		(7,837,699	)		(152,041,998	)
Net increase (decrease)		27,645,964		$	229,010,337			784,696		$	(5,175,978	)
Class B
Sales		7,659,215		$	72,705,863			4,236,640		$	69,246,579
Reinvestments		27,651,460			154,571,662			7,862,584			113,299,833
Redemptions		(6,208,366	)		(44,720,860	)		(6,614,076	)		(111,761,868	)
Net increase (decrease)		29,102,309		$	182,556,665			5,485,148		$	70,784,544
Class E
Sales		164,280		$	1,461,758			300,796		$	5,526,969
Reinvestments		757,841			4,812,292			279,271			4,351,039
Redemptions		(368,790	)		(3,403,052	)		(328,052	)		(5,757,579	)
Net increase (decrease)		553,331		$	2,870,998			252,015		$	4,120,429
Increase (decrease) derived from capital shares transactions				$	414,438,000					$	69,728,995

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	17.05		$	19.33		$	13.12		$	12.51		$	15.51
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.08	)		(0.06	)		0.02			(0.02	)
Net realized and unrealized gain (loss)		(6.10	)		1.37			7.11			2.91			(0.96	)
Total income (loss) from investment operations		(6.11	)		1.29			7.05			2.93			(0.98	)
Less Distributions
Distributions from net investment income		0.00			0.00			(0.01	)		0.00			0.00
Distributions from net realized capital gains		(3.64	)		(3.57	)		(0.83	)		(2.32	)		(2.02	)
Distributions from return of capital		(0.00	)(b)		—			—			—			—
Total distributions		(3.64	)		(3.57	)		(0.84	)		(2.32	)		(2.02	)
Net Asset Value, End of Period	$	7.30		$	17.05		$	19.33		$	13.12		$	12.51
Total Return (%) (b) (c)		(35.04	)		7.12			57.24			24.64			(8.77	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89			0.88			0.89			0.89			0.88
Net ratio of expenses to average net assets (%) (d) (e)		0.80			0.78			0.80			0.80			0.85
Ratio of net investment income (loss) to average net assets (%)		(0.11	)		(0.44	)		(0.41	)		0.18			(0.10	)
Portfolio turnover rate (%)		54			36			50			32			20
Net assets, end of period (in millions)	$	482.4		$	655.2		$	727.4		$	633.2		$	537.0
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.76		$	17.22		$	11.80		$	11.48		$	14.41
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.11	)		(0.08	)		(0.01	)		(0.05	)
Net realized and unrealized gain (loss)		(5.30	)		1.22			6.33			2.65			(0.86	)
Total income (loss) from investment operations		(5.33	)		1.11			6.25			2.64			(0.91	)
Less Distributions
Distributions from net realized capital gains		(3.64	)		(3.57	)		(0.83	)		(2.32	)		(2.02	)
Distributions from return of capital		(0.00	)(b)		—			—			—			—
Total distributions		(3.64	)		(3.57	)		(0.83	)		(2.32	)		(2.02	)
Net Asset Value, End of Period	$	5.79		$	14.76		$	17.22		$	11.80		$	11.48
Total Return (%) (c)		(35.26	)(f)		6.93			56.76			24.41			(9.05	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.14			1.13			1.14			1.14			1.13
Net ratio of expenses to average net assets (%) (d) (e)		1.05			1.03			1.05			1.05			1.10
Ratio of net investment income (loss) to average net assets (%)		(0.36	)		(0.68	)		(0.66	)		(0.07	)		(0.34	)
Portfolio turnover rate (%)		54			36			50			32			20
Net assets, end of period (in millions)	$	394.4		$	574.9		$	576.4		$	424.7		$	363.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.97		$	18.34		$	12.49		$	12.03		$	15.00
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.10	)		(0.07	)		0.00	(g)		(0.04	)
Net realized and unrealized gain (loss)		(5.72	)		1.30			6.75			2.78			(0.91	)
Total income (loss) from investment operations		(5.74	)		1.20			6.68			2.78			(0.95	)
Less Distributions
Distributions from net realized capital gains		(3.64	)		(3.57	)		(0.83	)		(2.32	)		(2.02	)
Distributions from return of capital		(0.00	)(b)		—			—			—			—
Total distributions		(3.64	)		(3.57	)		(0.83	)		(2.32	)		(2.02	)
Net Asset Value, End of Period	$	6.59		$	15.97		$	18.34		$	12.49		$	12.03
Total Return (%) (c)		(35.11	)		7.01			57.08			24.45			(8.95	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.04			1.03			1.04			1.04			1.03
Net ratio of expenses to average net assets (%) (d) (e)		0.95			0.93			0.95			0.95			1.00
Ratio of net investment income (loss) to average net assets (%)		(0.27	)		(0.58	)		(0.56	)		0.03			(0.25	)
Portfolio turnover rate (%)		54			36			50			32			20
Net assets, end of period (in millions)	$	13.0		$	22.7		$	21.5		$	14.8		$	12.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from return of capital were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(e)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022 , 2021, 2020, 2019 and 2018, respectively (see Note 5 of the Notes to Financial Statements).
(f)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.
(g)	Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Invesco Small Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon

BHFTI-14

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-15

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Due to Custodian - Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $151,913 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio’s average overdraft advances during the year ended December 31, 2022 were not significant.

Special Purpose Acquisition Companies - The Portfolio may invest in Special Purpose Acquisition Companies (“SPAC”). A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (an “IPO”) for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transaction (each a “Transaction”). If the Portfolio purchases shares of a SPAC in an IPO it will generally bear a sales commission, which may be significant.The shares of a SPAC are often issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. In some cases, the rights and warrants may be separated from the common stock at the election of the holder, after which they may become freely tradeable. After going public and until a Transaction is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Portfolio’s ability to meet its investment objective(s). If a SPAC does not complete a Transaction within a specified period of time after going public, the SPAC is typically dissolved, at which point the invested funds are returned to the SPAC’s shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting a Transaction. In some cases, the Portfolio may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with a Transaction. Because SPACs often do not have an operating history or ongoing business other than seeking a Transaction, the value of their securities may be particularly dependent on the quality of its management and on the ability of the SPAC’s management to identify and complete a profitable Transaction. Some SPACs may pursue Transactions only within certain industries or regions, which may increase the volatility of an investment in them. In addition, the securities issued by a SPAC, which may be traded in the OTC market, may become illiquid and/or may be subject to restrictions on resale. Other risks of investing in SPACs include that: a significant portion of the monies raised by the SPAC may be expended during the search for a target Transaction; an attractive Transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may be required to return any remaining monies to shareholders; a Transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $32,243,077. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $52,650,186. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same

BHFTI-16

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

BHFTI-17

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	605,816,844	$	0	$	519,726,158

BHFTI-18

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$8,356,390		0.880	%	First $500 million
		0.830	%	Over $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Invesco Advisers, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.100% 0.050%	First $500 million Next $500 million
0.100%	Over $1 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $752,637 and are included in the amount shown as a management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $120,964 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in

BHFTI-19

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

Affiliated Broker - During the year ended December 31, 2022 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

Affiliate	Commission
Invesco Capital Markets, Inc.	$	27,153

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	988,611,099
Gross unrealized appreciation		136,060,645
Gross unrealized (depreciation)		(121,424,972	)
Net unrealized appreciation (depreciation)	$	14,635,673

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2022	2021		2022		2021		2022		2021		2022		2021
$76,749,607	$	51,121,432	$	243,993,497	$	186,313,659	$	283,095	$	—	$	321,026,199	$	237,435,091

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses			Total
$—	$	—	$	14,635,749	$	(95,066,437	)	$	(80,430,688	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $95,066,437.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-20

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Invesco Small Cap Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Invesco Small Cap Growth Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Invesco Small Cap Growth Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-21

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-22

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-23

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.    

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-24

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-25

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Invesco Small Cap Growth Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio underperformed its benchmark, the Russell 2000 Growth Index, for the one-year period ended October 31, 2022 and outperformed its benchmark for the three- and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median and below the Expense Universe median and the Sub-advised Expense Universe median. The Board also considered that the Portfolio’s total expenses

BHFTI-26

Brighthouse Funds Trust I

Invesco Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

(exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-27

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Managed By J.P. Morgan Asset Management

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the JPMorgan Core Bond Portfolio returned -12.58% and -12.87%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned -13.01%.

MARKET ENVIRONMENT / CONDITIONS

After an exceptional 2021, the first quarter of 2022 was challenging for risk assets. Concerns over the economic implications of the Russian invasion of Ukraine and the potential need for a faster pace of interest rate hikes to combat higher inflation weighed on fixed income returns. Furthermore, a new round of COVID-19 cases in China weighed on economic activity.

The second quarter of 2022 was again challenging for risk assets after what had been a tough start to the year. The sustained inflationary pressures prompted ultra-hawkish tones and sharp policy pivots across developed market central banks. Volatility continued to be elevated due to the market’s concerns that the central banks would be unable to walk the fine line of tightening monetary policy to a level that would bring down inflation, yet allow growth to remain positive, preventing a recession.

Risk assets sold-off and yields climbed higher over the third quarter as the growth outlook faltered and central banks pushed forth with aggressive policy stance. The growth outlook remained challenging as central banks were confronted with the biggest inflation shock since the 1970s. Central banks continued to prioritize the fight against inflation over supporting growth. Central banks backed up their tough talk with policy rate hikes totaling 1.5% from the U.S. Federal Reserve (the “Fed”), 1.25% from the European Central Bank and +1% from the Bank of England, as they looked to bring down core inflation.

Developed market central banks continued to tighten policy rates during the fourth quarter in their sustained effort to combat inflation, though the pace of rate hikes slowed.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Treasury yields were materially higher across the curve during 2022. The two-year yield increased by 3.69% to 4.43%, the 10-year yield increased by 2.36% to 3.87%, and the 30-year yield moved 2.06% higher to 3.96%. The spread (the difference) between two and 10-year Treasury yields flattened (or decreased) 1.33% to finish the period at -0.55%. The Portfolio held a shorter duration posture during the period which was positive given the increase in rates across the yield curve. Additionally, the Portfolio’s yield curve positioning was marginally positive for performance during the year. The Portfolio’s marginal overweight the 5- to 10-year segment, and marginal underweight the 20+ year segment of the curve was positive as government bonds posted negative returns during the period.

Risk assets underperformed on the heels of significant spread widening during the period and the Portfolio’s underweight to U.S. Treasury debt was negative for performance. In addition, the Portfolio’s shorter spread duration profile was additive to performance.

The agency mortgage-backed securities (“MBS”) sector trailed comparable duration Treasuries during 2022, producing returns of -2.23% for the year versus comparable duration Treasuries. The Portfolio’s underweight to, and security selection within, agency MBS was positive for performance, as specified mortgage pools, collateralized mortgage obligations (“CMOs”), and agency commercial mortgage-backed securities (“CMBS”), outperformed to-be-announced (“TBA”) mortgage paper as the Fed began the tapering of their asset purchase program, higher interest rates, and increased interest rate volatility, weighed on the sector. The Portfolio has generally favored specified pools, CMOs, and agency CMBS in lieu of TBA mortgages.

Investment grade corporate credit was the second worst performing sector during the year versus like-duration Treasuries. The option adjusted spread of the Bloomberg Corporate Index ended the period at 1.30%, which was 0.38% wider than at the start of the year. The move resulted in corporate bonds trailing duration neutral Treasuries by 1.25%. The worst performing sub-sector within corporate bonds was financials, followed by industrials and utilities. The sub-sectors trailed like-duration Treasuries by 1.76%, 1.01%, and 0.92%, respectively. As a result, the Portfolio’s overweight to investment grade credit was negative for performance, in addition, the Portfolio’s security selection within the sector was negative for excess returns.

The Portfolio’s overweight allocation to asset-backed securities (“ABS”) was a positive to performance as ABS was the top performing securitized sector within the Portfolio’s benchmark index during the period. According to the Bloomberg ABS Index the sector trailed duration-neutral Treasuries by 0.30%.

BHFTI-1

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Managed By J.P. Morgan Asset Management

Portfolio Manager Commentary*—(Continued)

The Portfolio held a slightly shorter duration posture for the period. The Portfolio kept a marginal overweight in the belly (middle) of the yield curve, and marginal underweight the long end of the yield curve. The Portfolio ended the period overweight ABS, CMBS, non-agency MBS, and investment grade corporate credit, while underweight Treasury and agency debt, and agency MBS.

Richard Figuly

Justin Rucker

Steve Lear

Portfolio Managers

J.P. Morgan Asset Management

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

BHFTI-2

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year		Since Inception1
JPMorgan Core Bond Portfolio
Class A		-12.58		0.32		—		1.10
Class B		-12.87		0.05		0.81		—
Bloomberg U.S. Aggregate Bond Index		-13.01		0.02		1.06		—

¹ Inception dates of the Class A and Class B shares are 2/28/2013 and 4/28/2008, respectively. Class C shares were converted to Class B shares effective 1/7/2013.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class B shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		53.8
Corporate Bonds & Notes		27.6
Asset-Backed Securities		12.9
Mortgage-Backed Securities		4.7
Foreign Government		0.5

BHFTI-3

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

JPMorgan Core Bond Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.45	%	$	1,000.00	$	968.20	$	2.23
	Hypothetical*		0.45	%	$	1,000.00	$	1,022.94	$	2.29
Class B (a)	Actual		0.70	%	$	1,000.00	$	966.00	$	3.47
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.68	$	3.57

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—54.0% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—27.0%
Fannie Mae 15 Yr. Pool
1.930%, 11/01/31		4,300,000	$	3,490,797
3.730%, 10/01/32		2,463,120		2,320,050
3.805%, 11/01/32		2,025,000		1,919,261
5.290%, 12/01/32		2,560,000		2,709,325
Fannie Mae 20 Yr. Pool
4.000%, 02/01/31		434,079		420,167
6.000%, 07/01/28		86,103		87,400
Fannie Mae 30 Yr. Pool
2.500%, 05/01/50		3,872,847		3,317,881
2.500%, 09/01/51		3,720,238		3,177,285
2.500%, 10/01/51		3,174,147		2,688,637
2.500%, 01/01/52		3,047,342		2,590,637
2.500%, 03/01/52		4,290,108		3,669,131
3.000%, 01/01/52		2,818,659		2,474,853
3.500%, 07/01/42		768,210		719,127
3.500%, 08/01/42		257,409		240,955
3.500%, 01/01/50		3,154,556		2,929,135
3.500%, 07/01/50		2,387,153		2,190,658
3.500%, 12/01/51		2,049,908		1,865,844
3.500%, 02/01/52		4,728,845		4,303,226
3.895%, 09/01/35		3,450,000		3,382,617
4.000%, 06/01/47		722,160		691,986
4.500%, 02/01/40		179,785		177,711
5.000%, 09/01/35		312,029		314,753
6.000%, 12/01/39		130,249		135,769
Fannie Mae ARM Pool
4.622%, 1M LIBOR + 0.480%, 09/01/24 (a)		3,349,623		3,316,573
Fannie Mae Benchmark REMIC (CMO)
5.500%, 06/25/37		333,344		338,336
Fannie Mae Grantor Trust
2.898%, 06/25/27		3,916,138		3,652,603
Fannie Mae Pool
1.754%, 03/01/32		5,048,827		4,066,193
1.800%, 10/01/33		3,484,000		2,732,120
2.010%, 01/01/32		4,050,000		3,317,686
2.440%, 06/01/30		2,972,943		2,606,360
2.510%, 10/01/30		3,150,000		2,741,259
2.640%, 05/01/23		1,979,027		1,957,909
2.700%, 05/01/23		5,000,000		4,947,377
2.730%, 07/01/28		2,868,891		2,626,340
2.810%, 09/01/31		1,416,347		1,254,569
2.970%, 06/01/30		2,750,000		2,483,131
2.980%, 09/01/36		1,274,627		1,143,596
3.000%, 01/01/43		1,625,295		1,451,720
3.000%, 07/01/60		2,830,557		2,476,359
3.500%, 08/01/26		55,499		53,666
3.500%, 02/01/33		1,224,026		1,158,914
3.500%, 05/01/33		1,458,421		1,376,541
3.500%, 07/01/43		1,112,973		1,039,468
3.500%, 03/01/60		2,330,250		2,137,730
3.540%, 06/01/32		4,357,000		4,046,257
3.550%, 02/01/30		1,500,000		1,416,653
3.760%, 11/01/23		1,015,065		1,001,457
3.800%, 09/01/32		3,411,180		3,232,752
3.970%, 08/01/33		4,912,701		4,604,178
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae Pool
4.000%, 10/01/32		336,136		319,610
4.000%, 12/01/40		90,807		86,781
4.000%, 07/01/42		601,827		576,638
4.748%, 02/01/33		3,100,000		3,146,686
5.500%, 01/01/58		2,028,315		2,096,949
Fannie Mae REMICS (CMO)
Zero Coupon, 09/25/43 (b)		646,965		484,371
Zero Coupon, 10/25/43 (b)		374,999		274,741
Zero Coupon, 12/25/43 (b)		679,235		514,776
1.499%, 03/25/27 (a)		9,773		9,596
2.141%, -1x 1M LIBOR + 6.530%, 01/25/41 (a) (c)		1,883,537		213,353
3.500%, 02/25/43		1,719,736		1,593,909
3.500%, 11/25/57		2,496,471		2,357,550
4.889%, 1M LIBOR + 0.500%, 05/25/35 (a)		144,758		144,661
4.889%, 1M LIBOR + 0.500%, 10/25/42 (a)		243,273		237,115
4.989%, 1M LIBOR + 0.600%, 10/25/43 (a)		838,401		820,448
4.989%, 1M LIBOR + 0.600%, 12/25/43 (a)		810,148		793,476
5.000%, 03/25/40		2,169,489		2,157,056
5.289%, 1M LIBOR + 0.900%, 03/25/38 (a)		123,356		123,125
5.389%, 1M LIBOR + 1.000%, 08/25/32 (a)		277,665		279,630
5.500%, 12/25/35		594,005		598,962
6.000%, 01/25/36		787,814		787,792
6.500%, 07/18/28		44,198		45,094
Fannie Mae-ACES
0.670%, 10/25/30		1,571,520		1,415,451
1.000%, 11/25/33		703,727		662,021
1.200%, 10/25/30		995,000		853,394
1.707%, 11/25/31 (a)		7,400,000		5,822,179
1.893%, 10/25/30 (a) (c)		15,527,133		1,340,897
1.938%, 01/25/32 (a)		5,000,000		4,007,468
1.943%, 11/25/33 (a) (c)		7,114,233		635,637
2.471%, 12/25/26 (a)		687,343		633,937
2.488%, 05/25/26		1,409,982		1,319,537
3.056%, 03/25/28 (a)		1,879,982		1,750,042
3.061%, 05/25/27 (a)		2,747,025		2,584,700
3.063%, 06/25/27 (a)		2,223,017		2,084,873
3.069%, 02/25/30 (a)		1,322,973		1,216,976
3.099%, 04/25/29 (a)		2,235,453		2,066,039
3.346%, 03/25/24 (a)		1,131,244		1,107,774
3.358%, 07/25/28 (a)		3,757,000		3,577,052
3.501%, 01/25/24 (a)		477,823		469,105
3.547%, 09/25/28 (a)		2,764,751		2,654,123
3.751%, 08/25/32		2,600,000		2,448,921
Freddie Mac 20 Yr. Gold Pool
3.500%, 03/01/32		387,215		375,386
3.500%, 12/01/32		1,252,420		1,191,421
3.500%, 01/01/33		2,044,294		1,940,384
3.500%, 03/01/33		1,955,833		1,854,318
3.500%, 04/01/33		3,086,166		2,911,173
3.500%, 05/01/33		805,840		758,447
3.500%, 06/01/43		898,888		840,583
4.000%, 09/01/32		229,488		217,211
4.000%, 11/01/32		1,139,363		1,087,459
4.000%, 12/01/32		549,879		526,471
4.000%, 01/01/33		50,095		47,744

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 20 Yr. Gold Pool
4.000%, 02/01/33		249,851	$	238,118
4.000%, 01/01/46		1,268,636		1,213,852
Freddie Mac 30 Yr. Gold Pool
4.000%, 08/01/42		910,909		875,762
4.000%, 08/01/43		1,670,003		1,602,182
4.000%, 07/01/48		1,545,468		1,475,968
5.000%, 02/01/34		174,980		173,744
5.000%, 08/01/39		494,768		501,584
Freddie Mac 30 Yr. Pool
2.500%, 07/01/50		6,792,610		5,789,268
3.000%, 02/01/52		2,966,174		2,615,959
4.000%, 04/01/52		5,466,806		5,129,783
4.000%, 05/01/52		9,299,895		8,726,562
Freddie Mac ARM Non-Gold Pool
3.779%, 12M LIBOR + 1.835%, 07/01/40 (a)		336,208		340,150
Freddie Mac Multifamily Structured Credit Risk
5.728%, SOFR30A + 1.800%, 07/25/41 (144A) (a)		1,546,837		1,407,379
8.178%, SOFR30A + 4.250%, 05/25/52 (144A) (a)		1,391,446		1,377,532
Freddie Mac Multifamily Structured Pass-Through Certificates
2.920%, 06/25/32		3,100,000		2,724,418
3.117%, 06/25/27		2,487,000		2,352,266
3.214%, 04/25/28 (a)		1,790,000		1,666,973
3.243%, 04/25/27		1,996,000		1,898,905
3.303%, 11/25/27 (a)		1,755,000		1,668,374
3.326%, 05/25/27		1,072,000		1,017,797
3.690%, 01/25/29		397,000		381,611
3.710%, 09/25/32		3,035,000		2,844,097
3.800%, 10/25/32		2,100,000		1,982,135
3.850%, 05/25/28 (a)		7,385,000		7,139,161
3.900%, 08/25/28 (a)		3,170,000		3,078,598
Freddie Mac Multifamily WI Certificates
3.820%, 01/25/33		2,800,000		2,631,959
Freddie Mac Pool
3.700%, 06/01/34		3,300,000		3,055,059
3.750%, 08/01/32		3,500,000		3,290,802
Freddie Mac REMICS (CMO)
2.052%, -1x 1M LIBOR + 6.370%, 10/15/37 (a) (c)		1,713,062		175,524
2.082%, -1x 1M LIBOR + 6.400%, 11/15/36 (a) (c)		855,670		65,829
3.000%, 02/15/26		266,222		258,841
4.768%, 1M LIBOR + 0.450%, 08/15/42 (a)		1,888,447		1,846,905
4.998%, 1M LIBOR + 0.680%, 11/15/37 (a)		324,659		322,880
5.000%, 08/15/35		669,244		667,784
5.018%, 1M LIBOR + 0.700%, 03/15/24 (a)		27,041		27,045
5.668%, 1M LIBOR + 1.350%, 03/15/38 (a)		600,000		615,118
6.000%, 07/15/35		1,832,094		1,864,496
6.000%, 03/15/36		1,475,558		1,538,812
6.500%, 05/15/28		94,475		96,206
6.500%, 03/15/37		319,620		332,034
Freddie Mac STACR Trust (CMO)
3.500%, 05/25/57		3,772,496		3,542,786
3.500%, 06/25/57		3,394,730		3,204,586
Freddie Mac Strips (CMO)
Zero Coupon, 09/15/43 (b)		376,749		295,241
3.000%, 01/15/43		1,274,035		1,151,125
Agency Sponsored Mortgage-Backed—(Continued)
FREMF Mortgage Trust
3.579%, 11/25/49 (144A) (a)		1,700,000		1,563,400
3.664%, 04/25/28 (144A) (a)		3,100,000		2,757,615
3.673%, 11/25/49 (144A) (a)		2,000,000		1,908,241
3.949%, 07/25/49 (144A) (a)		1,635,000		1,624,073
4.074%, 11/25/47 (144A) (a)		1,577,000		1,513,807
Ginnie Mae II 30 Yr. Pool
2.500%, 10/20/51		2,735,285		2,373,594
3.000%, 02/20/51		1,664,986		1,482,878
3.500%, 01/20/51		2,854,031		2,594,418
3.500%, 02/20/52		3,319,276		3,061,803
4.000%, 01/20/52		3,167,842		3,007,675
4.000%, 02/20/52		3,399,666		3,242,505
4.000%, 08/20/52		7,022,127		6,645,348
4.500%, 11/20/49		1,923,376		1,866,465
5.000%, 05/20/52		3,471,378		3,413,179
Ginnie Mae II ARM Pool
2.875%, 1Y H15 + 1.500%, 04/20/41 (a)		126,627		125,163
6.236%, 1Y H15 + 1.698%, 04/20/72 (a)		3,428,609		3,566,227
6.260%, 1Y H15 + 1.709%, 03/20/72 (a)		2,911,271		3,029,371
6.261%, 1Y H15 + 1.743%, 04/20/72 (a)		2,957,400		3,078,087
6.294%, 1Y H15 + 1.751%, 10/20/71 (a)		3,087,270		3,208,760
6.306%, 1Y H15 + 1.753%, 11/20/71 (a)		3,238,636		3,371,671
6.315%, 1Y H15 + 1.784%, 09/20/71 (a)		2,974,466		3,097,364
6.326%, 1Y H15 + 1.777%, 12/20/71 (a)		2,887,235		3,010,545
6.393%, 1Y H15 + 1.835%, 08/20/71 (a)		3,027,088		3,158,620
Government National Mortgage Association (CMO)
1.650%, 02/20/63		25,990		24,151
1.650%, 04/20/63		53,191		49,545
3.953%, 1M LIBOR + 0.550%, 04/20/62 (a)		1,374		1,349
4.142%, 1M LIBOR + 0.300%, 08/20/60 (a)		394		389
4.142%, 1M LIBOR + 0.300%, 11/20/62 (a)		733		724
4.182%, 1M LIBOR + 0.340%, 12/20/62 (a)		892,910		883,210
4.242%, 1M LIBOR + 0.400%, 02/20/62 (a)		18,844		18,427
4.252%, 1M LIBOR + 0.410%, 03/20/63 (a)		245,469		243,250
4.262%, 1M LIBOR + 0.420%, 02/20/63 (a)		794,013		783,815
4.312%, 1M LIBOR + 0.470%, 03/20/63 (a)		919,880		912,626
4.312%, 1M LIBOR + 0.470%, 07/20/64 (a)		1,315,984		1,307,494
4.312%, 1M LIBOR + 0.470%, 09/20/64 (a)		916,750		907,166
4.322%, 1M LIBOR + 0.480%, 04/20/63 (a)		1,845,422		1,833,694
4.342%, 1M LIBOR + 0.500%, 01/20/63 (a)		10,553		10,354
4.342%, 1M LIBOR + 0.500%, 04/20/63 (a)		2,933,909		2,906,549
4.342%, 1M LIBOR + 0.500%, 06/20/64 (a)		2,908,690		2,876,413
4.342%, 1M LIBOR + 0.500%, 07/20/64 (a)		1,281,913		1,264,825
4.442%, 1M LIBOR + 0.600%, 04/20/64 (a)		6,542,750		6,492,124
4.458%, 04/20/43 (a)		1,018,135		983,730
4.492%, 1M LIBOR + 0.650%, 07/20/63 (a)		735,724		733,743
4.492%, 1M LIBOR + 0.650%, 01/20/64 (a)		541,939		539,659
4.492%, 1M LIBOR + 0.650%, 02/20/64 (a)		1,998,238		1,990,055
4.492%, 1M LIBOR + 0.650%, 03/20/64 (a)		528,369		525,646
4.500%, 01/16/25		368,373		365,676
4.532%, 1M LIBOR + 0.690%, 02/20/64 (a)		1,155,882		1,148,641
4.542%, 1M LIBOR + 0.700%, 09/20/63 (a)		1,320,481		1,315,963
4.592%, 1M LIBOR + 0.750%, 09/20/63 (a)		937,867		935,551
4.842%, 1M LIBOR + 1.000%, 12/20/66 (a)		867,589		858,969
4.853%, 1M LIBOR + 0.500%, 09/20/37 (a)		94,809		94,264

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Government National Mortgage Association (CMO)
4.868%, 11/20/42 (a)		3,382,456	$	3,359,026
5.000%, 12/20/33		473,235		473,243
5.000%, 06/16/39		79,840		77,949
5.000%, 07/20/39		913,151		912,791
5.000%, 10/20/39		919,896		918,341
5.117%, 06/20/40 (a)		1,366,857		1,371,681
5.500%, 07/16/33 (c)		404,112		43,672
				356,130,718
Federal Agencies—0.3%
Tennessee Valley Authority
5.880%, 04/01/36		1,600,000		1,754,630
Tennessee Valley Authority Generic Strip
Zero Coupon, 03/15/32		1,000,000		645,284
Tennessee Valley Authority Principal Strip
Zero Coupon, 11/01/25		1,000,000		871,778
Zero Coupon, 06/15/35		750,000		420,172
				3,691,864
U.S. Treasury—26.7%
U.S. Treasury Bonds
1.125%, 05/15/40		555,000		347,352
1.250%, 05/15/50		528,000		284,151
1.375%, 08/15/50		380,000		211,152
1.625%, 11/15/50 (d)		6,800,000		4,046,000
1.750%, 08/15/41		2,740,000		1,875,080
1.875%, 02/15/51 (d)		13,028,900		8,280,477
1.875%, 11/15/51		8,840,000		5,598,897
2.000%, 11/15/41		5,000		3,570
2.000%, 02/15/50		5,127,000		3,386,023
2.000%, 08/15/51		3,675,000		2,406,264
2.250%, 05/15/41		12,370,000		9,299,244
2.250%, 08/15/46		7,787,000		5,510,823
2.250%, 08/15/49		170,000		119,505
2.250%, 02/15/52		10,400,000		7,232,062
2.375%, 02/15/42		11,600,000		8,856,781
2.375%, 11/15/49 (d)		4,475,000		3,234,236
2.500%, 02/15/45		6,750,000		5,081,748
2.750%, 11/15/42		9,475,000		7,594,805
2.750%, 08/15/47 (d)		8,000,000		6,241,562
2.875%, 05/15/43		10,415,000		8,500,837
2.875%, 08/15/45 (d)		7,840,000		6,312,425
2.875%, 05/15/49		27,000		21,726
2.875%, 05/15/52 (d)		2,280,000		1,826,850
3.000%, 11/15/44 (d)		238,000		196,424
3.000%, 02/15/47		276,000		225,921
3.000%, 02/15/48		470,000		385,235
3.125%, 05/15/48		1,942,000		1,632,114
3.500%, 02/15/39		859,700		807,480
3.625%, 08/15/43		4,950,000		4,550,520
3.625%, 02/15/44		4,325,000		3,967,005
3.750%, 11/15/43		2,908,000		2,725,568
3.875%, 08/15/40		5,950,000		5,804,039
4.000%, 11/15/42 (d)		4,600,000		4,503,687
U.S. Treasury—(Continued)
U.S. Treasury Bonds
4.250%, 05/15/39		2,850,000		2,935,277
4.375%, 02/15/38		720,000		753,834
4.375%, 05/15/41 (d)		1,200,000		1,243,125
5.250%, 02/15/29		500,000		530,781
6.000%, 02/15/26		2,525,000		2,654,702
U.S. Treasury Coupon Strips
Zero Coupon, 11/15/24 (d)		1,500,000		1,381,710
Zero Coupon, 02/15/25		2,000,000		1,824,019
Zero Coupon, 05/15/25		5,500,000		4,970,740
Zero Coupon, 11/15/26		1,014,129		865,043
Zero Coupon, 08/15/27		400,000		330,848
Zero Coupon, 11/15/27		570,000		467,603
Zero Coupon, 05/15/28		15,030,000		12,071,680
Zero Coupon, 08/15/28		250,000		198,812
Zero Coupon, 02/15/30		6,300,000		4,711,909
Zero Coupon, 05/15/30		700,000		519,142
Zero Coupon, 08/15/30		3,925,000		2,882,313
Zero Coupon, 11/15/30		5,425,000		3,947,072
Zero Coupon, 02/15/31		1,775,000		1,281,634
Zero Coupon, 11/15/31		3,000,000		2,099,612
Zero Coupon, 02/15/32		12,900,000		8,935,212
Zero Coupon, 05/15/32		800,000		548,329
Zero Coupon, 08/15/33		400,000		259,541
Zero Coupon, 11/15/33 (d)		1,000,000		641,012
Zero Coupon, 02/15/34 (d)		2,000,000		1,266,774
Zero Coupon, 08/15/34		2,600,000		1,609,827
Zero Coupon, 05/15/35 (d)		4,000,000		2,398,660
U.S. Treasury Inflation Indexed Bond
1.750%, 01/15/28 (e)		711,165		710,673
U.S. Treasury Notes
0.375%, 01/31/26		1,300,000		1,156,645
0.375%, 09/30/27		3,560,000		3,001,247
0.500%, 02/28/26		13,735,000		12,238,636
0.625%, 08/15/30		1,850,000		1,456,225
0.875%, 06/30/26		8,330,000		7,448,842
0.875%, 09/30/26 (d)		665,000		590,473
1.000%, 07/31/28		9,750,000		8,287,881
1.250%, 03/31/28		7,080,000		6,153,516
1.250%, 06/30/28		7,779,500		6,726,533
1.250%, 08/15/31		770,000		624,362
1.375%, 11/15/31		2,148,500		1,748,678
1.500%, 02/15/30 (d)		1,105,000		941,667
1.625%, 02/15/26		782,300		723,505
1.625%, 05/15/31		3,640,000		3,061,155
1.750%, 12/31/24		3,485,900		3,308,882
1.750%, 12/31/26		1,539,500		1,409,424
1.750%, 11/15/29		1,540,000		1,342,507
1.875%, 02/28/29 (d)		9,200,000		8,147,391
1.875%, 02/15/32		18,050,000		15,312,182
2.000%, 06/30/24		808,000		777,100
2.000%, 11/15/26		910,000		841,359
2.250%, 02/15/27		550,000		511,822
2.500%, 02/28/26		405,000		384,671
2.750%, 04/30/27		15,000,000		14,214,844
2.750%, 07/31/27		6,113,000		5,783,710

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Notes
2.750%, 05/31/29		1,080,000	$	1,003,388
2.875%, 04/30/25		450,000		435,463
2.875%, 05/31/25		4,920,000		4,756,448
2.875%, 05/15/28		6,936,100		6,544,590
2.875%, 04/30/29		23,000,000		21,540,937
2.875%, 05/15/32		3,365,000		3,101,058
3.125%, 08/31/27		6,570,000		6,319,005
3.125%, 08/31/29		6,485,000		6,156,444
4.000%, 10/31/29		13,000,000		13,004,062
				352,164,099
Total U.S. Treasury & Government Agencies (Cost $796,467,610)				711,986,681
Corporate Bonds & Notes—27.7%
Aerospace/Defense—0.6%
BAE Systems plc
1.900%, 02/15/31 (144A) (d)		720,000		558,330
3.000%, 09/15/50 (144A)		332,000		214,865
Boeing Co. (The)
1.167%, 02/04/23		725,000		722,215
2.196%, 02/04/26		905,000		822,249
2.750%, 02/01/26		592,000		548,622
3.100%, 05/01/26		360,000		338,747
3.250%, 03/01/28		659,000		589,042
4.875%, 05/01/25		435,000		431,669
5.040%, 05/01/27		335,000		331,308
5.150%, 05/01/30		675,000		658,557
5.705%, 05/01/40		550,000		524,459
L3Harris Technologies, Inc.
1.800%, 01/15/31		640,000		491,162
Northrop Grumman Corp.
3.850%, 04/15/45		182,000		145,157
Raytheon Technologies Corp.
2.820%, 09/01/51		1,260,000		816,183
3.200%, 03/15/24 (d)		251,000		246,115
3.750%, 11/01/46		550,000		424,495
4.350%, 04/15/47		133,000		113,113
4.500%, 06/01/42		550,000		494,625
				8,470,913
Agriculture—0.3%
Altria Group, Inc.
2.450%, 02/04/32		1,250,000		942,993
BAT Capital Corp.
2.259%, 03/25/28		465,000		385,914
3.734%, 09/25/40		310,000		210,497
4.390%, 08/15/37		660,000		513,151
4.540%, 08/15/47		544,000		384,376
BAT International Finance plc
1.668%, 03/25/26 (d)		345,000		305,689
Bunge, Ltd. Finance Corp.
2.750%, 05/14/31		1,205,000		988,970
Agriculture—(Continued)
Reynolds American, Inc.
7.000%, 08/04/41		570,000		563,350
				4,294,940
Airlines—0.6%
Air Canada Pass-Through Trust
3.300%, 01/15/30 (144A)		407,142		347,568
3.550%, 01/15/30 (144A)		577,315		463,812
4.125%, 05/15/25 (144A)		678,052		620,085
British Airways Pass-Through Trust
3.300%, 12/15/32 (144A)		503,176		426,920
3.800%, 09/20/31 (144A)		475,520		428,518
4.125%, 09/20/31 (144A)		638,080		531,130
Continental Airlines Pass-Through Trust
4.000%, 10/29/24		110,955		105,867
Spirit Airlines Pass-Through Trust
3.375%, 02/15/30		230,667		198,790
United Airlines Pass-Through Trust
3.100%, 10/07/28		709,941		573,213
3.500%, 03/01/30		1,050,229		906,683
3.700%, 03/01/30		991,164		825,792
4.000%, 04/11/26		352,595		327,586
4.150%, 08/25/31		1,082,490		957,467
4.300%, 08/15/25		502,992		467,889
4.600%, 03/01/26		531,522		485,393
				7,666,713
Auto Manufacturers—0.6%
General Motors Financial Co., Inc.
1.200%, 10/15/24		410,000		379,564
1.250%, 01/08/26		1,376,000		1,211,676
2.350%, 01/08/31		424,000		319,702
2.700%, 06/10/31		720,000		551,646
3.800%, 04/07/25		390,000		376,465
4.350%, 01/17/27		332,000		315,463
Hyundai Capital America
1.300%, 01/08/26 (144A)		325,000		284,236
1.500%, 06/15/26 (144A)		645,000		558,824
1.800%, 10/15/25 (144A)		380,000		341,779
1.800%, 01/10/28 (144A)		635,000		520,762
2.375%, 10/15/27 (144A)		400,000		342,213
3.000%, 02/10/27 (144A)		240,000		215,381
Nissan Motor Co., Ltd.
4.345%, 09/17/27 (144A)		1,519,000		1,377,347
4.810%, 09/17/30 (144A)		868,000		736,647
Stellantis Finance U.S., Inc.
2.691%, 09/15/31 (144A)		606,000		462,380
Volkswagen Group of America Finance LLC
1.625%, 11/24/27 (144A)		300,000		251,175
				8,245,260
Auto Parts & Equipment—0.0%
Lear Corp.
2.600%, 01/15/32		355,000		267,089

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—6.6%
ABN AMRO Bank NV
2.470%, 1Y H15 + 1.100%, 12/13/29 (144A) (a)		200,000	$	161,726
AIB Group plc
4.263%, 3M LIBOR + 1.874%, 04/10/25 (144A) (a)		425,000		410,045
Australia & New Zealand Banking Group, Ltd.
4.400%, 05/19/26 (144A)		200,000		192,018
Banco Nacional de Panama
2.500%, 08/11/30 (144A)		950,000		761,425
Banco Santander S.A.
1.722%, 1Y H15 + 0.900%, 09/14/27 (a)		400,000		341,667
1.849%, 03/25/26		600,000		529,584
2.746%, 05/28/25		600,000		561,534
2.749%, 12/03/30		200,000		153,180
5.147%, 08/18/25 (d)		600,000		593,359
Bank of America Corp.
1.658%, SOFR + 0.910%, 03/11/27 (a)		2,045,000		1,809,219
1.898%, SOFR + 1.530%, 07/23/31 (a)		445,000		341,540
2.087%, SOFR + 1.060%, 06/14/29 (a)		1,018,000		856,641
2.572%, SOFR + 1.210%, 10/20/32 (a)		855,000		669,638
3.366%, 3M LIBOR + 0.810%, 01/23/26 (a)		600,000		572,089
3.705%, 3M LIBOR + 1.512%, 04/24/28 (a)		2,500,000		2,313,484
3.970%, 3M LIBOR + 1.070%, 03/05/29 (a)		382,000		352,481
4.250%, 10/22/26		520,000		502,294
4.376%, SOFR + 1.580%, 04/27/28 (a)		1,100,000		1,051,955
Bank of Ireland Group plc
2.029%, 1Y H15 + 1.100%, 09/30/27 (144A) (a)		655,000		552,694
6.253%, 1Y H15 + 2.650%, 09/16/26 (144A) (a)		862,000		855,090
Bank of Montreal
3.803%, 5Y USD Swap + 1.432%, 12/15/32 (a)		433,000		381,265
Banque Federative du Credit Mutuel S.A.
1.604%, 10/04/26 (144A)		840,000		730,665
Barclays plc
1.007%, 1Y H15 + 0.800%, 12/10/24 (a)		1,102,000		1,049,002
2.894%, 1Y H15 + 1.300%, 11/24/32 (a)		460,000		350,328
4.338%, 3M LIBOR + 1.356%, 05/16/24 (a)		500,000		496,519
5.304%, 1Y H15 + 2.300%, 08/09/26 (a)		755,000		749,356
BNP Paribas S.A.
1.323%, SOFR + 1.004%, 01/13/27 (144A) (a)		318,000		277,940
2.159%, SOFR + 1.218%, 09/15/29 (144A) (a)		1,346,000		1,097,288
2.219%, SOFR + 2.074%, 06/09/26 (144A) (a) (d)		402,000		369,092
3.052%, SOFR + 1.507%, 01/13/31 (144A) (a)		586,000		480,252
BPCE S.A.
1.000%, 01/20/26 (144A)		570,000		499,685
1.652%, SOFR + 1.520%, 10/06/26 (144A) (a)		534,000		474,558
2.277%, SOFR + 1.312%, 01/20/32 (144A) (a)		415,000		310,253
3.375%, 12/02/26		700,000		651,528
4.625%, 07/11/24 (144A)		400,000		389,284
Citigroup, Inc.
2.561%, SOFR + 1.167%, 05/01/32 (a)		915,000		722,360
3.057%, SOFR + 1.351%, 01/25/33 (a)		527,000		425,297
3.668%, 3M LIBOR + 1.390%, 07/24/28 (a)		1,952,000		1,792,696
3.878%, 3M LIBOR + 1.168%, 01/24/39 (a)		150,000		123,977
4.075%, 3M LIBOR + 1.192%, 04/23/29 (a)		667,000		613,750
4.300%, 11/20/26		750,000		725,505
4.400%, 06/10/25 (d)		566,000		555,532
4.450%, 09/29/27		1,294,000		1,233,710
Banks—(Continued)
Citizens Financial Group, Inc.
2.638%, 09/30/32		193,000		143,255
Commonwealth Bank of Australia
3.305%, 03/11/41† (144A)		355,000		240,912
Cooperative Rabobank UA
3.750%, 07/21/26		513,000		481,677
4.375%, 08/04/25		424,000		413,846
Credit Agricole S.A.
1.247%, SOFR + 0.892%, 01/26/27 (144A) (a)		2,283,000		1,996,576
1.907%, SOFR + 1.676%, 06/16/26 (144A) (a)		750,000		683,644
2.811%, 01/11/41† (144A)		410,000		253,246
4.375%, 03/17/25 (144A)		295,000		284,570
Credit Suisse Group AG
2.193%, SOFR + 2.044%, 06/05/26 (144A) (a)		360,000		307,473
2.593%, SOFR + 1.560%, 09/11/25 (144A) (a)		314,000		277,595
4.282%, 01/09/28 (144A)		783,000		648,990
Deutsche Bank AG
2.129%, SOFR + 1.870%, 11/24/26 (a)		615,000		542,558
2.222%, SOFR + 2.159%, 09/18/24 (a)		1,145,000		1,105,868
3.035%, SOFR + 1.718%, 05/28/32 (a) (d)		1,351,000		1,023,967
Discover Bank
4.250%, 03/13/26		1,229,000		1,168,739
DNB Bank ASA
1.605%, 1Y H15 + 0.680%, 03/30/28 (144A) (a)		1,030,000		871,340
Fifth Third Bancorp
8.250%, 03/01/38		200,000		247,499
Goldman Sachs Group, Inc. (The)
1.431%, SOFR + 0.798%, 03/09/27 (a)		2,000,000		1,753,816
1.948%, SOFR + 0.913%, 10/21/27 (a)		781,000		682,895
1.992%, SOFR + 1.090%, 01/27/32 (a)		950,000		723,726
2.640%, SOFR + 1.114%, 02/24/28 (a)		920,000		819,155
3.691%, 3M LIBOR + 1.510%, 06/05/28 (a)		2,614,000		2,428,748
4.411%, 3M LIBOR + 1.430%, 04/23/39 (a)		445,000		384,493
HSBC Holdings plc
2.206%, SOFR + 1.285%, 08/17/29 (a)		630,000		508,524
2.357%, SOFR + 1.947%, 08/18/31 (a)		890,000		680,042
3.900%, 05/25/26		200,000		190,483
4.041%, 3M LIBOR + 1.546%, 03/13/28 (a)		432,000		398,103
4.292%, 3M LIBOR + 1.348%, 09/12/26 (a)		300,000		286,967
6.100%, 01/14/42 (d)		370,000		385,738
6.500%, 09/15/37		930,000		894,752
7.336%, SOFR + 3.030%, 11/03/26 (a)		910,000		946,465
ING Groep NV
1.726%, SOFR + 1.005%, 04/01/27 (a)		285,000		251,506
KeyCorp
4.789%, SOFR + 2.060%, 06/01/33 (a)		170,000		160,512
Lloyds Banking Group plc
1.627%, 1Y H15 + 0.850%, 05/11/27 (a)		720,000		623,193
4.375%, 03/22/28		633,000		600,776
4.500%, 11/04/24		685,000		668,467
4.582%, 12/10/25		400,000		387,319
Macquarie Bank, Ltd.
3.052%, 5Y H15 + 1.700%, 03/03/36 (144A) (a)		825,000		596,727
Macquarie Group, Ltd.
5.033%, 3M LIBOR + 1.750%, 01/15/30 (144A) (a)		1,820,000		1,711,651
6.207%, 11/22/24 (144A)		913,000		918,933

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Mitsubishi UFJ Financial Group, Inc.
1.538%, 1Y H15 + 0.750%, 07/20/27 (a)		660,000	$	572,180
2.048%, 07/17/30		1,020,000		804,576
3.751%, 07/18/39 (d)		615,000		499,592
Mizuho Financial Group, Inc.
1.234%, 1Y H15 + 0.670%, 05/22/27 (a)		772,000		668,669
2.226%, 3M LIBOR + 0.830%, 05/25/26 (a)		795,000		730,187
2.869%, SOFR + 1.572%, 09/13/30 (a)		539,000		450,745
5.414%, 1Y H15 + 2.050%, 09/13/28 (a)		790,000		790,144
Morgan Stanley
2.720%, SOFR + 1.152%, 07/22/25 (a)		251,000		239,961
3.591%, 3M LIBOR + 1.340%, 07/22/28 (a)		1,067,000		978,706
3.772%, 3M LIBOR + 1.140%, 01/24/29 (a)		278,000		254,580
3.875%, 04/29/24		700,000		689,126
4.300%, 01/27/45 (d)		400,000		340,934
4.431%, 3M LIBOR + 1.628%, 01/23/30 (a)		1,157,000		1,076,824
4.457%, 3M LIBOR + 1.431%, 04/22/39 (a)		850,000		746,199
National Australia Bank, Ltd.
2.332%, 08/21/30 (144A)		470,000		357,801
3.933%, 5Y H15 + 1.880%, 08/02/34 (144A) (a)		800,000		672,922
NatWest Group plc
3.073%, 1Y H15 + 2.550%, 05/22/28 (a) (d)		570,000		509,380
3.754%, 5Y H15 + 2.100%, 11/01/29 (a)		700,000		649,248
4.269%, 3M LIBOR + 1.762%, 03/22/25 (a)		480,000		469,382
4.800%, 04/05/26		1,037,000		1,014,114
4.892%, 3M LIBOR + 1.754%, 05/18/29 (a) (d)		290,000		274,387
Nordea Bank Abp
5.375%, 09/22/27 (144A)		555,000		557,560
PNC Bank N.A.
2.500%, 08/27/24		580,000		556,114
Santander UK Group Holdings plc
1.673%, SOFR + 0.989%, 06/14/27 (a)		680,000		578,199
6.833%, SOFR + 2.749%, 11/21/26 (a)		671,000		679,670
Societe Generale S.A.
1.488%, 1Y H15 + 1.100%, 12/14/26 (144A) (a)		1,552,000		1,348,941
1.792%, 1Y H15 + 1.000%, 06/09/27 (144A) (a)		720,000		619,495
2.889%, 1Y H15 + 1.300%, 06/09/32 (144A) (a)		1,670,000		1,284,777
4.250%, 04/14/25 (144A)		785,000		752,997
Standard Chartered plc
1.456%, 1Y H15 + 1.000%, 01/14/27 (144A) (a)		1,073,000		929,770
2.819%, 3M LIBOR + 1.209%, 01/30/26 (144A) (a)		740,000		688,123
4.866%, 5Y USD ICE Swap + 1.970%, 03/15/33 (144A) (a)		300,000		264,282
7.776%, 1Y H15 + 3.100%, 11/16/25 (144A) (a)		390,000		401,660
Sumitomo Mitsui Financial Group, Inc.
3.010%, 10/19/26		212,000		195,704
3.040%, 07/16/29		1,020,000		881,950
UBS Group AG
1.494%, 1Y H15 + 0.850%, 08/10/27 (144A) (a)		415,000		357,049
2.095%, 1Y H15 + 1.000%, 02/11/32 (144A) (a)		1,070,000		805,596
4.125%, 09/24/25 (144A)		850,000		826,476
4.703%, 1Y H15 + 2.050%, 08/05/27 (144A) (a)		720,000		695,871
4.488%, 1Y H15 + 1.550%, 05/12/26 (144A) (a)		1,335,000		1,304,780
UniCredit S.p.A.
1.982%, 1Y H15 + 1.200%, 06/03/27 (144A) (a)		345,000		294,119
2.569%, 1Y H15 + 2.300%, 09/22/26 (144A) (a)		710,000		628,722
Banks—(Continued)
UniCredit S.p.A.
5.861%, 5Y USD ICE Swap + 3.703%, 06/19/32 (144A) (a)		455,000		399,433
7.296%, 5Y USD ICE Swap + 4.914%, 04/02/34 (144A) (a)		230,000		210,793
Wells Fargo & Co.
4.650%, 11/04/44		595,000		500,857
5.375%, 11/02/43		1,005,000		934,323
Westpac Banking Corp.
3.133%, 11/18/41		693,000		457,115
4.322%, 5Y USD ICE Swap + 2.236%, 11/23/31 (a)		1,050,000		988,218
				86,708,502
Beverages—0.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.
4.700%, 02/01/36		1,103,000		1,041,720
4.900%, 02/01/46		315,000		286,359
Anheuser-Busch InBev Finance, Inc.
4.625%, 02/01/44		185,000		166,268
Anheuser-Busch InBev Worldwide, Inc.
4.375%, 04/15/38		1,300,000		1,162,084
4.439%, 10/06/48		950,000		811,326
Coca-Cola Femsa S.A.B. de C.V.
1.850%, 09/01/32		515,000		387,697
2.750%, 01/22/30		276,000		237,705
Constellation Brands, Inc.
5.250%, 11/15/48		180,000		168,628
Fomento Economico Mexicano S.A.B. de C.V.
3.500%, 01/16/50		790,000		554,035
				4,815,822
Biotechnology—0.2%
Amgen, Inc.
1.650%, 08/15/28		430,000		358,537
3.000%, 01/15/52		595,000		379,750
Baxalta, Inc.
5.250%, 06/23/45		27,000		25,801
Biogen, Inc.
2.250%, 05/01/30		450,000		366,611
Gilead Sciences, Inc.
2.600%, 10/01/40		945,000		659,318
Regeneron Pharmaceuticals, Inc.
1.750%, 09/15/30		1,000,000		772,368
Royalty Pharma plc
1.200%, 09/02/25		303,000		271,167
2.150%, 09/02/31		447,000		338,038
				3,171,590
Building Materials—0.2%
CRH America Finance, Inc.
3.400%, 05/09/27 (144A)		214,000		198,344
Lennox International, Inc.
1.350%, 08/01/25		1,630,000		1,475,355

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Building Materials—(Continued)
Martin Marietta Materials, Inc.
3.450%, 06/01/27		499,000	$	463,146
Masco Corp.
2.000%, 10/01/30		260,000		201,520
6.500%, 08/15/32		720,000		737,042
				3,075,407
Chemicals—0.2%
Albemarle Corp.
5.450%, 12/01/44		350,000		316,273
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co., L.P.
5.125%, 04/01/25 (144A)		630,000		629,032
DuPont de Nemours, Inc.
5.319%, 11/15/38		945,000		908,200
International Flavors & Fragrances, Inc.
1.832%, 10/15/27 (144A)		330,000		276,958
5.000%, 09/26/48		404,000		343,038
Nutrien, Ltd.
3.000%, 04/01/25 (d)		200,000		190,393
4.125%, 03/15/35		620,000		534,104
				3,197,998
Commercial Services—0.6%
ERAC USA Finance LLC
3.850%, 11/15/24 (144A)		925,000		893,738
7.000%, 10/15/37 (144A)		500,000		543,206
Ford Foundation (The)
2.815%, 06/01/70		275,000		160,402
Global Payments, Inc.
2.900%, 05/15/30 (d)		211,000		172,886
2.900%, 11/15/31		404,000		318,582
3.200%, 08/15/29		1,437,000		1,221,524
5.300%, 08/15/29		272,000		262,962
Pepperdine University
3.301%, 12/01/59		450,000		282,216
Quanta Services, Inc.
2.350%, 01/15/32		855,000		649,227
2.900%, 10/01/30		1,110,000		912,665
S&P Global, Inc.
2.900%, 03/01/32 (144A)		581,000		495,566
4.250%, 05/01/29 (144A)		1,056,000		1,007,948
Triton Container International, Ltd.
1.150%, 06/07/24 (144A)		850,000		786,095
University of Southern California
3.226%, 10/01/2120		440,000		255,132
				7,962,149
Computers—0.5%
Apple, Inc.
2.700%, 08/05/51		965,000		636,167
3.750%, 09/12/47		1,200,000		996,658
3.750%, 11/13/47		200,000		164,633
3.850%, 08/04/46		362,000		307,361
Computers—(Continued)
CGI, Inc.
1.450%, 09/14/26		659,000		582,799
2.300%, 09/14/31		1,184,000		899,004
Dell International LLC / EMC Corp.
5.450%, 06/15/23		99,000		99,063
6.020%, 06/15/26 (d)		1,786,000		1,821,998
HP, Inc.
3.000%, 06/17/27 (d)		490,000		447,244
Leidos, Inc.
2.300%, 02/15/31		365,000		279,610
				6,234,537
Cosmetics/Personal Care—0.2%
Estee Lauder Cos., Inc. (The)
2.600%, 04/15/30		1,470,000		1,263,309
GSK Consumer Healthcare Capital U.S. LLC
3.375%, 03/24/29		780,000		701,404
				1,964,713
Distribution/Wholesale—0.0%
WW Grainger, Inc.
4.600%, 06/15/45		190,000		172,766
Diversified Financial Services—2.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.750%, 01/30/26		393,000		345,754
2.450%, 10/29/26		390,000		341,032
2.875%, 08/14/24		770,000		729,024
3.000%, 10/29/28		485,000		406,321
3.300%, 01/30/32		460,000		359,610
4.450%, 04/03/26		478,000		456,220
4.500%, 09/15/23		1,830,000		1,817,980
6.500%, 07/15/25		208,000		210,762
Air Lease Corp.
2.875%, 01/15/26		600,000		555,153
3.250%, 03/01/25		484,000		459,268
3.250%, 10/01/29		1,065,000		906,822
3.375%, 07/01/25		1,266,000		1,197,409
Aviation Capital Group LLC
5.500%, 12/15/24 (144A)		698,000		685,600
Avolon Holdings Funding, Ltd.
2.125%, 02/21/26 (144A)		445,000		383,001
2.528%, 11/18/27 (144A)		5,211,000		4,165,124
2.875%, 02/15/25 (144A)		1,839,000		1,698,805
4.250%, 04/15/26 (144A)		885,000		802,298
4.375%, 05/01/26 (144A)		540,000		492,019
5.250%, 05/15/24 (144A)		805,000		788,964
5.500%, 01/15/26 (144A)		1,140,000		1,083,801
Blackstone Secured Lending Fund
3.650%, 07/14/23		610,000		604,306
BOC Aviation, Ltd.
3.500%, 10/10/24 (144A)		385,000		371,640
Brookfield Finance, Inc.
3.900%, 01/25/28		358,000		328,252
4.700%, 09/20/47		84,000		67,509

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Brookfield Finance, Inc.
4.850%, 03/29/29		485,000	$	462,585
Capital One Financial Corp.
1.878%, SOFR + 0.855%, 11/02/27 (a)		324,000		282,170
2.618%, SOFR + 1.265%, 11/02/32 (a)		735,000		562,806
4.200%, 10/29/25		200,000		193,267
4.927%, SOFR + 2.057%, 05/10/28 (a)		570,000		551,821
4.985%, SOFR + 2.160%, 07/24/26 (a)		540,000		528,881
LSEGA Financing plc
2.000%, 04/06/28 (144A)		1,445,000		1,231,328
Nomura Holdings, Inc.
2.648%, 01/16/25		845,000		797,832
2.679%, 07/16/30		540,000		431,821
Park Aerospace Holdings, Ltd.
4.500%, 03/15/23 (144A)		320,000		319,210
5.500%, 02/15/24 (144A)		96,000		94,748
Private Export Funding Corp.
3.550%, 01/15/24		7,383,000		7,283,586
				31,996,729
Electric—2.7%
AEP Transmission Co. LLC
3.150%, 09/15/49		225,000		155,671
Alabama Power Co.
3.550%, 12/01/23		461,000		454,939
Alexander Funding Trust
1.841%, 11/15/23 (144A)		800,000		766,361
Baltimore Gas & Electric Co.
5.200%, 06/15/33		1,510,000		1,465,802
Berkshire Hathaway Energy Co.
6.125%, 04/01/36		325,000		341,032
CenterPoint Energy, Inc.
1.450%, 06/01/26		699,000		619,740
China Southern Power Grid International Finance BVI Co., Ltd.
3.500%, 05/08/27 (144A)		960,000		910,096
Cleveland Electric Illuminating Co. (The)
4.550%, 11/15/30 (144A)		250,000		233,872
Constellation Energy Generation LLC
5.750%, 10/01/41		260,000		252,274
6.250%, 10/01/39		160,000		163,201
Consumers Energy Co.
4.350%, 08/31/64		191,000		155,068
Delmarva Power & Light Co.
4.150%, 05/15/45		500,000		401,706
Dominion Energy, Inc.
2.850%, 08/15/26		183,000		168,683
DTE Electric Co.
5.700%, 10/01/37		300,000		295,480
Duke Energy Indiana LLC
3.750%, 05/15/46		350,000		269,078
Duke Energy Progress LLC
2.900%, 08/15/51		470,000		307,755
4.100%, 03/15/43		200,000		167,499
4.375%, 03/30/44		247,000		212,379
5.700%, 04/01/35		360,000		357,371
Electric—(Continued)
Duquesne Light Holdings, Inc.
2.532%, 10/01/30 (144A)		450,000		356,508
2.775%, 01/07/32 (144A)		280,000		219,008
3.616%, 08/01/27 (144A)		1,050,000		944,309
Edison International
3.550%, 11/15/24		1,180,000		1,139,144
Emera U.S. Finance L.P.
4.750%, 06/15/46		500,000		385,778
Enel Finance International NV
3.500%, 04/06/28 (144A)		465,000		406,835
Entergy Arkansas LLC
2.650%, 06/15/51		285,000		171,842
3.050%, 06/01/23		765,000		759,193
Entergy Corp.
2.950%, 09/01/26		194,000		180,111
Entergy Louisiana LLC
2.400%, 10/01/26 (d)		414,000		376,303
2.900%, 03/15/51		390,000		249,509
3.050%, 06/01/31		195,000		166,562
Evergy Metro, Inc.
5.300%, 10/01/41		315,000		300,645
Fells Point Funding Trust
3.046%, 01/31/27 (144A)		1,895,000		1,724,623
Florida Power & Light Co.
5.625%, 04/01/34		1,250,000		1,297,457
Fortis, Inc.
3.055%, 10/04/26		929,000		861,731
ITC Holdings Corp.
2.950%, 05/14/30 (144A)		330,000		278,370
Jersey Central Power & Light Co.
6.150%, 06/01/37		200,000		195,423
Massachusetts Electric Co.
4.004%, 08/15/46 (144A)		402,000		290,690
Mid-Atlantic Interstate Transmission LLC
4.100%, 05/15/28 (144A)		340,000		319,946
Nevada Power Co.
5.375%, 09/15/40		223,000		213,064
6.650%, 04/01/36		360,000		392,281
New England Power Co.
3.800%, 12/05/47 (144A)		280,000		212,559
New York State Electric & Gas Corp.
3.250%, 12/01/26 (144A)		434,000		407,910
Niagara Mohawk Power Corp.
1.960%, 06/27/30 (144A)		700,000		553,340
3.508%, 10/01/24 (144A)		305,000		293,005
Northern States Power Co.
6.500%, 03/01/28		628,000		662,430
NRG Energy, Inc.
2.000%, 12/02/25 (144A)		560,000		499,493
2.450%, 12/02/27 (144A)		625,000		517,847
OGE Energy Corp.
0.703%, 05/26/23		435,000		427,290
Ohio Power Co.
2.900%, 10/01/51		635,000		413,144
Oklahoma Gas and Electric Co.
0.553%, 05/26/23		525,000		515,650

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Oncor Electric Delivery Co. LLC
3.100%, 09/15/49		670,000	$	474,215
Pacific Gas and Electric Co.
1.700%, 11/15/23		540,000		522,623
2.950%, 03/01/26		380,000		348,270
3.250%, 02/16/24		1,525,000		1,488,480
3.450%, 07/01/25		600,000		567,994
3.750%, 08/15/42		245,000		164,248
4.300%, 03/15/45		420,000		297,775
Pennsylvania Electric Co.
3.250%, 03/15/28 (144A)		113,000		101,501
PG&E Recovery Funding LLC
5.536%, 07/15/49		630,000		638,196
PG&E Wildfire Recovery Funding LLC
4.263%, 06/01/36		465,000		430,872
5.099%, 06/01/52		675,000		634,647
5.212%, 12/01/47		360,000		347,509
Progress Energy, Inc.
7.000%, 10/30/31		200,000		218,071
Public Service Co. of Colorado
2.500%, 03/15/23		400,000		398,334
Public Service Co. of Oklahoma
6.625%, 11/15/37		600,000		628,683
Puget Energy, Inc.
2.379%, 06/15/28		853,000		725,796
San Diego Gas & Electric Co.
2.950%, 08/15/51		635,000		428,859
Sierra Pacific Power Co.
3.375%, 08/15/23		556,000		550,220
Southern California Edison Co.
3.650%, 03/01/28		500,000		466,067
5.550%, 01/15/36		500,000		459,774
Southern Power Co.
5.150%, 09/15/41		400,000		361,479
Southwestern Public Service Co.
4.500%, 08/15/41		250,000		217,767
Tampa Electric Co.
4.450%, 06/15/49		500,000		412,529
Toledo Edison Co. (The)
6.150%, 05/15/37		400,000		413,739
Tri-State Generation & Transmission Association, Inc.
4.250%, 06/01/46		206,000		152,171
Virginia Electric & Power Co.
4.450%, 02/15/44		126,000		108,025
6.000%, 05/15/37		685,000		708,548
				35,696,399
Electronics—0.1%
Arrow Electronics, Inc.
3.250%, 09/08/24		439,000		421,832
3.875%, 01/12/28		376,000		341,569
				763,401
Engineering & Construction—0.0%
Mexico City Airport Trust
5.500%, 07/31/47 (144A)		200,000		154,000
Food—0.4%
Bimbo Bakeries USA, Inc.
4.000%, 05/17/51 (144A)		695,000		522,762
Campbell Soup Co.
3.125%, 04/24/50		287,000		194,316
Conagra Brands, Inc.
5.300%, 11/01/38		205,000		193,041
Kraft Heinz Foods Co.
4.375%, 06/01/46		460,000		373,797
4.625%, 10/01/39		600,000		526,340
Kroger Co. (The)
8.000%, 09/15/29		610,000		687,856
McCormick and Co., Inc.
2.500%, 04/15/30		1,239,000		1,033,307
Smithfield Foods, Inc.
3.000%, 10/15/30 (144A)		1,160,000		883,216
5.200%, 04/01/29 (144A)		1,100,000		1,004,850
Tyson Foods, Inc.
5.150%, 08/15/44		100,000		92,548
				5,512,033
Gas—0.4%
APA Infrastructure, Ltd.
4.200%, 03/23/25 (144A)		700,000		675,901
4.250%, 07/15/27 (144A)		687,000		641,542
Atmos Energy Corp.
4.150%, 01/15/43		460,000		386,936
Brooklyn Union Gas Co. (The)
4.273%, 03/15/48 (144A)		500,000		374,226
KeySpan Gas East Corp.
2.742%, 08/15/26 (144A)		345,000		308,231
NiSource, Inc.
1.700%, 02/15/31		570,000		434,525
2.950%, 09/01/29		465,000		403,291
Southern California Gas Co.
2.550%, 02/01/30		829,000		705,468
Southern Co. Gas Capital Corp.
3.950%, 10/01/46		212,000		158,871
4.400%, 06/01/43		375,000		306,421
6.000%, 10/01/34		1,000,000		978,849
Southwest Gas Corp.
3.800%, 09/29/46		332,000		228,546
				5,602,807
Healthcare-Products—0.1%
Thermo Fisher Scientific, Inc.
2.000%, 10/15/31		1,065,000		862,511
Healthcare-Services—1.0%
Aetna, Inc.
6.625%, 06/15/36		297,000		315,499

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Anthem, Inc.
4.650%, 08/15/44		324,000	$	289,281
Bon Secours Mercy Health, Inc.
3.205%, 06/01/50		625,000		416,477
Children’s Hospital Corp. (The)
2.585%, 02/01/50		430,000		261,734
2.928%, 07/15/50		540,000		340,828
CommonSpirit Health
1.547%, 10/01/25		435,000		391,143
2.782%, 10/01/30		430,000		354,674
3.910%, 10/01/50		425,000		314,537
Cottage Health Obligated Group
3.304%, 11/01/49		500,000		350,722
Elevance Health, Inc.
4.101%, 03/01/28		460,000		440,829
Hackensack Meridian Health, Inc.
2.675%, 09/01/41		1,180,000		820,541
2.875%, 09/01/50		700,000		452,484
Hartford HealthCare Corp.
3.447%, 07/01/54		1,100,000		768,114
HCA, Inc.
3.500%, 07/15/51		397,000		254,702
5.125%, 06/15/39		565,000		505,553
5.250%, 06/15/26		1,540,000		1,521,411
5.500%, 06/15/47		445,000		395,214
Memorial Health Services
3.447%, 11/01/49 (d)		995,000		721,815
MultiCare Health System
2.803%, 08/15/50		365,000		215,540
MyMichigan Health
3.409%, 06/01/50		245,000		168,360
Nationwide Children’s Hospital, Inc.
4.556%, 11/01/52		181,000		160,580
NYU Langone Hospitals
3.380%, 07/01/55		410,000		273,574
Piedmont Healthcare, Inc.
2.864%, 01/01/52		620,000		386,665
Providence St. Joseph Health Obligated Group
2.746%, 10/01/26		210,000		196,772
Quest Diagnostics, Inc.
3.450%, 06/01/26		140,000		133,515
Texas Health Resources
2.328%, 11/15/50		340,000		194,172
4.330%, 11/15/55		250,000		212,700
UnitedHealth Group, Inc.
3.250%, 05/15/51		900,000		643,984
4.625%, 07/15/35		320,000		310,235
5.875%, 02/15/53		405,000		437,305
Universal Health Services, Inc.
2.650%, 10/15/30		109,000		86,750
Yale-New Haven Health Services Corp.
2.496%, 07/01/50		580,000		346,953
				12,682,663
Home Builders—0.0%
Lennar Corp.
4.500%, 04/30/24		280,000		276,257
Insurance—0.9%
AIA Group, Ltd.
3.600%, 04/09/29 (144A)		495,000		450,116
3.900%, 04/06/28 (144A)		415,000		389,655
AIG SunAmerica Global Financing X
6.900%, 03/15/32 (144A)		500,000		531,966
Aon plc
3.500%, 06/14/24		485,000		473,355
Assurant, Inc.
4.200%, 09/27/23		454,000		448,941
Athene Global Funding
1.450%, 01/08/26 (144A)		420,000		367,573
2.500%, 01/14/25 (144A)		115,000		107,697
2.750%, 06/25/24 (144A)		890,000		846,525
2.950%, 11/12/26 (144A)		2,125,000		1,917,183
Berkshire Hathaway Finance Corp.
3.850%, 03/15/52		620,000		494,170
4.300%, 05/15/43		831,000		744,948
Corebridge Financial, Inc.
3.850%, 04/05/29 (144A)		390,000		355,215
F&G Global Funding
1.750%, 06/30/26 (144A)		585,000		520,864
Guardian Life Insurance Co. of America (The)
4.850%, 01/24/77† (144A)		156,000		127,299
Hanover Insurance Group, Inc. (The)
2.500%, 09/01/30		380,000		291,921
Hartford Financial Services Group, Inc. (The)
4.300%, 04/15/43		400,000		319,834
Liberty Mutual Insurance Co.
8.500%, 05/15/25 (144A)		800,000		837,401
Massachusetts Mutual Life Insurance Co.
7.625%, 11/15/23 (144A)		262,000		266,006
New York Life Global Funding
3.000%, 01/10/28 (144A)		485,000		445,996
New York Life Insurance Co.
4.450%, 05/15/69 (144A)		625,000		514,365
Northwestern Mutual Global Funding
1.700%, 06/01/28 (144A)		620,000		523,933
Pacific Life Insurance Co.
4.300%, 3M LIBOR + 2.796%, 10/24/67 (144A) (a) (d)		200,000		152,373
				11,127,336
Internet—0.2%
Amazon.com, Inc.
3.950%, 04/13/52		1,270,000		1,051,157
eBay, Inc.
2.600%, 05/10/31		2,500,000		2,049,040
				3,100,197
Iron/Steel—0.2%
Nucor Corp.
2.979%, 12/15/55		250,000		154,643

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Iron/Steel—(Continued)
Reliance Steel & Aluminum Co.
1.300%, 08/15/25		1,810,000	$	1,635,286
Steel Dynamics, Inc.
1.650%, 10/15/27		630,000		527,847
				2,317,776
Machinery-Diversified—0.2%
Deere & Co.
8.100%, 05/15/30		400,000		472,041
Nvent Finance Sarl
4.550%, 04/15/28		562,000		515,996
Otis Worldwide Corp.
2.565%, 02/15/30 (d)		1,110,000		932,621
				1,920,658
Media—0.7%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
3.500%, 03/01/42		775,000		496,586
3.700%, 04/01/51		840,000		510,777
4.800%, 03/01/50		935,000		678,762
6.834%, 10/23/55		400,000		369,015
Comcast Corp.
2.887%, 11/01/51		1,131,000		726,379
2.937%, 11/01/56		663,000		410,016
2.987%, 11/01/63		42,000		25,396
3.900%, 03/01/38		591,000		509,303
4.200%, 08/15/34		556,000		513,303
4.250%, 01/15/33		1,880,000		1,772,007
COX Communications, Inc.
2.950%, 10/01/50 (144A)		630,000		377,717
Discovery Communications LLC
5.200%, 09/20/47		485,000		360,268
Grupo Televisa S.A.B.
6.125%, 01/31/46		200,000		198,604
Paramount Global
4.850%, 07/01/42		255,000		188,642
5.900%, 10/15/40		125,000		107,870
TCI Communications, Inc.
7.125%, 02/15/28		801,000		874,140
Time Warner Cable LLC
5.500%, 09/01/41		1,000,000		829,875
				8,948,660
Mining—0.2%
Barrick Gold Corp.
6.450%, 10/15/35		300,000		314,372
Glencore Funding LLC
2.500%, 09/01/30 (144A) (d)		2,270,000		1,842,536
4.125%, 05/30/23 (144A)		346,000		344,195
				2,501,103
Miscellaneous Manufacturing—0.0%
Parker-Hannifin Corp.
4.450%, 11/21/44		333,000		285,145
Oil & Gas—1.0%
Aker BP ASA
2.000%, 07/15/26 (144A)		389,000		343,608
BP Capital Markets America, Inc.
2.939%, 06/04/51		1,260,000		829,587
3.017%, 01/16/27		655,000		609,845
BP Capital Markets plc
3.279%, 09/19/27		288,000		270,796
Coterra Energy, Inc.
3.900%, 05/15/27		710,000		662,942
Ecopetrol S.A.
4.125%, 01/16/25 (d)		433,000		412,372
Eni S.p.A.
4.000%, 09/12/23 (144A)		385,000		379,615
EQT Corp.
3.900%, 10/01/27		200,000		184,633
Exxon Mobil Corp.
2.995%, 08/16/39		690,000		527,360
3.095%, 08/16/49		860,000		614,594
HF Sinclair Corp.
2.625%, 10/01/23		775,000		758,873
5.875%, 04/01/26 (d)		409,000		409,343
Jonah Energy LLC 7.800%, 11/10/37 (144A) (f) (g)		1,800,000		1,765,145
Marathon Petroleum Corp.
4.700%, 05/01/25		509,000		501,217
Phillips 66 Co.
3.150%, 12/15/29 (144A)		330,000		287,883
3.550%, 10/01/26 (144A)		100,000		93,792
4.900%, 10/01/46 (144A)		200,000		177,007
Pioneer Natural Resources Co.
1.900%, 08/15/30		800,000		626,496
Saudi Arabian Oil Co.
1.250%, 11/24/23 (144A)		200,000		192,253
1.625%, 11/24/25 (144A)		220,000		200,379
Suncor Energy, Inc.
5.950%, 12/01/34		668,000		663,930
7.875%, 06/15/26		544,000		583,935
TotalEnergies Capital International S.A.
2.986%, 06/29/41		900,000		670,426
3.127%, 05/29/50		870,000		614,408
3.461%, 07/12/49		660,000		493,130
Valero Energy Corp.
2.150%, 09/15/27		391,000		342,786
7.500%, 04/15/32		126,000		141,620
				13,357,975
Oil & Gas Services—0.1%
Baker Hughes Holdings LLC
5.125%, 09/15/40		360,000		331,934
Halliburton Co.
4.750%, 08/01/43		215,000		183,386
4.850%, 11/15/35		270,000		249,781
6.750%, 02/01/27		200,000		205,997
				971,098

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Packaging & Containers—0.1%
Graphic Packaging International LLC
1.512%, 04/15/26 (144A)		894,000	$	779,842
WRKCo, Inc.
3.750%, 03/15/25		300,000		290,139
				1,069,981
Pharmaceuticals—0.9%
AbbVie, Inc.
3.200%, 11/21/29		1,583,000		1,427,033
4.050%, 11/21/39		982,000		840,542
4.400%, 11/06/42		600,000		520,453
4.450%, 05/14/46		220,000		189,075
AstraZeneca plc
2.125%, 08/06/50		390,000		228,411
6.450%, 09/15/37		350,000		394,543
Becton Dickinson & Co.
3.794%, 05/20/50		103,000		79,041
Bristol-Myers Squibb Co.
4.125%, 06/15/39		527,000		468,907
4.550%, 02/20/48		427,000		383,938
Cigna Corp.
4.800%, 07/15/46		156,000		139,171
CVS Health Corp.
4.300%, 03/25/28		179,000		173,137
5.050%, 03/25/48		2,065,000		1,853,430
CVS Pass-Through Trust
4.704%, 01/10/36 (144A)		641,373		576,411
5.773%, 01/10/33 (144A)		603,097		589,416
8.353%, 07/10/31 (144A)		119,833		130,992
Mead Johnson Nutrition Co.
4.125%, 11/15/25		89,000		87,153
Mylan, Inc.
4.550%, 04/15/28		350,000		323,778
5.400%, 11/29/43		400,000		316,636
Shire Acquisitions Investments Ireland DAC
3.200%, 09/23/26		2,100,000		1,969,513
Takeda Pharmaceutical Co., Ltd.
3.025%, 07/09/40		945,000		693,495
3.175%, 07/09/50		440,000		296,753
Viatris, Inc.
3.850%, 06/22/40		412,000		276,245
Zoetis, Inc.
2.000%, 05/15/30		590,000		478,805
				12,436,878
Pipelines—0.8%
ANR Pipeline Co.
7.375%, 02/15/24		226,000		226,244
Boardwalk Pipelines L.P.
3.400%, 02/15/31		630,000		526,933
Buckeye Partners L.P.
5.850%, 11/15/43		575,000		428,420
Cameron LNG LLC
3.701%, 01/15/39 (144A)		769,000		609,139
Pipelines—(Continued)
Energy Transfer L.P.
3.900%, 05/15/24		350,000		340,873
3.900%, 07/15/26		117,000		110,543
4.150%, 09/15/29		443,000		400,192
4.950%, 05/15/28		290,000		278,151
4.950%, 01/15/43		394,000		316,580
5.300%, 04/01/44		200,000		168,857
5.500%, 06/01/27		167,000		165,814
6.050%, 06/01/41		270,000		253,535
6.100%, 02/15/42		500,000		458,463
Enterprise Products Operating LLC
4.950%, 10/15/54		179,000		148,978
5.100%, 02/15/45		200,000		179,740
Flex Intermediate Holdco LLC
3.363%, 06/30/31 (144A)		1,100,000		858,462
4.317%, 12/30/39 (144A)		425,000		305,249
Galaxy Pipeline Assets Bidco, Ltd.
2.940%, 09/30/40 (144A)		773,224		620,820
Gray Oak Pipeline LLC
2.000%, 09/15/23 (144A)		415,000		403,699
2.600%, 10/15/25 (144A)		1,300,000		1,178,864
Kinder Morgan, Inc.
5.050%, 02/15/46		250,000		212,027
ONEOK Partners L.P.
6.650%, 10/01/36		950,000		950,698
Plains All American Pipeline L.P. / PAA Finance Corp.
4.700%, 06/15/44		560,000		424,724
Sabine Pass Liquefaction LLC
4.500%, 05/15/30 (d)		400,000		370,767
Southern Natural Gas Co. LLC
4.800%, 03/15/47 (144A)		244,000		197,956
Targa Resources Corp.
4.200%, 02/01/33		290,000		249,505
TransCanada PipeLines, Ltd.
3.750%, 10/16/23		400,000		395,894
4.750%, 05/15/38		300,000		267,393
				11,048,520
Real Estate—0.1%
Goodman Australia Industrial Fund Bond Issuer Pty, Ltd.
3.400%, 09/30/26 (144A)		632,000		580,270
Ontario Teachers’ Cadillac Fairview Properties Trust
3.875%, 03/20/27 (144A)		603,000		555,679
				1,135,949
Real Estate Investment Trusts—1.7%
Alexandria Real Estate Equities, Inc.
1.875%, 02/01/33		410,000		304,856
2.000%, 05/18/32		710,000		543,655
3.800%, 04/15/26		175,000		169,221
4.000%, 02/01/50		566,000		428,932
American Tower Corp.
1.500%, 01/31/28		965,000		798,445
1.875%, 10/15/30		845,000		652,082
2.100%, 06/15/30		470,000		372,027

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
American Tower Corp.
2.950%, 01/15/51 (d)		255,000	$	157,873
3.100%, 06/15/50		390,000		245,404
3.375%, 10/15/26		287,000		268,333
3.700%, 10/15/49		665,000		471,673
Boston Properties L.P.
3.200%, 01/15/25		380,000		363,457
Brixmor Operating Partnership L.P.
2.250%, 04/01/28		600,000		495,145
2.500%, 08/16/31		325,000		248,574
3.850%, 02/01/25		500,000		479,760
Corporate Office Properties L.P.
2.750%, 04/15/31		1,153,000		862,907
Digital Realty Trust L.P.
3.700%, 08/15/27 (d)		270,000		250,547
Equinix, Inc.
2.000%, 05/15/28		1,388,000		1,171,680
2.900%, 11/18/26		875,000		799,747
Essex Portfolio L.P.
2.650%, 03/15/32		565,000		445,248
Goodman U.S. Finance Three LLC
3.700%, 03/15/28 (144A)		387,000		349,161
Healthcare Realty Holdings L.P.
2.000%, 03/15/31 (d)		470,000		355,806
Healthpeak Properties, Inc.
3.500%, 07/15/29		600,000		533,956
Life Storage L.P.
2.400%, 10/15/31		390,000		300,027
3.500%, 07/01/26		1,000,000		934,205
Mid-America Apartments L.P.
1.700%, 02/15/31		470,000		366,442
National Retail Properties, Inc.
3.600%, 12/15/26		453,000		422,515
Office Properties Income Trust
2.650%, 06/15/26		925,000		716,874
3.450%, 10/15/31		365,000		243,776
Physicians Realty L.P.
2.625%, 11/01/31		405,000		316,118
Prologis L.P.
2.250%, 04/15/30		200,000		166,623
Public Storage
1.950%, 11/09/28		490,000		417,979
2.250%, 11/09/31		411,000		329,598
Realty Income Corp.
3.000%, 01/15/27		200,000		184,890
Regency Centers L.P.
2.950%, 09/15/29		560,000		470,017
Sabra Health Care L.P.
3.200%, 12/01/31		660,000		491,084
Safehold Operating Partnership L.P.
2.800%, 06/15/31		2,220,000		1,703,753
Scentre Group Trust 1 / Scentre Group Trust 2
3.500%, 02/12/25 (144A)		720,000		689,072
Scentre Group Trust 2
4.750%, 5Y H15 + 4.379%, 09/24/80 (144A) (a)		635,000		568,642
Real Estate Investment Trusts—(Continued)
SITE Centers Corp.
4.700%, 06/01/27		226,000		212,023
UDR, Inc.
2.100%, 08/01/32		470,000		345,295
2.950%, 09/01/26		233,000		213,862
3.000%, 08/15/31 (d)		95,000		79,217
3.200%, 01/15/30		625,000		542,238
Ventas Realty L.P.
3.500%, 02/01/25		197,000		189,199
3.850%, 04/01/27		369,000		346,582
Welltower, Inc.
3.100%, 01/15/30		445,000		375,583
6.500%, 03/15/41		225,000		224,055
WP Carey, Inc.
2.250%, 04/01/33 (d)		845,000		625,707
4.250%, 10/01/26		285,000		274,487
				22,518,352
Retail—0.5%
7-Eleven, Inc.
1.300%, 02/10/28 (144A) (d)		405,000		335,668
2.500%, 02/10/41 (144A)		409,000		269,886
Alimentation Couche-Tard, Inc.
3.439%, 05/13/41 (144A)		780,000		555,223
3.625%, 05/13/51 (144A)		870,000		581,589
3.800%, 01/25/50 (144A)		625,000		438,893
AutoZone, Inc.
1.650%, 01/15/31		530,000		411,198
Home Depot, Inc. (The)
4.950%, 09/15/52		596,000		572,065
Lowe’s Cos., Inc.
1.700%, 10/15/30 (d)		1,085,000		848,473
2.625%, 04/01/31		700,000		579,993
McDonald’s Corp.
4.450%, 03/01/47		180,000		156,034
4.700%, 12/09/35		84,000		80,333
6.300%, 10/15/37		152,000		165,462
Nordstrom, Inc.
4.250%, 08/01/31		908,000		649,311
O’Reilly Automotive, Inc.
3.600%, 09/01/27		494,000		465,566
				6,109,694
Semiconductors—0.6%
Advanced Micro Devices, Inc.
2.375%, 06/01/30		700,000		588,599
Analog Devices, Inc.
2.800%, 10/01/41		722,000		528,415
Broadcom, Inc.
1.950%, 02/15/28 (144A)		1,800,000		1,520,316
3.137%, 11/15/35 (144A)		1,685,000		1,238,923
3.187%, 11/15/36 (144A)		465,000		334,004
KLA Corp.
3.300%, 03/01/50		610,000		441,728
Microchip Technology, Inc.
0.972%, 02/15/24		264,000		250,702
0.983%, 09/01/24		249,000		230,564

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Semiconductors—(Continued)
Microchip Technology, Inc.
2.670%, 09/01/23		291,000	$	285,574
NXP B.V. / NXP Funding LLC / NXP USA, Inc.
2.500%, 05/11/31		1,085,000		864,181
3.250%, 05/11/41		1,115,000		777,982
QUALCOMM, Inc.
4.500%, 05/20/52		460,000		402,852
TSMC Arizona Corp.
4.500%, 04/22/52		505,000		472,766
TSMC Global, Ltd.
4.625%, 07/22/32 (144A) (d)		444,000		437,191
				8,373,797
Software—0.5%
Activision Blizzard, Inc.
1.350%, 09/15/30 (d)		757,000		591,542
Fiserv, Inc.
3.200%, 07/01/26		305,000		285,437
4.400%, 07/01/49		295,000		239,332
Microsoft Corp.
2.400%, 08/08/26		400,000		372,981
2.921%, 03/17/52		272,000		192,440
3.041%, 03/17/62		149,000		102,947
3.500%, 02/12/35		296,000		267,369
Oracle Corp.
2.300%, 03/25/28		630,000		545,687
3.800%, 11/15/37		900,000		712,612
3.850%, 07/15/36		124,000		101,396
3.900%, 05/15/35		106,000		88,644
4.300%, 07/08/34		103,000		90,468
Roper Technologies, Inc.
1.400%, 09/15/27		1,050,000		888,255
VMware, Inc.
1.400%, 08/15/26		1,306,000		1,138,527
4.650%, 05/15/27		425,000		411,363
Workday, Inc.
3.500%, 04/01/27		852,000		796,253
				6,825,253
Telecommunications—0.6%
AT&T, Inc.
1.650%, 02/01/28		80,000		67,564
2.250%, 02/01/32		510,000		399,749
3.500%, 06/01/41		479,000		357,207
3.550%, 09/15/55		396,000		264,228
3.650%, 06/01/51		2,795,000		1,968,553
Deutsche Telekom AG
3.625%, 01/21/50 (144A)		276,000		197,423
NBN Co., Ltd.
2.625%, 05/05/31 (144A)		1,600,000		1,269,319
Rogers Communications, Inc.
4.550%, 03/15/52 (144A)		545,000		422,531
T-Mobile USA, Inc.
3.600%, 11/15/60		385,000		254,205
Telecommunications—(Continued)
Verizon Communications, Inc.
2.100%, 03/22/28 (d)		507,000		440,014
2.355%, 03/15/32		109,000		86,405
2.650%, 11/20/40		779,000		525,812
4.125%, 03/16/27		113,000		110,055
Vodafone Group plc
5.250%, 05/30/48		540,000		475,594
6.150%, 02/27/37		500,000		506,556
				7,345,215
Transportation—0.2%
Burlington Northern Santa Fe LLC
3.550%, 02/15/50		233,000		178,397
7.950%, 08/15/30		1,185,000		1,367,297
CSX Corp.
4.750%, 11/15/48		404,000		364,904
6.000%, 10/01/36		300,000		314,734
Kansas City Southern
4.700%, 05/01/48		597,000		513,836
Norfolk Southern Corp.
3.942%, 11/01/47		219,000		175,272
Union Pacific Corp.
4.100%, 09/15/67		200,000		156,229
				3,070,669
Water—0.1%
American Water Capital Corp.
2.800%, 05/01/30		750,000		648,476
Total Corporate Bonds & Notes (Cost $430,010,938)				364,907,931
Asset-Backed Securities—12.6%
Asset-Backed - Automobile—3.1%
Carvana Auto Receivables Trust
3.040%, 04/15/25 (144A)		3,169,647		3,127,397
Credit Acceptance Auto Loan Trust
0.960%, 02/15/30 (144A)		2,700,000		2,596,577
8.450%, 02/15/33 (144A)		2,600,000		2,624,731
Credito Real USA Auto Receivables Trust
1.350%, 02/16/27 (144A)		427,147		417,489
Drive Auto Receivables Trust
1.020%, 06/15/27		948,000		926,725
1.450%, 01/16/29		1,600,000		1,499,392
3.180%, 10/15/26		1,122,438		1,109,128
DT Auto Owner Trust
1.100%, 02/16/27 (144A)		1,432,000		1,360,370
4.220%, 01/15/27 (144A)		3,290,000		3,197,853
Exeter Automobile Receivables Trust
5.980%, 12/15/28		2,800,000		2,653,666
Flagship Credit Auto Trust
1.960%, 12/15/27 (144A)		3,650,000		3,336,952
2.180%, 02/16/27 (144A)		650,000		608,896

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Automobile—(Continued)
GLS Auto Receivables Issuer Trust
1.200%, 01/15/27 (144A)		625,000	$	611,855
1.420%, 04/15/27 (144A)		2,250,000		2,041,239
1.480%, 07/15/27 (144A)		4,400,000		3,934,755
1.680%, 01/15/27 (144A)		1,200,000		1,133,229
LP LMS ASSET
3.228%, 10/15/28		725,081		716,164
Santander Drive Auto Receivables Trust
4.140%, 02/16/27		3,706,000		3,629,228
Sonoran Auto Receivables Trust
4.750%, 07/15/24		748,620		729,905
4.750%, 06/15/25		887,492		875,599
U.S. Auto Funding LLC
0.790%, 07/15/24 (144A)		140,296		140,004
1.490%, 03/17/25 (144A)		3,189,000		3,154,037
				40,425,191
Asset-Backed - Credit Card—0.3%
Consumer Receivables Asset Investment Trust
8.208%, 3M LIBOR + 3.000%, 03/24/23 (144A) (a)		835,006		836,564
Continental Finance Credit Card ABS Master Trust
2.240%, 12/15/28 (144A)		1,500,000		1,410,691
Mercury Financial Credit Card Master Trust
1.540%, 03/20/26 (144A)		1,695,000		1,617,123
				3,864,378
Asset-Backed - Other—9.2%
Accelerated LLC
1.900%, 10/20/40 (144A)		1,357,316		1,193,631
American Homes 4 Rent Trust
3.467%, 04/17/52 (144A)		1,071,619		1,020,461
3.678%, 12/17/36 (144A)		85,026		81,854
4.201%, 12/17/36 (144A)		400,000		387,590
4.290%, 10/17/36 (144A)		300,000		290,223
4.596%, 12/17/36 (144A)		250,000		243,093
5.036%, 10/17/52 (144A)		1,900,000		1,811,662
5.639%, 04/17/52 (144A)		500,000		485,952
6.231%, 10/17/36 (144A)		650,000		633,050
6.418%, 12/17/36 (144A)		300,000		295,990
American Tower Trust I
3.070%, 03/15/48 (144A)		920,000		914,849
AMSR Trust
1.355%, 11/17/37 (144A)		2,300,000		2,058,164
2.327%, 10/17/38 (144A)		1,694,000		1,417,083
4.387%, 03/17/39 (144A)		3,000,000		2,625,878
Bridge Trust
4.450%, 11/17/37 (144A)		2,257,000		2,048,475
Business Jet Securities LLC
2.162%, 04/15/36 (144A)		1,207,430		1,060,189
2.918%, 04/15/36 (144A)		2,329,559		1,974,431
2.981%, 11/15/35 (144A)		906,580		825,748
Camillo
5.000%, 12/05/23		3,279,586		3,250,070
Cars Net Lease Mortgage Notes
3.100%, 12/15/50 (144A)		594,000		517,925
Asset-Backed - Other—(Continued)
CFIN Issuer LLC
3.250%, 02/16/26 (144A)		3,000,000	$	2,854,500
COOF Securitization Trust, Ltd.
2.783%, 06/25/40 (144A) (a) (c)		341,417		17,908
CoreVest American Finance Trust
2.705%, 10/15/52 (144A)		1,045,485		979,060
3.880%, 03/15/52 (144A)		2,470,000		2,393,656
Crossroads Asset Trust
1.440%, 01/20/26 (144A)		1,650,000		1,576,777
DataBank Issuer
2.060%, 02/27/51 (144A)		1,950,000		1,688,992
Diversified ABS Phase III LLC
4.875%, 04/28/39 (144A) (f) (g)		3,943,429		3,627,954
Diversified ABS Phase VI LLC
7.500%, 11/28/39 (144A) (f) (g)		2,005,061		1,952,347
FirstKey Homes Trust
2.668%, 10/19/37 (144A)		3,700,000		3,260,737
5.197%, 05/17/39 (144A)		1,320,000		1,213,370
FMC GMSR Issuer Trust
3.620%, 07/25/26 (144A) (a)		3,300,000		2,680,103
3.690%, 02/25/24		5,000,000		4,762,500
3.850%, 10/25/26 (144A) (a)		2,680,000		2,149,242
4.450%, 01/25/26 (144A) (a)		3,100,000		2,707,992
Foundation Finance Trust
3.860%, 11/15/34 (144A)		358,698		351,255
Freedom Trucking LLC
3.100%, 10/14/24		25,017		23,766
Gold Key Resorts LLC
3.220%, 03/17/31 (144A)		24,385		23,964
Goodgreen Trust
2.760%, 04/15/55 (144A)		1,039,540		893,961
3.260%, 10/15/53 (144A)		1,179,438		1,059,633
3.740%, 10/15/52 (144A)		241,134		223,369
5.000%, 10/20/51 (144A) (f) (g)		1,059,658		980,184
HERO Funding Trust
3.080%, 09/20/42 (144A)		207,701		194,171
3.950%, 09/20/48 (144A)		798,987		737,886
4.460%, 09/20/47 (144A)		647,120		612,870
Hilton Grand Vacations Trust
2.660%, 12/26/28 (144A)		172,585		169,873
Jonah Energy ABS I LLC
7.200%, 12/10/37 (144A)		1,528,800		1,516,471
KGS-Alpha SBA COOF Trust
0.591%, 05/25/39 (144A) (a) (c)		1,494,835		18,014
0.716%, 08/25/38 (144A) (a) (c)		1,101,903		16,104
1.620%, 03/25/39 (144A) (a) (c)		1,232,882		43,168
3.162%, 04/25/40 (144A) (a) (c)		344,521		17,815
LFT CRE, Ltd.
6.268%, 1M LIBOR + 1.950%, 06/15/39 (144A) (a)		3,280,000		3,130,071
Nashville 3 Senior
4.330%, 11/01/32		2,700,000		2,651,222
NRZ Excess Spread-Collateralized Notes
3.104%, 07/25/26 (144A)		4,109,317		3,586,414
3.228%, 05/25/26 (144A)		1,913,882		1,694,901
3.474%, 11/25/26 (144A)		2,477,166		2,180,853
3.844%, 12/25/25 (144A)		1,571,481		1,432,147

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
OL S.P. LLC
4.160%, 02/09/30		553,463	$	544,462
Oportun Funding LLC
1.210%, 03/08/28 (144A)		950,000		884,619
Oportun Issuance Trust
5.050%, 06/09/31 (144A)		3,600,000		3,473,330
Pagaya AI Debt Selection Trust
1.180%, 11/15/27 (144A)		1,076,745		1,060,619
PNMAC GMSR Issuer Trust
8.178%, SOFR30A + 4.250%, 05/25/27 (144A) (a)		2,650,000		2,543,702
PRET LLC
2.487%, 10/25/51 (144A) (a)		4,469,615		3,908,241
Progress Residential Trust
2.409%, 05/17/38 (144A)		1,960,000		1,636,558
2.425%, 07/17/38 (144A)		2,535,000		2,101,458
3.930%, 02/17/41 (144A)		3,150,000		2,451,500
5.200%, 04/17/39 (144A)		2,435,000		2,146,275
Regional Management Issuance Trust
3.040%, 03/17/31 (144A)		2,309,000		1,939,493
Renew Financial
3.670%, 09/20/52 (144A)		308,716		279,135
Sierra Timeshare Receivables Funding LLC
1.330%, 07/20/37 (144A)		716,213		672,413
Trillion Capital III
1.000%, 11/15/24 (f) (g)		4,256,942		4,256,942
Upstart Securitization Trust
0.870%, 03/20/31 (144A)		71,752		71,530
1.890%, 03/20/31 (144A)		914,000		891,613
VM Debt Trust
7.460%, 07/18/27 (f) (g)		4,000,000		3,760,000
VOLT C LLC
1.992%, 05/25/51 (144A) (h)		1,211,064		1,081,343
VOLT CI LLC
1.992%, 05/25/51 (144A) (h)		1,525,307		1,352,820
VOLT LLC
2.240%, 03/27/51 (144A) (h)		904,250		826,273
VOLT XCII LLC
1.893%, 02/27/51 (144A) (h)		1,071,206		924,321
VOLT XCIII LLC
1.893%, 02/27/51 (144A) (h)		3,330,995		2,996,605
VOLT XCIV LLC
2.240%, 02/27/51 (144A) (h)		2,524,572		2,282,246
VOLT XCVII LLC
2.240%, 04/25/51 (144A) (h)		2,226,433		1,958,410
VSE VOI Mortgage LLC
3.560%, 02/20/36 (144A)		374,328		362,938
				120,966,414
Asset-Backed - Student Loan—0.0%
Academic Loan Funding Trust
5.189%, 1M LIBOR + 0.800%, 12/26/44 (144A) (a)		485,733		468,707
Total Asset-Backed Securities (Cost $179,636,693)				165,724,690
Mortgage-Backed Securities—4.7%
Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—2.4%
Ajax Mortgage Loan Trust
2.239%, 06/25/66 (144A) (h)		2,042,598	$	1,884,308
Banc of America Funding Trust
3.171%, 05/20/34 (a)		88,766		85,971
Global Mortgage Securitization, Ltd.
4.709%, 1M LIBOR + 0.320%, 11/25/32 (144A) (a)		114,086		109,998
HarborView Mortgage Loan Trust
3.928%, 05/19/34 (a)		307,969		284,738
Impac CMB Trust
5.129%, 1M LIBOR + 0.740%, 11/25/34 (a)		686,901		668,317
JPMorgan Mortgage Trust
3.650%, 08/25/34 (a)		44,151		43,520
LHOME Mortgage Trust
2.090%, 02/25/26 (144A) (a)		1,525,000		1,443,672
MASTR Asset Securitization Trust
5.500%, 12/25/33		108,785		95,990
Merrill Lynch Mortgage Investors Trust
4.849%, 1M LIBOR + 0.460%, 04/25/29 (a)		116,683		105,582
4.889%, 1M LIBOR + 0.500%, 05/25/29 (a)		243,706		233,187
5.009%, 1M LIBOR + 0.620%, 10/25/28 (a)		150,435		139,092
5.029%, 1M LIBOR + 0.640%, 10/25/28 (a)		208,798		194,099
5.905%, 6M LIBOR + 0.680%, 01/25/29 (a)		196,084		189,049
MRA Issuance Trust
2.000%, 04/05/23 (144A)		2,653,672		2,537,547
2.856%, 1M LIBOR + 2.750%, 02/15/23 (144A) (a)		2,228,863		2,229,192
Preston Ridge Partners Mortgage LLC
1.867%, 04/25/26 (144A) (h)		1,322,056		1,178,627
2.115%, 01/25/26 (144A) (a)		2,136,984		1,998,096
Seasoned Credit Risk Transfer Trust
3.250%, 11/25/61		2,476,530		2,184,076
3.500%, 07/25/58		3,061,604		2,763,515
3.500%, 10/25/58		1,328,167		1,127,135
4.000%, 11/25/57		2,652,856		2,530,731
Sequoia Mortgage Trust
4.953%, 1M LIBOR + 0.600%, 12/20/34 (a)		429,633		382,861
4.993%, 1M LIBOR + 0.640%, 01/20/34 (a)		229,194		214,203
5.013%, 1M LIBOR + 0.660%, 07/20/33 (a)		303,339		279,602
5.033%, 1M LIBOR + 0.680%, 10/20/34 (a)		469,611		415,687
5.113%, 1M LIBOR + 0.760%, 04/20/33 (a)		222,443		201,744
Structured Asset Mortgage Investments Trust
5.239%, 1M LIBOR + 0.900%, 05/19/33 (a)		351,880		323,689
Structured Asset Mortgage Investments Trust II
5.039%, 1M LIBOR + 0.700%, 01/19/34 (a)		477,184		448,662
5.039%, 1M LIBOR + 0.700%, 03/19/34 (a)		448,173		406,134
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
3.988%, 11/25/33 (a)		121,338		117,339
Thornburg Mortgage Securities Trust
2.412%, 04/25/45 (a)		516,979		480,923
3.551%, 12/25/44 (a)		277,653		256,578
5.029%, 1M LIBOR + 0.640%, 09/25/43 (a)		223,668		208,727
Towd Point Mortgage Trust
2.918%, 11/30/60 (144A) (a)		4,501,251		3,611,016
VM Master Issuer LLC
5.163%, 05/24/25 (144A) (a)		2,900,000		2,746,684
				32,120,291

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—2.3%
BAMLL Commercial Mortgage Securities Trust
4.214%, 08/15/46 (144A) (a)		1,200,000	$	840,405
BB-UBS Trust
3.430%, 11/05/36 (144A)		2,950,000		2,741,826
Citigroup Commercial Mortgage Trust
2.717%, 02/15/53		4,330,000		3,654,994
Commercial Mortgage Trust
0.190%, 07/10/45 (144A) (a) (c)		114,913,865		119,913
2.896%, 02/10/37 (144A)		3,050,000		2,810,636
3.815%, 04/10/33 (144A) (a)		1,450,000		1,316,688
Credit Suisse Mortgage Capital Certificates
4.373%, 09/15/37 (144A)		1,000,000		735,489
Independence Plaza Trust
3.763%, 07/10/35 (144A)		2,935,000		2,749,349
Ladder Capital Commercial Mortgage Trust
3.985%, 02/15/36 (144A)		768,000		683,964
MRCD Mortgage Trust
2.718%, 12/15/36 (144A)		1,997,000		1,779,267
RBS Commercial Funding, Inc. Trust
3.260%, 03/11/31 (144A)		531,000		527,781
RR Trust
Zero Coupon, 04/26/48 (144A) (b)		8,830,000		7,642,953
SLG Office Trust
2.585%, 07/15/41 (144A)		3,090,000		2,464,972
Wells Fargo Commercial Mortgage Trust
5.468%, 1M LIBOR + 1.150%, 02/15/40 (144A) (a)		1,545,337		1,443,889
WF-RBS Commercial Mortgage Trust
4.248%, 03/15/45 (144A) (a)		300,000		276,090
				29,788,216
Total Mortgage-Backed Securities (Cost $67,966,240)				61,908,507
Foreign Government—0.5%
Sovereign—0.5%
Chile Government International Bond
2.550%, 01/27/32		394,000		322,362
Israel Government AID Bond
Zero Coupon, 08/15/25		2,500,000		2,207,602
Mexico Government International Bonds
2.659%, 05/24/31 (d)		848,000		683,936
3.500%, 02/12/34		577,000		461,755
3.771%, 05/24/61		625,000		394,706
4.125%, 01/21/26		189,000		184,280
4.350%, 01/15/47		228,000		171,314
4.600%, 01/23/46		959,000		747,181
4.600%, 02/10/48 (d)		200,000		154,235
5.750%, 10/12/10 (d)		500,000		420,552
Panama Government International Bond
4.500%, 04/16/50		350,000		263,842
Republic of South Africa Government Bond
5.875%, 09/16/25		384,000		384,553
Sovereign—(Continued)
Saudi Government International Bond
2.250%, 02/02/33 (144A)		490,000	$	397,384
Total Foreign Government (Cost $8,212,083)				6,793,702
Short-Term Investment—0.9%
Repurchase Agreement—0.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $12,241,323; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $12,483,656.		12,238,875		12,238,875
Total Short-Term Investments (Cost $12,238,875)				12,238,875
Securities Lending Reinvestments (i)—2.2%
Certificates of Deposit—0.5%
Bank of Nova Scotia
4.710%, FEDEFF PRV + 0.380%, 01/06/23 (a)		1,000,000		1,000,018
Cooperatieve Rabobank UA
4.830%, SOFR + 0.530%, 02/01/23 (a)		1,000,000		1,000,209
Natixis S.A. (New York)
4.800%, SOFR + 0.500%, 02/13/23 (a)		1,000,000		1,000,394
Royal Bank of Canada
4.550%, SOFR + 0.250%, 01/11/23 (a)		2,000,000		1,999,968
Toronto-Dominion Bank (The)
4.550%, SOFR + 0.250%, 02/09/23 (a)		1,000,000		999,956
				6,000,545
Commercial Paper—0.2%
DNB Bank ASA
4.780%, SOFR + 0.480%, 06/02/23 (a)		1,000,000		1,000,253
UBS AG
4.870%, SOFR + 0.570%, 03/23/23 (a)		2,000,000		2,000,000
				3,000,253
Repurchase Agreements—0.8%
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $746,491; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $761,719.		746,134		746,134
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $2,000,960; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $2,047,738.		2,000,000		2,000,000

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (i)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $1,301,092; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $1,329,092.		1,300,000	$	1,300,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $2,001,731; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $2,177,657.		2,000,000		2,000,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $100,047; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $102,181.		100,000		100,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $500,244; collateralized by various Common Stock with an aggregate market value of $556,424.		500,000		500,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $1,701,461; collateralized by various Common Stock with an aggregate market value of $1,892,426.		1,700,000		1,700,000
TD Prime Services LLC
Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $2,000,978; collateralized by various Common Stock with an aggregate market value of $2,229,114.		2,000,000		2,000,000
				10,346,134
Mutual Funds—0.7%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (j)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (j)		1,138,770		1,138,770
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.160% (j)		1,000,000		1,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (j)		5,000,000		5,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (j)		1,000,000		1,000,000
				9,138,770
Total Securities Lending Reinvestments (Cost $28,484,927)				28,485,702
Total Investments—102.6% (Cost $1,523,017,366)				1,352,046,088
Other assets and liabilities (net)—(2.6)%				(34,299,560	)
Net Assets—100.0%			$	1,317,746,528

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $621,457, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	Principal only security.
(c)	Interest only security.
(d)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $34,102,544 and the collateral received consisted of cash in the amount of $28,484,932 and non-cash collateral with a value of $6,849,473. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities and agency that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(e)	Principal amount of security is adjusted for inflation.
(f)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(g)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 1.2% of net assets.
(h)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(i)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(j)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $290,695,888, which is 22.1% of net assets.

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Commonwealth Bank of Australia, 3.305%, 03/11/41		09/27/21	$	355,000	$	369,157	$	240,912
Credit Agricole S.A., 2.811%, 01/11/41		01/05/21		410,000		410,000		253,246
Guardian Life Insurance Co. of America (The), 4.850%, 01/24/77		01/17/17		156,000		154,524		127,299
							$	621,457

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average

Other Abbreviations

(ARM)—	Adjustable-Rate Mortgage
(ACES)—	Alternative Credit Enhancement Securities
(CMO)—	Collateralized Mortgage Obligation
(DAC)—	Designated Activity Company
(ICE)—	Intercontinental Exchange, Inc.
(REMIC)—	Real Estate Mortgage Investment Conduit
(STACR)—	Structured Agency Credit Risk

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	711,986,681	$	—	$	711,986,681
Corporate Bonds & Notes
Aerospace/Defense		—		8,470,913		—		8,470,913
Agriculture		—		4,294,940		—		4,294,940
Airlines		—		7,666,713		—		7,666,713
Auto Manufacturers		—		8,245,260		—		8,245,260
Auto Parts & Equipment		—		267,088		—		267,088
Banks		—		86,708,502		—		86,708,502
Beverages		—		4,815,822		—		4,815,822
Biotechnology		—		3,171,590		—		3,171,590
Building Materials		—		3,075,407		—		3,075,407
Chemicals		—		3,197,998		—		3,197,998
Commercial Services		—		7,962,149		—		7,962,149
Computers		—		6,234,537		—		6,234,537
Cosmetics/Personal Care		—		1,964,713		—		1,964,713
Distribution/Wholesale		—		172,766		—		172,766
Diversified Financial Services		—		31,996,729		—		31,996,729
Electric		—		35,696,399		—		35,696,399
Electronics		—		763,401		—		763,401
Engineering & Construction		—		154,000		—		154,000

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Food	$	—	$	5,512,033		$	—	$	5,512,033
Gas		—		5,602,807			—		5,602,807
Healthcare-Products		—		862,511			—		862,511
Healthcare-Services		—		12,682,663			—		12,682,663
Home Builders		—		276,257			—		276,257
Insurance		—		11,127,336			—		11,127,336
Internet		—		3,100,197			—		3,100,197
Iron/Steel		—		2,317,776			—		2,317,776
Machinery-Diversified		—		1,920,658			—		1,920,658
Media		—		8,948,660			—		8,948,660
Mining		—		2,501,103			—		2,501,103
Miscellaneous Manufacturing		—		285,145			—		285,145
Oil & Gas		—		11,592,831			1,765,145		13,357,976
Oil & Gas Services		—		971,098			—		971,098
Packaging & Containers		—		1,069,981			—		1,069,981
Pharmaceuticals		—		12,436,878			—		12,436,878
Pipelines		—		11,048,520			—		11,048,520
Real Estate		—		1,135,949			—		1,135,949
Real Estate Investment Trusts		—		22,518,352			—		22,518,352
Retail		—		6,109,694			—		6,109,694
Semiconductors		—		8,373,797			—		8,373,797
Software		—		6,825,253			—		6,825,253
Telecommunications		—		7,345,215			—		7,345,215
Transportation		—		3,070,669			—		3,070,669
Water		—		648,476			—		648,476
Total Corporate Bonds & Notes		—		363,142,786			1,765,145		364,907,931
Asset-Backed Securities
Asset-Backed—Automobile		—		40,425,191			—		40,425,191
Asset-Backed—Credit Card		—		3,864,378			—		3,864,378
Asset-Backed—Other		—		106,388,987			14,577,427		120,966,414
Asset-Backed—Student Loan		—		468,707			—		468,707
Total Asset-Backed Securities		—		151,147,263			14,577,427		165,724,690
Total Mortgage-Backed Securities*		—		61,908,507			—		61,908,507
Total Foreign Government*		—		6,793,702			—		6,793,702
Total Short-Term Investment*		—		12,238,875			—		12,238,875
Securities Lending Reinvestments
Certificates of Deposit		—		6,000,545			—		6,000,545
Commercial Paper		—		3,000,253			—		3,000,253
Repurchase Agreements		—		10,346,134			—		10,346,134
Mutual Funds		9,138,770		—			—		9,138,770
Total Securities Lending Reinvestments		9,138,770		19,346,932			—		28,485,702
Total Investments	$	9,138,770	$	1,326,564,746		$	16,342,572	$	1,352,046,088
Collateral for Securities Loaned (Liability)	$	—	$	(28,484,932	)	$	—	$	(28,484,932	)

* See Schedule of Investments for additional detailed categorizations.

During the year ended December 31, 2022, a transfer into Level 3 in the amount of $1,542,729 was due to the cessation of a vendor or broker providing prices based on market indications which resulted in a lack of significant observable inputs.

See accompanying notes to financial statements.

BHFTI-24

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2022

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of December 31, 2021		Transfer in		Purchases		Sales			Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Balance as of December 31, 2022		Change in Unrealized Appreciation/ (Depreciation) from Investments Held at December 31, 2022
Corporate Bonds
Oil & Gas	$	—	$	—	$	1,765,145	$	—		$	—		$	—	$	1,765,145	$	—
Asset-Backed Securities
Asset-Backed - Other		17,041		1,542,729		14,923,452		(1,419,836	)		(1,055,133	)		569,174		14,577,427		(492,302	)
Mortgage-Backed Securities
Collateralized Mortgage Obligations		68,661		—		—		(68,661	)		—			—		—		—
Total	$	85,702	$	1,542,729	$	16,688,597	$	(1,488,497	)	$	(1,055,133	)	$	569,174	$	16,342,572	$	(492,302	)

	Fair Value at December 31, 2022		Valuation Technique(s)		Unobservable Input		Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Corporate Bonds
Oil & Gas	$	1,765,145		Market Transaction Method		Purchase Price	$	98.06		$	98.06		$	98.06			Increases
Asset-Backed Securities
Asset-Backed—Other		6,209,289		Market Transaction Method		Purchase Price	$	97.37		$	100.00		$	99.17			Increases
		8,368,138		Broker Quotations		Bid/Ask Spreads (in basis points)		10			25			18			Decreases
				Comparable Bond Analysis		Credit Spreads (in basis points)		435			675			537			Decreases
						Yield to Maturity		8.00	%		11.05	%		9.14	%		Decreases

See accompanying notes to financial statements.

BHFTI-25

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,352,046,088
Cash		404,409
Receivable for:
Fund shares sold		208,737
Principal paydowns		1,267,299
Interest		6,468,581
Prepaid expenses		5,455
Total Assets		1,360,400,569
Liabilities
Collateral for securities loaned		28,484,932
Payables for:
Investments purchased		13,002,044
Fund shares redeemed		236,003
Accrued Expenses:
Management fees		466,229
Distribution and service fees		89,902
Deferred trustees’ fees		163,275
Other expenses		211,656
Total Liabilities		42,654,041
Net Assets	$	1,317,746,528
Net Assets Consist of:
Paid in surplus	$	1,537,617,873
Distributable earnings (Accumulated losses)		(219,871,345	)
Net Assets	$	1,317,746,528
Net Assets
Class A	$	900,386,273
Class B		417,360,255
Capital Shares Outstanding*
Class A		101,976,746
Class B		47,351,125
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.83
Class B		8.81

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,523,017,366.
(b)	Includes securities loaned at value of $34,102,544.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Interest (a)	$	42,449,084
Securities lending income		112,915
Total investment income		42,561,999
Expenses
Management fees		7,821,086
Administration fees		69,206
Custodian and accounting fees		176,255
Distribution and service fees—Class B		1,128,113
Audit and tax services		93,552
Legal		45,080
Trustees’ fees and expenses		9,574
Shareholder reporting		41,794
Insurance		11,808
Miscellaneous		16,907
Total expenses		9,413,375
Less management fee waiver		(1,990,822	)
Net expenses		7,422,553
Net Investment Income		35,139,446
Net Realized and Unrealized Gain (Loss)
Net realized loss on investments		(18,526,184	)
Net change in unrealized depreciation on investments		(214,631,012	)
Net realized and unrealized gain (loss)		(233,157,196	)
Net Increase (Decrease) in Net Assets From Operations	$	(198,017,750	)

(a) Net of foreign withholding taxes of $1,095.

See accompanying notes to financial statements.

BHFTI-26

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	35,139,446		$	31,346,659
Net realized gain (loss)		(18,526,184	)		11,180,637
Net change in unrealized appreciation (depreciation)		(214,631,012	)		(61,804,345	)
Increase (decrease) in net assets from operations		(198,017,750	)		(19,277,049	)
From Distributions to Shareholders
Class A		(27,437,186	)		(27,600,955	)
Class B		(10,988,036	)		(12,249,635	)
Total distributions		(38,425,222	)		(39,850,590	)
Increase (decrease) in net assets from capital share transactions		(58,146,337	)		104,012,741
Total increase (decrease) in net assets		(294,589,309	)		44,885,102
Net Assets
Beginning of period		1,612,335,837			1,567,450,735
End of period	$	1,317,746,528		$	1,612,335,837

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		9,402,920		$	88,294,682			6,378,564		$	68,106,711
Reinvestments		3,045,193			27,437,186			2,666,759			27,600,955
Redemptions		(14,556,700	)		(136,493,604	)		(3,018,096	)		(31,542,857	)
Net increase (decrease)		(2,108,587	)	$	(20,761,736	)		6,027,227		$	64,164,809
Class B
Sales		3,464,339		$	31,632,671			7,024,370		$	74,032,102
Reinvestments		1,220,893			10,988,036			1,184,684			12,249,635
Redemptions		(8,511,141	)		(80,005,308	)		(4,434,739	)		(46,433,805	)
Net increase (decrease)		(3,825,909	)	$	(37,384,601	)		3,774,315		$	39,847,932
Increase (decrease) derived from capital shares transactions				$	(58,146,337	)				$	104,012,741

See accompanying notes to financial statements.

BHFTI-27

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.39		$	10.78		$	10.36		$	10.02		$	10.30
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.24			0.21			0.25			0.27			0.26
Net realized and unrealized gain (loss)		(1.54	)		(0.33	)		0.57			0.57			(0.24	)
Total income (loss) from investment operations		(1.30	)		(0.12	)		0.82			0.84			0.02
Less Distributions
Distributions from net investment income		(0.26	)		(0.27	)		(0.40	)		(0.50	)		(0.30	)
Total distributions		(0.26	)		(0.27	)		(0.40	)		(0.50	)		(0.30	)
Net Asset Value, End of Period	$	8.83		$	10.39		$	10.78		$	10.36		$	10.02
Total Return (%) (b)		(12.58	)		(1.24	)		8.16			8.50			0.28
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58			0.58			0.58			0.58			0.58
Net ratio of expenses to average net assets (%) (c)		0.44			0.44			0.44			0.44			0.44
Ratio of net investment income (loss) to average net assets (%)		2.55			2.01			2.36			2.67			2.62
Portfolio turnover rate (%)		55	(d)		53	(d)		46	(d)		30			24
Net assets, end of period (in millions)	$	900.4		$	1,081.7		$	1,057.3		$	1,082.2		$	1,771.1
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.37		$	10.76		$	10.34		$	10.00		$	10.28
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.21			0.18			0.22			0.25			0.24
Net realized and unrealized gain (loss)		(1.54	)		(0.33	)		0.58			0.56			(0.24	)
Total income (loss) from investment operations		(1.33	)		(0.15	)		0.80			0.81			0.00
Less Distributions
Distributions from net investment income		(0.23	)		(0.24	)		(0.38	)		(0.47	)		(0.28	)
Total distributions		(0.23	)		(0.24	)		(0.38	)		(0.47	)		(0.28	)
Net Asset Value, End of Period	$	8.81		$	10.37		$	10.76		$	10.34		$	10.00
Total Return (%) (b)		(12.87	)		(1.46	)		7.89			8.21			0.02
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.83			0.83			0.83			0.83
Net ratio of expenses to average net assets (%) (c)		0.69			0.69			0.69			0.69			0.69
Ratio of net investment income (loss) to average net assets (%)		2.29			1.76			2.11			2.42			2.37
Portfolio turnover rate (%)		55	(d)		53	(d)		46	(d)		30			24
Net assets, end of period (in millions)	$	417.4		$	530.7		$	510.2		$	449.7		$	434.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(d)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 33%, 27% and 25% for the years ended December 31, 2022, 2021 and 2020, respectively.

See accompanying notes to financial statements.

BHFTI-28

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is JPMorgan Core Bond Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing

BHFTI-29

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal

BHFTI-30

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Stripped Securities - The Portfolio may invest in “stripped securities,” a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities (“POs”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IOs”), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same

BHFTI-31

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $12,238,875. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $10,346,134. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

BHFTI-32

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(4,674,855	)	$	—	$	—	$	—	$	(4,674,855	)
Foreign Government		(394,520	)		—		—		—		(394,520	)
U.S. Treasury & Government Agencies		(23,415,557	)		—		—		—		(23,415,557	)
Total Borrowings	$	(28,484,932	)	$	—	$	—	$	—	$	(28,484,932	)
Gross amount of recognized liabilities for securities lending transactions										$	(28,484,932	)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These

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Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may

BHFTI-34

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$662,558,732	$	115,747,640	$	621,792,915	$	199,794,344

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

Purchases	Sales
$325,501,508	$	361,298,523

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.550% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $7,821,086.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. J.P. Morgan Investment Management, Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.140%	ALL

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E

BHFTI-35

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,528,427,465
Gross unrealized appreciation		8,160,834
Gross unrealized (depreciation)		(184,542,211	)
Net unrealized appreciation (depreciation)	$	(176,381,377	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$38,425,222	$	39,850,590	$	—	$	—	$	38,425,222	$	39,850,590

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$39,220,350	$	—	$	(176,381,378	)	$	(82,547,040	)	$	(219,708,068	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $8,358,020 and accumulated long-term capital losses of $74,189,020.

8. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for

BHFTI-36

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-37

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the JPMorgan Core Bond Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the JPMorgan Core Bond Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the JPMorgan Core Bond Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

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Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-39

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-40

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.    

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-41

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-42

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

JPMorgan Core Bond Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board took into account that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

BHFTI-43

Brighthouse Funds Trust I

JPMorgan Core Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-44

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Managed By J.P. Morgan Investment Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B shares of the JPMorgan Global Active Allocation Portfolio returned -17.54%. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

MARKET ENVIRONMENT / CONDITIONS

2022 was a difficult year for both equity and fixed income markets. The war in Ukraine and central banks’ battle against inflation have been the main sources of bond and equity markets’ struggles. However, the final quarter of the year brought some relief, as markets grew more confident with a slowing of the pace of policy tightening. Arguably the most painful move in markets in 2022 was the sharp decline in government bond prices. The unusually large sell-off in government bonds, alongside falling stock prices, made for a challenging environment for multi-asset investors. This was caused in part by central banks having to raise interest rates far more than investors had expected at the beginning of the year in response to runaway inflation.

Global equities finished 2022 down 18.36% based on the MSCI All Country World Index in U.S. dollar terms. Value stocks significantly outperformed growth stocks over the year. This can largely be explained by the high starting valuations for growth stocks, some growth disappointments, and the effect of rising interest rates. One part of the world where we believe a lot of bad news was priced in is China. The MSCI China Index was down 50% from its 2021 peak and was down 22% for the year, despite a 34% fourth quarter rally, as China looked to move beyond its zero-COVID policy.

Global fixed income returns were negative for 2022, as a tighter monetary policy drove interest rates higher through year-end. The 10-year U.S. Treasury yield finished the year at 3.88%, up 236 basis points (“bps”) from where it ended in 2021. The 30-year U.S. Treasury finished the year at 3.97%, up 207 bps from the end of 2021. As a result, U.S. 10-year and 30-year Treasury returns were down 16.3% and 33.3%, respectively, in 2022, as per the Bloomberg U.S. Treasury Bellwether 10-year and 30-year indices. Overall, U.S. fixed income markets were down 13.0% over the year, according to the Bloomberg U.S. Aggregate Bond Index.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The foundation of the JPMorgan Global Active Allocation Portfolio is a diversified, growth-oriented asset allocation that reduces exposure to extreme market events, specifically those associated with significant sustained drawdowns. The Portfolio’s current long-term Strategic Asset Allocation has exposure of 50% to global equities, 26% to investment-grade fixed income, 20% to convertible debt securities, and 4% to emerging market debt. The strategy seeks to generate consistent capital appreciation over time with better protection against volatility through asset allocation, both strategic and tactical, as well as through employing a de-risking framework, Systematic Exposure Management (“SEM”). SEM aims to reduce the Portfolio’s exposure to asset classes exhibiting negative returns or elevated volatility. Portfolio allocations are not only adjusted based on SEM but also on our tactical asset allocation views. These views are informed by quantitative and qualitative inputs and seek to improve upon the Strategic Asset Allocation. These tactical asset allocation views aim to add additional returns within the Portfolio. As a final element to the Portfolio’s construction, an extended-duration exposure is achieved through a 10-year interest rate swap. This extended-duration profile provides further balancing of Portfolio risk and additional diversification benefits.

The Portfolio began the year with SEM, the primary de-risking framework, suggesting de-risking only in emerging market equities. By the second quarter, as volatility and negative momentum in markets persisted, SEM was suggesting de-risking in all asset classes. The period ended with SEM suggesting de-risking in all asset classes. The Portfolio came into the year with 55% of the Portfolio invested in equities, but by period end that moved down to 29%, as a result of SEM and tactical asset allocation decisions to reduce risk. The Portfolio started the period with 8% of the Portfolio invested in fixed income. The Portfolio tactically added to fixed income and duration during the middle of the year but brought exposure back down to around 8% by period end. Exposure to convertibles stayed steady at around 21% of the Portfolio. Due to SEM and tactical views, the Portfolio held high levels of cash in the Portfolio, ending the period with 42% in cash.

During the reporting period, the Portfolio underperformed the Dow Jones Moderate Portfolio Index. Security selection and the duration overlay detracted from relative performance. Asset allocation and SEM contributed to relative performance.

Derivatives may be used in the Portfolio to implement tactical decisions. Derivative usage is also permissible for purposes, such as hedging, cash management as a substitute for purchasing or selling securities, and to manage Portfolio characteristics. During the period, the Portfolio utilized equity futures, Treasury futures, and foreign fixed income futures for hedging and investment purposes. The Portfolio also utilized interest rate swaps and currency forwards solely for hedging purposes. All derivatives acted as expected over the period.

As of the end of the period, the Portfolio had an underweight allocation (“underweight”) to equities overall. The Portfolio was underweight U.S. equities, split across large cap and small cap. The Portfolio was also underweight Europe, United Kingdom, Japan

BHFTI-1

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Managed By J.P. Morgan Investment Management, Inc.

Portfolio Manager Commentary*—(Continued)

equities, and emerging market equites. The Portfolio was also underweight fixed income, though it had an overweight allocation to U.S. government bonds.

Michael Feser

Jeffrey Geller

Grace Koo

Jonathan Cummings

Portfolio Managers

J.P. Morgan Investment Management, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTI-2

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
JPMorgan Global Active Allocation Portfolio
Class B		–17.54		1.94		4.70
Dow Jones Moderate Portfolio Index		–14.97		3.26		5.66

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Equity Sectors

	% of Net Assets
Financials		9.6
Information Technology		8.1
Health Care		7.3
Consumer Discretionary		6.3
Industrials		5.5

Top Fixed Income Sectors

	% of Net Assets
Convertible Bonds		18.3
U.S. Treasury & Government Agencies		11.5
Corporate Bonds & Notes		4.4
Asset-Backed Securities		2.4
Mortgage-Backed Securities		0.6

Top Equity Holdings

	% of Net Assets
Microsoft Corp.		1.6
Bank of America Corp.		1.4
Amazon.com, Inc.		1.1
Danaher Corp.		1.0
LVMH Moet Hennessy Louis Vuitton SE		0.9

Top Fixed Income Issuers

	% of Net Assets
U.S. Treasury Notes		4.6
U.S. Treasury Bonds		1.8
Barclays Bank plc		1.5
Southwest Airlines Co.		1.2
STMicroelectronics NV		1.2

BHFTI-3

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

JPMorgan Global Active Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a)	Actual		0.97	%	$	1,000.00	$	991.60	$	4.87
	Hypothetical*		0.97	%	$	1,000.00	$	1,020.32	$	4.94

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to Consolidated Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—45.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.5%
Airbus SE		29,940	$	3,559,934
General Dynamics Corp.		2,315		574,375
Northrop Grumman Corp.		843		459,949
Raytheon Technologies Corp.		9,091		917,464
Safran S.A.		21,759		2,719,074
				8,230,796
Air Freight & Logistics—0.4%
FedEx Corp.		2,520		436,464
United Parcel Service, Inc. - Class B (a)		27,773		4,828,058
				5,264,522
Auto Components—0.4%
Bridgestone Corp. (a)		52,100		1,854,849
Cie Generale des Etablissements Michelin SCA		128,067		3,561,145
				5,415,994
Automobiles—0.4%
Stellantis NV (Milan-Traded Shares)		233,700		3,310,345
Tesla, Inc. (a) (b)		17,798		2,192,357
				5,502,702
Banks—4.0%
Bank Central Asia Tbk PT		2,217,000		1,215,470
Bank of America Corp.		337,588		11,180,915
Bank Rakyat Indonesia Persero Tbk PT		5,126,314		1,625,098
BNP Paribas S.A.		39,262		2,234,295
Capitec Bank Holdings, Ltd.		10,014		1,095,382
Citigroup, Inc.		9,495		429,459
Citizens Financial Group, Inc.		20,330		800,392
Credicorp, Ltd.		4,555		617,931
DBS Group Holdings, Ltd.		149,800		3,792,399
Erste Group Bank AG		35,934		1,145,849
FinecoBank Banca Fineco S.p.A.		72,216		1,203,519
First Republic Bank		3,097		377,493
Grupo Financiero Banorte S.A.B. de C.V. - Class O (a)		141,569		1,018,841
HDFC Bank, Ltd. (ADR) (a)		61,163		4,184,161
ING Groep NV		150,737		1,839,053
Itau Unibanco Holding S.A. (ADR) (a)		163,965		772,275
KBC Group NV		63,055		4,048,589
Kotak Mahindra Bank, Ltd.		67,275		1,479,181
M&T Bank Corp.		8,143		1,181,224
Mitsubishi UFJ Financial Group, Inc.		206,000		1,389,682
Nordea Bank Abp		341,548		3,652,695
PNC Financial Services Group, Inc. (The)		5,577		880,831
Sberbank of Russia PJSC † (b) (c) (d)		2,160		0
Sumitomo Mitsui Financial Group, Inc.		38,500		1,551,329
SVB Financial Group (b)		940		216,332
Svenska Handelsbanken AB - A Shares		185,569		1,867,249
Truist Financial Corp.		94,096		4,048,951
U.S. Bancorp		13,843		603,693
Wells Fargo & Co.		131,970		5,449,041
				59,901,329
Beverages—1.4%
Ambev S.A. (ADR)		210,012	$	571,233
Budweiser Brewing Co. APAC, Ltd.		409,100		1,286,958
Carlsberg AS - Class B		33,986		4,498,948
Constellation Brands, Inc. - Class A		2,948		683,199
Diageo plc		240,335		10,613,022
Fomento Economico Mexicano S.A.B. de C.V. (ADR)		7,879		615,507
Keurig Dr Pepper, Inc.		8,978		320,155
Kweichow Moutai Co., Ltd. - Class A		6,056		1,498,590
Pernod Ricard S.A.		5,861		1,152,036
Wuliangye Yibin Co., Ltd. - Class A		14,800		383,210
				21,622,858
Biotechnology—1.4%
AbbVie, Inc.		66,720		10,782,619
Alnylam Pharmaceuticals, Inc. (b)		2,914		692,512
Amgen, Inc.		1,911		501,905
Exact Sciences Corp. (a) (b)		8,980		444,600
Exelixis, Inc. (b)		17,425		279,497
Genmab A/S (b)		1,145		484,996
Horizon Therapeutics plc (b)		9,907		1,127,417
Natera, Inc. (a) (b)		5,799		232,946
Regeneron Pharmaceuticals, Inc. (b)		8,547		6,166,575
Vertex Pharmaceuticals, Inc. (b)		1,339		386,676
				21,099,743
Building Products—0.5%
Assa Abloy AB - Class B		61,580		1,324,950
Carlisle Cos., Inc.		1,657		390,472
Daikin Industries, Ltd.		13,500		2,076,699
Fortune Brands Home & Security, Inc.		7,500		428,325
Trane Technologies plc		15,824		2,659,856
				6,880,302
Capital Markets—1.5%
B3 S.A. - Brasil Bolsa Balcao		268,827		672,228
Blackstone, Inc.		8,820		654,356
Charles Schwab Corp. (The)		21,094		1,756,286
CME Group, Inc. (a)		35,535		5,975,566
Deutsche Boerse AG		12,384		2,136,745
Hong Kong Exchanges & Clearing, Ltd.		61,000		2,636,124
Invesco, Ltd.		5,943		106,914
London Stock Exchange Group plc		19,169		1,653,979
Morgan Stanley		11,385		967,953
Northern Trust Corp.		5,047		446,609
S&P Global, Inc.		13,449		4,504,608
T. Rowe Price Group, Inc.		3,452		376,475
				21,887,843
Chemicals—0.8%
Air Liquide S.A. (a)		11,597		1,649,549
Axalta Coating Systems, Ltd. (b)		9,128		232,490
Eastman Chemical Co.		18,197		1,481,964
LG Chem, Ltd. (b)		1,511		722,818
Linde plc (b)		3,839		1,255,242
Shin-Etsu Chemical Co., Ltd.		47,800		5,823,736
Symrise AG		11,603		1,262,319
				12,428,118

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-5

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—0.1%
Copart, Inc. (b)		13,790	$	839,673
Communications Equipment—0.0%
Arista Networks, Inc. (b)		2,284		277,163
Cisco Systems, Inc.		6,785		323,237
CommScope Holding Co., Inc. (b)		13,756		101,107
				701,507
Construction & Engineering—0.7%
Quanta Services, Inc.		9,653		1,375,553
Vinci S.A.		84,415		8,430,949
				9,806,502
Construction Materials—0.1%
Martin Marietta Materials, Inc.		2,301		777,669
Vulcan Materials Co.		1,366		239,200
				1,016,869
Consumer Finance—0.3%
American Express Co.		26,014		3,843,568
Capital One Financial Corp.		12,681		1,178,826
				5,022,394
Containers & Packaging—0.1%
Packaging Corp. of America		4,789		612,561
Westrock Co.		9,461		332,649
				945,210
Diversified Financial Services—0.3%
Berkshire Hathaway, Inc. - Class B (b)		5,683		1,755,479
Housing Development Finance Corp., Ltd.		108,484		3,459,987
				5,215,466
Diversified Telecommunication Services—0.4%
Deutsche Telekom AG		108,085		2,155,914
Nippon Telegraph & Telephone Corp.		104,600		2,985,710
Verizon Communications, Inc.		20,802		819,599
				5,961,223
Electric Utilities—0.8%
American Electric Power Co., Inc.		3,328		315,994
Edison International		5,411		344,248
Entergy Corp.		2,895		325,687
Iberdrola S.A.		274,297		3,208,588
NextEra Energy, Inc.		70,778		5,917,041
PG&E Corp. (b)		29,211		474,971
Xcel Energy, Inc.		9,732		682,311
				11,268,840
Electrical Equipment—0.6%
AMETEK, Inc.		6,042		844,188
Eaton Corp. plc		18,326		2,876,266
Hubbell, Inc. (a)		2,248		527,561
Nidec Corp.		21,100		1,098,824
Electrical Equipment—(Continued)
Schneider Electric SE		14,773		2,077,666
WEG S.A.		138,625		1,009,652
				8,434,157
Electronic Equipment, Instruments & Components—0.5%
Delta Electronics, Inc.		161,867		1,507,921
Keyence Corp.		13,000		5,089,561
Keysight Technologies, Inc. (b)		2,635		450,769
Largan Precision Co., Ltd.		6,000		397,921
TD SYNNEX Corp.		3,805		360,372
Zebra Technologies Corp. - Class A (b)		1,511		387,435
				8,193,979
Energy Equipment & Services—0.2%
Baker Hughes Co. (a)		92,021		2,717,380
Entertainment—0.1%
NetEase, Inc.		62,975		917,958
Sea, Ltd. (ADR) (b)		15,241		792,989
				1,710,947
Equity Real Estate Investment Trusts—0.8%
American Homes 4 Rent- Class A - Class A		16,033		483,235
Apple Hospitality REIT, Inc.		16,080		253,742
Brixmor Property Group, Inc.		22,763		516,037
EastGroup Properties, Inc.		1,163		172,194
Federal Realty Investment Trust		4,048		409,010
JBG SMITH Properties		10,938		207,603
Kimco Realty Corp.		31,666		670,686
Lamar Advertising Co. - Class A		3,882		366,461
Mid-America Apartment Communities, Inc.		3,323		521,678
Prologis, Inc.		48,446		5,461,317
Public Storage		1,023		286,634
Rayonier, Inc. (a)		15,227		501,882
Sun Communities, Inc.		11,360		1,624,480
Welltower, Inc.		3,194		209,367
Weyerhaeuser Co.		24,220		750,820
				12,435,146
Food & Staples Retailing—0.3%
Albertsons Cos., Inc. - Class A		10,427		216,256
Bid Corp., Ltd.		48,553		942,090
President Chain Store Corp.		106,000		936,590
Raia Drogasil S.A.		104,366		469,201
Sysco Corp.		3,826		292,498
Wal-Mart de Mexico S.A.B. de C.V.		316,420		1,118,467
				3,975,102
Food Products—0.6%
Foshan Haitian Flavouring & Food Co., Ltd. - Class A		58,110		665,226
Inner Mongolia Yili Industrial Group Co., Ltd. - Class A		73,500		326,826
Kraft Heinz Co. (The) (a)		17,723		721,503
Nestle S.A.		58,503		6,756,247
Post Holdings, Inc. (b)		5,752		519,176
				8,988,978

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Equipment & Supplies—1.2%
Boston Scientific Corp. (b)		140,718	$	6,511,022
Coloplast A/S - Class B		10,234		1,199,104
Cooper Cos., Inc. (The)		1,921		635,217
DexCom, Inc. (b)		6,140		695,294
Hoya Corp.		44,200		4,276,580
Insulet Corp. (b)		1,813		533,729
Intuitive Surgical, Inc. (b)		12,943		3,434,425
Medtronic plc		3,864		300,310
Straumann Holding AG		4,776		540,849
Zimmer Biomet Holdings, Inc.		2,694		343,485
				18,470,015
Health Care Providers & Services—0.9%
AmerisourceBergen Corp.		5,806		962,112
Centene Corp. (b)		4,139		339,440
Cigna Corp.		1,527		505,956
CVS Health Corp.		9,309		867,506
HCA Healthcare, Inc.		2,764		663,250
Laboratory Corp. of America Holdings		2,259		531,949
McKesson Corp.		2,134		800,506
UnitedHealth Group, Inc. (a)		16,751		8,881,045
				13,551,764
Hotels, Restaurants & Leisure—1.3%
Aramark		13,098		541,471
Booking Holdings, Inc. (b)		2,549		5,136,949
H World Group, Ltd. (ADR) (a)		10,765		456,651
Hilton Worldwide Holdings, Inc.		5,615		709,511
Marriott International, Inc. - Class A		36,688		5,462,476
McDonald’s Corp.		8,691		2,290,339
Royal Caribbean Cruises, Ltd. (a) (b)		5,712		282,344
Sands China, Ltd. (a) (b)		176,400		584,408
Texas Roadhouse, Inc. (a)		3,843		349,521
Yum China Holdings, Inc.		19,758		1,079,775
Yum! Brands, Inc.		23,630		3,026,531
				19,919,976
Household Durables—0.3%
Garmin, Ltd.		3,403		314,063
Midea Group Co., Ltd. - Class A		102,600		762,116
Mohawk Industries, Inc. (b)		4,246		434,026
Newell Brands, Inc.		28,855		377,424
Persimmon plc		5,349		78,957
Sony Group Corp.		37,900		2,890,099
				4,856,685
Household Products—0.1%
Energizer Holdings, Inc. (a)		9,026		302,822
Procter & Gamble Co. (The)		5,001		757,952
Unilever Indonesia Tbk PT		516,800		155,864
				1,216,638
Independent Power and Renewable Electricity Producers—0.3%
RWE AG		114,985		5,113,014
Industrial Conglomerates—0.1%
Bidvest Group, Ltd. (The)		29,220		368,263
Honeywell International, Inc.		2,612		559,751
Jardine Matheson Holdings, Ltd.		10,500		533,902
				1,461,916
Insurance—2.3%
AIA Group, Ltd.		779,400		8,586,653
Allianz SE		15,182		3,264,528
American International Group, Inc.		3,651		230,889
AXA S.A.		95,929		2,673,611
Chubb, Ltd.		2,811		620,107
CNA Financial Corp.		5,251		222,012
Fairfax Financial Holdings, Ltd.		854		507,379
Hartford Financial Services Group, Inc. (The)		5,286		400,837
HDFC Life Insurance Co., Ltd. (144A)		118,591		809,555
Loews Corp.		20,888		1,218,397
Marsh & McLennan Cos., Inc.		823		136,190
Muenchener Rueckversicherungs-Gesellschaft AG		8,027		2,610,090
Ping An Insurance Group Co. of China, Ltd. - Class H		284,000		1,874,454
Progressive Corp. (The)		44,917		5,826,184
Prudential plc		154,124		2,085,704
Tokio Marine Holdings, Inc.		116,300		2,489,584
Travelers Cos., Inc. (The)		4,840		907,452
				34,463,626
Interactive Media & Services—0.9%
Alphabet, Inc. - Class C (b)		33,710		2,991,088
Bumble, Inc. - Class A (a) (b)		16,153		340,021
IAC, Inc. (b)		9,010		400,044
Meta Platforms, Inc. - Class A (b)		42,981		5,172,334
NAVER Corp.		5,331		757,155
Tencent Holdings, Ltd.		93,000		3,952,705
				13,613,347
Internet & Direct Marketing Retail—1.4%
Alibaba Group Holding, Ltd. (b)		104,000		1,148,281
Allegro.eu S.A. (144A) (b)		30,422		175,233
Amazon.com, Inc. (b)		191,612		16,095,408
Delivery Hero SE (144A) (b)		14,724		705,388
JD.com, Inc. - Class A		51,700		1,453,305
MercadoLibre, Inc. (b)		2,057		1,740,716
				21,318,331
IT Services—1.4%
Capgemini SE		11,549		1,936,927
EPAM Systems, Inc. (b)		3,748		1,228,370
FleetCor Technologies, Inc. (b)		1,832		336,502
Global Payments, Inc.		4,529		449,820
Globant S.A. (a) (b)		2,405		404,425
Infosys, Ltd. (ADR) (a)		177,216		3,191,660
International Business Machines Corp. (a)		3,105		437,463
MasterCard, Inc. - Class A		29,262		10,175,275
MongoDB, Inc. (b)		1,876		369,272
Tata Consultancy Services, Ltd.		77,565		3,052,187
				21,581,901

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—0.3%
Lonza Group AG		3,046	$	1,499,174
Mettler-Toledo International, Inc. (a) (b)		379		547,825
Thermo Fisher Scientific, Inc.		1,519		836,498
Wuxi Biologics Cayman, Inc.		125,500		963,472
				3,846,969
Machinery—1.7%
Atlas Copco AB - A Shares		133,973		1,586,154
Deere & Co.		16,399		7,031,235
Dover Corp.		5,138		695,737
FANUC Corp.		12,400		1,850,600
Ingersoll Rand, Inc.		12,641		660,492
ITT, Inc.		3,341		270,955
Kone Oyj - Class B		24,419		1,264,816
Makita Corp. (a)		26,800		627,490
Middleby Corp. (The) (b)		2,291		306,765
SMC Corp.		3,100		1,312,012
Techtronic Industries Co., Ltd.		206,500		2,299,380
Timken Co. (The) (a)		3,923		277,238
Toro Co. (The)		4,220		477,704
Volvo AB - B Shares		388,117		7,027,502
				25,688,080
Media—0.3%
Charter Communications, Inc. - Class A (b)		8,577		2,908,461
Liberty Broadband Corp. - Class C (b)		5,824		444,196
Liberty Media Corp. - Class C (b)		12,150		475,430
Nexstar Media Group, Inc. - Class A		1,233		215,812
Trade Desk, Inc. (The) - Class A (b)		5,915		265,169
				4,309,068
Metals & Mining—0.6%
Anglo American plc		50,259		1,965,764
BHP Group, Ltd.		119,505		3,700,021
Freeport-McMoRan, Inc.		12,637		480,206
Rio Tinto plc		38,558		2,705,469
				8,851,460
Multi-Utilities—0.0%
Public Service Enterprise Group, Inc.		4,468		273,754
Multiline Retail—0.2%
Dollar General Corp.		1,113		274,076
Target Corp.		15,483		2,307,587
				2,581,663
Oil, Gas & Consumable Fuels—2.3%
BP plc		855,345		4,974,031
Cheniere Energy, Inc.		4,122		618,135
Chevron Corp.		42,658		7,656,684
ConocoPhillips		41,971		4,952,578
Coterra Energy, Inc. (a)		17,200		422,604
EOG Resources, Inc.		12,162		1,575,222
Kinder Morgan, Inc. (a)		36,653		662,686
Phillips 66		6,743		701,811
Oil, Gas & Consumable Fuels—(Continued)
Shell plc		195,118		5,544,809
TotalEnergies SE		84,736		5,288,811
Williams Cos., Inc. (The)		19,075		627,568
Woodside Energy Group, Ltd.		62,978		1,523,759
				34,548,698
Personal Products—0.3%
BellRing Brands, Inc. (b)		11,405		292,424
Estee Lauder Cos., Inc. (The) - Class A		2,347		582,314
Haleon plc (b)		25,678		102,709
L’Oreal S.A.		7,168		2,571,469
LG Household & Health Care, Ltd. (b)		697		401,055
				3,949,971
Pharmaceuticals—2.5%
AstraZeneca plc		80,544		10,931,058
Bristol-Myers Squibb Co.		118,635		8,535,788
Eli Lilly and Co.		2,289		837,408
Jazz Pharmaceuticals plc (b)		3,039		484,143
Johnson & Johnson		5,739		1,013,794
Kyowa Kirin Co., Ltd.		66,100		1,520,575
Merck & Co., Inc.		5,260		583,597
Novo Nordisk A/S - Class B		58,546		7,927,126
Roche Holding AG		16,413		5,157,980
Royalty Pharma plc - Class A (a)		14,358		567,428
				37,558,897
Professional Services—0.3%
Equifax, Inc.		1,998		388,331
Leidos Holdings, Inc.		3,031		318,831
Recruit Holdings Co., Ltd.		43,800		1,393,009
RELX plc		95,886		2,644,062
				4,744,233
Real Estate Management & Development—0.0%
CBRE Group, Inc. - Class A (b)		6,525		502,164
Road & Rail—0.6%
Norfolk Southern Corp.		1,234		304,082
Old Dominion Freight Line, Inc.		1,141		323,793
Uber Technologies, Inc. (b)		166,171		4,109,409
Union Pacific Corp.		22,839		4,729,272
				9,466,556
Semiconductors & Semiconductor Equipment—3.3%
Advanced Micro Devices, Inc. (b)		51,198		3,316,094
Analog Devices, Inc.		43,060		7,063,132
ASML Holding NV		22,206		12,020,173
Entegris, Inc.		5,408		354,711
Infineon Technologies AG		44,113		1,343,580
Lam Research Corp.		1,104		464,011
Marvell Technology, Inc.		9,152		338,990
NVIDIA Corp.		8,285		1,210,770
NXP Semiconductors NV		61,163		9,665,589
QUALCOMM, Inc.		6,603		725,934
SolarEdge Technologies, Inc. (b)		2,521		714,124

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		89,630	$	6,676,539
Texas Instruments, Inc.		4,462		737,212
Tokyo Electron, Ltd. (a)		13,400		3,980,650
Wolfspeed, Inc. (a) (b)		3,588		247,715
				48,859,224
Software—2.1%
Confluent, Inc. - Class A (a) (b)		16,287		362,223
Crowdstrike Holdings, Inc. - Class A (b)		2,417		254,486
HubSpot, Inc. (b)		999		288,841
Intuit, Inc.		12,739		4,958,274
Microsoft Corp.		97,423		23,363,984
Palo Alto Networks, Inc. (a) (b)		5,717		797,750
ServiceNow, Inc. (b)		1,595		619,291
Synopsys, Inc. (b)		2,277		727,023
Zoom Video Communications, Inc. - Class A (b)		6,888		466,593
Zscaler, Inc. (a) (b)		1,919		214,736
				32,053,201
Specialty Retail—0.7%
AutoZone, Inc. (b)		333		821,238
Bath & Body Works, Inc.		9,030		380,524
Best Buy Co., Inc.		3,461		277,607
Burlington Stores, Inc. (b)		3,661		742,304
Dick’s Sporting Goods, Inc.		3,809		458,185
Gap, Inc. (The) (a)		12,668		142,895
Home Depot, Inc. (The)		867		273,851
Lojas Renner S.A.		106,362		400,657
Lowe’s Cos., Inc.		3,042		606,088
Murphy USA, Inc.		1,189		332,373
National Vision Holdings, Inc. (a) (b)		3,984		154,420
Ross Stores, Inc.		45,771		5,312,640
Tractor Supply Co.		2,616		588,522
				10,491,304
Technology Hardware, Storage & Peripherals—0.7%
Apple, Inc. (a)		51,148		6,645,660
Samsung Electronics Co., Ltd. (GDR) (144A)		2,994		3,308,370
				9,954,030
Textiles, Apparel & Luxury Goods—1.5%
Adidas AG		8,412		1,148,323
Columbia Sportswear Co.		3,641		318,879
Kering S.A.		3,982		2,037,918
LVMH Moet Hennessy Louis Vuitton SE		17,923		13,020,072
NIKE, Inc. - Class B		50,683		5,930,418
Ralph Lauren Corp. (a)		3,886		410,633
				22,866,243
Thrifts & Mortgage Finance—0.0%
MGIC Investment Corp.		18,838		244,894
Tobacco—0.1%
ITC, Ltd.		327,127		1,309,060
Philip Morris International, Inc.		4,962		502,204
				1,811,264
Trading Companies & Distributors—0.1%
Ferguson plc		15,100	$	1,907,781
Wireless Telecommunication Services—0.2%
T-Mobile U.S., Inc. (b)		22,595		3,163,300
Total Common Stocks (Cost $689,496,759)				678,707,547
Convertible Bonds—18.3%
Aerospace/Defense—1.6%
MTU Aero Engines AG 0.125%, 05/17/23 (EUR)		5,700,000		10,056,595
Safran S.A. 0.875%, 05/15/27 (EUR)		10,140,545		14,200,213
				24,256,808
Airlines—1.2%
Southwest Airlines Co. 1.250%, 05/01/25 (a)		15,387,000		18,479,787
Banks—1.8%
Barclays Bank plc
Zero Coupon, 02/04/25		9,793,000		12,670,183
Zero Coupon, 02/18/25		9,000,000		9,362,340
BofA Finance LLC 0.250%, 05/01/23		4,566,000		4,566,000
				26,598,523
Beverages—0.7%
Remy Cointreau S.A. 0.125%, 09/07/26 (EUR)		5,725,000		10,000,198
Biotechnology—0.3%
Illumina, Inc.
Zero Coupon, 08/15/23 (a)		4,797,000		4,633,786
Building Materials—1.0%
Sika AG 0.150%, 06/05/25 (CHF)		11,020,000		15,045,312
Commercial Services—1.7%
Amadeus IT Group S.A. 1.500%, 04/09/25 (EUR)		12,500,000		14,844,625
Edenred Zero Coupon, 09/06/24 (EUR)		2,870,100		1,889,202
Zero Coupon, 06/14/28 (EUR)		6,690,200		4,684,288
Euronet Worldwide, Inc. 0.750%, 03/15/49		4,424,000		4,183,445
				25,601,560
Diversified Financial Services—0.5%
Oliver Capital Sarl
Zero Coupon, 12/29/23 (EUR)		2,900,000		3,243,718

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
SBI Holdings, Inc.
Zero Coupon, 09/13/23 (JPY)		540,000,000	$	4,114,599
				7,358,317
Electrical Components & Equipment—0.4%
Schneider Electric SE
Zero Coupon, 06/15/26 (EUR)		3,129,400		6,156,285
Engineering & Construction—0.5%
Cellnex Telecom S.A. 1.500%, 01/16/26 (EUR)		6,400,000		7,998,597
Food—0.3%
Mondelez International Holdings Netherlands B.V.
Zero Coupon, 09/20/24 (EUR)		4,200,000		4,384,390
Healthcare-Services—0.6%
Elevance Health, Inc. 2.750%, 10/15/42		1,232,000		9,009,246
Internet—1.6%
Booking Holdings, Inc. 0.750%, 05/01/25 (a)		9,626,000		12,820,908
Expedia Group, Inc.
Zero Coupon, 02/15/26		3,073,000		2,676,364
Palo Alto Networks, Inc. 0.750%, 07/01/23		5,456,000		8,620,480
				24,117,752
Investment Companies—0.6%
Ares Capital Corp. 4.625%, 03/01/24 (a)		4,923,000		5,221,457
Sagerpar S.A.
Zero Coupon, 04/01/26 (EUR)		3,600,000		3,485,228
				8,706,685
Iron/Steel—0.2%
POSCO Holdings, Inc.
Zero Coupon, 09/01/26 (EUR)		3,600,000		3,628,181
Mining—0.3%
Glencore Funding LLC
Zero Coupon, 03/27/25		3,200,000		3,744,176
Oil & Gas—0.8%
Pioneer Natural Resources Co. 0.250%, 05/15/25		5,305,000		12,371,260
Real Estate—0.4%
LEG Immobilien AG 0.875%, 09/01/25 (EUR)		6,100,000		5,914,497
Retail—0.6%
Zalando SE 0.050%, 08/06/25 (EUR)		10,300,000		9,492,534
Semiconductors—1.4%
Microchip Technology, Inc. 0.125%, 11/15/24 (a)		3,267,000		3,503,857
STMicroelectronics NV
Zero Coupon, 08/04/25		16,600,000		17,387,720
				20,891,577
Software—0.8%
Akamai Technologies, Inc. 0.125%, 05/01/25		4,600,000		4,830,000
0.375%, 09/01/27 (a)		7,770,000		7,482,510
				12,312,510
Telecommunications—1.0%
America Movil B.V.
Zero Coupon, 03/02/24 (EUR)		13,500,000		14,656,528
Total Convertible Bonds (Cost $274,698,714)				275,358,509
U.S. Treasury & Government Agencies—11.5%
Agency Sponsored Mortgage - Backed—5.0%
Fannie Mae 15 Yr. Pool 1.930%, 11/01/31		900,000		730,632
1.960%, 09/01/33		750,000		585,005
2.000%, 01/01/32		1,800,000		1,466,141
3.540%, 11/01/32		600,000		555,958
3.810%, 10/01/32		790,000		749,157
3.970%, 10/01/32		748,164		719,446
5.230%, 12/01/32		1,000,000		1,055,763
Fannie Mae 30 Yr. Pool 2.500%, 05/01/50		815,336		698,501
2.500%, 07/01/50		1,386,917		1,181,568
2.500%, 09/01/51		505,218		431,483
2.500%, 01/01/52		412,178		350,405
3.000%, 01/01/52		629,171		553,411
3.500%, 01/01/50		610,385		566,768
3.500%, 05/01/52		992,770		907,375
3.895%, 09/01/35		750,000		735,352
4.000%, 06/01/46		458,124		439,417
4.000%, 07/01/47		533,424		509,197
4.000%, 11/01/47		219,272		209,075
4.000%, 12/01/47		344,026		328,027
4.000%, 01/01/48		346,229		331,763
4.000%, 09/01/48		111,267		105,955
4.000%, 06/01/49		403,788		386,851
4.000%, 10/01/52		846,842		796,204
4.000%, 12/01/61		945,993		896,722
4.500%, 04/01/39		99,631		97,328
4.500%, 12/01/40		119,161		118,128
4.500%, 05/01/48		43,565		42,504
4.500%, 06/01/48		73,389		71,841
4.500%, 07/01/48		21,956		21,449
4.500%, 11/01/48		1,400,620		1,369,081
4.500%, 01/01/49		167,393		165,449
4.500%, 06/01/49		133,810		129,979

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.000%, 07/01/44		321,883	$	329,233
5.000%, 06/01/48		42,323		42,240
5.000%, 07/01/48		189,420		191,657
5.000%, 08/01/48		256,864		257,416
5.000%, 10/01/48		114,028		113,587
5.000%, 01/01/49		264,975		266,705
Fannie Mae Pool
1.500%, 01/01/31		500,000		398,467
1.800%, 10/01/33		500,000		392,095
2.130%, 11/01/28		1,229,023		1,082,969
2.140%, 12/01/33		450,000		367,123
2.160%, 12/01/33		500,000		400,788
2.500%, 07/01/61		410,681		339,717
2.500%, 09/01/61		943,718		780,644
2.510%, 10/01/30		1,050,000		913,753
2.580%, 03/01/32		498,686		426,915
2.600%, 10/01/31		350,000		300,644
2.730%, 09/01/29		1,149,393		1,036,171
2.770%, 08/01/33		921,000		789,687
3.230%, 01/01/30		460,061		428,260
3.330%, 04/01/35		477,228		419,860
3.490%, 06/01/34		2,353,143		2,156,287
3.500%, 09/01/61		935,954		848,892
3.510%, 09/01/32		300,000		277,413
3.620%, 05/01/32		990,967		927,656
3.660%, 03/01/27		710,902		684,345
3.680%, 09/01/32		613,000		575,106
3.740%, 02/01/29		800,000		768,460
3.750%, 09/01/32		1,030,000		973,754
3.800%, 09/01/32		720,672		682,976
3.870%, 06/01/37		764,000		685,027
4.000%, 08/01/59		663,837		632,735
Fannie Mae REMICS (CMO)
3.500%, 06/25/46		128,438		119,131
3.500%, 05/25/49		468,286		438,427
4.000%, 04/25/42		166,360		157,012
4.000%, 05/25/43		123,341		120,968
5.000%, 04/25/37		28,012		27,591
5.000%, 07/25/39		250,000		251,462
5.000%, 05/25/40		65,000		64,205
6.000%, 01/25/34		101,236		103,533
Fannie Mae Whole Loan Trust (CMO)
5.620%, 11/25/33		232,639		231,982
Fannie Mae-ACES
0.670%, 10/25/30		132,110		118,990
0.750%, 09/25/28		346,778		319,704
1.000%, 11/25/33		849,326		798,990
1.200%, 10/25/30		80,000		68,615
1.707%, 11/25/31 (e)		1,000,000		786,781
1.893%, 10/25/30 (e) (f)		1,302,583		112,489
1.943%, 11/25/33 (e) (f)		8,580,820		766,672
1.984%, 07/25/30 (e) (f)		2,070,788		173,957
2.082%, 04/25/32 (e)		1,620,000		1,327,009
2.593%, 06/25/32 (e)		966,000		815,657
3.751%, 08/25/32 (e)		800,000		753,514
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 4.000%, 12/01/47		160,437		153,149
4.500%, 06/01/47		364,057		358,039
5.000%, 12/01/48		136,711		137,310
Freddie Mac 30 Yr. Pool 2.500%, 07/01/50		1,401,317		1,194,327
3.000%, 02/01/52		389,006		343,077
3.500%, 10/01/49		146,913		135,239
4.500%, 06/01/48		206,446		202,485
Freddie Mac Multifamily Structured Credit Risk 8.178%, SOFR30A + 4.250%, 05/25/52 (144A) (e)		596,334		590,371
Freddie Mac Multifamily Structured Pass-Through Certificates 3.600%, 02/25/28		1,000,000		956,221
3.850%, 05/25/28 (e)		585,000		565,526
Freddie Mac Multifamily WI Certificates 3.820%, 01/25/33		600,000		563,991
Freddie Mac Pool 1.800%, 11/01/28		1,000,000		861,857
3.700%, 06/01/34		750,000		694,332
Freddie Mac REMICS (CMO) 2.500%, 01/15/42		20,166		17,517
3.000%, 07/25/49		263,381		234,732
3.500%, 03/15/35		600,000		561,641
4.000%, 07/15/38		250,000		239,891
4.500%, 10/15/41		661,289		633,265
5.000%, 02/15/40		117,000		118,835
5.000%, 02/15/41		426,517		427,244
5.500%, 03/15/37		166,123		169,138
Freddie Mac STACR Trust (CMO) 3.500%, 05/25/57		423,443		397,660
3.500%, 06/25/57		413,991		390,803
FREMF Mortgage Trust 3.531%, 12/25/51 (144A) (e)		500,000		419,941
Ginnie Mae I 30 Yr. Pool 4.500%, 07/15/39		230,489		228,812
Ginnie Mae II 30 Yr. Pool 2.500%, 08/20/51		461,172		400,552
2.500%, 10/20/51		126,175		109,490
3.000%, 12/20/51		489,919		444,114
3.000%, 03/20/52		787,029		692,994
3.500%, 02/20/52		562,187		515,333
4.000%, 10/20/49		274,639		264,856
4.000%, 01/20/52		382,368		361,854
4.000%, 08/20/52		529,505		501,094
4.200%, 01/20/49		1,197,506		1,139,162
4.250%, 07/20/47		638,720		616,886
4.250%, 10/20/48		1,518,231		1,459,631
4.250%, 12/20/48		723,321		688,587
4.250%, 02/20/50		857,310		815,422
4.500%, 02/20/48		2,135,027		2,080,983
4.500%, 05/20/48		60,976		59,016
4.500%, 06/20/48		706,821		690,155
4.500%, 12/20/48		259,111		251,935
4.500%, 07/20/49		284,272		276,696
4.500%, 09/20/49		658,909		650,173

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies —(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
4.500%, 06/20/52		744,364	$	736,928
5.000%, 07/20/48		111,315		110,989
5.000%, 12/20/48		346,939		349,199
5.000%, 03/20/49		677,177		682,271
5.000%, 05/20/49		720,287		735,415
5.000%, 06/20/52		1,268,287		1,267,126
Ginnie Mae II ARM Pool 5.656%, 1Y H15 + 1.568%, 11/20/71 (e)		442,063		455,226
5.739%, 1Y H15 + 1.625%, 11/20/71 (e)		486,080		502,040
5.772%, 1Y H15 + 1.683%, 04/20/72 (e)		447,185		464,815
5.790%, 1Y H15 + 1.704%, 02/20/72 (e)		597,909		621,424
5.830%, 1Y H15 + 1.784%, 09/20/71 (e)		396,596		412,983
5.834%, 1Y H15 + 1.751%, 10/20/71 (e)		482,387		501,370
5.836%, 1Y H15 + 1.753%, 11/20/71 (e)		448,427		466,847
5.859%, 1Y H15 + 1.777%, 12/20/71 (e)		398,309		415,320
5.916%, 1Y H15 + 1.835%, 08/20/71 (e)		396,996		414,246
6.084%, 1Y H15 + 1.972%, 03/20/72 (e)		350,832		369,217
Government National Mortgage Association (CMO) 2.500%, 05/20/43		14,546		13,858
2.678%, 1M LIBOR + 0.610%, 03/20/70 (e)		418,688		406,411
3.500%, 04/20/49		343,720		323,810
5.500%, 02/20/37		82,472		83,445
5.500%, 04/16/37		88,237		89,758
5.500%, 11/16/39		200,000		205,977
6.000%, 04/17/34		49,069		50,262
				75,646,479
U.S. Treasury—6.5%
U.S. Treasury Bonds 1.125%, 05/15/40		1,365,000		854,298
1.250%, 05/15/50		831,000		447,214
1.375%, 08/15/50		135,000		75,015
1.750%, 08/15/41		560,000		383,228
1.875%, 02/15/41		940,000		664,389
1.875%, 02/15/51 (a)		2,298,000		1,460,487
1.875%, 11/15/51		1,545,000		978,540
2.000%, 11/15/41		135,000		96,393
2.000%, 02/15/50		367,000		242,378
2.000%, 08/15/51		500,000		327,383
2.250%, 08/15/46		236,000		167,016
2.250%, 08/15/49		115,000		80,841
2.375%, 02/15/42		625,000		477,197
2.375%, 11/15/49 (a)		570,000		411,959
2.375%, 05/15/51		175,000		125,549
2.500%, 02/15/45		2,810,000		2,115,513
2.750%, 08/15/42		1,600,000		1,286,438
2.750%, 11/15/42 (a)		9,630,000		7,719,047
2.875%, 05/15/43		1,000,000		816,211
2.875%, 08/15/45 (a)		5,000		4,026
2.875%, 05/15/52		6,505,000		5,212,131
3.000%, 11/15/44		79,000		65,200
3.000%, 02/15/47		65,000		53,206
3.250%, 05/15/42 (a)		1,400,000		1,227,406
3.750%, 11/15/43		852,000		798,550
U.S. Treasury—(Continued)
U.S. Treasury Bonds
3.875%, 08/15/40		410,000		399,942
U.S. Treasury Coupon Strips
Zero Coupon, 02/15/32		2,375,000		1,645,049
U.S. Treasury Notes 0.375%, 01/31/26		120,000		106,767
0.375%, 09/30/27		2,330,000		1,964,299
0.500%, 02/28/26		1,780,000		1,586,077
0.625%, 08/15/30		250,000		196,787
0.875%, 06/30/26		1,305,000		1,166,956
0.875%, 09/30/26 (a)		147,000		130,526
1.250%, 03/31/28		1,695,000		1,473,193
1.250%, 06/30/28		13,090,000		11,318,248
1.375%, 11/15/31		127,000		103,366
1.500%, 02/15/30 (a)		225,000		191,742
1.625%, 05/15/31		610,000		512,996
1.750%, 05/15/23		2,892,000		2,861,724
1.875%, 02/28/29		1,300,000		1,151,262
1.875%, 02/15/32		7,675,000		6,510,858
2.250%, 11/15/25		14,920,000		14,121,547
2.500%, 05/31/24		7,000,000		6,791,367
2.500%, 02/28/26		30,000		28,494
2.625%, 05/31/27 (a)		8,670,000		8,172,491
2.750%, 07/31/27		1,850,000		1,750,346
2.875%, 04/30/29		4,865,000		4,556,377
3.125%, 08/31/27		2,485,000		2,390,065
3.125%, 08/31/29		2,455,000		2,330,620
				97,550,714
Total U.S. Treasury & Government Agencies (Cost $190,727,281)				173,197,193
Corporate Bonds & Notes—4.4%
Aerospace/Defense—0.2%
BAE Systems plc 1.900%, 02/15/31 (144A)		200,000		155,092
Boeing Co. (The) 1.167%, 02/04/23		80,000		79,693
2.196%, 02/04/26		1,165,000		1,058,476
2.750%, 02/01/26		102,000		94,526
3.100%, 05/01/26		80,000		75,277
3.250%, 03/01/28		100,000		89,384
4.875%, 05/01/25		100,000		99,234
5.150%, 05/01/30 (a)		150,000		146,346
L3Harris Technologies, Inc. 1.800%, 01/15/31		100,000		76,744
4.854%, 04/27/35		50,000		46,589
Northrop Grumman Corp. 3.250%, 01/15/28		150,000		138,337
Raytheon Technologies Corp. 4.150%, 05/15/45		253,000		210,912
4.350%, 04/15/47		140,000		119,067
				2,389,677

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Agriculture—0.1%
Altria Group, Inc. 2.450%, 02/04/32		170,000	$	128,247
BAT Capital Corp. 2.259%, 03/25/28		95,000		78,843
3.222%, 08/15/24		200,000		192,577
3.734%, 09/25/40		65,000		44,136
4.390%, 08/15/37		65,000		50,538
4.540%, 08/15/47		146,000		103,160
BAT International Finance plc 1.668%, 03/25/26 (a)		70,000		62,024
Bunge, Ltd. Finance Corp. 2.750%, 05/14/31 (a)		250,000		205,180
				864,705
Airlines—0.2%
Air Canada Pass-Through Trust 3.550%, 07/15/31 (144A)		556,640		447,202
3.750%, 06/15/29 (144A)		411,937		358,782
American Airlines Pass-Through Trust 3.200%, 06/15/28		287,800		249,586
3.600%, 09/22/27		138,419		124,158
3.700%, 04/01/28		345,439		298,130
British Airways Pass-Through Trust 3.300%, 06/15/34 (144A)		115,775		98,229
4.125%, 03/20/33 (144A)		434,068		361,313
Continental Airlines Pass-Through Trust 4.000%, 04/29/26		465,350		444,008
Delta Air Lines Pass-Through Trust 3.625%, 01/30/29		90,388		82,516
United Airlines Pass-Through Trust 3.450%, 12/01/27		342,853		304,878
3.700%, 09/01/31		56,638		47,188
4.150%, 10/11/25		308,805		299,068
4.150%, 08/25/31		173,972		153,879
				3,268,937
Auto Manufacturers—0.1%
General Motors Financial Co., Inc. 1.250%, 01/08/26		209,000		184,041
2.350%, 01/08/31		50,000		37,701
2.700%, 06/10/31		85,000		65,125
3.800%, 04/07/25		65,000		62,744
4.350%, 01/17/27		51,000		48,460
Hyundai Capital America 1.300%, 01/08/26 (144A)		50,000		43,729
1.500%, 06/15/26 (144A)		35,000		30,324
1.800%, 10/15/25 (144A)		250,000		224,854
1.800%, 01/10/28 (144A)		100,000		82,010
2.375%, 10/15/27 (144A)		70,000		59,887
Nissan Motor Co., Ltd. 4.345%, 09/17/27 (144A)		200,000		181,349
Stellantis Finance U.S., Inc. 1.711%, 01/29/27 (144A)		200,000		171,612
				1,191,836
Auto Parts & Equipment—0.0%
Lear Corp. 2.600%, 01/15/32		45,000		33,856
Banks—1.1%
Banco Santander S.A. 2.746%, 05/28/25		200,000		187,178
5.147%, 08/18/25		200,000		197,786
Bank of America Corp. 2.551%, SOFR + 1.050%, 02/04/28 (e)		780,000		692,786
2.572%, SOFR + 1.210%, 10/20/32 (e)		670,000		524,746
2.676%, SOFR + 1.930%, 06/19/41 (e)		130,000		87,451
2.687%, SOFR + 1.320%, 04/22/32 (e)		240,000		192,092
2.972%, SOFR + 1.330%, 02/04/33 (e)		105,000		84,590
3.705%, 3M LIBOR + 1.512%, 04/24/28 (e)		300,000		277,618
3.824%, 3M LIBOR + 1.575%, 01/20/28 (e)		300,000		279,935
4.376%, SOFR + 1.580%, 04/27/28 (e)		145,000		138,667
Bank of Ireland Group plc 2.029%, 1Y H15 + 1.100%, 09/30/27 (144A) (e)		200,000		168,762
6.253%, 1Y H15 + 2.650%, 09/16/26 (144A) (e)		200,000		198,397
Bank of Montreal 3.803%, 5Y USD Swap + 1.432%, 12/15/32 (e)		100,000		88,052
Barclays plc 1.007%, 1Y H15 + 0.800%, 12/10/24 (e)		200,000		190,381
5.304%, 1Y H15 + 2.300%, 08/09/26 (e)		225,000		223,318
BNP Paribas S.A. 2.159%, SOFR + 1.218%, 09/15/29 (144A) (e)		200,000		163,044
2.588%, 5Y H15 + 2.050%, 08/12/35 (144A) (e)		200,000		146,377
3.052%, SOFR + 1.507%, 01/13/31 (144A) (e)		270,000		221,277
BPCE S.A. 3.116%, SOFR + 1.730%, 10/19/32 (144A) (e)		250,000		182,416
Citigroup, Inc. 2.520%, SOFR + 1.177%, 11/03/32 (e)		365,000		283,849
2.561%, SOFR + 1.167%, 05/01/32 (e)		240,000		189,472
3.057%, SOFR + 1.351%, 01/25/33 (e)		71,000		57,298
3.668%, 3M LIBOR + 1.390%, 07/24/28 (e)		745,000		684,200
3.887%, 3M LIBOR + 1.563%, 01/10/28 (a) (e)		300,000		280,340
4.400%, 06/10/25 (a)		120,000		117,781
Cooperative Rabobank UA 3.750%, 07/21/26		315,000		295,766
Credit Agricole S.A. 1.247%, SOFR + 0.892%, 01/26/27 (144A) (e)		250,000		218,635
Credit Suisse Group AG 4.282%, 01/09/28 (144A)		380,000		314,963
Deutsche Bank AG 2.129%, SOFR + 1.870%, 11/24/26 (e)		150,000		132,331
Federation des Caisses Desjardins du Quebec 4.400%, 08/23/25 (144A)		200,000		195,119
Goldman Sachs Group, Inc. (The) 1.948%, SOFR + 0.913%, 10/21/27 (e)		1,050,000		918,104
2.383%, SOFR + 1.248%, 07/21/32 (e)		400,000		310,364
2.640%, SOFR + 1.114%, 02/24/28 (e)		124,000		110,408
3.272%, 3M LIBOR + 1.201%, 09/29/25 (e)		350,000		337,270
4.411%, 3M LIBOR + 1.430%, 04/23/39 (e)		140,000		120,964
HSBC Holdings plc 2.206%, SOFR + 1.285%, 08/17/29 (e)		200,000		161,436
2.357%, SOFR + 1.947%, 08/18/31 (e)		200,000		152,818

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-13

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
HSBC Holdings plc 4.292%, 3M LIBOR + 1.348%, 09/12/26 (e)		250,000	$	239,139
5.210%, SOFR + 2.610%, 08/11/28 (e)		310,000		299,073
6.500%, 09/15/37		100,000		101,960
7.336%, SOFR + 3.030%, 11/03/26 (e)		200,000		208,014
Lloyds Banking Group plc 1.627%, 1Y H15 + 0.850%, 05/11/27 (e)		200,000		173,109
4.375%, 03/22/28		283,000		268,593
Macquarie Group, Ltd. 1.340%, SOFR + 1.069%, 01/12/27 (144A) (e)		60,000		52,293
6.207%, 11/22/24 (144A)		198,000		199,287
Mitsubishi UFJ Financial Group, Inc. 1.538%, 1Y H15 + 0.750%, 07/20/27 (e)		270,000		234,074
3.751%, 07/18/39		250,000		203,086
Mizuho Financial Group, Inc. 1.234%, 1Y H15 + 0.670%, 05/22/27 (a) (e)		200,000		173,230
2.869%, SOFR + 1.572%, 09/13/30 (e)		200,000		167,252
Morgan Stanley 1.794%, SOFR + 1.034%, 02/13/32 (e)		440,000		330,687
3.591%, 3M LIBOR + 1.340%, 07/22/28 (e)		1,000,000		917,251
4.300%, 01/27/45 (a)		70,000		59,663
National Australia Bank, Ltd. 3.933%, 5Y H15 + 1.880%, 08/02/34 (144A) (e)		390,000		328,050
NatWest Group plc 3.754%, 5Y H15 + 2.100%, 11/01/29 (e)		200,000		185,499
4.269%, 3M LIBOR + 1.762%, 03/22/25 (e)		200,000		195,576
4.892%, 3M LIBOR + 1.754%, 05/18/29 (e)		200,000		189,232
7.472%, 1Y H15 + 2.850%, 11/10/26 (a) (e)		200,000		208,120
Nordea Bank Abp 5.375%, 09/22/27 (144A)		200,000		200,923
Northern Trust Corp. 3.375%, 3M LIBOR + 1.131%, 05/08/32 (e)		100,000		90,827
Santander UK Group Holdings plc 1.673%, SOFR + 0.989%, 06/14/27 (e)		200,000		170,059
6.833%, SOFR + 2.749%, 11/21/26 (e)		200,000		202,584
Societe Generale S.A. 1.488%, 1Y H15 + 1.100%, 12/14/26 (144A) (e)		200,000		173,833
4.250%, 04/14/25 (144A)		350,000		335,731
Standard Chartered plc 7.776%, 1Y H15 + 3.100%, 11/16/25 (144A) (e)		200,000		205,980
UBS Group AG 1.494%, 1Y H15 + 0.850%, 08/10/27 (144A) (e)		200,000		172,072
4.125%, 09/24/25 (144A)		200,000		194,465
4.488%, 1Y H15 + 1.550%, 05/12/26 (144A) (e)		500,000		488,682
4.703%, 1Y H15 + 2.050%, 08/05/27 (144A) (e)		200,000		193,298
UniCredit S.p.A. 1.982%, 1Y H15 + 1.200%, 06/03/27 (144A) (e)		200,000		170,504
Wells Fargo & Co. 4.400%, 06/14/46		115,000		92,371
Westpac Banking Corp. 3.133%, 11/18/41		593,000		391,153
4.322%, 5Y USD ICE Swap + 2.236%, 11/23/31 (e)		100,000		94,116
				17,035,777
Beverages—0.1%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.700%, 02/01/36		425,000		401,388
Beverages—(Continued)
4.900%, 02/01/46		70,000		63,635
Anheuser-Busch InBev Finance, Inc. 4.700%, 02/01/36		90,000		85,000
Anheuser-Busch InBev Worldwide, Inc. 4.439%, 10/06/48		235,000		200,696
Constellation Brands, Inc. 5.250%, 11/15/48		25,000		23,421
Keurig Dr Pepper, Inc. 3.430%, 06/15/27		75,000		69,793
				843,933
Biotechnology—0.0%
Amgen, Inc. 2.300%, 02/25/31		200,000		162,896
Biogen, Inc. 2.250%, 05/01/30		68,000		55,399
Gilead Sciences, Inc. 2.600%, 10/01/40		150,000		104,654
Regeneron Pharmaceuticals, Inc. 1.750%, 09/15/30		250,000		193,092
Royalty Pharma plc 1.200%, 09/02/25		54,000		48,327
2.150%, 09/02/31		80,000		60,499
				624,867
Building Materials—0.0%
Martin Marietta Materials, Inc. 3.200%, 07/15/51		50,000		34,020
3.450%, 06/01/27		100,000		92,815
Masco Corp. 2.000%, 10/01/30		50,000		38,754
6.500%, 08/15/32		150,000		153,550
				319,139
Chemicals—0.1%
Celanese U.S. Holdings LLC 6.050%, 03/15/25		139,000		138,459
CF Industries, Inc. 4.950%, 06/01/43		190,000		162,550
DuPont de Nemours, Inc. 5.319%, 11/15/38		120,000		115,327
Eastman Chemical Co. 4.500%, 12/01/28		150,000		142,045
International Flavors & Fragrances, Inc. 3.468%, 12/01/50 (144A) (a)		187,000		126,579
Nutrien, Ltd. 4.200%, 04/01/29		50,000		46,965
5.000%, 04/01/49		75,000		67,330
				799,255
Commercial Services—0.1%
Ford Foundation (The) 2.815%, 06/01/70		55,000		32,080

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-14

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
Global Payments, Inc. 2.900%, 05/15/30 (a)		42,000	$	34,413
2.900%, 11/15/31		83,000		65,451
3.200%, 08/15/29		99,000		84,155
5.300%, 08/15/29		57,000		55,106
Pepperdine University 3.301%, 12/01/59		100,000		62,715
Quanta Services, Inc. 2.350%, 01/15/32		115,000		87,323
2.900%, 10/01/30		180,000		148,000
S&P Global, Inc. 2.900%, 03/01/32 (144A)		81,000		69,089
4.250%, 05/01/29 (144A)		147,000		140,311
Triton Container International, Ltd. 1.150%, 06/07/24 (144A)		115,000		106,354
University of Southern California 3.226%, 10/01/2120		100,000		57,985
				942,982
Computers—0.1%
Apple, Inc. 2.700%, 08/05/51		480,000		316,436
CGI, Inc. 2.300%, 09/14/31		156,000		118,450
Dell International LLC / EMC Corp. 5.450%, 06/15/23 (a)		142,000		142,090
6.020%, 06/15/26		215,000		219,333
Leidos, Inc. 2.300%, 02/15/31		55,000		42,133
				838,442
Cosmetics/Personal Care—0.0%
GSK Consumer Healthcare Capital U.S. LLC 3.375%, 03/24/29		250,000		224,809
Diversified Financial Services—0.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 1.750%, 01/30/26		551,000		484,760
4.450%, 04/03/26		150,000		143,165
4.500%, 09/15/23		245,000		243,391
6.500%, 07/15/25		837,000		848,114
Air Lease Corp. 2.875%, 01/15/26		50,000		46,263
3.000%, 09/15/23		60,000		58,982
3.250%, 10/01/29		150,000		127,721
3.375%, 07/01/25		261,000		246,859
Aviation Capital Group LLC 3.875%, 05/01/23 (144A)		100,000		99,187
4.125%, 08/01/25 (144A)		80,000		74,630
Avolon Holdings Funding, Ltd. 2.125%, 02/21/26 (144A)		70,000		60,247
2.528%, 11/18/27 (144A)		382,000		305,331
2.875%, 02/15/25 (144A)		164,000		151,498
4.250%, 04/15/26 (144A)		105,000		95,188
4.375%, 05/01/26 (144A)		145,000		132,116
5.500%, 01/15/26 (144A)		185,000		175,880
Diversified Financial Services—(Continued)
Brookfield Finance, Inc. 4.850%, 03/29/29		137,000		130,668
GTP Acquisition Partners I LLC 3.482%, 06/15/50 (144A)		325,000		302,748
Huntington National Bank (The) 5.650%, 01/10/30		267,000		269,038
Mitsubishi HC Capital, Inc. 3.559%, 02/28/24 (144A)		200,000		195,365
Nomura Holdings, Inc 2.648%, 01/16/25		375,000		354,068
Nuveen LLC 4.000%, 11/01/28 (144A)		100,000		92,875
Park Aerospace Holdings, Ltd. 4.500%, 03/15/23 (144A)		190,000		189,531
5.500%, 02/15/24 (144A)		10,000		9,870
				4,837,495
Electric—0.4%
AEP Transmission Co. LLC 3.150%, 09/15/49		30,000		20,756
Alexander Funding Trust 1.841%, 11/15/23 (144A)		200,000		191,590
Ameren Illinois Co. 4.500%, 03/15/49		225,000		204,752
Arizona Public Service Co. 4.700%, 01/15/44		50,000		39,952
Ausgrid Finance Pty, Ltd. 3.850%, 05/01/23 (144A)		150,000		149,237
Baltimore Gas & Electric Co. 3.200%, 09/15/49		205,000		144,208
Cleveland Electric Illuminating Co. (The) 4.550%, 11/15/30 (144A)		60,000		56,129
Consolidated Edison Co. of New York, Inc. 4.650%, 12/01/48		150,000		130,573
6.150%, 11/15/52		150,000		160,581
Constellation Energy Generation LLC 5.750%, 10/01/41		120,000		116,434
Duke Energy Corp. 4.500%, 08/15/32 (a)		150,000		140,505
Duke Energy Florida LLC 5.950%, 11/15/52		190,000		202,217
Duke Energy Progress LLC 2.900%, 08/15/51		315,000		206,261
3.700%, 10/15/46		120,000		90,834
Duquesne Light Holdings, Inc. 3.616%, 08/01/27 (144A)		150,000		134,901
Edison International 3.550%, 11/15/24		251,000		242,309
5.750%, 06/15/27		55,000		55,170
Emera U.S. Finance L.P. 4.750%, 06/15/46		110,000		84,871
Entergy Louisiana LLC 2.900%, 03/15/51		145,000		92,766
Entergy Mississippi LLC 3.850%, 06/01/49		120,000		91,588

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-15

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Evergy Missouri West, Inc.
5.150%, 12/15/27 (144A)		223,000	$	222,168
5.150%, 09/15/41		100,000		90,370
Evergy, Inc. 2.900%, 09/15/29		235,000		202,932
Eversource Energy 4.600%, 07/01/27		209,000		206,091
Fells Point Funding Trust 3.046%, 01/31/27 (144A)		245,000		222,972
ITC Holdings Corp. 2.950%, 05/14/30 (144A)		170,000		143,403
4.950%, 09/22/27 (144A)		200,000		197,235
Jersey Central Power & Light Co. 4.300%, 01/15/26 (144A)		115,000		111,074
6.150%, 06/01/37		100,000		97,712
NextEra Energy Capital Holdings, Inc. 5.000%, 07/15/32		365,000		357,971
NRG Energy, Inc. 2.000%, 12/02/25 (144A)		90,000		80,276
2.450%, 12/02/27 (144A)		100,000		82,855
4.450%, 06/15/29 (144A)		100,000		88,435
OGE Energy Corp. 0.703%, 05/26/23		60,000		58,937
Oklahoma Gas and Electric Co. 0.553%, 05/26/23		70,000		68,753
Pacific Gas and Electric Co. 1.700%, 11/15/23		75,000		72,587
2.950%, 03/01/26		55,000		50,408
3.250%, 02/16/24		210,000		204,971
3.450%, 07/01/25		90,000		85,199
3.750%, 08/15/42		37,000		24,805
4.300%, 03/15/45		60,000		42,539
PG&E Recovery Funding LLC 5.536%, 07/15/49		135,000		136,756
PG&E Wildfire Recovery Funding LLC 4.263%, 06/01/38		65,000		60,229
5.099%, 06/01/54		165,000		155,136
5.212%, 12/01/49		85,000		82,051
Public Service Co. of Oklahoma 3.150%, 08/15/51		155,000		102,739
6.625%, 11/15/37		100,000		104,781
Puget Energy, Inc. 2.379%, 06/15/28		60,000		51,052
San Diego Gas & Electric Co. 2.950%, 08/15/51		230,000		155,335
Southern California Edison Co. 4.050%, 03/15/42		150,000		119,322
5.850%, 11/01/27		229,000		235,707
Southwestern Electric Power Co. 3.900%, 04/01/45		40,000		30,404
Tucson Electric Power Co. 4.850%, 12/01/48		150,000		128,303
				6,629,142
Electronics—0.0%
Arrow Electronics, Inc. 3.875%, 01/12/28		80,000		72,674
Food—0.0%
Campbell Soup Co. 3.125%, 04/24/50		28,000		18,958
Kraft Heinz Foods Co. 4.375%, 06/01/46		64,000		52,006
4.625%, 10/01/39		85,000		74,565
Kroger Co. (The) 4.450%, 02/01/47		120,000		100,763
Smithfield Foods, Inc. 3.000%, 10/15/30 (144A)		200,000		152,279
5.200%, 04/01/29 (144A)		150,000		137,025
Tyson Foods, Inc. 4.875%, 08/15/34		60,000		57,351
				592,947
Gas—0.1%
APT Pipelines, Ltd. 4.200%, 03/23/25 (144A)		100,000		96,557
4.250%, 07/15/27 (144A)		70,000		65,368
Atmos Energy Corp. 4.125%, 03/15/49		145,000		118,582
Brooklyn Union Gas Co. (The) 3.865%, 03/04/29 (144A)		170,000		152,758
NiSource, Inc. 1.700%, 02/15/31 (a)		100,000		76,232
ONE Gas, Inc. 4.500%, 11/01/48		142,000		116,202
Southern California Gas Co. 6.350%, 11/15/52		225,000		246,127
Southern Co. Gas Capital Corp. 3.950%, 10/01/46		185,000		138,638
				1,010,464
Healthcare-Products—0.0%
Boston Scientific Corp. 4.550%, 03/01/39		60,000		53,818
DH Europe Finance II Sarl 3.250%, 11/15/39		115,000		91,675
Thermo Fisher Scientific, Inc. 2.000%, 10/15/31		140,000		113,382
				258,875
Healthcare-Services—0.1%
AHS Hospital Corp. 5.024%, 07/01/45		110,000		105,791
Children’s Hospital Corp. (The) 2.928%, 07/15/50		100,000		63,116
CommonSpirit Health 1.547%, 10/01/25		65,000		58,447
2.782%, 10/01/30		70,000		57,738
3.910%, 10/01/50		65,000		48,106
Cottage Health Obligated Group 3.304%, 11/01/49		110,000		77,159

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-16

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Elevance Health, Inc. 4.101%, 03/01/28		140,000	$	134,165
Hartford HealthCare Corp. 3.447%, 07/01/54		240,000		167,589
HCA, Inc. 3.500%, 07/15/51		21,000		13,473
5.125%, 06/15/39		110,000		98,426
5.250%, 06/15/26		335,000		330,956
5.500%, 06/15/47		85,000		75,490
MidMichigan Health 3.409%, 06/01/50		40,000		27,487
NYU Langone Hospitals 3.380%, 07/01/55		90,000		60,053
Piedmont Healthcare, Inc. 2.864%, 01/01/52		95,000		59,247
UnitedHealth Group, Inc. 5.875%, 02/15/53		90,000		97,179
Universal Health Services, Inc. 2.650%, 10/15/30		17,000		13,530
Yale-New Haven Health Services Corp. 2.496%, 07/01/50		110,000		65,801
				1,553,753
Home Builders—0.0%
Lennar Corp. 4.500%, 04/30/24		45,000		44,398
MDC Holdings, Inc. 2.500%, 01/15/31		165,000		118,995
				163,393
Insurance—0.1%
AIA Group, Ltd. 3.900%, 04/06/28 (144A)		210,000		197,175
Athene Global Funding 1.450%, 01/08/26 (144A)		65,000		56,886
2.500%, 01/14/25 (144A)		16,000		14,984
2.950%, 11/12/26 (144A)		370,000		333,815
Berkshire Hathaway Finance Corp. 3.850%, 03/15/52		85,000		67,749
4.400%, 05/15/42		200,000		182,407
Corebridge Financial, Inc. 3.850%, 04/05/29 (144A)		55,000		50,094
F&G Global Funding 1.750%, 06/30/26 (144A)		80,000		71,229
Hanover Insurance Group, Inc. (The) 2.500%, 09/01/30		70,000		53,775
Hartford Financial Services Group, Inc. (The) 4.300%, 04/15/43		25,000		19,990
6.100%, 10/01/41		25,000		25,234
New York Life Global Funding 3.000%, 01/10/28 (144A)		125,000		114,947
New York Life Insurance Co. 4.450%, 05/15/69 (144A)		75,000		61,724
Northwestern Mutual Global Funding 1.700%, 06/01/28 (144A)		85,000		71,830
Pacific Life Insurance Co. 4.300%, 3M LIBOR + 2.796%, 10/24/67 (144A) (e)		97,000		73,901
Insurance—(Continued)
Prudential Insurance Co. of America (The) 8.300%, 07/01/25 (144A)		250,000		264,210
Teachers Insurance & Annuity Association of America 4.270%, 05/15/47 (144A)		100,000		81,766
				1,741,716
Internet—0.0%
Amazon.com, Inc. 3.950%, 04/13/52 (a)		280,000		231,751
Machinery-Diversified—0.0%
Otis Worldwide Corp. 2.565%, 02/15/30 (a)		235,000		197,447
Media—0.1%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.500%, 03/01/42		105,000		67,279
3.700%, 04/01/51		285,000		173,299
4.800%, 03/01/50		240,000		174,228
Comcast Corp. 2.887%, 11/01/51		439,000		281,946
2.937%, 11/01/56		58,000		35,869
2.987%, 11/01/63		22,000		13,303
3.250%, 11/01/39		115,000		89,589
3.450%, 02/01/50		190,000		137,796
Discovery Communications LLC 5.200%, 09/20/47	215,000		159,707
Time Warner Cable LLC 6.550%, 05/01/37	50,000		47,603
6.750%, 06/15/39		265,000		250,956
				1,431,575
Metal Fabricate/Hardware—0.0%
Precision Castparts Corp. 4.200%, 06/15/35		60,000		54,842
Mining—0.0%
Glencore Funding LLC
2.500%, 09/01/30 (144A) (a)		200,000		162,338
4.125%, 05/30/23 (144A)		61,000		60,682
				223,020
Miscellaneous Manufacturing—0.0%
Eaton Corp. 5.800%, 03/15/37		100,000		99,077
Siemens Financieringsmaatschappij NV 2.350%, 10/15/26 (144A)		250,000		227,462
				326,539
Oil & Gas—0.1%
BP Capital Markets America, Inc. 2.939%, 06/04/51		505,000		332,493
Eni USA, Inc. 7.300%, 11/15/27		100,000		105,931
Exxon Mobil Corp. 2.995%, 08/16/39		140,000		107,000
3.095%, 08/16/49		175,000		125,063

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-17

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
HF Sinclair Corp. 2.625%, 10/01/23		120,000	$	117,503
5.875%, 04/01/26 (a)		56,000		56,047
Marathon Petroleum Corp. 4.700%, 05/01/25		23,000		22,648
Phillips 66 Co. 3.150%, 12/15/29 (144A)		40,000		34,895
4.900%, 10/01/46 (144A)		80,000		70,803
Pioneer Natural Resources Co. 1.900%, 08/15/30		150,000		117,468
TotalEnergies Capital International S.A. 2.986%, 06/29/41		200,000		148,984
3.127%, 05/29/50		95,000		67,091
3.461%, 07/12/49		55,000		41,094
Valero Energy Corp. 2.150%, 09/15/27		67,000		58,738
				1,405,758
Oil & Gas Services—0.0%
Baker Hughes Holding LLC / Baker Hughes Co-Obligor, Inc. 3.138%, 11/07/29 (a)		170,000		149,977
Baker Hughes Holdings LLC 5.125%, 09/15/40		25,000		23,051
Schlumberger Holdings Corp. 3.900%, 05/17/28 (144A)		80,000		74,535
				247,563
Packaging & Containers—0.0%
Graphic Packaging International LLC 1.512%, 04/15/26 (144A)		115,000		100,315
Packaging Corp. of America 4.050%, 12/15/49 (a)		135,000		102,920
				203,235
Pharmaceuticals—0.2%
AbbVie, Inc. 4.050%, 11/21/39		300,000		256,785
4.400%, 11/06/42		205,000		177,822
4.450%, 05/14/46		45,000		38,674
4.550%, 03/15/35		60,000		56,105
4.625%, 10/01/42		90,000		79,869
AstraZeneca plc 4.000%, 09/18/42		40,000		34,577
6.450%, 09/15/37		50,000		56,363
Bristol-Myers Squibb Co. 4.125%, 06/15/39		105,000		93,425
4.550%, 02/20/48		150,000		134,873
CVS Health Corp. 4.300%, 03/25/28		66,000		63,838
5.050%, 03/25/48		175,000		157,070
5.300%, 12/05/43		200,000		186,732
CVS Pass-Through Trust 4.704%, 01/10/36 (144A)		249,423		224,160
Pharmaceuticals—(Continued)
CVS Pass-Through Trust 5.880%, 01/10/28		250,542		247,786
8.353%, 07/10/31 (144A)		119,833		130,992
Takeda Pharmaceutical Co., Ltd. 3.025%, 07/09/40		515,000		377,936
3.175%, 07/09/50		200,000		134,888
Zoetis, Inc. 2.000%, 05/15/30		140,000		113,615
				2,565,510
Pipelines—0.2%
Cameron LNG LLC 3.701%, 01/15/39 (144A)		163,000		129,115
DT Midstream, Inc. 4.300%, 04/15/32 (144A)		160,000		140,567
Energy Transfer L.P. 4.150%, 09/15/29		90,000		81,303
4.400%, 03/15/27		70,000		66,495
4.750%, 01/15/26		46,000		44,805
4.950%, 05/15/28		80,000		76,731
4.950%, 01/15/43		150,000		120,526
5.500%, 06/01/27		36,000		35,744
6.250%, 04/15/49		70,000		65,091
Enterprise Products Operating LLC 4.950%, 10/15/54		33,000		27,465
Flex Intermediate Holdco LLC 3.363%, 06/30/31 (144A)		140,000		109,259
4.317%, 12/30/39 (144A)		60,000		43,094
Gray Oak Pipeline LLC 3.450%, 10/15/27 (144A)		500,000		442,187
Kinder Morgan Energy Partners L.P. 5.000%, 08/15/42		170,000		145,508
Kinder Morgan, Inc. 5.050%, 02/15/46		80,000		67,848
ONEOK Partners L.P. 5.000%, 09/15/23		70,000		69,921
6.650%, 10/01/36		140,000		140,103
Plains All American Pipeline L.P. / PAA Finance Corp. 3.850%, 10/15/23		113,000		111,411
4.700%, 06/15/44		120,000		91,012
Sabine Pass Liquefaction LLC 4.500%, 05/15/30 (a)		185,000		171,480
Southern Natural Gas Co. LLC 4.800%, 03/15/47 (144A)		102,000		82,752
8.000%, 03/01/32		70,000		76,783
Targa Resources Corp. 4.200%, 02/01/33		40,000		34,415
5.200%, 07/01/27		209,000		204,848
Texas Eastern Transmission L.P. 3.500%, 01/15/28 (144A)		45,000		40,905
TransCanada PipeLines, Ltd. 6.200%, 10/15/37		130,000		132,545
Williams Cos., Inc. (The) 2.600%, 03/15/31		100,000		80,925
				2,832,838

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-18

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate—0.0%
Ontario Teachers’ Cadillac Fairview Properties Trust 3.875%, 03/20/27 (144A)		243,000	$	223,930
Real Estate Investment Trusts—0.2%
Alexandria Real Estate Equities, Inc. 3.800%, 04/15/26		23,000		22,240
4.000%, 02/01/50		111,000		84,119
American Tower Corp. 1.500%, 01/31/28		150,000		124,111
1.875%, 10/15/30		130,000		100,320
2.950%, 01/15/51 (a)		39,000		24,145
3.100%, 06/15/50		61,000		38,384
3.700%, 10/15/49		210,000		148,950
American Tower Trust 3.652%, 03/15/48 (144A)		160,000		144,725
Boston Properties L.P. 4.500%, 12/01/28		100,000		92,704
Brixmor Operating Partnership L.P. 2.250%, 04/01/28		80,000		66,019
2.500%, 08/16/31		45,000		34,418
3.850%, 02/01/25		60,000		57,571
Corporate Office Properties L.P. 2.750%, 04/15/31		132,000		98,789
Crown Castle International Corp. 4.450%, 02/15/26		100,000		97,725
Equinix, Inc. 2.900%, 11/18/26		135,000		123,390
ERP Operating L.P. 4.150%, 12/01/28		120,000		111,899
Essex Portfolio L.P. 2.650%, 03/15/32		120,000		94,566
Goodman U.S. Finance Three LLC 3.700%, 03/15/28 (144A)		110,000		99,245
Healthcare Realty Holdings L.P. 2.000%, 03/15/31 (a)		80,000		60,563
3.100%, 02/15/30		200,000		166,993
Healthpeak Properties, Inc. 2.125%, 12/01/28		142,000		119,035
3.000%, 01/15/30		110,000		94,599
3.500%, 07/15/29		118,000		105,011
Life Storage L.P. 2.400%, 10/15/31		55,000		42,311
4.000%, 06/15/29		137,000		122,715
National Retail Properties, Inc. 4.000%, 11/15/25		100,000		96,084
Office Properties Income Trust 3.450%, 10/15/31		95,000		63,449
Physicians Realty L.P. 2.625%, 11/01/31		55,000		42,930
Public Storage 1.950%, 11/09/28		66,000		56,299
2.250%, 11/09/31		55,000		44,107
Regency Centers L.P. 2.950%, 09/15/29		195,000		163,667
Sabra Health Care L.P. 3.200%, 12/01/31		90,000		66,966
Real Estate Investment Trusts—(Continued)
Safehold Operating Partnership L.P. 2.850%, 01/15/32		167,000		126,744
SITE Centers Corp. 4.700%, 06/01/27		60,000		56,289
UDR, Inc. 3.000%, 08/15/31 (a)		40,000		33,354
3.500%, 07/01/27		100,000		92,961
Ventas Realty L.P. 4.875%, 04/15/49		88,000		72,874
Welltower, Inc. 3.100%, 01/15/30		90,000		75,961
WP Carey, Inc. 2.250%, 04/01/33		135,000		99,965
2.450%, 02/01/32		70,000		54,699
				3,420,896
Retail—0.1%
7-Eleven, Inc. 1.300%, 02/10/28 (144A)		56,000		46,413
2.500%, 02/10/41 (144A)		196,000		129,334
Alimentation Couche-Tard, Inc. 3.439%, 05/13/41 (144A)		20,000		14,236
3.625%, 05/13/51 (144A)		25,000		16,712
3.800%, 01/25/50 (144A)		135,000		94,801
AutoZone, Inc. 1.650%, 01/15/31		180,000		139,652
Home Depot, Inc. (The) 4.950%, 09/15/52		126,000		120,940
Lowe’s Cos., Inc. 3.000%, 10/15/50		105,000		66,795
3.750%, 04/01/32 (a)		100,000		88,954
McDonald’s Corp. 6.300%, 10/15/37		90,000		97,971
Nordstrom, Inc. 4.250%, 08/01/31		121,000		86,527
O’Reilly Automotive, Inc. 3.550%, 03/15/26		60,000		57,621
				959,956
Semiconductors—0.1%
Advanced Micro Devices, Inc. 2.375%, 06/01/30		261,000		219,463
Analog Devices, Inc. 2.800%, 10/01/41		96,000		70,260
Broadcom, Inc. 1.950%, 02/15/28 (144A)		265,000		223,824
3.137%, 11/15/35 (144A)		270,000		198,522
3.187%, 11/15/36 (144A)		120,000		86,195
KLA Corp. 3.300%, 03/01/50		100,000		72,414
4.650%, 07/15/32 (a)		221,000		216,470
Marvell Technology, Inc. 2.950%, 04/15/31		70,000		56,304
Microchip Technology, Inc. 0.983%, 09/01/24		31,000		28,705
0.972%, 02/15/24		39,000		37,035
2.670%, 09/01/23		38,000		37,291

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-19

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Semiconductors—(Continued)
NXP B.V. / NXP Funding LLC / NXP USA, Inc. 2.500%, 05/11/31		145,000	$	115,490
3.250%, 05/11/41		150,000		104,661
QUALCOMM, Inc. 4.500%, 05/20/52		100,000		87,577
				1,554,211
Software—0.1%
Activision Blizzard, Inc. 1.350%, 09/15/30		101,000		78,924
Fiserv, Inc. 4.400%, 07/01/49		60,000		48,678
Oracle Corp. 3.600%, 04/01/40		300,000		220,083
Roper Technologies, Inc. 2.000%, 06/30/30		240,000		192,335
Take-Two Interactive Software, Inc. 3.550%, 04/14/25		55,000		52,930
VMware, Inc. 1.400%, 08/15/26		172,000		149,944
4.650%, 05/15/27		55,000		53,235
Workday, Inc. 3.500%, 04/01/27		114,000		106,541
				902,670
Telecommunications—0.2%
AT&T, Inc. 1.650%, 02/01/28		50,000		42,228
2.250%, 02/01/32		505,000		395,830
2.300%, 06/01/27		210,000		186,772
3.500%, 06/01/41		115,000		85,759
3.550%, 09/15/55		173,000		115,433
Corning, Inc. 3.900%, 11/15/49		252,000		183,440
Crown Castle Towers LLC 3.663%, 05/15/45 (144A)		225,000		217,962
Rogers Communications, Inc. 4.550%, 03/15/52 (144A)		75,000		58,146
T-Mobile USA, Inc. 3.875%, 04/15/30		190,000		172,105
Telefonica Emisiones S.A.U. 4.665%, 03/06/38		150,000		118,498
Verizon Communications, Inc. 2.100%, 03/22/28 (a)		284,000		246,477
2.355%, 03/15/32		145,000		114,942
2.650%, 11/20/40		119,000		80,323
4.125%, 03/16/27		56,000		54,541
Vodafone Group plc 6.250%, 11/30/32		160,000		167,337
				2,239,793
Toys/Games/Hobbies—0.0%
Hasbro, Inc. 3.900%, 11/19/29 (a)		149,000		132,414
Transportation—0.0%
Burlington Northern Santa Fe LLC 3.550%, 02/15/50		69,000		52,830
Canadian Pacific Railway Co. 5.750%, 03/15/33		120,000		119,823
CSX Corp. 4.750%, 11/15/48		95,000		85,807
6.150%, 05/01/37		60,000		64,168
Kansas City Southern 4.700%, 05/01/48		80,000		68,856
Norfolk Southern Corp. 3.050%, 05/15/50 (a)		150,000		100,467
Union Pacific Corp. 4.100%, 09/15/67		70,000		54,680
				546,631
Total Corporate Bonds & Notes (Cost $75,844,047)				65,939,253
Asset-Backed Securities—2.4%
Asset-Backed-Automobile—0.8%
American Credit Acceptance Receivables Trust 4.410%, 06/13/28 (144A)		550,000		537,120
Avis Budget Rental Car Funding AESOP LLC 4.000%, 03/20/25 (144A)		500,000		491,558
CarNow Auto Receivables Trust 1.300%, 01/15/26 (144A)		351,141		344,889
Credit Acceptance Auto Loan Trust 2.390%, 04/16/29 (144A)		342,093		340,745
8.450%, 02/15/33 (144A)		600,000		605,707
DT Auto Owner Trust 0.870%, 05/17/27 (144A)		266,000		248,928
2.730%, 07/15/25 (144A)		1,347		1,345
4.220%, 01/15/27 (144A)		600,000		583,195
Exeter Automobile Receivables Trust 3.110%, 08/15/25 (144A)		360,930		355,215
4.920%, 12/15/28		700,000		675,637
5.300%, 09/15/27		560,000		549,130
5.980%, 12/15/28		600,000		568,643
6.760%, 09/15/28		700,000		678,417
Flagship Credit Auto Trust 4.080%, 02/18/25 (144A)		625,000		616,922
7.710%, 10/16/28 (144A)		600,000		606,411
GLS Auto Receivables Trust 3.970%, 01/18/28 (144A)		500,000		458,659
Santander Drive Auto Receivables Trust 6.690%, 03/17/31		825,000		841,271
Sonoran Auto Receivables Trust 4.750%, 06/15/25		136,534		134,705
U.S. Auto Funding Trust 5.130%, 12/15/25 (144A)		700,000		683,818
Westlake Automobile Receivables Trust 2.120%, 01/15/27 (144A)		1,000,000		905,301
5.480%, 09/15/27 (144A)		1,000,000		954,591
				11,182,207

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-20

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed—Credit Card—0.0%
Continental Finance Credit Card ABS Master Trust 6.190%, 10/15/30 (144A)		575,000	$	550,331
Asset-Backed—Other—1.6%
American Homes 4 Rent Trust 3.786%, 10/17/36 (144A)		175,502		169,335
4.691%, 10/17/52 (144A)		100,000		95,334
4.705%, 10/17/36 (144A)		100,000		96,501
AMSR Trust 1.355%, 11/17/37 (144A)		782,000		699,776
3.218%, 04/17/37 (144A)		700,000		639,932
Bridge Trust 4.450%, 11/17/37 (144A)		700,000		635,327
Business Jet Securities LLC 2.162%, 04/15/36 (144A)		161,459		141,769
2.981%, 11/15/35 (144A)		121,875		111,009
BXG Receivables Note Trust 4.440%, 02/02/34 (144A)		267,200		247,595
Cars Net Lease Mortgage Notes 3.100%, 12/15/50 (144A)		128,700		112,217
CoreVest American Finance Trust 2.705%, 10/15/52 (144A)		341,848		320,129
3.163%, 10/15/52 (144A)		650,000		550,332
3.880%, 03/15/52 (144A)		320,000		310,109
Diamond Resorts Owner Trust 3.530%, 02/20/32 (144A)		208,667		203,542
FirstKey Homes Trust 1.266%, 10/19/37 (144A)		791,105		700,973
2.668%, 10/19/37 (144A)		1,250,000		1,101,600
4.500%, 07/17/26 (144A)		496,000		456,620
4.500%, 07/17/39 (144A)		750,000		649,844
FMC GMSR Issuer Trust 3.620%, 07/25/26 (144A) (e)		400,000		324,861
3.690%, 02/25/24		1,065,000		1,014,412
3.850%, 10/25/26 (144A) (e)		360,000		288,704
4.450%, 01/25/26 (144A) (e)		500,000		436,773
6.190%, 04/25/27 (144A)		400,000		355,644
Foundation Finance Trust 3.860%, 11/15/34 (144A)		48,913		47,898
FREED ABS Trust 2.370%, 11/20/28 (144A)		500,000		454,903
5.790%, 08/20/29 (144A)		720,000		709,271
7.580%, 12/18/29 (144A)		700,000		699,653
Lendmark Funding Trust 1.900%, 11/20/31 (144A)		1,100,000		933,273
6.600%, 07/20/32 (144A)		700,000		668,702
LL ABS Trust 5.050%, 11/15/29 (144A)		400,000		382,257
LP LMS Asset Securitization Trust 1.750%, 01/15/29 (144A)		211,157		204,163
Marlette Funding Trust 1.810%, 12/15/31 (144A)		650,000		582,014
Nashville 3 Senior 4.330%, 11/01/32		800,000		785,547
NRZ Excess Spread-Collateralized Notes 3.474%, 11/25/26 (144A)		342,992		301,964
3.844%, 12/25/25 (144A)		253,465		230,991
Asset-Backed—Other—(Continued)
Oportun Issuance Trust 5.050%, 06/09/31 (144A)		500,000		482,407
Orange Lake Timeshare Trust 3.610%, 04/09/38 (144A)		421,828		396,878
Pagaya AI Technology in Housing Trust 4.250%, 08/25/25 (144A)		1,000,000		935,985
Pretium Mortgage Credit Partners LLC 2.240%, 09/27/60 (144A) (g)		331,625		302,040
2.487%, 07/25/51 (144A) (g)		273,032		252,244
Progress Residential Trust 1.052%, 04/17/38 (144A)		633,764		546,138
4.550%, 04/17/27		750,000		641,137
5.200%, 04/17/39 (144A)		330,000		290,871
6.618%, 06/17/39 (144A)		724,000		657,869
SCF Equipment Leasing LLC 3.790%, 11/20/31 (144A)		220,000		190,217
Sierra Timeshare Receivables Funding LLC 2.750%, 08/20/36 (144A)		205,596		193,842
3.120%, 05/20/36 (144A)		117,237		109,261
3.940%, 10/20/38 (144A)		147,194		138,481
Theorem Funding Trust 1.210%, 12/15/27 (144A)		107,340		105,613
Tricon American Homes Trust 3.198%, 03/17/38 (144A)		525,000		471,726
VM Debt Trust 7.460%, 07/18/27 (c)(d)		500,000		470,000
VOLT CI LLC 1.992%, 05/25/51 (144A) (g)		217,901		193,260
VOLT XCII LLC 1.893%, 02/27/51 (144A) (g)		362,632		312,907
VOLT XCIV LLC 2.240%, 02/27/51 (144A) (g)		846,036		764,828
VOLT XCVI LLC 2.116%, 03/27/51 (144A) (g)		1,188,287		1,077,246
VOLT XCVII LLC 2.240%, 04/25/51 (144A) (g)		278,304		244,801
				24,440,725
Total Asset-Backed Securities (Cost $37,622,821)				36,173,263
Convertible Preferred Stocks—2.2%
Banks—0.6%
Bank of America Corp. 7.250%, 12/31/49		7,971		9,246,360
Capital Markets—0.4%
KKR & Co., Inc. 6.000%, 09/15/23		101,635		5,818,604
Diversified Financial Services—0.2%
AMG Capital Trust II 5.150%, 10/15/37		39,936		2,056,704

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-21

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Convertible Preferred Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Life Sciences Tools & Services—1.0%
Danaher Corp. 5.000%, 04/15/23 (a)		11,237	$	15,243,552
Total Convertible Preferred Stocks (Cost $36,419,509)				32,365,220
Preferred Stocks—0.6%
Automobiles—0.1%
Volkswagen AG		16,460		2,051,555
Electric Utilities—0.5%
NextEra Energy, Inc., 6.926%, 09/01/25		136,750		6,863,482
Total Preferred Stocks (Cost $9,608,936)				8,915,037
Mortgage-Backed Securities—0.6%
Collateralized Mortgage Obligations—0.3%
HOME RE, Ltd. 6.778%, SOFR30A + 2.850%, 10/25/34 (144A) (e)		320,000		316,713
Seasoned Credit Risk Transfer Trust 3.250%, 11/25/61		366,893		323,567
3.500%, 03/25/58		622,704		594,256
3.500%, 07/25/58		411,049		371,028
Seasoned Loans Structured Transaction 3.500%, 11/25/28		936,411		893,231
Towd Point Mortgage Trust 2.918%, 11/30/60 (144A) (e)		562,656		451,377
TVC Mortgage Trust 3.474%, 09/25/24 (144A)		240,082		239,270
VM Master Issuer LLC 5.163%, 05/24/25 (144A) (e)		400,000		378,853
				3,568,295
Commercial Mortgage-Backed Securities—0.3%
Commercial Mortgage Trust 2.896%, 02/10/37 (144A)		650,000		598,988
3.402%, 02/10/37 (144A)		420,000		378,324
CSMC Trust 3.953%, 09/15/37 (144A)		210,000		188,664
GS Mortgage Securities Trust 3.805%, 10/10/35 (144A) (e)		440,000		390,967
MRCD Mortgage Trust 2.718%, 12/15/36 (144A)		1,420,000		1,293,402
One Lincon Street Commercial Mortgage 5.724%, 10/15/30 (144A) (e)		1,200,000		1,194,637
SBALR Commercial Mortgage Trust 2.825%, 02/13/53 (144A)		806,180		681,561
SLG Office Trust 2.585%, 07/15/41 (144A)		390,000		311,113
				5,037,656
Total Mortgage-Backed Securities (Cost $9,546,164)				8,605,951
Short-Term Investments—12.5%
Security Description	Shares/ Principal Amount*		Value
Mutual Funds—0.0%
State Street U.S. Treasury Liquidity Fund, 4.170% (h)		25,492		25,492
				25,492
Repurchase Agreement—10.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $152,644,622; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 3.000%, maturity dates ranging from 02/15/24 - 08/15/48, and an aggregate market value of $ 155,666,539		152,614,099		152,614,099
U.S. Treasury—2.3%
U.S. Treasury Bill 3.964%, 04/06/23 (a) (i) (j)		35,000,000		34,620,250
Total Short-Term Investments (Cost $187,273,518)				187,259,841
Securities Lending Reinvestments (k)—5.1%
Certificates of Deposit—1.6%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (e)		1,000,000		1,001,351
Bank of Montreal (Chicago) 4.790%, FEDEFF PRV + 0.460%, 03/02/23 (e)		3,000,000		3,000,000
Bank of Nova Scotia 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (e)		1,000,000		1,000,018
4.810%, SOFR + 0.510%, 03/15/23 (e)		2,000,000		2,000,840
Canadian Imperial Bank of Commerce (NY) 4.550%, SOFR + 0.250%, 02/03/23 (e)		1,000,000		1,000,066
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (e)		2,000,000		2,000,142
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (e)		2,000,000		2,000,000
4.830%, SOFR + 0.530%, 02/01/23 (e)		2,000,000		2,000,418
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (e)		2,000,000		1,999,968
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (e)		1,000,000		1,001,518
Toronto-Dominion Bank (The) 4.550%, SOFR + 0.250%, 02/09/23 (e)		1,000,000		999,956
4.660%, SOFR + 0.360%, 03/21/23 (e)		2,000,000		2,000,000
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (e)		4,000,000		3,999,560
				24,003,837
Commercial Paper—0.5%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (e)		2,000,000		2,000,506
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (e)		2,000,000		2,002,724
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (e)		2,000,000		2,000,540

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-22

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (k)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (e)		2,000,000	$	2,000,000
				8,003,770
Repurchase Agreements—2.7%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $11,021,639; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $11,246,475.		11,016,376		11,016,376
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $200,096; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $204,774.		200,000		200,000
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $3,102,604; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $3,169,372.		3,100,000		3,100,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $7,006,057; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $7,621,800.		7,000,000		7,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $2,009,042; collateralized by various Common Stock with an aggregate market value of $2,222,509.		2,000,000		2,000,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $900,425; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $919,626.		900,000		900,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $527,901; collateralized by various Common Stock with an aggregate market value of $587,187.		527,644		527,644
Repurchase Agreements—(Continued)
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $1,099,797; collateralized by various Common Stock with an aggregate market value of $1,223,685.		1,099,258		1,099,258
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $2,201,891; collateralized by various Common Stock with an aggregate market value of $2,449,022.		2,200,000		2,200,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $ 10,505,133; collateralized by various Common Stock with an aggregate market value of $ 11,654,123.		10,500,000		10,500,000
				40,543,278
Mutual Funds—0.3%
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (h)		2,000,000		2,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (h)		2,000,000		2,000,000
				4,000,000
Total Securities Lending Reinvestments (Cost $76,543,323)				76,550,885
Total Investments—102.8% (Cost $1,587,781,072)				1,543,072,699
Other assets and liabilities (net)—(2.8)%				(41,585,361	)
Net Assets—100.0%			$	1,501,487,338

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $81,477,715 and the collateral received consisted of cash in the amount of $76,543,332 and non-cash collateral with a value of $7,078,645. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Consolidated Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-23

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

(e)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(f)	Interest only security.
(g)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(h)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(i)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $21,244,964.
(j)	The rate shown represents current yield to maturity.
(k)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $58,617,310, which is 3.9% of net assets.

Restricted Securities	Acquisition Date		Shares		Cost		Value
Sberbank of Russia PJSC		06/15/17		2,160	$	5,440	$	0

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CHF	1,488,800	CBNA		01/30/23		USD	1,608,087	$	6,516
EUR	8,333,914	SSBT		01/30/23		USD	8,689,187		247,262
Contracts to Deliver
CHF	1,645,005	CBNA		01/30/23		USD	1,755,029		(28,978	)
CHF	14,138,829	SSBT		01/30/23		USD	14,496,003		(837,551	)
EUR	1,729,250	CBNA		01/30/23		USD	1,765,295		(88,979	)
EUR	4,403,862	RBC		01/30/23		USD	4,345,538		(376,721	)
EUR	3,307,513	RBC		01/30/23		USD	3,385,071		(161,573	)
EUR	2,940,039	RBC		01/30/23		USD	2,975,223		(177,379	)
EUR	101,200,824	SSBT		01/30/23		USD	102,311,320		(6,206,242	)
EUR	1,899,394	SSBT		01/30/23		USD	1,872,197		(164,521	)
EUR	1,600,962	SSBT		01/30/23		USD	1,673,894		(42,815	)
JPY	703,451,644	SSBT		01/30/23		USD	4,846,984		(530,633	)
Net Unrealized Depreciation								$	(8,361,614	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index Mini Futures		03/17/23		623			USD	60,723,810		$	(501,920	)
U.S. Treasury Long Bond Futures		03/22/23		801			USD	100,400,344			(1,873,066	)
U.S. Treasury Note 10 Year Futures		03/22/23		1			USD	112,297			(1,502	)
Futures Contracts—Short
Euro STOXX 50 Index Futures		03/17/23		(1,063	)		EUR	(40,234,550	)		2,783,740
Euro-Bund Futures		03/08/23		(1,127	)		EUR	(149,812,110	)		10,379,966
FTSE 100 Index Futures		03/17/23		(162	)		GBP	(12,094,920	)		51,704
Japanese Government 10 Year Bond Futures		03/13/23		(100	)		JPY	(14,546,000,000	)		2,040,956
MSCI Emerging Markets Index Mini Futures		03/17/23		(471	)		USD	(22,593,870	)		230,900
Russell 2000 Index E-Mini Futures		03/17/23		(854	)		USD	(75,617,430	)		1,736,803
S&P 500 Index E-Mini Futures		03/17/23		(731	)		USD	(141,119,550	)		3,944,763
TOPIX Index Futures		03/09/23		(151	)		JPY	(2,856,165,000	)		549,770
Net Unrealized Appreciation										$	19,342,114

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-24

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	12M SOFR		Annually	2.587%	Annually		07/28/32		USD	120,700,000	$	(9,515,059	)	$	(253	)	$	(9,514,806	)
Pay	12M SOFR		Annually	2.912%	Annually		08/31/32		USD	94,600,000		(5,022,777	)		(4,081	)		(5,018,697	)
Pay	12M SOFR		Annually	3.250%	Annually		12/05/32		USD	101,300,000		(4,801,731	)		5,982			(4,807,713	)
Pay	12M SOFR		Annually	3.469%	Annually		09/26/32		USD	54,800,000		(439,644	)		10,789			(450,432	)
Pay	12M SOFR		Annually	3.805%	Annually		11/04/32		USD	90,200,000		1,771,582			7,732			1,763,850
Totals											$	(18,007,629	)	$	20,169		$	(18,027,798	)

Glossary of Abbreviations

Counterparties

(CBNA)—	Citibank N.A.
(RBC)—	Royal Bank of Canada
(SSBT)—	State Street Bank and Trust Co.

Currencies

(CHF)—	Swiss Franc
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(USD)—	United States Dollar

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average

Other Abbreviations

(ACES)—	Alternative Credit Enhancement Securities
(ADR)—	American Depositary Receipt
(ARM)—	Adjustable-Rate Mortgage
(CMO)—	Collateralized Mortgage Obligation
(DAC)—	Designated Activity Company
(GDR)—	Global Depositary Receipt
(ICE)—	Intercontinental Exchange, Inc.
(REIT)—	Real Estate Investment Trust
(REMIC)—	Real Estate Mortgage Investment Conduit
(STACR)—	Structured Agency Credit Risk

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-25

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	1,951,788	$	6,279,008	$	—	$	8,230,796
Air Freight & Logistics		5,264,522		—		—		5,264,522
Auto Components		—		5,415,994		—		5,415,994
Automobiles		2,192,357		3,310,345		—		5,502,702
Banks		31,761,539		28,139,790		0		59,901,329
Beverages		2,190,094		19,432,764		—		21,622,858
Biotechnology		20,614,747		484,996		—		21,099,743
Building Products		3,478,653		3,401,649		—		6,880,302
Capital Markets		14,788,767		7,099,076		—		21,887,843
Chemicals		1,714,454		10,713,664		—		12,428,118
Commercial Services & Supplies		839,673		—		—		839,673
Communications Equipment		701,507		—		—		701,507
Construction & Engineering		1,375,553		8,430,949		—		9,806,502
Construction Materials		1,016,869		—		—		1,016,869
Consumer Finance		5,022,394		—		—		5,022,394
Containers & Packaging		945,210		—		—		945,210
Diversified Financial Services		1,755,479		3,459,987		—		5,215,466
Diversified Telecommunication Services		819,599		5,141,624		—		5,961,223
Electric Utilities		8,060,252		3,208,588		—		11,268,840
Electrical Equipment		4,248,015		4,186,142		—		8,434,157
Electronic Equipment, Instruments & Components		1,198,576		6,995,403		—		8,193,979
Energy Equipment & Services		2,717,380		—		—		2,717,380
Entertainment		792,989		917,958		—		1,710,947
Equity Real Estate Investment Trusts		12,435,146		—		—		12,435,146
Food & Staples Retailing		1,627,221		2,347,881		—		3,975,102
Food Products		1,240,679		7,748,299		—		8,988,978
Health Care Equipment & Supplies		12,453,482		6,016,533		—		18,470,015
Health Care Providers & Services		13,551,764		—		—		13,551,764
Hotels, Restaurants & Leisure		19,335,568		584,408		—		19,919,976
Household Durables		1,125,513		3,731,172		—		4,856,685
Household Products		1,060,774		155,864		—		1,216,638
Independent Power and Renewable Electricity Producers		—		5,113,014		—		5,113,014
Industrial Conglomerates		559,751		902,165		—		1,461,916
Insurance		10,069,447		24,394,179		—		34,463,626
Interactive Media & Services		8,903,487		4,709,860		—		13,613,347
Internet & Direct Marketing Retail		17,836,124		3,482,207		—		21,318,331
IT Services		16,592,787		4,989,114		—		21,581,901
Life Sciences Tools & Services		1,384,323		2,462,646		—		3,846,969
Machinery		9,720,126		15,967,954		—		25,688,080
Media		4,309,068		—		—		4,309,068
Metals & Mining		480,206		8,371,254		—		8,851,460
Multi-Utilities		273,754		—		—		273,754
Multiline Retail		2,581,663		—		—		2,581,663
Oil, Gas & Consumable Fuels		17,217,288		17,331,410		—		34,548,698
Personal Products		874,738		3,075,233		—		3,949,971
Pharmaceuticals		12,022,158		25,536,739		—		37,558,897
Professional Services		707,162		4,037,071		—		4,744,233
Real Estate Management & Development		502,164		—		—		502,164
Road & Rail		9,466,556		—		—		9,466,556
Semiconductors & Semiconductor Equipment		31,514,821		17,344,403		—		48,859,224
Software		32,053,201		—		—		32,053,201
Specialty Retail		10,090,647		400,657		—		10,491,304
Technology Hardware, Storage & Peripherals		9,954,030		—		—		9,954,030
Textiles, Apparel & Luxury Goods		6,659,930		16,206,313		—		22,866,243
Thrifts & Mortgage Finance		244,894		—		—		244,894
Tobacco		502,204		1,309,060		—		1,811,264
Trading Companies & Distributors		—		1,907,781		—		1,907,781
Wireless Telecommunication Services		3,163,300		—		—		3,163,300
Total Common Stocks		383,964,393		294,743,154		0		678,707,547
Total Convertible Bonds*		—		275,358,509		—		275,358,509
Total U.S. Treasury & Government Agencies*		—		173,197,193		—		173,197,193
Total Corporate Bonds & Notes*		—		65,939,253		—		65,939,253

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-26

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Asset-Backed Securities
Asset-Backed - Automobile	$	—		$	11,182,207		$	—	$	11,182,207
Asset-Backed - Credit Card		—			550,331			—		550,331
Asset-Backed - Other		—			23,970,725			470,000		24,440,725
Total Asset-Backed Securities		—			35,703,263			470,000		36,173,263
Total Convertible Preferred Stocks*		32,365,220			—			—		32,365,220
Preferred Stocks
Automobiles		—			2,051,555			—		2,051,555
Electric Utilities		6,863,482			—			—		6,863,482
Total Preferred Stocks		6,863,482			2,051,555			—		8,915,037
Total Mortgage-Backed Securities*		—			8,605,951			—		8,605,951
Short-Term Investments
Mutual Funds		25,492			—			—		25,492
Repurchase Agreement		—			152,614,099			—		152,614,099
U.S. Treasury		—			34,620,250			—		34,620,250
Total Short-Term Investments		25,492			187,234,349			—		187,259,841
Securities Lending Reinvestments
Certificates of Deposit		—			24,003,837			—		24,003,837
Commercial Paper		—			8,003,770			—		8,003,770
Repurchase Agreements		—			40,543,278			—		40,543,278
Mutual Funds		4,000,000			—			—		4,000,000
Total Securities Lending Reinvestments		4,000,000			72,550,885			—		76,550,885
Total Investments	$	427,218,587		$	1,115,384,112		$	470,000	$	1,543,072,699
Collateral for Securities Loaned (Liability)	$	—		$	(76,543,332	)	$	—	$	(76,543,332	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	253,778		$	—	$	253,778
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(8,615,392	)		—		(8,615,392	)
Total Forward Contracts	$	—		$	(8,361,614	)	$	—	$	(8,361,614	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	21,718,602		$	—		$	—	$	21,718,602
Futures Contracts (Unrealized Depreciation)		(2,376,488	)		—			—		(2,376,488	)
Total Futures Contracts	$	19,342,114		$	—		$	—	$	19,342,114
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	1,763,850		$	—	$	1,763,850
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(19,791,648	)		—		(19,791,648	)
Total Centrally Cleared Swap Contracts	$	—		$	(18,027,798	)	$	—	$	(18,027,798	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

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Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)(b)	$	1,390,458,600
Repurchase Agreement at value which equals cost		152,614,099
Cash denominated in foreign currencies (c)		9,282,485
Cash collateral for futures contracts		32,795,003
Unrealized appreciation on forward foreign currency exchange contracts		253,778
Receivable for:
Investments sold		486,365
Fund shares sold		68,673
Dividends and interest		4,151,659
Variation margin on futures contracts		1,837,986
Prepaid expenses		6,016
Total Assets		1,591,954,664
Liabilities
Due to custodian		183,492
Unrealized depreciation on forward foreign currency exchange contracts		8,615,392
Collateral for securities loaned		76,543,332
Payables for:
Investments purchased		1,888,146
Fund shares redeemed		210,299
Foreign taxes		386,662
Variation margin on centrally cleared swap contracts		834,259
Accrued Expenses:
Management fees		862,432
Distribution and service fees		323,538
Deferred trustees’ fees		210,017
Other expenses		409,757
Total Liabilities		90,467,326
Net Assets	$	1,501,487,338
Net Assets Consist of:
Paid in surplus	$	1,645,184,128
Distributable earnings (Accumulated losses) (d)		(143,696,790	)
Net Assets	$	1,501,487,338
Net Assets
Class B	$	1,501,487,338
Capital Shares Outstanding*
Class B		159,742,064
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	9.40

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding repurchase agreement, was $1,435,166,973.
(b)	Includes securities loaned at value of $81,477,715.
(c)	Identified cost of cash denominated in foreign currencies was $9,229,359.
(d)	Includes foreign capital gains tax of $386,662.

Consolidated§ Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	18,917,033
Interest (b)		13,989,251
Securities lending income		918,010
Total investment income		33,824,294
Expenses
Management fees		12,156,667
Administration fees		99,812
Custodian and accounting fees		425,005
Distribution and service fees - Class B		4,189,881
Audit and tax services		120,859
Legal		50,900
Trustees’ fees and expenses		9,574
Shareholder reporting		49,594
Insurance		14,560
Miscellaneous		66,130
Total expenses		17,182,982
Less management fee waiver		(1,012,976	)
Net expenses		16,170,006
Net Investment Income		17,654,288
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments (c)		(45,921,563	)
Futures contracts		8,213,160
Swap contracts		(80,177,179	)
Foreign currency transactions		(3,730,229	)
Forward foreign currency transactions		30,273,225
Net realized gain (loss)		(91,342,586	)
Net change in unrealized appreciation (depreciation) on:
Investments (d)		(257,986,779	)
Futures contracts		12,755,376
Swap contracts		(17,619,092	)
Foreign currency transactions		(112,950	)
Forward foreign currency transactions		(11,604,334	)
Net change in unrealized appreciation (depreciation)		(274,567,779	)
Net realized and unrealized gain (loss)		(365,910,365	)
Net Increase (Decrease) in Net Assets From Operations	$	(348,256,077	)

(a)	Net of foreign withholding taxes of $1,116,153.
(b)	Net of foreign withholding taxes of $40,993.
(c)	Net of foreign capital gains tax of $(8).
(d)	Includes change in foreign capital gains tax of $50,842.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-28

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	17,654,288		$	16,434,755
Net realized gain (loss)		(91,342,586	)		232,588,457
Net change in unrealized appreciation (depreciation)		(274,567,779	)		(57,875,825	)
Increase (decrease) in net assets from operations		(348,256,077	)		191,147,387
From Distributions to Shareholders
Class B		(252,733,531	)		(119,954,822	)
Total distributions		(252,733,531	)		(119,954,822	)
Increase (decrease) in net assets from capital share transactions		56,221,617			(95,441,025	)
Total increase (decrease) in net assets		(544,767,991	)		(24,248,460	)
Net Assets
Beginning of period		2,046,255,329			2,070,503,789
End of period	$	1,501,487,338		$	2,046,255,329

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		1,586,968		$	17,253,793			2,542,186		$	33,805,838
Reinvestments		26,772,620			252,733,531			9,213,120			119,954,822
Redemptions		(20,083,181	)		(213,765,707	)		(18,732,596	)		(249,201,685	)
Net increase (decrease)		8,276,407		$	56,221,617			(6,977,290	)	$	(95,441,025	)
Increase (decrease) derived from capital shares transactions				$	56,221,617					$	(95,441,025	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

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Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.51		$	13.07		$	12.27		$	10.79		$	12.45
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.11			0.11			0.12			0.16			0.18
Net realized and unrealized gain (loss)		(2.46	)		1.12			1.28			1.64			(1.01	)
Total income (loss) from investment operations		(2.35	)		1.23			1.40			1.80			(0.83	)
Less Distributions
Distributions from net investment income		(0.29	)		(0.07	)		(0.28	)		(0.32	)		(0.19	)
Distributions from net realized capital gains		(1.47	)		(0.72	)		(0.32	)		0.00			(0.64	)
Total distributions		(1.76	)		(0.79	)		(0.60	)		(0.32	)		(0.83	)
Net Asset Value, End of Period	$	9.40		$	13.51		$	13.07		$	12.27		$	10.79
Total Return (%) (b)		(17.54	)		9.64			12.23			16.91			(7.19	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.03			1.02			1.03			1.02			1.03
Net ratio of expenses to average net assets (%) (c)		0.96			0.96			0.97			0.96			0.96	(d)
Ratio of net investment income (loss) to average net assets (%)		1.05			0.79			1.04			1.39			1.53
Portfolio turnover rate (%)		58	(e)		61	(e)		51	(e)		51			89
Net assets, end of period (in millions)	$	1,501.5		$	2,046.3		$	2,070.5		$	2,080.0		$	2,005.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).
(d)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for the year ended December 31, 2018.
(e)	Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 53%, 60% and 49% for the years ended December 31, 2022, 2021 and 2020, respectively.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-30

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is JPMorgan Global Active Allocation Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary — JPMorgan Global Active Allocation Portfolio, Ltd.

The Portfolio may invest up to 10% of its total assets in the JPMorgan Global Active Allocation Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio’s annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio’s business of investing in stock, securities or currencies.

The Subsidiary invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, the Portfolio and the Subsidiary will be subject to the Portfolio’s fundamental investment restrictions and compliance policies and procedures on a consolidated basis.

By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by J.P. Morgan Investment Management, Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $25,664 in the Subsidiary, representing 0.0% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific

BHFTI-31

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

BHFTI-32

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to controlled foreign corporation adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In

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Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Consolidated Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Consolidated Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the

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Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Due to Custodian - Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $183,492 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at December 31, 2022. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio’s average overdraft advances during the year ended December 31, 2022 were not significant.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $152,614,099, which is reflected as repurchase agreement on the Consolidated Statement of Assets and Liabilities. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $40,543,278, which is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Consolidated Schedule of Investments and the valuation techniques are described in Note 3. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

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The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(31,758,717	)	$	—	$	—	$	—	$	(31,758,717	)
Convertible Bonds		(28,860,855	)		—		—		—		(28,860,855	)
Convertible Preferred Stocks		(2,499,865	)		—		—		—		(2,499,865	)
Corporate Bonds & Notes		(1,853,808	)		—		—		—		(1,853,808	)
U.S. Treasury & Government Agencies		(11,570,087	)		—		—		—		(11,570,087	)
Total Borrowings	$	(76,543,332	)	$	—	$	—	$	—	$	(76,543,332	)
Gross amount of recognized liabilities for securities lending transactions										$	(76,543,332	)

4. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The

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Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	1,763,850	Unrealized depreciation on centrally cleared swap contracts (a)(b)	$	19,791,648
	Unrealized appreciation on futures contracts (b) (c)		12,420,922	Unrealized depreciation on futures contracts (b) (c)		1,874,568
Equity	Unrealized appreciation on futures contracts (b) (c)		9,297,680	Unrealized depreciation on futures contracts (b) (c)		501,920
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		253,778	Unrealized depreciation on forward foreign currency exchange contracts		8,615,392
Total		$	23,736,230		$	30,783,528

(a)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its consolidated financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Citibank N.A.	$	6,516	$	(6,516	)	$	—	$	—
State Street Bank and Trust Co.		247,262		(247,262	)		—		—
	$	253,778	$	(253,778	)	$	—	$	—

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Citibank N.A.	$	117,957	$	(6,516	)	$	—	$	111,441
Royal Bank of Canada		715,673		—			—		715,673
State Street Bank and Trust Co.		7,781,762		(247,262	)		—		7,534,500
	$	8,615,392	$	(253,778	)	$	—	$	8,361,614

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

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Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	30,273,225		$	30,273,225
Futures contracts		18,612,578			(10,399,418	)		—			8,213,160
Swap contracts		(80,177,179	)		—			—			(80,177,179	)
	$	(61,564,601	)	$	(10,399,418	)	$	30,273,225		$	(41,690,794	)
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	(11,604,334	)	$	(11,604,334	)
Futures contracts		9,083,312			3,672,064			—			12,755,376
Swap contracts		(17,619,092	)		—			—			(17,619,092	)
	$	(8,535,780	)	$	3,672,064		$	(11,604,334	)	$	(16,468,050	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	178,405,705
Futures contracts long		141,054,569
Futures contracts short		(544,311,509	)
Swap contracts		511,922,500

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global

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Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

BHFTI-40

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

BHFTI-41

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$ 216,653,777	$	599,594,785	$	125,865,143	$	826,631,753

Purchases and sales of TBA transactions for the year ended December 31, 2022 were as follows:

Purchases	Sales
$81,897,541	$	83,319,483

7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$12,156,667		0.800	%	First $250 million
		0.750	%	$250 million to $500 million
		0.720	%	$500 million to $750 million
		0.700	%	Over $750 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.125%	First $250 million
0.075%	$250 million to $500 million
0.045%	$500 million to $750 million
0.025%	$750 million to $1 billion
0.050%	$1 billion to $3 billion
0.075%	$3 billion to $5 billion
0.100%	Over $5 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average

BHFTI-42

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,594,976,101
Gross unrealized appreciation		88,129,494
Gross unrealized (depreciation)		(155,856,632	)
Net unrealized appreciation (depreciation)	$	(67,727,138	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$55,527,350	$	69,847,111	$	197,206,181	$	50,107,711	$	252,733,531	$	119,954,822

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$25,302,279	$	—	$	(67,820,613	)	$	(100,968,438	)	$	(143,486,772	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $100,968,438.

10. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate

BHFTI-43

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-44

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the JPMorgan Global Active Allocation Portfolio and subsidiary:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the JPMorgan Global Active Allocation Portfolio and subsidiary (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the JPMorgan Global Active Allocation Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-45

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-46

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-47

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-48

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-49

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

JPMorgan Global Active Allocation Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio underperformed the average of its Morningstar Category for the one-year period ended June 30, 2022 and outperformed the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also considered that the Portfolio outperformed its blended benchmark for the one- and three-year periods and underperformed its blended benchmark for the five-year period ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTI-50

Brighthouse Funds Trust I

JPMorgan Global Active Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-51

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Managed By J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the JPMorgan Small Cap Value Portfolio returned -13.21% and -13.50%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned -14.48%.

MARKET ENVIRONMENT / CONDITIONS

The S&P 500 Index faced its worst year since 2008, returning -18.1% for the year. Communication Services and Consumer Discretionary were the worst performing sectors in 2022, returning -39.9% and -37.0% respectively. Energy and Utilities were the only sectors which closed in the green, returning 65.7% and 1.55% respectively.

After three years of strength, equity markets were whiplashed with a volatile year, beginning with developing geopolitical tensions leading to a war in Ukraine. As a result, rising oil and gas prices led to energy being the best performing sector while pressure started to mount on manufacturing costs and supply chain disruptions. Moreover, concerns over high inflation and a shrinking economy in April further tested equity markets. Developed equity markets saw the worst first half in over two decades. The U.S. Federal Reserve hiked the federal funds rate by a cumulative 425 basis points in 2022 to curb record high inflation. The Consumer Price Index peaked at 9.1% in June and trended downward to 7.1% in November. Corporate America battled high interest rates, contraction in manufacturing and dampened consumer sentiment. Finally, earnings forecasts for 2023 witnessed sharp cuts towards the end of the year as recession fears mounted.

Large cap stocks as represented by the S&P 500 Index outperformed the small cap Russell 2000 Index, as they returned -18.1% vs. -20.4 %, respectively. Value outperformed Growth by a massive margin, as the Russell 3000 Value Index returned -8% and the Russell 3000 Growth Index returned -29%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Strong stock selection in the Industrials and Information Technology sectors contributed most to relative performance during the period. On a stock specific basis, an overweight allocation in Nuvalent and Ping Identity Holding were top contributors to performance. Nuvalent, a clinical stage biopharmaceutical company, benefited results after positive news was reported from the phase 1 part of a phase 1/2 trial of NVL-520 to treat patients with advanced non-small cell lung cancer and other solid tumors. The treatment with NVL-520 across five evaluated dose levels — ranging from 25 milligrams once daily to 125 milligrams — led to exposures above all target efficacy thresholds. Additionally, an overweight in Ping Identity Holding, a software company, contributed to returns after it was announced the company would be acquired by private equity firm Thoma Bravo for $2.8 billion in cash.

Stock selection in the Energy and Consumer Staples sectors detracted most from performance during the period. On a stock specific basis, an overweight in Avaya Holdings and an underweight in Tegna were top detractors from performance. An overweight in Avaya Holdings, which provides business collaboration and communications software solutions, detracted on news that it’s nearing a chapter 11 bankruptcy filing to help its balance sheet. The potential bankruptcy filing comes after Avaya said it was having constructive discussions with its financial stakeholders regarding a resolution to its balance sheet issues. Additionally, an underweight in Tegna, a television broadcaster, hindered results after shares rallied when it was announced the company would be sold to Standard General and Apollo Global. That agreement was for $24 per share in cash in a deal valued at $8.6 billion including debt.

The Portfolio is run in a systematic manner that utilizes an alpha model comprised of three different factors: quality, valuation and momentum. Quality seeks companies that generate quality earnings and assesses how well they’re converted into cash flows. The quality factor also favors companies that utilize these cash flows for the best possible return based on its peer group. Additionally, all companies are assessed through multiple valuation and momentum metrics to ensure the Portfolio is investing in attractively valued companies with underlying or improving strength in the business. During the period, quality, valuation and momentum were all additive.

As of December 31, 2022, the Portfolio’s largest relative sector overweights were in the Industrials and Information Technology sectors, and the Portfolio’s largest relative underweights were in the Consumer Discretionary and Energy sectors.

BHFTI-1

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Managed By J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*—(Continued)

Futures contracts are utilized to effectively gain targeted equity exposure from cash positions. All derivatives performed as the Portfolio managers expected over the period.

Phillip Hart

Wonseok Choi

Jonathan Tse

Akash Gupta

Portfolio Managers

J.P. Morgan Investment Management Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Russell 2000 Value Index is an unmanaged measure of performance of those Russell 2000 companies that have lower price-to-book ratios and lower forecasted growth values.

BHFTI-2

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
JPMorgan Small Cap Value Portfolio
Class A		-13.21		4.82		8.30
Class B		-13.50		4.56		8.02
Russell 2000 Value Index		-14.48		4.13		8.48

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Agree Realty Corp.		1.2
Old National Bancorp		1.1
OceanFirst Financial Corp.		1.0
Academy Sports & Outdoors, Inc.		0.9
New Jersey Resources Corp.		0.9
Hub Group, Inc.- Class A		0.9
Hancock Whitney Corp.		0.9
OFG Bancorp		0.8
Taylor Morrison Home Corp.		0.8
Calix, Inc.		0.8

Top Sectors

	% of Net Assets
Financials		28.3
Industrials		15.3
Health Care		11.7
Real Estate		9.7
Consumer Discretionary		7.8
Information Technology		7.0
Energy		4.9
Utilities		4.8
Materials		3.1
Consumer Staples		2.7

BHFTI-3

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

JPMorgan Small Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.75	%	$	1,000.00	$	1,052.40	$	3.88
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.43	$	3.82
Class B (a)	Actual		1.00	%	$	1,000.00	$	1,050.30	$	5.17
	Hypothetical*		1.00	%	$	1,000.00	$	1,020.16	$	5.09

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—97.5% of Net Assets

Security Description	Shares		Value
Air Freight & Logistics—1.2%
Atlas Air Worldwide Holdings, Inc. (a)		9,300	$	937,440
Hub Group, Inc. - Class A (a)		41,900		3,330,631
Radiant Logistics, Inc. (a)		26,700		135,903
				4,403,974
Airlines—0.3%
Hawaiian Holdings, Inc. (a)		12,800		131,328
SkyWest, Inc. (a)		60,400		997,204
				1,128,532
Auto Components—0.4%
Adient plc (a)		31,500		1,092,735
American Axle & Manufacturing Holdings, Inc. (a)		12,300		96,186
Dana, Inc.		31,600		478,108
				1,667,029
Banks—17.7%
American National Bankshares, Inc.		3,400		125,562
Ameris Bancorp		21,900		1,032,366
Associated Banc-Corp.		39,900		921,291
Atlantic Union Bankshares Corp.		23,300		818,762
Banc of California, Inc.		28,100		447,633
Bancorp, Inc. (The) (a)		8,100		229,878
Bank of NT Butterfield & Son, Ltd. (The)		27,000		804,870
BankUnited, Inc.		5,400		183,438
Banner Corp.		5,900		372,880
Brookline Bancorp, Inc.		69,300		980,595
Business First Bancshares, Inc.		22,748		503,641
Byline Bancorp, Inc.		45,800		1,052,026
Cadence Bank		4,260		105,052
Capital City Bank Group, Inc.		7,534		244,855
Capstar Financial Holdings, Inc.		40,000		706,400
Cathay General Bancorp		8,900		363,031
Central Pacific Financial Corp.		21,801		442,124
Civista Bancshares, Inc.		5,200		114,452
Columbia Banking System, Inc.		26,300		792,419
Community Trust Bancorp, Inc.		16,816		772,359
ConnectOne Bancorp, Inc.		75,300		1,823,013
Customers Bancorp, Inc. (a)		35,300		1,000,402
CVB Financial Corp.		80,800		2,080,600
Eastern Bankshares, Inc.		87,200		1,504,200
Enterprise Financial Services Corp.		29,600		1,449,216
Equity Bancshares, Inc. - Class A		10,000		326,700
FB Financial Corp.		7,200		260,208
Financial Institutions, Inc.		9,699		236,268
First Bancorp		3,500		149,940
First BanCorp. (Puerto Rico)		99,300		1,263,096
First Bancshares, Inc. (The)		6,000		192,060
First Citizens BancShares, Inc. - Class A		1,140		864,530
First Commonwealth Financial Corp.		99,700		1,392,809
First Financial Corp.		20,400		940,032
First Internet Bancorp		13,300		322,924
First Interstate BancSystem, Inc. - Class A		32,219		1,245,264
First Merchants Corp.		30,900		1,270,299
First Western Financial, Inc. (a)		2,700		76,005
Banks—(Continued)
FNB Corp.		16,400		214,020
Glacier Bancorp, Inc.		13,100		647,402
Hancock Whitney Corp.		67,500		3,266,325
Heritage Commerce Corp.		55,900		726,700
Home BancShares, Inc.		39,100		891,089
HomeTrust Bancshares, Inc.		17,200		415,724
Independent Bank Corp. (MA)		8,472		715,291
Independent Bank Corp. (MI)		7,700		184,184
Mercantile Bank Corp.		2,600		87,048
Metropolitan Bank Holding Corp. (a)		3,000		176,010
Mid Penn Bancorp, Inc.		4,800		143,856
Midland States Bancorp, Inc.		13,400		356,708
MVB Financial Corp.		3,500		77,070
National Bank Holdings Corp. - Class A		17,500		736,225
Nicolet Bankshares, Inc. (a)		2,600		207,454
OceanFirst Financial Corp.		183,500		3,899,375
OFG Bancorp		115,645		3,187,176
Old National Bancorp		239,645		4,308,817
Old Second Bancorp, Inc.		93,900		1,506,156
Origin Bancorp, Inc.		4,800		176,160
Orrstown Financial Services, Inc.		6,000		138,960
Peapack Gladstone Financial Corp.		29,700		1,105,434
Peoples Bancorp, Inc.		2,500		70,625
Pinnacle Financial Partners, Inc.		9,800		719,320
Preferred Bank		1,900		141,778
Premier Financial Corp.		11,780		317,707
QCR Holdings, Inc.		20,500		1,017,620
Republic Bancorp, Inc. - Class A		4,100		167,772
Sandy Spring Bancorp, Inc.		9,700		341,731
Sierra Bancorp		7,100		150,804
Simmons First National Corp. - Class A		15,900		343,122
SmartFinancial, Inc.		11,400		313,500
South Plains Financial, Inc.		2,900		79,837
SouthState Corp.		39,536		3,018,969
TriCo Bancshares		13,800		703,662
Trustmark Corp.		9,000		314,190
UMB Financial Corp.		14,500		1,211,040
United Community Banks, Inc.		6,900		233,220
Veritex Holdings, Inc.		108,100		3,035,448
Washington Federal, Inc.		40,500		1,358,775
Webster Financial Corp.		3,800		179,892
WesBanco, Inc.		3,900		144,222
Western Alliance Bancorp		18,900		1,125,684
Wintrust Financial Corp.		20,900		1,766,468
				67,333,770
Beverages—0.3%
Primo Water Corp.		62,800		975,912
Biotechnology—6.7%
2seventy bio, Inc. (a)		18,866		176,774
Agios Pharmaceuticals, Inc.		28,600		803,088
Allovir, Inc. (a) (b)		102,797		527,349
Arcellx, Inc. (a)		50,800		1,573,784
Arcus Biosciences, Inc. (a)		65,978		1,364,425
BioCryst Pharmaceuticals, Inc. (a) (b)		50,400		578,592

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Biohaven, Ltd. (a) (b)		1,650	$	22,902
Bluebird Bio, Inc. (a)		56,500		390,980
CTI BioPharma Corp. (a) (b)		94,620		568,666
Cytokinetics, Inc. (a)		20,700		948,474
Enanta Pharmaceuticals, Inc. (a)		4,000		186,080
EQRx, Inc. (a) (b)		184,900		454,854
Fate Therapeutics, Inc. (a)		19,900		200,791
Iovance Biotherapeutics, Inc. (a)		27,400		175,086
iTeos Therapeutics, Inc. (a)		51,200		999,936
IVERIC bio, Inc. (a)		73,900		1,582,199
Kezar Life Sciences, Inc. (a)		136,303		959,573
Kymera Therapeutics, Inc. (a)		62,300		1,555,008
Lexicon Pharmaceuticals, Inc. (a)		410,605		784,256
Lyell Immunopharma, Inc. (a) (b)		70,000		242,900
MoonLake Immunotherapeutics (a)		5,880		61,740
Nuvalent, Inc. - Class A (a)		71,100		2,117,358
Prothena Corp. plc (a)		30,400		1,831,600
REGENXBIO, Inc. (a)		45,700		1,036,476
Relay Therapeutics, Inc. (a)		77,900		1,163,826
SpringWorks Therapeutics, Inc. (a)		41,700		1,084,617
Travere Therapeutics, Inc. (a)		65,400		1,375,362
Twist Bioscience Corp. (a) (b)		61,700		1,469,077
Veracyte, Inc. (a)		44,100		1,046,493
				25,282,266
Building Products—0.6%
Resideo Technologies, Inc. (a)		28,500		468,825
UFP Industries, Inc.		24,100		1,909,925
				2,378,750
Capital Markets—1.5%
AssetMark Financial Holdings, Inc. (a)		13,400		308,200
BGC Partners, Inc. - Class A		49,900		188,123
Blucora, Inc. (a)		62,900		1,605,837
Cowen, Inc. - Class A		9,000		347,580
Donnelley Financial Solutions, Inc. (a)		13,600		525,640
Piper Sandler Cos.		2,800		364,532
Stifel Financial Corp.		9,450		551,596
Stonex Group, Inc. (a)		9,000		857,700
Victory Capital Holdings, Inc. - Class A		10,900		292,447
Virtus Investment Partners, Inc.		4,200		804,048
				5,845,703
Chemicals—0.9%
AdvanSix, Inc.		16,200		615,924
Avient Corp.		15,400		519,904
Ecovyst, Inc. (a)		16,200		143,532
HB Fuller Co.		8,500		608,770
Minerals Technologies, Inc.		9,900		601,128
Tronox Holding plc - Class A		73,900		1,013,169
				3,502,427
Commercial Services & Supplies—1.8%
ABM Industries, Inc.		55,500		2,465,310
ACCO Brands Corp.		128,550		718,595
Commercial Services & Supplies—(Continued)
Cimpress plc (a)		1,500		41,415
Ennis, Inc.		9,900		219,384
Heritage-Crystal Clean, Inc. (a)		15,511		503,797
MillerKnoll, Inc.		112,300		2,359,423
Steelcase, Inc. - Class A		81,000		572,670
				6,880,594
Communications Equipment—1.4%
Aviat Networks, Inc. (a)		7,880		245,777
Calix, Inc.		44,900		3,072,507
Comtech Telecommunications Corp.		114,100		1,385,174
NETGEAR, Inc. (a)		40,400		731,644
				5,435,102
Construction & Engineering—1.5%
Argan, Inc.		44,300		1,633,784
Comfort Systems USA, Inc.		7,700		886,116
MasTec, Inc. (a)		14,400		1,228,752
MYR Group, Inc. (a)		13,550		1,247,548
Primoris Services Corp.		24,500		537,530
				5,533,730
Construction Materials—0.3%
Summit Materials, Inc. - Class A (a)		34,273		973,008
Consumer Finance—1.7%
Bread Financial Holdings, Inc.		36,200		1,363,292
Encore Capital Group, Inc. (a)		37,300		1,788,162
Enova International, Inc. (a)		29,800		1,143,426
Green Dot Corp. - Class A		13,800		218,316
LendingClub Corp. (a)		30,800		271,040
PROG Holdings, Inc. (a)		99,200		1,675,488
				6,459,724
Containers & Packaging—0.3%
Greif, Inc. - Class A		10,900		730,954
Myers Industries, Inc.		5,000		111,150
O-I Glass, Inc. (a)		20,900		346,313
				1,188,417
Diversified Consumer Services—0.4%
2U, Inc.		181,100		1,135,497
Stride, Inc. (a)		17,600		550,528
				1,686,025
Diversified Financial Services—0.2%
Jackson Financial, Inc. - Class A		19,600		681,884
Diversified Telecommunication Services—0.7%
EchoStar Corp. - Class A (a)		68,800		1,147,584
Liberty Latin America, Ltd. - Class A (a)		27,000		203,310
Liberty Latin America, Ltd. - Class C (a)		162,323		1,233,655
				2,584,549

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—1.1%
IDACORP, Inc.		13,500	$	1,455,975
Otter Tail Corp.		5,200		305,292
Portland General Electric Co.		49,500		2,425,500
Via Renewables, Inc.		21,600		110,376
				4,297,143
Electrical Equipment—0.6%
Encore Wire Corp.		11,100		1,526,916
Powell Industries, Inc.		24,300		854,874
				2,381,790
Electronic Equipment, Instruments & Components—1.8%
Belden, Inc.		13,700		985,030
Benchmark Electronics, Inc.		40,900		1,091,621
Knowles Corp. (a)		97,400		1,599,308
OSI Systems, Inc. (a)		24,700		1,964,144
ScanSource, Inc. (a)		46,100		1,347,042
				6,987,145
Energy Equipment & Services—0.9%
Bristow Group, Inc. (a)		3,899		105,780
ChampionX Corp.		27,700		803,023
Helmerich & Payne, Inc.		19,100		946,787
Nabors Industries, Ltd. (a)		900		139,383
NexTier Oilfield Solutions, Inc. (a)		56,746		524,333
Patterson-UTI Energy, Inc.		24,800		417,632
Solaris Oilfield Infrastructure, Inc. - Class A		21,100		209,523
U.S. Silica Holdings, Inc. (a)		20,700		258,750
				3,405,211
Entertainment—0.1%
Lions Gate Entertainment Corp. - Class A (a) (b)		32,100		183,291
Equity Real Estate Investment Trusts—9.2%
Acadia Realty Trust		43,800		628,530
Agree Realty Corp. (b)		66,400		4,709,752
Alexander & Baldwin, Inc.		14,089		263,887
American Assets Trust, Inc.		10,700		283,550
Apple Hospitality REIT, Inc.		93,300		1,472,274
Armada Hoffler Properties, Inc.		22,800		262,200
Broadstone Net Lease, Inc.		21,000		340,410
Centerspace		8,100		475,227
City Office REIT, Inc.		14,400		120,672
Corporate Office Properties Trust		40,600		1,053,164
CTO Realty Growth, Inc.		16,000		292,480
DiamondRock Hospitality Co.		91,200		746,928
Equity Commonwealth		49,200		1,228,524
Essential Properties Realty Trust, Inc.		34,100		800,327
First Industrial Realty Trust, Inc.		8,300		400,558
Getty Realty Corp.		20,629		698,291
Global Medical REIT, Inc.		17,100		162,108
Healthcare Realty Trust, Inc. - Class A		67,200		1,294,944
Independence Realty Trust, Inc.		105,700		1,782,102
Kite Realty Group Trust		62,734		1,320,551
Macerich Co. (The)		67,300		757,798
Equity Real Estate Investment Trusts—(Continued)
NETSTREIT Corp.		30,900		566,397
NexPoint Residential Trust, Inc.		1,588		69,110
Paramount Group, Inc.		34,800		206,712
Pebblebrook Hotel Trust (b)		16,500		220,935
Phillips Edison & Co., Inc.		15,500		493,520
Physicians Realty Trust (b)		73,400		1,062,098
Piedmont Office Realty Trust, Inc. - Class A		65,000		596,050
Plymouth Industrial REIT, Inc.		8,700		166,866
PotlatchDeltic Corp.		40,825		1,795,892
Retail Opportunity Investments Corp.		14,200		213,426
RLJ Lodging Trust		121,257		1,284,111
Ryman Hospitality Properties, Inc.		22,000		1,799,160
Sabra Health Care REIT, Inc.		91,500		1,137,345
SITE Centers Corp.		110,300		1,506,698
STAG Industrial, Inc.		70,200		2,268,162
Terreno Realty Corp.		13,700		779,119
UMH Properties, Inc.		48,200		776,020
Uniti Group, Inc.		102,300		565,719
Xenia Hotels & Resorts, Inc.		35,800		471,844
				35,073,461
Food & Staples Retailing—0.7%
Andersons, Inc. (The)		24,900		871,251
SpartanNash Co.		7,400		223,776
Sprouts Farmers Market, Inc. (a)		35,700		1,155,609
United Natural Foods, Inc. (a)		9,800		379,358
				2,629,994
Food Products—0.5%
Darling Ingredients, Inc. (a)		30,200		1,890,218
Gas Utilities—2.0%
Brookfield Infrastructure Corp. - Class A (b)		9,100		353,990
Chesapeake Utilities Corp.		3,500		413,630
New Jersey Resources Corp.		72,200		3,582,564
Northwest Natural Holding Co.		23,200		1,104,088
ONE Gas, Inc.		9,900		749,628
Southwest Gas Holdings, Inc.		1,400		86,632
Spire, Inc.		19,539		1,345,456
				7,635,988
Health Care Equipment & Supplies—1.5%
Alphatec Holdings, Inc. (a)		122,500		1,512,875
AngioDynamics, Inc. (a)		24,800		341,496
Bioventus, Inc. - Class A (a) (b)		40,800		106,488
Cue Health, Inc. (a) (b)		35,400		73,278
Embecta Corp.		27,100		685,359
Inari Medical, Inc. (a)		14,500		921,620
SeaSpine Holdings Corp. (a)		65,700		548,595
Sight Sciences, Inc. (a)		72,400		884,004
Utah Medical Products, Inc.		3,100		311,643
Varex Imaging Corp. (a)		15,700		318,710
				5,704,068

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—0.6%
AdaptHealth Corp. (a)		85,800	$	1,649,076
Fulgent Genetics, Inc. (a)		23,500		699,830
				2,348,906
Health Care Technology—2.1%
Allscripts Healthcare Solutions, Inc. (a)		157,100		2,771,244
Computer Programs & Systems, Inc. (a)		38,700		1,053,414
Evolent Health, Inc. - Class A (a)		50,700		1,423,656
Health Catalyst, Inc. (a)		165,100		1,755,013
Phreesia, Inc. (a)		24,500		792,820
				7,796,147
Hotels, Restaurants & Leisure—1.3%
Bloomin’ Brands, Inc.		35,700		718,284
Bluegreen Vacations Holding Corp.		37,000		923,520
Dine Brands Global, Inc.		17,200		1,111,120
Full House Resorts, Inc. (a)		74,100		557,232
Marriott Vacations Worldwide Corp.		6,200		834,458
Scientific Games Corp. - Class A		7,500		439,500
SeaWorld Entertainment, Inc.		7,100		379,921
				4,964,035
Household Durables—2.0%
GoPro, Inc. - Class A		245,900		1,224,582
Lifetime Brands, Inc.		11,400		86,526
Meritage Homes Corp. (a)		19,700		1,816,340
Taylor Morrison Home Corp. (a)		101,300		3,074,455
TRI Pointe Group, Inc. (a)		83,300		1,548,547
				7,750,450
Household Products—0.5%
Central Garden and Pet Co. (Non-Voting Shares) - Class A (a)		57,264		2,050,051
Independent Power and Renewable Electricity Producers—0.6%
Clearway Energy, Inc. - Class A		36,100		1,080,112
Clearway Energy, Inc. - Class C		35,900		1,144,133
				2,224,245
Insurance—1.5%
American Equity Investment Life Holding Co.		28,400		1,295,608
CNO Financial Group, Inc.		18,300		418,155
Employers Holdings, Inc.		18,300		789,279
James River Group Holdings, Ltd.		19,500		407,745
RLI Corp.		9,275		1,217,529
Stewart Information Services Corp.		33,300		1,422,909
				5,551,225
Interactive Media & Services—0.4%
Cars.com, Inc. (a)		20,600		283,662
QuinStreet, Inc. (a)		40,000		574,000
Yelp, Inc. (a)		26,500		724,510
				1,582,172
IT Services—0.6%
IBEX Holdings, Ltd. (a)		9,000		223,650
Information Services Group, Inc.		249,200		1,146,320
Repay Holdings Corp. (a)		104,800		843,640
SolarWinds Corp. (a)		6,400		59,904
				2,273,514
Leisure Products—0.3%
Topgolf Callaway Brands Corp. (a)		63,400		1,252,150
Life Sciences Tools & Services—0.4%
NeoGenomics, Inc. (a)		75,400		696,696
Pacific Biosciences of California, Inc. (a)		76,500		625,770
				1,322,466
Machinery—2.0%
3D Systems Corp. (a) (b)		102,900		761,460
AGCO Corp.		13,400		1,858,446
Albany International Corp. - Class A		4,300		423,937
EnPro Industries, Inc.		3,400		369,546
Greenbrier Cos., Inc. (The)		44,400		1,488,732
Luxfer Holdings plc		7,900		108,388
Mueller Industries, Inc.		16,250		958,750
Terex Corp.		17,300		739,056
Wabash National Corp.		35,557		803,588
				7,511,903
Marine—0.4%
Matson, Inc.		20,300		1,268,953
Safe Bulkers, Inc.		57,700		167,907
				1,436,860
Media—0.8%
AMC Networks, Inc. - Class A (a)		51,000		799,170
Entravision Communications Corp. - Class A		80,200		384,960
Gray Television, Inc.		98,900		1,106,691
John Wiley & Sons, Inc. - Class A		17,400		697,044
				2,987,865
Metals & Mining—1.5%
Arconic Corp. (a)		46,900		992,404
ATI, Inc. (a)		8,900		265,754
Commercial Metals Co.		60,600		2,926,980
Constellium SE (a)		47,100		557,193
Materion Corp.		2,800		245,028
Olympic Steel, Inc.		3,700		124,246
Schnitzer Steel Industries, Inc. - Class A		17,600		539,440
Warrior Met Coal, Inc.		5,200		180,128
				5,831,173
Mortgage Real Estate Investment Trusts—2.5%
Arbor Realty Trust, Inc. (b)		48,000		633,120
Ares Commercial Real Estate Corp. (b)		108,100		1,112,349
Blackstone Mortgage Trust, Inc. - Class A (b)		111,400		2,358,338
Dynex Capital, Inc.		135,600		1,724,832
Ellington Financial, Inc.		19,100		236,267

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Mortgage Real Estate Investment Trusts—(Continued)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		11,600	$	336,168
KKR Real Estate Finance Trust, Inc.		83,600		1,167,056
Ladder Capital Corp.		121,900		1,223,876
Ready Capital Corp. (b)		23,100		257,334
Redwood Trust, Inc. (b)		37,800		255,528
TPG RE Finance Trust, Inc.		49,100		333,389
				9,638,257
Multi-Utilities—0.8%
Avista Corp.		23,500		1,041,990
Black Hills Corp.		12,600		886,284
NorthWestern Corp.		10,500		623,070
Unitil Corp.		10,251		526,491
				3,077,835
Oil, Gas & Consumable Fuels—4.0%
Antero Resources Corp. (a)		5,200		161,148
Arch Resources, Inc.		6,850		978,112
Berry Corp.		8,600		68,800
Chord Energy Corp.		11,446		1,565,927
CNX Resources Corp. (a)		19,100		321,644
CONSOL Energy, Inc.		2,600		169,000
CVR Energy, Inc.		18,700		586,058
Delek U.S. Holdings, Inc.		19,829		535,383
Dorian LPG, Ltd.		48,800		924,760
Green Plains, Inc. (a)		37,800		1,152,900
Murphy Oil Corp.		57,300		2,464,473
Ovintiv, Inc.		45,440		2,304,262
Par Pacific Holdings, Inc. (a)		9,600		223,200
PBF Energy, Inc. - Class A		5,300		216,134
Peabody Energy Corp. (a)		43,200		1,141,344
Range Resources Corp.		14,400		360,288
REX American Resources Corp. (a)		13,000		414,180
SM Energy Co.		15,400		536,382
Talos Energy, Inc. (a)		12,900		243,552
W&T Offshore, Inc. (a)		9,500		53,010
World Fuel Services Corp.		30,100		822,633
				15,243,190
Paper & Forest Products—0.1%
Louisiana-Pacific Corp.		3,400		201,280
Personal Products—0.8%
Edgewell Personal Care Co.		29,600		1,140,784
Herbalife Nutrition, Ltd. (a)		113,700		1,691,856
				2,832,640
Pharmaceuticals—0.5%
CinCor Pharma, Inc. (a)		29,900		367,471
Intra-Cellular Therapies, Inc. (a)		15,200		804,384
NGM Biopharmaceuticals, Inc. (a)		55,200		277,104
Supernus Pharmaceuticals, Inc. (a)		15,500		552,885
				2,001,844
Professional Services—2.9%
Barrett Business Services, Inc.		24,560		2,290,957
Professional Services—(Continued)
Heidrick & Struggles International, Inc.		19,400		542,618
Huron Consulting Group, Inc. (a)		17,500		1,270,500
Insperity, Inc.		1,500		170,400
KBR, Inc.		39,700		2,096,160
Kelly Services, Inc. - Class A		90,300		1,526,070
Korn Ferry		25,900		1,311,058
TrueBlue, Inc. (a)		83,700		1,638,846
				10,846,609
Real Estate Management & Development—0.4%
Anywhere Real Estate, Inc. (a)		56,600		361,674
Forestar Group, Inc. (a)		44,300		682,663
Kennedy-Wilson Holdings, Inc.		38,800		610,324
				1,654,661
Road & Rail—0.9%
ArcBest Corp.		32,000		2,241,280
Covenant Logistics Group, Inc.		6,000		207,420
Heartland Express, Inc.		35,600		546,104
Werner Enterprises, Inc.		6,400		257,664
				3,252,468
Semiconductors & Semiconductor Equipment—0.9%
ACM Research, Inc. - Class A (a)		105,400		812,634
Cohu, Inc. (a)		50,800		1,628,140
Veeco Instruments, Inc. (a)		60,200		1,118,516
				3,559,290
Software—1.2%
eGain Corp. (a)		118,600		1,070,958
LiveRamp Holdings, Inc. (a)		102,800		2,409,632
Marathon Digital Holdings, Inc. (a) (b)		24,073		82,330
Riot Blockchain, Inc. (a) (b)		98,600		334,254
SecureWorks Corp. - Class A (a)		11,751		75,089
Upland Software, Inc. (a)		68,300		486,979
				4,459,242
Specialty Retail—3.1%
Abercrombie & Fitch Co. - Class A (a)		7,600		174,116
Academy Sports & Outdoors, Inc.		68,300		3,588,482
Bed Bath & Beyond, Inc. (a) (b)		16,800		42,168
Conn’s, Inc. (a)		49,600		341,248
Genesco, Inc. (a)		6,200		285,324
MarineMax, Inc. (a)		43,900		1,370,558
ODP Corp. (The) (a)		29,100		1,325,214
Sally Beauty Holdings, Inc. (a)		65,600		821,312
Signet Jewelers, Ltd.		31,300		2,128,400
Sleep Number Corp. (a)		6,900		179,262
Sonic Automotive, Inc. - Class A		18,300		901,641
Zumiez, Inc. (a)		19,300		419,582
				11,577,307
Technology Hardware, Storage & Peripherals—1.0%
Avid Technology, Inc.		32,900		874,811
Xerox Holdings Corp.		207,600		3,030,960
				3,905,771

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Textiles, Apparel & Luxury Goods—0.2%
G-III Apparel Group, Ltd. (a)		47,300	$	648,483
Wolverine World Wide, Inc.		23,900		261,227
				909,710
Thrifts & Mortgage Finance—3.1%
Axos Financial, Inc. (a)		26,400		1,009,008
Capitol Federal Financial, Inc.		38,400		332,160
Essent Group, Ltd.		69,800		2,713,824
Kearny Financial Corp.		42,000		426,300
Luther Burbank Corp.		3,271		36,341
Merchants Bancorp		36,800		894,976
Mr Cooper Group, Inc. (a)		32,900		1,320,277
NMI Holdings, Inc. - Class A (a)		55,100		1,151,590
Northfield Bancorp, Inc.		65,000		1,022,450
PennyMac Financial Services, Inc.		9,400		532,604
Radian Group, Inc.		123,200		2,349,424
Waterstone Financial, Inc.		6,500		112,060
				11,901,014
Trading Companies & Distributors—3.3%
BlueLinx Holdings, Inc. (a)		13,730		976,340
Boise Cascade Co.		18,100		1,242,927
GATX Corp.		3,600		382,824
GMS, Inc. (a)		29,500		1,469,100
MRC Global, Inc. (a)		98,500		1,140,630
NOW, Inc. (a)		191,200		2,428,240
Rush Enterprises, Inc. - Class A		32,400		1,693,872
Titan Machinery, Inc. (a)		14,900		591,977
Veritiv Corp.		4,460		542,827
WESCO International, Inc. (a)		14,900		1,865,480
				12,334,217
Water Utilities—0.3%
American States Water Co.		12,400		1,147,620
Wireless Telecommunication Services—0.2%
Gogo, Inc. (a)		58,600		864,936
Total Common Stocks (Cost $376,950,643)				370,420,758
Short-Term Investment—2.3%
Repurchase Agreement—2.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $8,822,806; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $8,997,524.		8,821,041		8,821,041
Total Short-Term Investments (Cost $8,821,041)				8,821,041
Securities Lending Reinvestments (c)—2.7%

Security Description	Principal Amount*		Value
Repurchase Agreements—2.1%
Barclays Capital, Inc. Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $2,000,947; collateralized by U.S. Treasury Obligations with rate 0.000%, maturity dates ranging from 11/15/29 - 02/15/40, and an aggregate market value of $2,040,000.		2,000,000	$	2,000,000
BofA Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $2,000,933; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
Goldman Sachs & Co. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,163,957; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 7.625%, maturity dates ranging from 01/24/23 - 11/15/52, and an aggregate market value of $1,186,676.		1,163,407		1,163,407
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $2,000,956; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $2,041,774.		2,000,000		2,000,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $100,084; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $102,238.		100,000		100,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $100,049; collateralized by various Common Stock with an aggregate market value of $111,285.		100,000		100,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $125,061; collateralized by various Common Stock with an aggregate market value of $139,149.		125,000		125,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $500,430; collateralized by various Common Stock with an aggregate market value of $556,596.		500,000		500,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $50,024; collateralized by various Common Stock with an aggregate market value of $55,471.		50,000		50,000
				8,038,407

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares		Value
Mutual Funds—0.6%
Allspring Government Money Market Fund, Select Class 4.090% (d)		300,000	$	300,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (d)		310,000		310,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (d)		310,000		310,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (d)		300,000		300,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (d)		200,000		200,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (d)		300,000		300,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (d)		300,000		300,000
				2,020,000
Total Securities Lending Reinvestments (Cost $10,058,407)				10,058,407
Total Investments—102.5% (Cost $395,830,091)				389,300,206
Other assets and liabilities (net)—(2.5)%				(9,441,407	)
Net Assets—100.0%			$	379,858,799

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $11,289,835 and the collateral received consisted of cash in the amount of $10,058,407 and non-cash collateral with a value of $1,521,966. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(d)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
Russell 2000 Index E-Mini Futures		03/17/23		92		USD	8,146,140	$	(79,876	)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	370,420,758		$	—		$	—	$	370,420,758
Total Short-Term Investment*		—			8,821,041			—		8,821,041
Securities Lending Reinvestments
Repurchase Agreements		—			8,038,407			—		8,038,407
Mutual Funds		2,020,000			—			—		2,020,000
Total Securities Lending Reinvestments		2,020,000			8,038,407			—		10,058,407
Total Investments	$	372,440,758		$	16,859,448		$	—	$	389,300,206
Collateral for Securities Loaned (Liability)	$	—		$	(10,058,407	)	$	—	$	(10,058,407	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(79,876	)	$	—		$	—	$	(79,876	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	389,300,206
Cash		3,934
Cash denominated in foreign currencies (c)		7,088
Cash collateral for futures contracts		544,000
Receivable for:
Investments sold		146,585
Fund shares sold		1,706
Dividends and interest		721,070
Prepaid expenses		1,574
Total Assets		390,726,163
Liabilities
Collateral for securities loaned		10,058,407
Payables for:
Investments purchased		251,479
Fund shares redeemed		14,204
Variation margin on futures contracts		28,479
Accrued Expenses:
Management fees		224,051
Distribution and service fees		5,064
Deferred trustees’ fees		163,275
Other expenses		122,405
Total Liabilities		10,867,364
Net Assets	$	379,858,799
Net Assets Consist of:
Paid in surplus	$	351,371,145
Distributable earnings (Accumulated losses)		28,487,654
Net Assets	$	379,858,799
Net Assets
Class A	$	356,589,578
Class B		23,269,221
Capital Shares Outstanding*
Class A		32,275,238
Class B		2,143,938
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.05
Class B		10.85

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $395,830,091.
(b)	Includes securities loaned at value of $11,289,835.
(c)	Identified cost of cash denominated in foreign currencies was $7,285.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	8,564,785
Interest		47,315
Securities lending income		150,363
Total investment income		8,762,463
Expenses
Management fees		3,383,915
Administration fees		31,787
Custodian and accounting fees		89,123
Distribution and service fees—Class B		65,382
Audit and tax services		63,680
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		30,010
Insurance		3,833
Miscellaneous		11,549
Total expenses		3,733,934
Less management fee waiver		(433,168	)
Less broker commission recapture		(40,304	)
Net expenses		3,260,462
Net Investment Income		5,502,001
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		35,080,189
Futures contracts		(916,321	)
Net realized gain (loss)		34,163,868
Net change in unrealized appreciation (depreciation) on:
Investments		(104,035,267	)
Futures contracts		(320,343	)
Foreign currency transactions		(498	)
Net change in unrealized appreciation (depreciation)		(104,356,108	)
Net realized and unrealized gain (loss)		(70,192,240	)
Net Increase (Decrease) in Net Assets From Operations	$	(64,690,239	)

(a) Net of foreign withholding taxes of $12,222.

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	5,502,001		$	4,034,107
Net realized gain (loss)		34,163,868			147,042,229
Net change in unrealized appreciation (depreciation)		(104,356,108	)		8,156,736
Increase (decrease) in net assets from operations		(64,690,239	)		159,233,072
From Distributions to Shareholders
Class A		(140,144,584	)		(18,090,895	)
Class B		(8,928,104	)		(1,110,594	)
Total distributions		(149,072,688	)		(19,201,489	)
Increase (decrease) in net assets from capital share transactions		70,702,627			(161,956,479	)
Total increase (decrease) in net assets		(143,060,300	)		(21,924,896	)
Net Assets
Beginning of period		522,919,099			544,843,995
End of period	$	379,858,799		$	522,919,099

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		130,841		$	1,843,124			650,709		$	12,511,250
Reinvestments		12,928,467			140,144,584			913,220			18,090,895
Redemptions		(5,332,432	)		(76,159,381	)		(9,980,306	)		(185,204,843	)
Net increase (decrease)		7,726,876		$	65,828,327			(8,416,377	)	$	(154,602,698	)
Class B
Sales		130,247		$	1,818,588			188,430		$	3,643,730
Reinvestments		837,533			8,928,104			56,692			1,110,594
Redemptions		(409,937	)		(5,872,392	)		(654,035	)		(12,108,105	)
Net increase (decrease)		557,843		$	4,874,300			(408,913	)	$	(7,353,781	)
Increase (decrease) derived from capital shares transactions				$	70,702,627					$	(161,956,479	)

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	20.02		$	15.60		$	14.89		$	14.16		$	17.61
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.14			0.16			0.24			0.23
Net realized and unrealized gain (loss)		(2.95	)		5.00			0.72			2.33			(2.40	)
Total income (loss) from investment operations		(2.77	)		5.14			0.88			2.57			(2.17	)
Less Distributions
Distributions from net investment income		(0.21	)		(0.23	)		(0.17	)		(0.22	)		(0.24	)
Distributions from net realized capital gains		(5.99	)		(0.49	)		0.00			(1.62	)		(1.04	)
Total distributions		(6.20	)		(0.72	)		(0.17	)		(1.84	)		(1.28	)
Net Asset Value, End of Period	$	11.05		$	20.02		$	15.60		$	14.89		$	14.16
Total Return (%) (b)		(13.21	)		33.01			6.34			19.53			(13.76	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85			0.85			0.85			0.85			0.84
Net ratio of expenses to average net assets (%) (c)		0.75			0.75			0.75			0.75			0.74
Ratio of net investment income (loss) to average net assets (%)		1.28			0.76			1.32			1.61			1.31
Portfolio turnover rate (%)		64			63			76			52			53
Net assets, end of period (in millions)	$	356.6		$	491.6		$	514.1		$	472.7		$	398.1
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	19.78		$	15.42		$	14.71		$	14.01		$	17.42
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.14			0.10			0.13			0.20			0.18
Net realized and unrealized gain (loss)		(2.92	)		4.94			0.72			2.29			(2.36	)
Total income (loss) from investment operations		(2.78	)		5.04			0.85			2.49			(2.18	)
Less Distributions
Distributions from net investment income		(0.16	)		(0.19	)		(0.14	)		(0.17	)		(0.19	)
Distributions from net realized capital gains		(5.99	)		(0.49	)		0.00			(1.62	)		(1.04	)
Total distributions		(6.15	)		(0.68	)		(0.14	)		(1.79	)		(1.23	)
Net Asset Value, End of Period	$	10.85		$	19.78		$	15.42		$	14.71		$	14.01
Total Return (%) (b)		(13.50	)		32.74			6.11			19.15			(13.91	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.10			1.10			1.10			1.10			1.09
Net ratio of expenses to average net assets (%) (c)		1.00			1.00			1.00			1.00			0.99
Ratio of net investment income (loss) to average net assets (%)		1.04			0.52			1.07			1.35			1.05
Portfolio turnover rate (%)		64			63			76			52			53
Net assets, end of period (in millions)	$	23.3		$	31.4		$	30.8		$	29.8		$	27.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is JPMorgan Small Cap Value Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-16

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-17

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $8,821,041. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $8,038,407. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign

BHFTI-18

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)	$	79,876

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	(916,321	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(320,343	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	7,663,453

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely

BHFTI-19

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate

BHFTI-20

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	273,411,615	$	0	$	340,354,185

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$3,383,915		0.800	%	First $100 million
		0.775	%	$100 million to $500 million
		0.750	%	$500 million to $1 billion
		0.725	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. J.P. Morgan Investment Management, Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver -Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.075%	First $50 million
0.125%	$50 million to $100 million
0.100%	$100 million to $500 million
0.075%	$500 million to $1 billion
0.050%	Over $1 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares

BHFTI-21

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	397,863,633
Gross unrealized appreciation		35,394,430
Gross unrealized (depreciation)		(43,957,856	)
Net unrealized appreciation (depreciation)	$	(8,563,426	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$81,551,420	$	18,027,346	$	67,521,268	$	1,174,143	$	149,072,688	$	19,201,489

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$5,849,528	$	31,365,026	$	(8,563,623	)	$	—	$	28,650,931

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTI-22

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-23

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the JPMorgan Small Cap Value Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the JPMorgan Small Cap Value Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the JPMorgan Small Cap Value Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-24

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-25

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-26

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.    

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-27

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-28

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

JPMorgan Small Cap Value Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one- and five-year periods ended June 30, 2022 and outperformed the median of its Performance Universe for the three-year period ended June 30, 2022. The Board considered that the Portfolio underperformed the average of its Morningstar Category for the one-year period ended June 30, 2022 and outperformed the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Russell 2000 Value Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTI-29

Brighthouse Funds Trust I

JPMorgan Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the average of the Sub-advised Expense Universe and above the average of the Sub-advised Expense Group, each at the Portfolio’s current size.

BHFTI-30

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the Loomis Sayles Global Allocation Portfolio returned -23.12% and -23.30%, respectively. The Portfolio’s benchmarks, the MSCI World Index¹ and the FTSE World Government Bond Index², returned -18.14% and -18.26%, respectively.

MARKET ENVIRONMENT / CONDITIONS

Market sentiment weakened considerably during the first half of the year, leading to losses in nearly every major asset category except for commodities. Russia’s invasion of Ukraine was a key driver of the negative tone. The military action, together with the sanctions that followed, intensified disruptions in global supply chains and led to concerns about the supply of oil, natural gas and other key commodities. Rising prices, in turn, led to worries that consumer spending would decline, and that Europe could move into a recession. The prospect of tighter monetary policy by the U.S. Federal Reserve (the “Fed”) and other central banks was a second key issue weighing on the markets.

As we entered the second half of the year, global financial markets experienced weak performance and high volatility. However, investor sentiment turned upbeat in the final quarter of 2022. This was particularly evident early in the quarter, as a consensus emerged that the Fed had completed the majority of its interest rate increases and was likely to pivot toward a less restrictive posture in 2023. In Europe, warmer than average temperatures helped ease energy crisis concerns. In addition, China began to move away from the zero-COVID policy that had impeded economic growth globally in 2022. Not least, inflation—while still high—showed signs of cooling. Investors appeared to grow more cautious in December, however, due to mounting worries that economic growth and corporate earnings could decline in the year ahead.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The equity portion of the Portfolio underperformed the MSCI World Index, which declined 18.14%. In equities, the Information Technology (“IT”) sector was the largest detractor from relative results, due to both security selection and an overweight allocation. Not having direct exposure to the Energy sector was also a significant detractor on a relative basis. The Consumer Staples, Consumer Discretionary and Health Care sectors detracted from relative returns as well.

On an individual basis, the largest detractors from performance in equities were Amazon.com and Airbnb. As consumers made more in-store purchases as the economy reopened, inflation impacted the consumer overall spend. Amazon’s overexpansion of its fulfilment network and revenue deceleration and margin compression in its Amazon Web Services business also pressured shares. Management began to address its elevated fulfilment infrastructure, reduced headcount, and normalized capital expenditures. Shares of Airbnb lagged as more challenging economic conditions cast doubt on the health of the consumer. Fundamentally, however, Airbnb continues to gain market share. Airbnb has supply growth, average daily rate growth, and strong operating leverage. We believe the company continues to have numerous opportunities to grow revenues such as increasing its market share, offering its users ancillary travel services, and entering new verticals, such as the hotel market.

Security selection in the Industrials sector contributed to relative results. Not having direct exposure to the Real Estate sector also contributed. The largest individual equity contributors to performance were Cummins and UnitedHealth Group. Cummins is the leader in designing, manufacturing, and selling engines, related components and power systems for trucks and machinery. In the first half of the year, shares outperformed following Cummins’ quarterly earnings. Demand outside of China was strong. North America saw improved pricing, higher volumes and stronger after market demand. Later in the period, Cummins outperformed on strong third quarter results reported by Paccar and Daimler, two of Cummins’ largest customers. UnitedHealth Group is the largest managed care operator in the U.S. It benefits from scale advantages, specifically greater underwriting experience, and the ability to leverage non-medical costs. Shares outperformed over the period as the company’s traditional health insurance business continued to demonstrate strong execution, highlighted by continued positive enrollment trends in both Medicare Advantage and Commercial segments, as well as better-than-expected medical costs.

The fixed income portion of the Portfolio underperformed its benchmark during the period. In fixed income, allocation to corporate credit sectors and issuers, including High Yield (“HY”) bonds, was the main source of negative performance. Overweight allocations to the Communications, Finance Companies, and Consumer Non-Cyclical sectors detracted from relative returns. Within Communications, holdings of Dish Network Corp. weighed on performance as it significantly underperformed the broader telemedia space, reflecting the secular decline of the company’s challenged satellite video business. Within the Finance Companies sector, holdings of Unifin detracted as the Mexican leasing firm announced plans to restructure its debt. Holdings of pharmaceutical companies such as Bausch Health and Teladoc Health in the Consumer Non-Cyclical sector detracted due to political headwinds within the industry. Overweight positioning in the South Korean won and Australian dollar modestly detracted from performance.

BHFTI-1

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

Yield curve and duration positioning was the primary source of positive relative performance for the period. In particular, underweight duration positioning in the euro, British pound sterling, and Japanese yen-pay markets contributed to performance. Positioning towards the long end of the yield curve in the U.S. dollar-pay market was beneficial. Currency allocation was another driver of positive relative performance during the period, as the U.S. dollar strengthened against the majority of developed market currencies. Particularly helpful to performance was an underweight allocation to the Japanese yen, euro, and British pound sterling, all of which depreciated significantly against the U.S. dollar over the period.

As a result of our fundamental analysis, the following equity securities were added and sold out of the Portfolio during the 12-month period: We added Azenta, Adobe, Vinci (France), JPMorgan Chase, BlackRock, Schneider Electric (France), and Nike. We eliminated PayPal, Mercari (Japan), Descartes Group (Canada), Vail Resorts, Verisign, Meta Platforms, Copart, Canada Goose (Canada), Azenta, HDFC Bank (India), Dropbox, and AIA Group (Hong Kong).

In the fixed income portion of the Portfolio, we increased credit beta when global corporate spreads approached roughly 150 basis points based on increasingly attractive valuations and a view towards a short-term resolution of the geopolitical conflict in Ukraine. The spread widening quickly reversed and tightening occurred rapidly. As a result, we reduced credit beta risk as valuations had approached fair value given the current market backdrop. The Portfolio began the year with a defensive underweight duration position. As yields and spreads moved sharply higher, we reduced the duration underweight. Later in the year, we moved to a neutral duration positioning given our expectation for further monetary policy tightening by major central banks.

During the reporting period, foreign exchange forwards were used to manage active currency positions, which detracted from performance during the year. They were used primarily to limit exposure to non-U.S. dollar currencies, but on occasion to gain exposure to a benchmark currency lacking attractive cash bonds. U.S. Treasury futures were used to allow flexibility in changing the overall duration of the Portfolio without having to alter the underlying investments in the Portfolio.

The Portfolio was positioned largely toward equities at the end of the period, which aligned with its long-term performance objective; the target asset allocation was 68% equities, 14.5% U.S. fixed income, and 17.5% non-U.S. fixed income. Equity exposure was primarily concentrated in the IT, Consumer Discretionary, and Health Care sectors. We did not own securities in the Real Estate, Utilities and Energy sectors. In fixed income, we continued to sell shorter government bond positions to buy higher yielding corporate bonds in a variety of markets, including the Eurozone. This portion of the Portfolio held a 63% allocation in Investment Grade bonds and 37% in HY bonds at period end.

Matt Eagan

David Rolley

Eileen Riley

Lee Rosenbaum

Portfolio Managers

Loomis, Sayles & Company, L.P.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The MSCI World Index is a capitalization weighted index that measures performance of stocks from developed countries around the world. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

² The FTSE World Government Bond Index measures the performance of fixed-rate, local currency, investment-grade sovereign bonds.

BHFTI-2

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI WORLD INDEX & THE FTSE WORLD GOVERNMENT BOND INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Loomis Sayles Global Allocation Portfolio
Class A		–23.12		4.21		7.00
Class B		–23.30		3.95		6.73
MSCI World Index		–18.14		6.14		8.85
FTSE World Government Bond Index		–18.26		–2.54		–1.22

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Equity Sectors

	% of Net Assets
Information Technology		21.0
Consumer Discretionary		10.4
Health Care		9.2
Financials		8.7
Industrials		7.2

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		18.1
Foreign Government		7.1
U.S. Treasury & Government Agencies		3.3
Convertible Bonds		2.4
Municipals		0.2

BHFTI-3

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Loomis Sayles Global Allocation Portfolio		Annualized Expense Ratio		Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.79%		$1,000.00		$1,021.30		$4.02
	Hypothetical*		0.79%		$1,000.00		$1,021.22		$4.02
Class B (a)	Actual		1.04%		$1,000.00		$1,020.00		$5.30
	Hypothetical*		1.04%		$1,000.00		$1,019.96		$5.30

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—67.1% of Net Assets

Security Description	Shares		Value
Banks—2.4%
JPMorgan Chase & Co.		45,917	$	6,157,470
Zions Bancorp N.A.		49,587		2,437,697
				8,595,167
Capital Markets—6.4%
BlackRock, Inc.		8,245		5,842,654
Goldman Sachs Group, Inc. (The)		18,883		6,484,045
S&P Global, Inc.		31,329		10,493,335
				22,820,034
Chemicals—4.6%
Linde plc		33,081		10,790,361
Sherwin-Williams Co. (The)		24,594		5,836,894
				16,627,255
Construction & Engineering—1.5%
Vinci S.A.		54,904		5,483,538
Electrical Equipment—0.5%
Schneider Electric SE		12,423		1,747,164
Electronic Equipment, Instruments & Components—0.6%
Halma plc		88,062		2,104,208
Food & Staples Retailing—1.9%
Costco Wholesale Corp.		14,985		6,840,652
Health Care Providers & Services—2.5%
UnitedHealth Group, Inc.		16,636		8,820,074
Hotels, Restaurants & Leisure—2.0%
Airbnb, Inc. - Class A (a)		85,128		7,278,444
Interactive Media & Services—2.5%
Alphabet, Inc. - Class A (a)		101,072		8,917,583
Internet & Direct Marketing Retail—2.2%
Amazon.com, Inc. (a)		92,040		7,731,360
IT Services—7.3%
Accenture plc - Class A		34,891		9,310,314
MasterCard, Inc. - Class A		30,225		10,510,139
Nomura Research Institute, Ltd.		268,400		6,380,533
				26,200,986
Life Sciences Tools & Services—6.8%
Danaher Corp.		35,936		9,538,133
IQVIA Holdings, Inc. (a)		38,859		7,961,821
Mettler-Toledo International, Inc. (a)		4,707		6,803,733
				24,303,687
Machinery — 5.2%
Atlas Copco AB - A Shares		718,521		8,506,828
Machinery—(Continued)
Cummins, Inc.		41,142		9,968,295
				18,475,123
Personal Products—1.5%
Estee Lauder Cos., Inc. (The) - Class A		22,148		5,495,140
Semiconductors & Semiconductor Equipment—7.4%
ASML Holding NV		20,402		11,043,663
NVIDIA Corp.		40,967		5,986,917
Taiwan Semiconductor Manufacturing Co., Ltd.		396,000		5,771,561
Texas Instruments, Inc.		22,895		3,782,712
				26,584,853
Software—5.7%
Adobe, Inc. (a)		11,485		3,865,047
Dassault Systemes SE		59,376		2,141,518
Roper Technologies, Inc.		16,054		6,936,773
Salesforce, Inc. (a)		56,832		7,535,355
				20,478,693
Specialty Retail—2.7%
Home Depot, Inc. (The)		31,074		9,815,034
Textiles, Apparel & Luxury Goods—3.4%
LVMH Moet Hennessy Louis Vuitton SE		12,816		9,310,118
NIKE, Inc. - Class B		26,011		3,043,547
				12,353,665
Total Common Stocks (Cost $213,518,055)				240,672,660
Corporate Bonds & Notes—18.1%
Aerospace/Defense — 0.2%
Boeing Co. (The) 3.100%, 05/01/26		20,000		18,819
3.250%, 02/01/35		5,000		3,803
3.550%, 03/01/38		20,000		14,735
3.625%, 03/01/48		5,000		3,271
3.750%, 02/01/50		10,000		6,866
3.850%, 11/01/48		85,000		58,344
3.950%, 08/01/59		70,000		47,006
5.150%, 05/01/30		5,000		4,878
Embraer Netherlands Finance B.V. 5.050%, 06/15/25		370,000		359,089
TransDigm, Inc. 6.250%, 03/15/26 (144A)		55,000		54,240
				571,051
Agriculture — 0.0%
Darling Ingredients, Inc. 6.000%, 06/15/30 (144A)		10,000		9,775

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Airlines—0.3%
Air Canada Pass-Through Trust 3.300%, 01/15/30 (144A)		182,896	$	156,134
4.125%, 12/15/27 (144A)		120,148		98,387
American Airlines Pass-Through Trust
3.700%, 10/15/25		65,403		58,768
3.750%, 10/15/25		139,521		124,437
4.950%, 02/15/25		87,635		82,404
Mileage Plus Holdings LLC /Mileage Plus Intellectual Property Assets,  Ltd. 6.500%, 06/20/27 (144A)		256,500		255,013
U.S. Airways Pass-Through Trust 5.900%, 10/01/24		31,674		30,635
United Airlines Pass-Through Trust 3.650%, 10/07/25		57,176		50,395
5.875%, 10/15/27		205,500		202,611
				1,058,784
Auto Manufacturers—0.5%
Allison Transmission, Inc. 4.750%, 10/01/27 (144A)		105,000		97,371
Ford Motor Co. 3.250%, 02/12/32		25,000		18,749
6.625%, 10/01/28 (b)		215,000		212,551
General Motors Co. 5.200%, 04/01/45		265,000		215,384
6.250%, 10/02/43		55,000		50,849
General Motors Financial of Canada, Ltd. 3.250%, 11/07/23 (CAD)		110,000		79,534
Hyundai Capital America 0.875%, 06/14/24 (144A)		350,000		326,449
2.650%, 02/10/25 (144A) (b)		110,000		103,443
2.750%, 09/27/26 (144A)		500,000		446,916
6.375%, 04/08/30 (144A)		175,000		177,327
Kia Corp. 1.750%, 10/16/26 (144A)		200,000		171,834
				1,900,407
Auto Parts & Equipment—0.1%
Aptiv plc 1.600%, 09/15/28 (EUR)		100,000		93,267
Goodyear Tire & Rubber Co. (The) 7.000%, 03/15/28		105,000		104,550
				197,817
Banks—2.8%
ANZ New Zealand International Ltd. 1.250%, 06/22/26 (144A) (b)		375,000		327,608
Banco de Chile 2.990%, 12/09/31 (144A)		200,000		170,115
Banco Santander Chile 3.177%, 10/26/31 (144A)		250,000		212,813
Banco Santander S.A. 1.722%, 1Y H15 + 0.900%, 09/14/27 (c)		200,000		170,833
Bank of America Corp. 2.482%, 5Y H15 + 1.200%, 09/21/36 (c)		102,000		74,946
Bank of Montreal 0.949%, SOFR + 0.603%, 01/22/27 (c)		500,000		441,445
Banks—(Continued)
Barclays plc 3.650%, 03/16/25		225,000	$	216,145
BNP Paribas S.A. 4.625%, 03/13/27 (144A)		355,000		336,638
Cooperative Rabobank UA 4.375%, 08/04/25		350,000		341,618
Credit Agricole S.A. 4.375%, 03/17/25 (144A)		200,000		192,929
Credit Suisse Group AG 2.193%, SOFR + 2.044%, 06/05/26 (144A) (c)		250,000		213,523
3.091%, SOFR + 1.730%, 05/14/32 (144A) (c)		520,000		359,292
9.016%, SOFR + 5.020%, 11/15/33 (144A) (c)		250,000		255,967
Deutsche Bank AG 2.552%, SOFR + 1.318%, 01/07/28 (c)		170,000		144,508
3.729%, SOFR + 2.757%, 01/14/32 (c)		404,000		296,218
DNB Bank ASA 1.535%, 1Y H15 + 0.720%, 05/25/27 (144A) (c)		410,000		356,364
ING Groep NV 1.400%, 1Y H15 + 1.100%, 07/01/26 (144A) (c)		205,000		184,299
Kookmin Bank 1.375%, 05/06/26 (144A)		315,000		280,397
Kreditanstalt fuer Wiederaufbau 1.250%, 08/28/23 (NOK)		4,220,000		424,856
Lloyds Banking Group plc 3.870%, 1Y H15 + 3.500%, 07/09/25 (c)		200,000		193,574
Macquarie Group, Ltd. 1.629%, SOFR + 0.910%, 09/23/27 (144A) (c)		425,000		362,011
2.871%, SOFR + 1.532%, 01/14/33 (144A) (c)		505,000		387,427
Mitsubishi UFJ Financial Group, Inc. 1.640%, 1Y H15 + 0.670%, 10/13/27 (b)(c)		300,000		259,819
2.341%, 1Y H15 + 0.830%, 01/19/28 (c)		245,000		215,645
Mizuho Financial Group, Inc. 2.564%, 09/13/31		205,000		156,212
NatWest Markets plc 0.800%, 08/12/24 (144A)		200,000		185,295
Nordea Bank Abp 0.750%, 08/28/25 (144A)		410,000		365,807
3.600%, 06/06/25 (144A)		205,000		197,823
Santander Holdings U.S.A., Inc. 3.450%, 06/02/25		100,000		95,289
Societe Generale S.A. 4.750%, 11/24/25 (144A)		260,000		249,559
Standard Chartered plc 3.125%, 11/19/24 (EUR)		250,000		262,621
3.971%, 1Y H15 + 1.650%, 03/30/26 (144A) (c)		200,000		191,029
Sumitomo Mitsui Financial Group, Inc. 1.402%, 09/17/26		310,000		269,953
TC Ziraat Bankasi AS 5.375%, 03/02/26 (144A)		250,000		225,708
Toronto-Dominion Bank (The) 1.950%, 01/12/27 (b)		730,000		650,445
UniCredit S.p.A. 7.296%, 5Y USD ICE Swap + 4.914%, 04/02/34 (144A) (b) (c)		325,000		297,860
Westpac Banking Corp. 1.953%, 11/20/28		400,000		340,157
				9,906,748

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Beverages—0.1%
Anheuser-Busch InBev S.A. 2.000%, 01/23/35 (EUR)		345,000	$	298,765
Diageo Capital plc 2.125%, 04/29/32 (b)		200,000		159,280
				458,045
Building Materials—0.2%
Cemex S.A.B. de C.V. 3.875%, 07/11/31 (144A)		400,000		337,614
JELD-WEN, Inc. 4.875%, 12/15/27 (144A)		75,000		56,450
Masco Corp. 6.500%, 08/15/32		8,000		8,189
7.750%, 08/01/29		94,000		102,744
Summit Materials LLC / Summit Materials Finance Corp. 5.250%, 01/15/29 (144A)		295,000		274,653
				779,650
Chemicals—0.3%
Albemarle Corp. 5.050%, 06/01/32		200,000		188,498
Ashland LLC 3.375%, 09/01/31 (144A)		160,000		127,883
Braskem Netherlands Finance B.V. 4.500%, 01/10/28		200,000		179,342
4.500%, 01/31/30		200,000		170,092
Celanese U.S. Holdings LLC 6.330%, 07/15/29		40,000		38,866
6.379%, 07/15/32		30,000		28,528
Orbia Advance Corp. S.A.B. de C.V. 1.875%, 05/11/26 (144A)		210,000		181,387
4.000%, 10/04/27		200,000		184,366
				1,098,962
Commercial Services—0.1%
Adani Ports & Special Economic Zone, Ltd. 3.100%, 02/02/31 (144A)		200,000		146,624
4.200%, 08/04/27		280,000		245,776
Block, Inc. 3.500%, 06/01/31		55,000		43,886
Gartner, Inc. 3.625%, 06/15/29 (144A)		10,000		8,787
TriNet Group, Inc. 3.500%, 03/01/29 (144A)		85,000		69,887
				514,960
Computers—0.0%
Seagate HDD Cayman 4.091%, 06/01/29		10,000		8,290
9.625%, 12/01/32		7,650		8,390
Western Digital Corp. 2.850%, 02/01/29		10,000		7,737
3.100%, 02/01/32		10,000		7,188
				31,605
Cosmetics/Personal Care—0.0%
Avon Products, Inc. 8.450%, 03/15/43		40,000	$	38,296
Diversified Financial Services—1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.000%, 10/29/28		160,000		134,044
3.300%, 01/30/32		260,000		203,258
Aircastle, Ltd. 5.250%, 5Y H15 + 4.410%, 06/15/26 (144A) (c)		35,000		26,950
Ally Financial, Inc. 4.700%, 5Y H15 + 3.868%, 05/15/26 (c)		125,000		83,594
4.700%, 7Y H15 + 3.481%, 05/15/28 (c)		105,000		65,756
Antares Holdings L.P. 6.000%, 08/15/23 (144A)		255,000		251,371
Brookfield Finance I U.K. plc / Brookfield Finance, Inc. 2.340%, 01/30/32		175,000		133,226
Brookfield Finance, Inc. 3.900%, 01/25/28		185,000		169,628
Nationstar Mortgage Holdings, Inc. 5.500%, 08/15/28 (144A)		130,000		106,004
Navient Corp. 5.625%, 08/01/33		215,000		153,163
Nomura Holdings, Inc. 2.710%, 01/22/29		245,000		204,138
OneMain Finance Corp. 3.500%, 01/15/27 (b)		295,000		244,251
4.000%, 09/15/30		40,000		29,846
5.625%, 03/15/23		135,000		134,515
8.250%, 10/01/23		65,000		65,321
Power Finance Corp., Ltd. 3.950%, 04/23/30 (144A)		200,000		175,123
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. 2.875%, 10/15/26 (144A)		495,000		424,295
3.625%, 03/01/29 (144A)		15,000		11,887
3.625%, 03/01/29		720,000		570,555
3.875%, 03/01/31 (144A)		1,330,000		1,015,156
4.000%, 10/15/33 (144A)		370,000		276,338
Shriram Finance, Ltd. 4.400%, 03/13/24		245,000		235,719
Unifin Financiera S.A.B. de C.V. 7.250%, 09/27/23 (d)		245,000		7,656
9.875%, 01/28/29 (d)		250,000		6,250
				4,728,044
Electric—0.6%
AES Corp. (The) 3.950%, 07/15/30 (144A)		20,000		17,640
CEZ A/S 0.875%, 12/02/26 (EUR)		175,000		160,728
3.000%, 06/05/28 (EUR)		125,000		120,456
Colbun S.A. 3.150%, 03/06/30		295,000		254,966
Edison International 4.950%, 04/15/25		20,000		19,668
EDP Finance B.V. 1.710%, 01/24/28 (144A)		205,000		169,190

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Empresas Publicas de Medellin E.S.P. 4.250%, 07/18/29 (144A)		200,000	$	158,750
Enel Chile S.A. 4.875%, 06/12/28		110,000		107,195
Engie Energia Chile S.A. 3.400%, 01/28/30		305,000		249,030
Engie S.A. 1.250%, 10/24/41 (EUR)		200,000		126,163
Korea East-West Power Co., Ltd. 1.750%, 05/06/25 (144A)		200,000		184,439
Naturgy Finance B.V. 1.500%, 01/29/28 (EUR)		200,000		190,000
Orsted AS 2.125%, 05/17/27 (GBP)		215,000		232,869
Pacific Gas and Electric Co. 5.450%, 06/15/27		35,000		34,514
				2,025,608
Energy-Alternate Sources—0.0%
Aydem Yenilenebilir Enerji AS 7.750%, 02/02/27 (144A)		210,000		170,957
Engineering & Construction—0.2%
Cellnex Telecom S.A. 1.750%, 10/23/30 (EUR)		400,000		331,540
Fraport AG Frankfurt Airport Services Worldwide 1.875%, 03/31/28 (EUR)		355,000		326,012
Sydney Airport Finance Co. Pty, Ltd. 3.375%, 04/30/25 (144A)		40,000		37,927
TopBuild Corp. 4.125%, 02/15/32 (144A)		40,000		32,504
				727,983
Entertainment—0.1%
Everi Holdings, Inc. 5.000%, 07/15/29 (144A)		10,000		8,590
Scientific Games International, Inc. 7.000%, 05/15/28 (144A)		110,000		104,930
7.250%, 11/15/29 (144A)		60,000		57,600
Warnermedia Holdings, Inc. 4.279%, 03/15/32 (144A)		155,000		127,683
				298,803
Environmental Control—0.1%
Covanta Holding Corp. 4.875%, 12/01/29 (144A)		230,000		188,432
Food—0.3%
BRF S.A. 4.875%, 01/24/30		365,000		307,821
Fonterra Co-operative Group, Ltd. 5.500%, 02/26/24 (AUD)		500,000		343,791
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc. 3.750%, 12/01/31 (144A) (b)		85,000		69,437
Food—(Continued)
Pilgrim’s Pride Corp. 3.500%, 03/01/32 (144A)		125,000		97,813
4.250%, 04/15/31 (144A)		40,000		34,022
Post Holdings, Inc. 4.500%, 09/15/31 (144A)		105,000		88,269
Sigma Alimentos S.A. de C.V. 4.125%, 05/02/26		200,000		189,501
				1,130,654
Forest Products & Paper—0.3%
Celulosa Arauco y Constitucion S.A. 4.500%, 08/01/24 (b)		200,000		196,912
Inversiones CMPC S.A. 4.375%, 05/15/23 (144A)		400,000		397,600
Suzano Austria GmbH 2.500%, 09/15/28		255,000		214,549
3.125%, 01/15/32		125,000		97,451
3.750%, 01/15/31		60,000		50,336
				956,848
Healthcare-Products—0.0%
DH Europe Finance II S.a.r.l. 0.750%, 09/18/31 (EUR)		140,000		116,923
Healthcare-Services—0.1%
Catalent Pharma Solutions, Inc. 3.125%, 02/15/29 (144A)		55,000		43,793
Centene Corp. 2.500%, 03/01/31		275,000		215,180
2.625%, 08/01/31		5,000		3,929
3.000%, 10/15/30		115,000		94,271
Charles River Laboratories International, Inc. 3.750%, 03/15/29 (144A)		20,000		17,688
4.000%, 03/15/31 (144A)		20,000		17,300
Molina Healthcare, Inc. 3.875%, 05/15/32 (144A)		55,000		45,674
Tenet Healthcare Corp. 6.250%, 02/01/27 (144A)		15,000		14,408
				452,243
Holding Companies-Diversified—0.1%
CK Hutchison International 19, Ltd. 3.625%, 04/11/29 (144A) (b)		225,000		207,700
Home Builders — 0.0%
Beazer Homes USA, Inc. 7.250%, 10/15/29		120,000		106,738
Household Products/Wares—0.0%
Kimberly-Clark de Mexico S.A.B. de C.V. 2.431%, 07/01/31		200,000		159,882
Insurance—0.3%
AIA Group, Ltd. 3.200%, 03/11/25 (144A)		200,000		191,776

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
AIA Group, Ltd. 3.600%, 04/09/29		200,000	$	181,865
3.900%, 04/06/28 (144A)		260,000		244,121
Athene Global Funding 1.608%, 06/29/26 (144A)		100,000		86,257
1.716%, 01/07/25 (144A)		230,000		212,201
				916,220
Internet—1.3%
Alibaba Group Holding, Ltd. 3.400%, 12/06/27 (b)		240,000		220,768
Baidu, Inc. 3.875%, 09/29/23		200,000		197,620
Expedia Group, Inc. 2.950%, 03/15/31 (b)		400,000		321,652
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.500%, 03/01/29 (144A)		95,000		79,533
Netflix, Inc. 4.875%, 04/15/28		140,000		135,182
4.875%, 06/15/30 (144A)		265,000		247,139
5.375%, 11/15/29 (144A)		30,000		29,100
5.875%, 11/15/28		25,000		25,338
6.375%, 05/15/29		45,000		46,318
Tencent Holdings, Ltd. 2.985%, 01/19/23 (144A)		200,000		199,824
3.280%, 04/11/24 (144A)		200,000		195,131
Uber Technologies, Inc. 4.500%, 08/15/29 (144A)		1,285,000		1,119,563
6.250%, 01/15/28 (144A) (b)		780,000		748,800
7.500%, 09/15/27 (144A)		730,000		730,511
8.000%, 11/01/26 (144A)		15,000		15,051
Weibo Corp. 3.500%, 07/05/24		200,000		193,731
				4,505,261
Investment Companies—0.7%
Ares Capital Corp. 3.200%, 11/15/31		235,000		172,455
Barings BDC, Inc. 3.300%, 11/23/26		60,000		50,855
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		1,185,000		1,002,095
5.250%, 05/15/27		180,000		164,808
Owl Rock Capital Corp. 2.875%, 06/11/28		225,000		176,664
4.250%, 01/15/26		480,000		440,649
Owl Rock Technology Finance Corp. 2.500%, 01/15/27		160,000		130,430
4.750%, 12/15/25 (144A)		230,000		208,260
				2,346,216
Iron/Steel—0.0%
ArcelorMittal 6.750%, 03/01/41		95,000		91,609
Leisure Time—0.3%
Carnival Corp. 5.750%, 03/01/27 (144A)		55,000		39,272
Leisure Time—(Continued)
NCL Corp., Ltd. 5.875%, 03/15/26 (144A)		425,000		333,825
5.875%, 02/15/27 (144A)		220,000		190,586
NCL Finance, Ltd. 6.125%, 03/15/28 (144A)		85,000		62,749
Royal Caribbean Cruises, Ltd. 4.250%, 07/01/26 (144A)		260,000		210,170
5.500%, 04/01/28 (144A)		450,000		359,120
				1,195,722
Lodging—0.3%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower ESC 4.875%, 07/01/31 (144A)		70,000		57,131
5.000%, 06/01/29 (144A)		50,000		43,000
Marriott Ownership Resorts, Inc. 4.500%, 06/15/29 (144A)		95,000		78,814
Travel + Leisure Co. 4.500%, 12/01/29 (144A)		1,195,000		973,722
4.625%, 03/01/30 (144A)		65,000		53,903
6.625%, 07/31/26 (144A)		5,000		4,891
				1,211,461
Machinery-Diversified—0.0%
John Deere Capital Corp. 0.450%, 06/07/24		125,000		117,478
Media—1.6%
CCO Holdings LLC / CCO Holdings Capital Corp. 4.250%, 02/01/31 (144A)		1,325,000		1,062,802
4.250%, 01/15/34 (144A)		225,000		166,060
4.500%, 08/15/30 (144A)		275,000		227,193
4.750%, 02/01/32 (144A)		135,000		109,444
5.125%, 05/01/27 (144A)		60,000		55,924
5.500%, 05/01/26 (144A)		25,000		24,203
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 2.300%, 02/01/32 (b)		15,000		11,048
2.800%, 04/01/31		30,000		23,355
3.950%, 06/30/62		115,000		67,839
4.400%, 04/01/33 (b)		20,000		17,113
4.400%, 12/01/61		635,000		406,193
CSC Holdings LLC 4.625%, 12/01/30 (144A)		2,495,000		1,378,822
5.375%, 02/01/28 (144A)		200,000		161,250
6.500%, 02/01/29 (144A)		200,000		163,500
Directv Financing LLC / Directv Financing Co-Obligor, Inc. 5.875%, 08/15/27 (144A)		40,000		35,786
DISH DBS Corp. 5.125%, 06/01/29		395,000		254,818
5.250%, 12/01/26 (144A)		560,000		471,708
Grupo Televisa S.A.B. 7.250%, 05/14/43 (MXN)		6,000,000		188,746
iHeartCommunications, Inc. 4.750%, 01/15/28 (144A)		135,000		109,936

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
iHeartCommunications, Inc. 5.250%, 08/15/27 (144A)		75,000	$	63,531
8.375%, 05/01/27		210,000		178,590
Telecomunicaciones Digitales S.A. 4.500%, 01/30/30 (144A)		200,000		179,650
Time Warner Cable LLC 4.500%, 09/15/42		45,000		32,945
5.500%, 09/01/41		30,000		24,896
Videotron, Ltd. 5.125%, 04/15/27 (144A)		230,000		217,242
				5,632,594
Mining—0.7%
Anglo American Capital plc 2.625%, 09/10/30 (144A)		200,000		162,537
5.625%, 04/01/30 (144A)		200,000		198,547
AngloGold Ashanti Holdings plc 3.375%, 11/01/28		300,000		261,512
Antofagasta plc 5.625%, 05/13/32		200,000		196,159
Corp. Nacional del Cobre de Chile 3.000%, 09/30/29 (144A)		285,000		248,934
FMG Resources Pty, Ltd. 4.375%, 04/01/31 (144A)		85,000		70,693
Freeport-McMoRan, Inc. 4.375%, 08/01/28		325,000		303,345
5.400%, 11/14/34 (b)		745,000		703,565
Glencore Funding LLC 1.625%, 09/01/25 (144A)		410,000		371,087
Novelis Corp. 4.750%, 01/30/30 (144A) (b)		50,000		44,328
				2,560,707
Multi-National—0.4%
International Bank for Reconstruction & Development 1.200%, 07/22/26 (CAD)		1,315,000		883,060
Nordic Investment Bank 1.500%, 03/13/25 (NOK)		4,930,000		484,097
				1,367,157
Oil & Gas—1.0%
Continental Resources, Inc. 2.875%, 04/01/32 (144A)		296,000		219,244
5.750%, 01/15/31 (144A)		485,000		451,467
Ecopetrol S.A. 5.875%, 05/28/45		325,000		226,219
Empresa Nacional del Petroleo 3.450%, 09/16/31 (144A)		205,000		172,351
EQT Corp. 3.125%, 05/15/26 (144A)		10,000		9,190
3.625%, 05/15/31 (144A)		155,000		131,353
3.900%, 10/01/27		60,000		55,390
5.000%, 01/15/29		35,000		32,856
5.678%, 10/01/25		30,000		29,854
Oil & Gas—(Continued)
EQT Corp. 5.700%, 04/01/28		20,000		19,892
6.125%, 02/01/25		20,000		20,047
Equinor ASA 3.625%, 04/06/40		355,000		291,773
Occidental Petroleum Corp.
6.625%, 09/01/30		285,000		294,513
7.500%, 05/01/31		5,000		5,342
7.875%, 09/15/31		40,000		44,160
8.875%, 07/15/30		235,000		265,316
Ovintiv, Inc.
6.500%, 08/15/34		105,000		105,656
6.500%, 02/01/38		5,000		4,954
6.625%, 08/15/37		25,000		25,144
7.200%, 11/01/31		5,000		5,248
7.375%, 11/01/31		10,000		10,644
8.125%, 09/15/30		10,000		10,973
Petroleos Mexicanos 5.950%, 01/28/31		450,000		340,582
QatarEnergy Trading LLC 2.250%, 07/12/31 (144A)		305,000		252,376
Raizen Fuels Finance S.A. 5.300%, 01/20/27 (144A)		200,000		194,250
Southwestern Energy Co. 4.750%, 02/01/32		30,000		25,638
Thaioil Treasury Center Co., Ltd. 3.625%, 01/23/23 (144A)		350,000		349,657
				3,594,089
Packaging & Containers—0.0%
Silgan Holdings, Inc. 3.250%, 03/15/25 (EUR)		100,000		103,511
Pharmaceuticals—0.9%
Bausch Health Cos., Inc. 4.875%, 06/01/28 (144A)		805,000		512,014
5.000%, 01/30/28 (144A)		340,000		163,198
7.000%, 01/15/28 (144A)		275,000		132,921
Teva Pharmaceutical Finance Co. LLC 6.150%, 02/01/36		250,000		219,767
Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/01/26		495,000		432,877
4.100%, 10/01/46		2,080,000		1,271,764
4.750%, 05/09/27		750,000		677,925
				3,410,466
Pipelines—0.3%
Abu Dhabi Crude Oil Pipeline LLC 3.650%, 11/02/29		385,000		359,975
DCP Midstream Operating L.P. 3.250%, 02/15/32		230,000		190,240
5.125%, 05/15/29		55,000		53,005
EnLink Midstream Partners L.P. 5.450%, 06/01/47		60,000		48,195

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Hess Midstream Operations L.P. 4.250%, 02/15/30 (144A)		65,000	$	55,570
5.625%, 02/15/26 (144A)		40,000		38,964
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 4.875%, 02/01/31		15,000		13,544
5.500%, 03/01/30		20,000		18,818
Western Midstream Operating L.P. 4.300%, 02/01/30		60,000		52,375
5.300%, 03/01/48		80,000		65,778
5.450%, 04/01/44		15,000		12,461
5.500%, 08/15/48		10,000		8,300
5.500%, 02/01/50		50,000		41,190
				958,415
Real Estate—0.3%
Blackstone Property Partners Europe Holdings Sarl 1.625%, 04/20/30 (EUR)		215,000		157,111
Goodman Australia Industrial Fund Bond Issuer Pty, Ltd. 3.400%, 09/30/26 (144A)		215,000		197,402
Heimstaden Bostad Treasury B.V. 1.375%, 07/24/28 (EUR)		210,000		167,795
Logicor Financing Sarl 1.625%, 01/17/30 (EUR)		215,000		167,299
Shimao Group Holdings, Ltd. 3.450%, 01/11/31 (d)		285,000		50,448
Sunac China Holdings, Ltd. 5.950%, 04/26/24 (d)		225,000		47,596
Vonovia SE 0.750%, 09/01/32 (EUR)		200,000		141,826
				929,477
Real Estate Investment Trusts—0.3%
EPR Properties 3.600%, 11/15/31		30,000		21,735
GLP Capital L.P. / GLP Financing II, Inc. 3.250%, 01/15/32 (b)		45,000		35,972
Iron Mountain, Inc. 4.875%, 09/15/29 (144A)		125,000		109,025
Prologis Euro Finance LLC 0.250%, 09/10/27 (EUR)		320,000		286,696
0.375%, 02/06/28 (EUR)		110,000		97,614
Prologis L.P. 2.250%, 06/30/29 (GBP)		135,000		136,477
Realty Income Corp. 1.625%, 12/15/30 (GBP)		125,000		112,553
SBA Communications Corp. 3.125%, 02/01/29		175,000		145,511
VICI Properties L.P. / VICI Note Co., Inc. 4.250%, 12/01/26 (144A)		90,000		83,963
4.500%, 09/01/26 (144A)		75,000		70,581
4.625%, 06/15/25 (144A)		60,000		57,525
5.625%, 05/01/24 (144A) (b)		60,000		59,415
				1,217,067
Retail—0.1%
1011778 BC ULC / New Red Finance, Inc. 4.000%, 10/15/30 (144A)		80,000		64,785
Lithia Motors, Inc. 3.875%, 06/01/29 (144A)		35,000		28,774
Yum! Brands, Inc. 4.625%, 01/31/32		175,000		154,687
				248,246
Semiconductors—0.2%
Broadcom, Inc. 3.187%, 11/15/36 (144A)		85,000		61,055
SK Hynix, Inc. 2.375%, 01/19/31 (144A)		300,000		219,949
TSMC Arizona Corp. 2.500%, 10/25/31		200,000		163,674
4.125%, 04/22/29		330,000		313,420
				758,098
Software—0.1%
MSCI, Inc. 3.250%, 08/15/33 (144A)		50,000		38,613
Open Text Corp. 6.900%, 12/01/27		85,000		85,000
Oracle Corp. 3.950%, 03/25/51		140,000		99,741
6.150%, 11/09/29		130,000		134,936
				358,290
Telecommunications—1.5%
America Movil S.A.B. de C.V. 2.125%, 03/10/28 (EUR)		235,000		231,144
2.875%, 05/07/30		200,000		169,788
Bharti Airtel, Ltd. 3.250%, 06/03/31		305,000		257,789
CommScope Technologies LLC 5.000%, 03/15/27 (144A)		580,000		393,937
CommScope, Inc. 4.750%, 09/01/29 (144A)		900,000		725,580
7.125%, 07/01/28 (144A) (b)		65,000		46,466
KT Corp. 2.500%, 07/18/26 (144A)		210,000		191,625
Millicom International Cellular S.A. 6.250%, 03/25/29 (144A)		180,000		172,084
6.625%, 10/15/26		180,000		177,944
MTN Mauritius Investments, Ltd. 4.755%, 11/11/24		200,000		194,460
4.755%, 11/11/24 (144A)		400,000		388,920
Ooredoo International Finance, Ltd. 2.625%, 04/08/31 (144A) (b)		250,000		214,590
T-Mobile USA, Inc. 2.400%, 03/15/29		40,000		33,757
2.700%, 03/15/32		75,000		60,596

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
T-Mobile USA, Inc. 3.375%, 04/15/29		970,000	$	854,346
3.500%, 04/15/31		425,000		367,115
3.875%, 04/15/30		355,000		321,564
Turk Telekomunikasyon AS 6.875%, 02/28/25		360,000		338,969
Turkcell Iletisim Hizmetleri AS 5.800%, 04/11/28		215,000		184,879
				5,325,553
Transportation—0.1%
Canadian Pacific Railway Co. 1.750%, 12/02/26		265,000		236,152
Total Corporate Bonds & Notes (Cost $76,605,268)				64,920,704
Foreign Government—7.1%
Banks—0.2%
Corp. Financiera de Desarrollo S.A. 2.400%, 09/28/27 (144A)		365,000		304,319
Export-Import Bank of India 2.250%, 01/13/31 (144A)		310,000		243,554
				547,873
Oil & Gas—0.1%
Korea National Oil Corp. 2.125%, 04/18/27 (144A)		240,000		211,601
Regional Government—0.3%
New South Wales Treasury Corp. 2.000%, 03/08/33 (AUD)		1,480,000		779,816
Province of Quebec Canada 2.300%, 09/01/29 (CAD)		310,000		207,608
				987,424
Sovereign—6.5%
Australia Government Bonds 0.500%, 09/21/26 (AUD)		1,150,000		699,230
5.500%, 04/21/23 (AUD)		950,000		651,038
Brazil Notas do Tesouro Nacional 10.000%, 01/01/31 (BRL)		5,875,000		918,559
Brazilian Government International Bonds 4.500%, 05/30/29		340,000		315,029
4.625%, 01/13/28		290,000		277,674
Canadian Government Bond 0.500%, 09/01/25 (CAD)		915,000		619,436
Chile Government International Bond 2.550%, 01/27/32		350,000		286,362
Colombia Government International Bond 3.875%, 04/25/27		200,000		176,991
Sovereign—(Continued)
Colombian TES 6.250%, 11/26/25 (COP)		1,305,500,000		230,366
7.500%, 08/26/26 (COP)		4,868,600,000		857,421
Dominican Republic International Bonds
4.500%, 01/30/30 (144A)		235,000		200,060
4.875%, 09/23/32 (144A)		150,000		124,509
6.000%, 07/19/28 (144A)		200,000		192,484
8.625%, 04/20/27 (144A)		200,000		207,989
Ecuador Government International Bond 5.500%, 07/31/30 (e)		435,000		279,517
Indonesia Government International Bonds
2.850%, 02/14/30		200,000		177,524
4.125%, 01/15/25 (144A)		200,000		197,808
Indonesia Treasury Bonds
7.000%, 09/15/30 (IDR)		5,500,000,000		356,664
7.500%, 05/15/38 (IDR)		6,358,000,000		420,293
Ireland Government Bonds
Zero Coupon, 10/18/31 (EUR)		405,000		334,140
3.400%, 03/18/24 (EUR)		65,000		70,136
Israel Government Bond 1.000%, 03/31/30 (ILS)		1,130,000		267,985
Italy Buoni Poliennali Del Tesoro 1.350%, 04/01/30 (EUR)		895,000		786,768
2.000%, 02/01/28 (EUR)		325,000		317,949
Japanese Government CPI Linked Bond 0.100%, 03/10/28 (JPY) (f)		87,497,980		691,703
Korea Treasury Bonds 0.875%, 12/10/23 (KRW)		500,000,000		384,843
1.125%, 09/10/25 (KRW)		500,000,000		368,835
Mexican Bonos 5.750%, 03/05/26 (MXN)		24,011,500		1,092,297
7.500%, 06/03/27 (MXN)		8,252,400		397,218
8.000%, 12/07/23 (MXN)		1,835,000		91,385
8.500%, 05/31/29 (MXN)		14,420,800		719,549
Mexico Government International Bonds
3.500%, 02/12/34		200,000		160,054
4.000%, 03/15/15 (EUR)		100,000		74,808
New Zealand Government Bonds
0.500%, 05/15/24 (NZD)		1,150,000		686,137
1.500%, 05/15/31 (NZD)		690,000		348,581
3.000%, 04/20/29 (NZD)		455,000		265,509
Nigeria Government International Bond 6.125%, 09/28/28 (144A)		200,000		154,272
Norway Government Bonds
1.750%, 02/17/27 (144A) (NOK)		4,250,000		412,087
2.000%, 04/26/28 (144A) (NOK)		3,965,000		383,152
3.000%, 03/14/24 (144A) (NOK)		1,477,000		150,492
Paraguay Government International Bond 4.950%, 04/28/31 (144A)		200,000		193,276
Peruvian Government International Bonds
2.392%, 01/23/26		125,000		115,058
3.000%, 01/15/34		245,000		192,975
Republic of Italy Government International Bond 2.375%, 10/17/24		280,000		263,533
Republic of Poland Government Bonds
1.250%, 10/25/30 (PLN)		3,000,000		459,516
3.250%, 07/25/25 (PLN)		1,445,000		302,532

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Republic of South Africa Government International Bond 5.750%, 09/30/49		965,000	$	706,091
Romanian Government International Bond 2.000%, 04/14/33 (144A) (EUR)		120,000		82,072
Singapore Government Bonds
2.125%, 06/01/26 (SGD)		1,120,000		816,461
2.750%, 07/01/23 (SGD)		515,000		382,230
South Africa Government Bonds
7.000%, 02/28/31 (ZAR)		11,655,000		553,280
8.875%, 02/28/35 (ZAR)		5,960,000		295,347
Spain Government Bonds
1.600%, 04/30/25 (144A) (EUR)		180,000		187,113
1.950%, 07/30/30 (144A) (EUR)		310,000		301,771
4.400%, 10/31/23 (144A) (EUR)		525,000		569,691
Sweden Government Bond 0.125%, 05/12/31 (144A) (SEK)		4,200,000		333,894
Turkey Government International Bonds
5.250%, 03/13/30		950,000		762,375
7.625%, 04/26/29		200,000		188,172
United Kingdom Gilt
1.500%, 07/22/26 (GBP)		640,000		719,026
2.750%, 09/07/24 (GBP)		215,000		255,935
4.250%, 06/07/32 (GBP)		125,000		158,104
Uruguay Government International Bonds
4.375%, 01/23/31		170,000		168,858
8.250%, 05/21/31 (UYU)		9,950,000		214,930
				23,569,094
Total Foreign Government (Cost $30,359,272)				25,315,992
U.S. Treasury & Government Agencies—3.3%
U.S. Treasury—3.3%
U.S. Treasury Bond 2.250%, 02/15/52		2,100,000		1,460,320
U.S. Treasury Inflation Indexed Notes 0.375%, 07/15/27 (f)		1,242,472		1,170,938
U.S. Treasury Notes
0.125%, 01/31/23 (g)		335,000		333,991
0.125%, 03/31/23		845,000		836,346
0.125%, 04/30/23		510,000		502,988
0.500%, 11/30/23		1,115,000		1,072,752
0.875%, 01/31/24		2,195,000		2,106,085
1.500%, 02/29/24		530,000		510,870
1.875%, 02/15/32		880,000		746,522
2.250%, 03/31/24		3,105,000		3,012,578
Total U.S. Treasury & Government Agencies (Cost $11,994,414)				11,753,390
Convertible Bonds—2.4%
Security Description	Principal Amount*		Value
Airlines—0.3%
JetBlue Airways Corp. 0.500%, 04/01/26		35,000		25,518
Southwest Airlines Co. 1.250%, 05/01/25 (b)		885,000		1,062,885
				1,088,403
Biotechnology—0.6%
BioMarin Pharmaceutical, Inc.
0.599%, 08/01/24		1,590,000		1,687,467
1.250%, 05/15/27 (b)		50,000		53,728
Ionis Pharmaceuticals, Inc. Zero Coupon, 04/01/26		85,000		78,466
Livongo Health, Inc. 0.875%, 06/01/25		520,000		454,376
				2,274,037
Entertainment—0.0%
Penn Entertainment, Inc. 2.750%, 05/15/26		20,000		29,480
Healthcare-Services—0.4%
Teladoc Health, Inc. 1.250%, 06/01/27		1,985,000		1,524,867
Internet—0.2%
Snap, Inc. Zero Coupon, 05/01/27		80,000		55,880
Spotify USA, Inc. Zero Coupon, 03/15/26		70,000		56,350
Uber Technologies, Inc. Zero Coupon, 12/15/25		830,000		699,073
Zillow Group, Inc. 1.375%, 09/01/26		10,000		10,075
				821,378
Leisure Time—0.1%
NCL Corp., Ltd. 1.125%, 02/15/27		540,000		366,552
Peloton Interactive, Inc. Zero Coupon, 02/15/26		15,000		10,632
				377,184
Media—0.7%
Dish Network Corp. Zero Coupon, 12/15/25		975,000		622,050
3.375%, 08/15/26		2,945,000		1,845,042
				2,467,092
Software—0.1%
Bentley Systems, Inc. 0.375%, 07/01/27		5,000		4,070

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Convertible Bonds—(Continued)

Security Description	Shares/ Principal Amount*		Value
Software—(Continued)
Nutanix, Inc. 0.250%, 10/01/27		55,000	$	46,007
RingCentral, Inc. Zero Coupon, 03/15/26		60,000		47,100
Splunk, Inc. 1.125%, 06/15/27		135,000		113,913
				211,090
Total Convertible Bonds (Cost $11,197,192)				8,793,531
Municipals—0.2%
Tobacco Settlement Financing Corp. 6.706%, 06/01/46 (Cost $520,101)		625,000		563,026
Convertible Preferred Stocks—0.1%
Pipelines—0.0%
El Paso Energy Capital Trust I 4.750%, 03/31/28		2,834		127,641
Wireless Telecommunication Services—0.1%
T-Mobile U.S., Inc. 5.250%, 06/01/23 (144A)		250		286,005
Total Convertible Preferred Stocks (Cost $387,094)				413,646
Mortgage-Backed Securities—0.0%
Commercial Mortgage-Backed Securities—0.0%
Institutional Mortgage Securities Canada, Inc. 2.616%, 07/12/47 (144A) (CAD)		67,455		48,983
Total Mortgage-Backed Securities (Cost $62,948)				48,983
Short-Term Investment—1.2%
Repurchase Agreement—1.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $4,419,121; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $4,506,634.		4,418,237		4,418,237
Total Short-Term Investments (Cost $4,418,237)				4,418,237

Securities Lending Reinvestments (h)—0.7%
Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—0.3%
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $239,830; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $244,722.		239,715	$	239,715
HSBC Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $200,094; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $204,096.		200,000		200,000
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $50,024; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $51,193.		50,000		50,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $100,084; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $102,238.		100,000		100,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $200,098; collateralized by various Common Stock with an aggregate market value of $222,569.		200,000		200,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $200,172; collateralized by various Common Stock with an aggregate market value of $222,638.		200,000		200,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $200,098; collateralized by various Common Stock with an aggregate market value of $221,886.		200,000		200,000
				1,189,715
Mutual Funds—0.4%
Allspring Government Money Market Fund, Select Class 4.090% (i)		400,000		400,000
Fidelity Investments Money Market Government Portfolio, Class I 4.060% (i)		250,000		250,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (i)		200,000		200,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (i)		300,000		300,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (i)		200,000		200,000
				1,350,000
Total Securities Lending Reinvestments (Cost $2,539,715)				2,539,715

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Total Investments—100.2% (Cost $351,602,296)		359,439,884
Other assets and liabilities (net)—(0.2)%		(714,774	)
Net Assets—100.0%	$	358,725,110

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $3,746,096 and the collateral received consisted of cash in the amount of $2,539,715 and non-cash collateral with a value of $1,323,262. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(d)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(e)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(f)	Principal amount of security is adjusted for inflation.
(g)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $179,458.
(h)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(i)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $35,861,711, which is 10.0% of net assets.

Country Diversification as of December 31, 2022 (Unaudited)	% of Net Assets
United States		64.1
France		5.5
United Kingdom		4.3
Netherlands		3.2
Sweden		2.5
Japan		2.3
Taiwan		1.7
Mexico		1.3
Australia		1.1
Canada		1.0

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	9,079,000	MSC		03/15/23		USD	9,727,449	$	37,775
GBP	46,000	UBSA		03/15/23		USD	57,208		(1,500	)
JPY	992,160,000	MSC		03/15/23		USD	7,298,270		332,498
Contracts to Deliver
AUD	938,000	HSBCU		03/15/23		USD	628,582		(11,858	)
COP	5,516,862,000	BOA		03/15/23		USD	1,119,380		(3,405	)
IDR	12,100,000,000	UBSA		03/15/23		USD	775,293		(1,259	)
KRW	935,594,000	BOA		03/15/23		USD	716,771		(24,545	)
MXN	29,008,000	BOA		03/15/23		USD	1,439,867		(29,854	)
NZD	660,000	MSC		03/15/23		USD	421,769		2,402
Cross Currency Contracts to Buy
EUR	359,587	MSC		03/15/23		NOK	3,786,000		(851	)
Net Unrealized Appreciation								$	299,403

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Futures Contracts     

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note Ultra 10 Year Futures		03/22/23		15		USD	1,774,219	$	(11,762	)
U.S. Treasury Ultra Long Bond Futures		03/22/23		20		USD	2,686,250		(23,943	)
Net Unrealized Depreciation								$	(35,705	)

Glossary of Abbreviations

Counterparties

(BOA)—	Bank of America N.A.
(HSBCU)—	HSBC Bank USA
(MSC)—	Morgan Stanley & Co.
(UBSA)—	UBS AG

Currencies

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(COP)—	Colombian Peso
(EUR)—	Euro
(GBP)—	British Pound
(IDR)—	Indonesian Rupiah
(ILS)—	Israeli Shekel
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(NOK)—	Norwegian Krone
(NZD)—	New Zealand Dollar
(PLN)—	Polish Zloty
(SEK)—	Swedish Krona
(SGD)—	Singapore Dollar
(USD)—	United States Dollar
(UYU)—	Uruguayan Peso
(ZAR)—	South African Rand

Index Abbreviations

(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(DAC)—	Designated Activity Company
(ICE)—	Intercontinental Exchange, Inc.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
Common Stocks
Banks	$	8,595,167		$	—		$	—	$	8,595,167
Capital Markets		22,820,034			—			—		22,820,034
Chemicals		16,627,255			—			—		16,627,255
Construction & Engineering		—			5,483,538			—		5,483,538
Electrical Equipment		—			1,747,164			—		1,747,164
Electronic Equipment, Instruments & Components		—			2,104,208			—		2,104,208
Food & Staples Retailing		6,840,652			—			—		6,840,652
Health Care Providers & Services		8,820,074			—			—		8,820,074
Hotels, Restaurants & Leisure		7,278,444			—			—		7,278,444
Interactive Media & Services		8,917,583			—			—		8,917,583
Internet & Direct Marketing Retail		7,731,360			—			—		7,731,360
IT Services		19,820,453			6,380,533			—		26,200,986
Life Sciences Tools & Services		24,303,687			—			—		24,303,687
Machinery		9,968,295			8,506,828			—		18,475,123
Personal Products		5,495,140			—			—		5,495,140
Semiconductors & Semiconductor Equipment		9,769,629			16,815,224			—		26,584,853
Software		18,337,175			2,141,518			—		20,478,693
Specialty Retail		9,815,034			—			—		9,815,034
Textiles, Apparel & Luxury Goods		3,043,547			9,310,118			—		12,353,665
Total Common Stocks		188,183,529			52,489,131			—		240,672,660
Total Corporate Bonds & Notes*		—			64,920,704			—		64,920,704
Total Foreign Government*		—			25,315,992			—		25,315,992
Total U.S. Treasury & Government Agencies*		—			11,753,390			—		11,753,390
Total Convertible Bonds*		—			8,793,531			—		8,793,531
Total Municipals*		—			563,026			—		563,026
Convertible Preferred Stocks
Pipelines		127,641			—			—		127,641
Wireless Telecommunication Services		—			286,005			—		286,005
Total Convertible Preferred Stocks		127,641			286,005			—		413,646
Total Mortgage-Backed Securities*		—			48,983			—		48,983
Total Short-Term Investment*		—			4,418,237			—		4,418,237
Securities Lending Reinvestments
Repurchase Agreements		—			1,189,715			—		1,189,715
Mutual Funds		1,350,000			—			—		1,350,000
Total Securities Lending Reinvestments		1,350,000			1,189,715			—		2,539,715
Total Investments	$	189,661,170		$	169,778,714		$	—	$	359,439,884
Collateral for Securities Loaned (Liability)	$	—		$	(2,539,715	)	$	—	$	(2,539,715	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	372,675		$	—	$	372,675
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(73,272	)		—		(73,272	)
Total Forward Contracts	$	—		$	299,403		$	—	$	299,403
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(35,705	)	$	—		$	—	$	(35,705	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	359,439,884
Cash denominated in foreign currencies (c)		824,535
Unrealized appreciation on forward foreign currency exchange contracts		372,675
Receivable for: Fund shares sold		17,838
Dividends and interest		1,481,118
Variation margin on futures contracts		18,184
Prepaid expenses		1,408
Total Assets		362,155,642
Liabilities
Due to custodian		29,141
Unrealized depreciation on forward foreign currency exchange contracts		73,272
Collateral for securities loaned		2,539,715
Payables for: Fund shares redeemed		161,644
Foreign taxes		7,343
Accrued Expenses:
Management fees		214,284
Distribution and service fees		54,096
Deferred trustees’ fees		196,417
Other expenses		154,620
Total Liabilities		3,430,532
Net Assets	$	358,725,110
Net Assets Consist of: Paid in surplus	$	337,966,196
Distributable earnings (Accumulated losses) (d)		20,758,914
Net Assets	$	358,725,110
Net Assets
Class A	$	110,313,021
Class B		248,412,089
Capital Shares Outstanding*
Class A		8,517,334
Class B		19,522,690
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.95
Class B		12.72

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $351,602,296.
(b)	Includes securities loaned at value of $3,746,096.
(c)	Identified cost of cash denominated in foreign currencies was $831,264.
(d)	Includes foreign capital gains tax of $7,343.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	2,799,736
Interest (b)		5,088,754
Securities lending income		17,938
Total investment income		7,906,428
Expenses
Management fees		2,805,718
Administration fees		36,742
Custodian and accounting fees		137,331
Distribution and service fees—Class B		690,434
Audit and tax services		71,312
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		31,573
Insurance		3,498
Miscellaneous		32,901
Total expenses		3,864,164
Less management fee waiver		(50,031	)
Less broker commission recapture		(4,480	)
Net expenses		3,809,653
Net Investment Income		4,096,775
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments (c)		13,338,207
Futures contracts		66,335
Foreign currency transactions		(92,307	)
Forward foreign currency transactions		(3,827,486	)
Net realized gain (loss)		9,484,749
Net change in unrealized appreciation (depreciation) on: Investments (d)		(130,510,394	)
Futures contracts		1,838
Foreign currency transactions		(6,474	)
Forward foreign currency transactions		261,162
Net change in unrealized appreciation (depreciation)		(130,253,868	)
Net realized and unrealized gain (loss)		(120,769,119	)
Net Increase (Decrease) in Net Assets From Operations	$	(116,672,344	)

(a)	Net of foreign withholding taxes of $124,984.
(b)	Net of foreign withholding taxes of $13,288.
(c)	Net of foreign capital gains tax of $126,015.
(d)	Includes change in foreign capital gains tax of $139,838.

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	4,096,775		$	2,192,494
Net realized gain (loss)		9,484,749			54,548,655
Net change in unrealized appreciation (depreciation)		(130,253,868	)		10,835,230
Increase (decrease) in net assets from operations		(116,672,344	)		67,576,379
From Distributions to Shareholders
Class A		(17,348,063	)		(16,906,144	)
Class B		(38,863,155	)		(35,968,557	)
Total distributions		(56,211,218	)		(52,874,701	)
Increase (decrease) in net assets from capital share transactions		22,178,954			9,110,315
Total increase (decrease) in net assets		(150,704,608	)		23,811,993
Net Assets
Beginning of period		509,429,718			485,617,725
End of period	$	358,725,110		$	509,429,718

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		230,208		$	3,613,871			343,774		$	6,676,732
Reinvestments		1,361,700			17,348,063			915,330			16,906,144
Redemptions		(1,231,329	)		(18,279,463	)		(1,252,261	)		(24,417,125	)
Net increase (decrease)		360,579		$	2,682,471			6,843		$	(834,249	)
Class B
Sales		893,483		$	13,663,310			1,321,622		$	25,661,086
Reinvestments		3,099,135			38,863,155			1,969,801			35,968,557
Redemptions		(2,288,517	)		(33,029,982	)		(2,677,666	)		(51,685,079	)
Net increase (decrease)		1,704,101		$	19,496,483			613,757		$	9,944,564
Increase (decrease) derived from capital shares transactions				$	22,178,954					$	9,110,315

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	19.79		$	19.30		$	18.14		$	15.81		$	18.15
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.12			0.18			0.25			0.33
Net realized and unrealized gain (loss)		(4.79	)		2.54			2.32			3.96			(1.11	)
Total income (loss) from investment operations		(4.61	)		2.66			2.50			4.21			(0.78	)
Less Distributions
Distributions from net investment income		0.00			(0.21	)		(0.17	)		(0.32	)		(0.39	)
Distributions from net realized capital gains		(2.23	)		(1.96	)		(1.17	)		(1.56	)		(1.17	)
Total distributions		(2.23	)		(2.17	)		(1.34	)		(1.88	)		(1.56	)
Net Asset Value, End of Period	$	12.95		$	19.79		$	19.30		$	18.14		$	15.81
Total Return (%) (b)		(23.12	)		14.57			15.11			27.86			(5.20	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.79			0.78			0.79			0.78			0.78
Net ratio of expenses to average net assets (%) (c)		0.78			0.77			0.78			0.78			0.78
Ratio of net investment income (loss) to average net assets (%)		1.19			0.60			1.00			1.45			1.85
Portfolio turnover rate (%)		26			46			43			27			29
Net assets, end of period (in millions)	$	110.3		$	161.4		$	157.3		$	153.3		$	134.7
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	19.53		$	19.08		$	17.95		$	15.65		$	17.98
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.14			0.07			0.13			0.21			0.28
Net realized and unrealized gain (loss)		(4.72	)		2.51			2.29			3.92			(1.10	)
Total income (loss) from investment operations		(4.58	)		2.58			2.42			4.13			(0.82	)
Less Distributions
Distributions from net investment income		0.00			(0.17	)		(0.12	)		(0.27	)		(0.34	)
Distributions from net realized capital gains		(2.23	)		(1.96	)		(1.17	)		(1.56	)		(1.17	)
Total distributions		(2.23	)		(2.13	)		(1.29	)		(1.83	)		(1.51	)
Net Asset Value, End of Period	$	12.72		$	19.53		$	19.08		$	17.95		$	15.65
Total Return (%) (b)		(23.30	)		14.26			14.79			27.52			(5.39	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.04			1.03			1.04			1.03			1.03
Net ratio of expenses to average net assets (%) (c)		1.03			1.02			1.03			1.03			1.03
Ratio of net investment income (loss) to average net assets (%)		0.95			0.36			0.75			1.20			1.60
Portfolio turnover rate (%)		26			46			43			27			29
Net assets, end of period (in millions)	$	248.4		$	348.0		$	328.3		$	309.1		$	271.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Loomis Sayles Global Allocation Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

BHFTI-21

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses

BHFTI-22

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the amount of $43,629 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

BHFTI-23

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Due to Custodian - Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $29,141 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio’s average overdraft advances during the year ended December 31, 2022 were not significant.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying

BHFTI-24

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $4,418,237. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $1,189,715. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Convertible Bonds	$	(1,113,488	)	$	—	$	—	$	—	$	(1,113,488	)
Corporate Bonds & Notes		(1,426,227	)		—		—		—		(1,426,227	)
Total Borrowings	$	(2,539,715	)	$	—	$	—	$	—	$	(2,539,715	)
Gross amount of recognized liabilities for securities lending transactions										$	(2,539,715	)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of

BHFTI-25

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate				Unrealized depreciation on futures contracts (a) (b)	$	35,705
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	372,675	Unrealized depreciation on forward foreign currency exchange contracts		73,272
Total		$	372,675		$	108,977

(a)	Financial instrument not subject to a master netting agreement.
(b)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

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Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Morgan Stanley & Co.	$	372,675	$	(851	)	$	—	$	371,824

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Bank of America N.A.	$	57,804	$	—		$	—	$	57,804
HSBC Bank USA		11,858		—			—		11,858
Morgan Stanley & Co.		851		(851	)		—		—
UBS AG		2,759		—			—		2,759
	$	73,272	$	(851	)	$	—	$	72,421

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location-Net Realized Gain (Loss)	Interest Rate		Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	(3,827,486	)	$	(3,827,486	)
Futures contracts		66,335		—			66,335
	$	66,335	$	(3,827,486	)	$	(3,761,151	)
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Foreign Exchange			Total
Forward foreign currency transactions	$	—	$	261,162		$	261,162
Futures contracts		1,838		—			1,838
	$	1,838	$	261,162		$	263,000

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	34,544,380
Futures contracts long		2,910,969
Futures contracts short		(2,261,625	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

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Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the

BHFTI-28

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The

BHFTI-29

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$12,614,415	$	91,908,186	$	14,516,124	$	123,677,587

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$2,805,718		0.700	%	First $500 million
		0.650	%	$500 million to $1 billion
		0.600	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.020%	First $250 million
0.025%	$500 million to $1 billion
0.050%	Over $1.5 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

BHFTI-30

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	353,044,218
Gross unrealized appreciation		44,938,528
Gross unrealized (depreciation)		(38,542,862	)
Net unrealized appreciation (depreciation)	$	6,395,666

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$655,413	$	6,281,824	$	55,555,805	$	46,592,877	$	56,211,218	$	52,874,701

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$—	$	14,570,903	$	6,384,428	$	—	$	20,955,331

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTI-31

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

9. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-32

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Loomis Sayles Global Allocation Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Loomis Sayles Global Allocation Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Global Allocation Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-33

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-34

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-35

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-36

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-37

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Loomis Sayles Global Allocation Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-and three-year periods ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the five-year period ended June 30, 2022. The Board further considered that the Portfolio underperformed its blended index, the 60% MSCI World Index/40% FTSE World Government Bond Index, for the one-year period ended October 31, 2022 and outperformed its blended index for the three- and five-year periods ended October 31, 2022. The Board further noted that the Portfolio underperformed its other blended benchmark for the one- and three-year periods ended October 31, 2022 and outperformed its other blended benchmark for the five-year period ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including

BHFTI-38

Brighthouse Funds Trust I

Loomis Sayles Global Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-39

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Managed By Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Loomis Sayles Growth Portfolio returned -27.86%, -28.00%, and -27.95%, respectively. The Portfolio’s benchmark, the Russell 1000 Growth Index¹, returned -29.14%.

MARKET ENVIRONMENT / CONDITIONS

Domestic equities posted sizable losses with elevated volatility in 2022. The U.S. Federal Reserve (the “Fed”) sought to contain rising price pressures by winding down its quantitative easing program and raising interest rates seven times. While the economy remained resilient through 2022, the Fed’s aggressive approach fueled concerns about the potential for a recession in 2023. Geopolitical factors may have also contributed to the downturn in stocks. Russia’s invasion of Ukraine, together with its adverse impact on supply chains and commodity prices, may have weighed on sentiment. China was another source of concern, as the government’s zero-COVID policy hindered growth within China and across the globe. These developments led to a decline in valuations for U.S. equities, with growth stocks hit hardest in the downturn.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed the Russell 1000 Growth Index (the “Index”) during the reporting period. Stock selection in Communication Services, Healthcare, Industrials, Consumer Staples, Financials, and Consumer Discretionary, as well as our allocations in Healthcare, Industrials, Consumer Discretionary, and Information Technology (“IT”), contributed positively to relative performance. Stock selection in IT, as well as our allocations in Communication Services and Consumer Staples, detracted from relative performance. Vertex Pharmaceuticals and Boeing were the biggest contributors to relative returns. Meta Platforms and Nvidia were the biggest detractors.

Vertex Pharmaceuticals is the leader in creating therapies for patients suffering from cystic fibrosis (“CF”) and is building its capabilities to address related diseases that lever its core expertise. A Portfolio holding since June 2021, Vertex’s financial results reflected continued penetration of Trikafta, its latest and most efficacious CF therapy. In the U.S., the company continued to reach younger patients with newer generation therapies, while also penetrating a broader scope of international markets. Outside of CF, the company has significant clinical efforts targeting type-1 diabetes, non-opioid pain relief, kidney disease, and blood disorders. We believe Vertex’s strong and sustainable competitive advantages include its unparalleled understanding of CF, its partnerships with the CF Foundation and other entities that enhance its solutions capabilities, and its serial approach to drug development. We trimmed the position in 2022 but continue to believe the shares embed expectations for revenue and free cash flow (“FCF”) that are below our long-term expectations.

Boeing is a global leader in the commercial and defense aerospace industries. Along with Airbus, Boeing is part of a global duopoly that accounts for almost all commercial planes sold with greater than 125 seats—the largest market segment. A Portfolio holding since March 2020, Boeing generated significant positive quarterly free cash flow for only the second time since the 737 MAX was grounded in 2019, and the company expects FCF to be positive for the full year in 2022. Shares responded positively to the company’s November projection that Boeing could generate $10 billion in annual FCF by the middle of the decade. Boeing continues to face execution issues across several programs. We believe Boeing’s strong and sustainable competitive advantages include its significant cumulative knowledge and experience in aeronautical development, scale, and a client base that faces high switching costs. We believe Boeing is one of only two companies which possess the requisite expertise and scale to profitably serve the global demand for commercial aircraft. We believe the current market price embeds expectations that are well below our long-term assumptions. As a result, we believe the company is selling at a significant discount to our estimate of intrinsic value and offers a compelling reward-to-risk opportunity. We added to our position during the year.

With over 3.7 billion monthly users and 200 million businesses worldwide using its family of apps, the scale and reach of Meta Platform’s network is unrivaled. A Portfolio holding since inception, over the past year Meta faced headwinds arising from privacy restrictions by Apple, the impact of macro weakness on advertising spending, and elevated investments. Management previously addressed the changes by Apple, which decreased the accuracy of Facebook’s ad targeting, and believes it has closed a substantial portion of the measurement gap. Apple’s changes impact not just Meta, but the broader mobile advertising ecosystem. As a function of its competitive advantages, we believe Meta remains well positioned relative to its peers, and there are no changes to our assessment of the company’s quality or secular growth opportunities. Another near-term headwind is the company’s transition to a new product format—short-form video. During our ownership, Facebook has gone through several product transitions, each requiring capital expenditures followed by a gradual revenue ramp-up, creating pressure on financials. Over time, the required investment decreases and revenues increase. We believe this is a necessary cycle for maintaining sustainable competitive advantages and long-term growth. Finally, the company continues to invest significantly in its early-stage Reality Labs segment, which includes products that the company views as building its long-term vision for the metaverse. While the segment has incurred year-to-date operating expenses of $10.9 billion, the investment represented only one-third of the operating profit generated by the company’s core business. And while successful development of a metaverse is not an explicit part of our investment thesis for Meta, given the potential size of the opportunity, which we estimate could eventually impact over $1 trillion of spending, we believe Meta’s current balanced approach makes sense. Based on its core business alone, we believe the company is substantially undervalued, even accounting for elevated levels of investment. We added to our position on multiple occasions in 2022.

BHFTI-1

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Managed By Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

Nvidia is the world leader in graphic processing units (“GPUs”), which enable computers to produce and utilize 3D graphic imagery. We believe the company’s competitive advantages include its intellectual property, brands, and a large and growing ecosystem of developers utilizing GPU technology. A Portfolio holding since January 2019, Nvidia shares were pressured in 2022 given the weak market backdrop, despite financial results that were generally better than consensus expectations and included quarterly revenue records in multiple segments. However, the company recently experienced lower demand for its gaming cards, which reflected global demand for PCs returning to pre-pandemic levels after a period of excess, and the impact of macroeconomic weakness and Covid restrictions on China consumer spending. We believe Nvidia remains strongly positioned to benefit from secular growth in PC gaming and growth in its data center business. We believe Nvidia’s strong growth prospects are not reflected in its share price. As a result, we believe the company’s shares are trading at a significant discount to our estimate of intrinsic value, offering a compelling reward-to-risk opportunity.

During the period, the team initiated new positions in Block, Netflix, PayPal, Shopify, and Tesla. The team added to Boeing, Disney, Illumina, Intuitive Surgical, and Meta. The team trimmed Deere, Expeditors, Monster Beverage, Novartis, Oracle, Regeneron, Roche, Vertex, and Yum China. The team also trimmed Alphabet as it approached the maximum allowable position size. The team sold Automatic Data Processing, Cisco, Colgate Palmolive, and Schlumberger during the reporting period.

The nature of the team’s process leads to a lower turnover portfolio where sector positioning is the result of stock selection. Relative to the Russell 1000 Growth Index, as of year-end, the Portfolio was overweight in Communication Services, Healthcare, Industrials, and Financials and underweight in IT, Consumer Staples, and Consumer Discretionary. The Portfolio held no positions in Energy, Real Estate, Materials or Utilities. The Portfolio held 35 positions with the weight of the top 10 holdings accounting for 50.8% of the total Portfolio at period end.

Aziz Hamzaogullari

Portfolio Manager

Loomis, Sayles & Company, L.P.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Russell 1000 Growth Index is an unmanaged measure of performance of the largest capitalized U.S. companies, within the Russell 1000 companies, that have higher price-to-book ratios and forecasted growth values.

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Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Loomis Sayles Growth Portfolio
Class A		-27.86		5.54		10.34
Class B		-28.00		5.28		10.08
Class E		-27.95		5.38		10.19
Russell 1000 Growth Index		-29.14		10.96		14.10

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Visa, Inc. - Class A		6.8
Boeing Co. (The)		6.4
Meta Platforms, Inc. - Class A		5.1
Microsoft Corp.		4.9
Oracle Corp.		4.7
NVIDIA Corp.		4.7
Amazon.com, Inc.		4.3
Netflix, Inc.		4.1
Monster Beverage Corp.		4.0
Autodesk, Inc.		3.7

Top Sectors

	% of Net Assets
Information Technology		34.8
Communication Services		18.1
Health Care		16.2
Consumer Discretionary		13.7
Industrials		9.3
Consumer Staples		4.0
Financials		3.6

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Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Loomis Sayles Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.57	%	$	1,000.00	$	1,015.10	$	2.90
	Hypothetical*		0.57	%	$	1,000.00	$	1,022.33	$	2.91
Class B (a)	Actual		0.82	%	$	1,000.00	$	1,013.90	$	4.16
	Hypothetical*		0.82	%	$	1,000.00	$	1,021.07	$	4.18
Class E (a)	Actual		0.72	%	$	1,000.00	$	1,014.60	$	3.66
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.58	$	3.67

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

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Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—99.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—6.4%
Boeing Co. (The) (a)		823,455	$	156,859,943
Air Freight & Logistics—1.9%
Expeditors International of Washington, Inc. (b)		445,648		46,311,740
Automobiles—2.8%
Tesla, Inc. (a)		569,738		70,180,327
Beverages—4.0%
Monster Beverage Corp. (a)		959,489		97,416,918
Biotechnology—5.9%
Regeneron Pharmaceuticals, Inc. (a)		88,490		63,844,650
Vertex Pharmaceuticals, Inc. (a)		280,596		81,030,513
				144,875,163
Capital Markets—3.6%
FactSet Research Systems, Inc.		120,272		48,254,329
SEI Investments Co.		687,949		40,107,427
				88,361,756
Entertainment—7.1%
Netflix, Inc. (a)		343,041		101,155,930
Walt Disney Co. (The) (a)		839,260		72,914,909
				174,070,839
Health Care Equipment & Supplies—1.6%
Intuitive Surgical, Inc. (a)		145,091		38,499,897
Hotels, Restaurants & Leisure—5.1%
Starbucks Corp.		662,627		65,732,598
Yum China Holdings, Inc.		368,701		20,149,510
Yum! Brands, Inc.		316,573		40,546,670
				126,428,778
Interactive Media & Services—11.0%
Alphabet, Inc. - Class A (a)		938,320		82,787,974
Alphabet, Inc. - Class C (a)		724,285		64,265,808
Meta Platforms, Inc. - Class A (a)		1,037,600		124,864,784
				271,918,566
Internet & Direct Marketing Retail—5.7%
Alibaba Group Holding, Ltd. (ADR) (a)		415,049		36,561,666
Amazon.com, Inc. (a)		1,249,623		104,968,332
				141,529,998
IT Services—11.0%
Block, Inc. (a)		521,692		32,783,125
PayPal Holdings, Inc. (a)		514,314		36,629,443
Shopify, Inc. - Class A (a)		1,034,828		35,918,880
Visa, Inc. - Class A (b)		802,115		166,647,413
				271,978,861
Life Sciences Tools & Services—1.9%
Illumina, Inc. (a)		236,450	$	47,810,190
Machinery—1.0%
Deere & Co.		59,016		25,303,700
Pharmaceuticals—6.8%
Novartis AG (ADR)		772,580		70,088,458
Novo Nordisk A/S (ADR)		340,980		46,148,233
Roche Holding AG (ADR)		1,343,741		52,607,460
				168,844,151
Semiconductors & Semiconductor Equipment—6.7%
NVIDIA Corp.		788,361		115,211,076
QUALCOMM, Inc.		444,670		48,887,020
				164,098,096
Software—17.1%
Autodesk, Inc. (a)		482,524		90,169,260
Microsoft Corp.		506,615		121,496,409
Oracle Corp.		1,411,063		115,340,290
Salesforce.com, Inc. (a)		491,399		65,154,593
Workday, Inc. - Class A (a)		179,242		29,992,564
				422,153,116
Total Common Stocks (Cost $2,469,736,952)				2,456,642,039
Short-Term Investment—0.4%
Repurchase Agreement—0.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $10,077,413; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $10,276,935.		10,075,398		10,075,398
Total Short-Term Investments (Cost $10,075,398)				10,075,398
Securities Lending Reinvestments (c)—6.5%
Repurchase Agreements—4.8%
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $15,007,167; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $15,300,000.		15,000,000		15,000,000

See accompanying notes to financial statements.

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Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (c)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $1,004,492; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $1,020,000.		1,000,000	$	1,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $15,715,222; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $16,035,804.		15,707,717		15,707,717
HSBC Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,000,944; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $2,040,963.		2,000,000		2,000,000
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $25,012,000; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $25,596,731.		25,000,000		25,000,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $6,455,418; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $6,594,339.		6,450,000		6,450,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.570%, due on 02/03/23 with a maturity value of $4,017,772; collateralized by various Common Stock with an aggregate market value of $4,445,009.		4,000,000		4,000,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,501,181; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $2,554,516.		2,500,000		2,500,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $4,209,741; collateralized by various Common Stock with an aggregate market value of $4,682,514.		4,207,688		4,207,688
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $15,007,350; collateralized by various Common Stock with an aggregate market value of $16,696,154.		15,000,000		15,000,000
Repurchase Agreements—(Continued)
Societe Generale Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $500,430; collateralized by various Common Stock with an aggregate market value of $556,596.		500,000		500,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $26,216,495; collateralized by various Common Stock with an aggregate market value of $29,083,447.		26,203,684		26,203,684
				117,569,089
Mutual Funds—1.7%
AB Government Money Market Portfolio, Institutional Class 4.110% (d)		4,000,000		4,000,000
Allspring Government Money Market Fund, Select Class 4.090% (d)		1,000,000		1,000,000
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (d)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.060% (d)		3,000,000		3,000,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (d)		500,000		500,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.160% (d)		10,000,000		10,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (d)		5,000,000		5,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (d)		3,000,000		3,000,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (d)		5,000,000		5,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (d)		5,000,000		5,000,000
				41,500,000
Total Securities Lending Reinvestments (Cost $159,069,089)				159,069,089
Total Investments—106.5% (Cost $2,638,881,439)				2,625,786,526
Other assets and liabilities (net)—(6.5)%				(160,945,750	)
Net Assets—100.0%			$	2,464,840,776

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $155,277,214 and the collateral received consisted of cash in the amount of $159,069,089. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(d)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

See accompanying notes to financial statements.

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Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Schedule of Investments as of December 31, 2022

Glossary of Abbreviations

Other Abbreviations

(ADR)— American Depositary Receipt

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	2,456,642,039	$	—		$	—	$	2,456,642,039
Total Short-Term Investment*		—		10,075,398			—		10,075,398
Securities Lending Reinvestments
Repurchase Agreements		—		117,569,089			—		117,569,089
Mutual Funds		41,500,000		—			—		41,500,000
Total Securities Lending Reinvestments		41,500,000		117,569,089			—		159,069,089
Total Investments	$	2,498,142,039	$	127,644,487		$	—	$	2,625,786,526
Collateral for Securities Loaned (Liability)	$	—	$	(159,069,089	)	$	—	$	(159,069,089	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

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Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	2,625,786,526
Receivable for:
Investments sold		6,988,867
Fund shares sold		522,547
Dividends and interest		2,886,187
Prepaid expenses		9,103
Total Assets		2,636,193,230
Liabilities
Collateral for securities loaned		159,069,089
Payables for:
Investments purchased		9,929,732
Fund shares redeemed		568,710
Accrued Expenses:
Management fees		1,183,085
Distribution and service fees		155,289
Deferred trustees’ fees		218,720
Other expenses		227,829
Total Liabilities		171,352,454
Net Assets	$	2,464,840,776
Net Assets Consist of:
Paid in surplus	$	2,326,137,018
Distributable earnings (Accumulated losses)		138,703,758
Net Assets	$	2,464,840,776
Net Assets
Class A	$	1,747,659,480
Class B		695,338,106
Class E		21,843,190
Capital Shares Outstanding*
Class A		161,901,583
Class B		68,153,285
Class E		2,093,753
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.79
Class B		10.20
Class E		10.43

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,638,881,439.
(b)	Includes securities loaned at value of $155,277,214.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	17,022,921
Interest		97,915
Securities lending income		131,159
Total investment income		17,251,995
Expenses
Management fees		15,751,760
Administration fees		113,869
Custodian and accounting fees		132,676
Distribution and service fees — Class B		2,006,620
Distribution and service fees — Class E		38,929
Audit and tax services		46,352
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		129,790
Insurance		24,794
Miscellaneous		23,937
Total expenses		18,323,382
Less management fee waiver		(405,830	)
Less broker commission recapture		(43,851	)
Net expenses		17,873,701
Net Investment Loss		(621,706	)
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		169,534,630
Net change in unrealized appreciation (depreciation) on:
Investments		(1,153,299,639	)
Foreign currency transactions		(921	)
Net change in unrealized appreciation (depreciation)		(1,153,300,560	)
Net realized and unrealized gain (loss)		(983,765,930	)
Net Increase (Decrease) in Net Assets From Operations	$	(984,387,636	)

(a) Net of foreign withholding taxes of $500,787.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(621,706	)	$	(1,584,287	)
Net realized gain (loss)		169,534,630			235,049,967
Net change in unrealized appreciation (depreciation)		(1,153,300,560	)		333,048,707
Increase (decrease) in net assets from operations		(984,387,636	)		566,514,387
From Distributions to Shareholders
Class A		(173,294,989	)		(83,411,380	)
Class B		(74,512,618	)		(33,642,916	)
Class E		(2,333,067	)		(1,160,500	)
Total distributions		(250,140,674	)		(118,214,796	)
Increase (decrease) in net assets from capital share transactions		103,898,301			266,551,860
Total increase (decrease) in net assets		(1,130,630,009	)		714,851,451
Net Assets
Beginning of period		3,595,470,785			2,880,619,334
End of period	$	2,464,840,776		$	3,595,470,785

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		2,790,393		$	35,190,908			2,301,933		$	35,631,860
Fund subscription in kind (a)		0			0			35,654,942			560,852,239
Reinvestments		16,302,445			173,294,989			5,377,910			83,411,380
Redemptions		(9,480,442	)		(121,100,392	)		(22,633,881	)		(362,155,981	)
Net increase (decrease)		9,612,396		$	87,385,505			20,700,904		$	317,739,498
Class B
Sales		3,652,102		$	42,086,519			2,028,196		$	29,810,573
Fund subscription in kind (a)		0			0			4,772,276			71,584,136
Reinvestments		7,406,821			74,512,618			2,273,170			33,642,916
Redemptions		(8,370,124	)		(98,828,660	)		(11,976,497	)		(180,493,298	)
Net increase (decrease)		2,688,799		$	17,770,477			(2,902,855	)	$	(45,455,673	)
Class E
Sales		41,680		$	478,295			35,724		$	536,101
Reinvestments		226,952			2,333,067			77,007			1,160,500
Redemptions		(332,230	)		(4,069,043	)		(484,152	)		(7,428,566	)
Net increase (decrease)		(63,598	)	$	(1,257,681	)		(371,421	)	$	(5,731,965	)
Increase (decrease) derived from capital shares transactions				$	103,898,301					$	266,551,860

(a) Includes cash and securities amounting to $1,599,139 and $630,837,236 respectively. Securities were valued at market as of April 30,2021.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	16.59		$	14.45		$	17.14		$	16.26		$	18.40
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.01			0.00	(b)		0.04			0.14			0.17
Net realized and unrealized gain (loss)		(4.65	)		2.66			4.01			3.37			(1.28	)
Total income (loss) from investment operations		(4.64	)		2.66			4.05			3.51			(1.11	)
Less Distributions
Distributions from net investment income		0.00			(0.03	)		(0.16	)		(0.19	)		(0.16	)
Distributions from net realized capital gains		(1.16	)		(0.49	)		(6.58	)		(2.44	)		(0.87	)
Total distributions		(1.16	)		(0.52	)		(6.74	)		(2.63	)		(1.03	)
Net Asset Value, End of Period	$	10.79		$	16.59		$	14.45		$	17.14		$	16.26
Total Return (%) (c)		(27.86	)		18.66			32.54			23.83			(6.81	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58			0.57			0.59			0.59			0.58
Net ratio of expenses to average net assets (%) (d)		0.57			0.56			0.57			0.57			0.56
Ratio of net investment income (loss) to average net assets (%)		0.05			0.02			0.28			0.86			0.93
Portfolio turnover rate (%)		19			24	(f)		18			100			0	(e)
Net assets, end of period (in millions)	$	1,747.7		$	2,526.1		$	1,901.7		$	1,747.2		$	1,566.4
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.80		$	13.80		$	16.64		$	15.84		$	17.95
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.03	)		0.00	(b)		0.10			0.12
Net realized and unrealized gain (loss)		(4.42	)		2.52			3.85			3.28			(1.25	)
Total income (loss) from investment operations		(4.44	)		2.49			3.85			3.38			(1.13	)
Less Distributions
Distributions from net investment income		0.00			0.00			(0.11	)		(0.14	)		(0.11	)
Distributions from net realized capital gains		(1.16	)		(0.49	)		(6.58	)		(2.44	)		(0.87	)
Total distributions		(1.16	)		(0.49	)		(6.69	)		(2.58	)		(0.98	)
Net Asset Value, End of Period	$	10.20		$	15.80		$	13.80		$	16.64		$	15.84
Total Return (%) (c)		(28.00	)		18.27			32.23			23.57			(7.06	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.82			0.84			0.84			0.83
Net ratio of expenses to average net assets (%) (d)		0.82			0.81			0.82			0.82			0.81
Ratio of net investment income (loss) to average net assets (%)		(0.20	)		(0.21	)		0.03			0.60			0.68
Portfolio turnover rate (%)		19			24	(f)		18			100			0	(e)
Net assets, end of period (in millions)	$	695.3		$	1,034.6		$	943.3		$	912.5		$	853.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	16.11		$	14.05		$	16.84		$	16.01		$	18.13
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.01	)		0.02			0.12			0.14
Net realized and unrealized gain (loss)		(4.51	)		2.57			3.90			3.31			(1.26	)
Total income (loss) from investment operations		(4.52	)		2.56			3.92			3.43			(1.12	)
Less Distributions
Distributions from net investment income		0.00			(0.01	)		(0.13	)		(0.16	)		(0.13	)
Distributions from net realized capital gains		(1.16	)		(0.49	)		(6.58	)		(2.44	)		(0.87	)
Total distributions		(1.16	)		(0.50	)		(6.71	)		(2.60	)		(1.00	)
Net Asset Value, End of Period	$	10.43		$	16.11		$	14.05		$	16.84		$	16.01
Total Return (%) (c)		(27.95	)		18.46			32.30			23.66			(6.94	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.73			0.72			0.74			0.74			0.73
Net ratio of expenses to average net assets (%) (d)		0.72			0.71			0.72			0.72			0.71
Ratio of net investment income (loss) to average net assets (%)		(0.10	)		(0.10	)		0.12			0.70			0.78
Portfolio turnover rate (%)		19			24	(f)		18			100			0	(e)
Net assets, end of period (in millions)	$	21.8		$	34.8		$	35.5		$	33.6		$	31.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(e)	Rounds to less than 1%.
(f)	Excludes the effect of subscriptions in kind activity for the year ended December 31, 2021.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Loomis Sayles Growth Portfolio (the “Portfolio”), which is non-diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-12

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-13

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $10,075,398. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $117,569,089. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

BHFTI-14

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total

BHFTI-15

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases		Sales
U.S. Government	Non-U.S. Government	U.S. Government		Non-U.S. Government
$0	$532,855,953	$	0	$620,449,827

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$15,751,760		0.650	%	First $500 million
		0.600	%	$500 million to $1 billion
		0.550	%	$1 billion to $2 billion
		0.500	%	Over $2 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Loomis, Sayles & Company, L.P. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period effective April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.102%	First $500 million
0.052%	$500 million to $1 billion
0.002%	$1 billion to $2 billion
(0.048%)	$2 billion to $3.645 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the

BHFTI-16

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,656,037,846
Gross unrealized appreciation		369,011,502
Gross unrealized (depreciation)		(399,262,824	)
Net unrealized appreciation (depreciation)	$	(30,251,322	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$—	$	61,681,513	$	250,140,674	$	56,533,283	$	250,140,674	$	118,214,796

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$6,499,348	$	162,677,827	$	(30,254,696	)	$	—	$	138,922,479

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-17

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Loomis Sayles Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Loomis Sayles Growth Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Loomis Sayles Growth Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-18

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-19

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-20

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.    

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-21

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-22

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Loomis Sayles Growth Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2022. The Board considered that the Portfolio outperformed the average of its Morningstar Category for the one-year period ended June 30, 2022 and underperformed the average of its Morningstar Category for the three- and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Growth Index (from December 16, 2019) and the Russell 3000 Growth Index (before December 16, 2019), for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. The Board also noted that the Sub-Adviser did not manage the Portfolio for all of the periods referenced.

BHFTI-23

Brighthouse Funds Trust I

Loomis Sayles Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe, each at the Portfolio’s current size.

BHFTI-24

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Managed By Brighthouse Investment Advisers, LLC and MetLife Investment Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B shares of the MetLife Multi-Index Targeted Risk Portfolio returned -21.09%. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

MARKET ENVIRONMENT / CONDITIONS

During the first half of the year, equity markets within the U.S. had the worst semi-annual performance since 2008. As COVID-19 restrictions continued to ease and consumer spending remained elevated, record inflation numbers followed. The tight labor market, rising wages, and high inflation drove the U.S. Federal Reserve (the “Fed”) to begin an aggressive hiking cycle. This, combined with the Russian invasion of Ukraine and global political tensions, increased volatility and lead to a rapid decline in equities. The Fed increased the Target Federal Funds Rate a total of 1.50% during the first half of 2022. The yield curve has aggressively flattened in 2022 and interest rates rose across the curve. However, in the latter half of the year, markets seesawed due to market optimism, mixed economic reports, and a hawkish Fed. In July, markets sold off as inflation numbers came in higher than expected; However, as the Consumer Price Index showed signs of peaking, markets rallied, and financial conditions loosened. Market optimism faded when Fed Chairman Powell warned the markets that rates could be higher for longer.

Overall, U.S. equities sold-off across the board in 2022. The S&P 500 Index, which measures U.S. large cap companies declined 18.1%. Mid and small cap stocks also posted large losses with the S&P Mid Cap 400 Index falling 13.1% and the small cap Russell 2000 Index decreasing 20.4%. International equities in developed markets also fell, declining 14.5% as measured by the MSCI EAFE Index. U.S. fixed income assets, as proxied by the Bloomberg U.S. Aggregate Bond Index, declined 13.0%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio consists of two segments, the “Base Sleeve” and the “Overlay Sleeve.” The first segment, (the “Base Sleeve”) is managed by the Investment Committee of Brighthouse Investment Advisers, LLC. Approximately 75% of the Portfolio’s assets are invested into a variety of Brighthouse Funds Trust II index portfolios. The assets within the Base Sleeve maintain a broad target allocation of 40% Fixed Income and 35% Equity. The second segment (the “Overlay Sleeve”) contains the remaining 25% of the Portfolio’s assets. The Overlay Sleeve invests in equity derivatives, interest rate derivatives, and cash and money market instruments. Equity derivatives are used to keep the Portfolio’s volatility within a desired range by changing the total equity exposure, while interest rate derivatives are used to increase duration exposure, and the cash and money market instruments serve as the collateral for the derivative instruments.

The Portfolio uses a target equity contribution to volatility of 10% that may fluctuate within an 8% to 12% band, with a maximum equity allocation of 73%. Early in 2022, we managed through large changes in the realized volatility measure that drives our strategy. The Portfolio began the year in a period of moderate realized volatility, with the equity allocation near 70%. As volatility rose and equities sold off in the early months of the year, the Portfolio decreased equity allocations in February. In March, continued market volatility drove the equity contribution to volatility above the 12% constraint and we reduced equity exposure again. Following the de-risk in March, the Portfolio equity allocation remained around 45%. After a few weeks of lower volatility, volatility rose again and the Portfolio de-risked to 36%. In the summer, volatility began to fall and in August, the Portfolio re-risked partially after the 8% lower band was breached and equity exposure was increased to 50%. Volatility returned in the fourth quarter, and in October and again in November, the Portfolio de-risked and we reduced the equity exposure 34%. However, in December volatility began to fall once again, the Portfolio increased the equity exposure again to end the year around 42%.

The equity derivatives decreased Portfolio returns in 2022. Being underweight equity during the equity sell off drove outperformance versus the Dow Jones Moderate Portfolio Index benchmark. However, a lower equity weight versus the benchmark when equities rallied muted returns, resulting in underperformance. The Portfolio uses interest rate derivatives to add duration relative to the benchmark, which was a negative contributor to the Portfolio as rates rose during the period.

The Portfolio holds a significant amount of equity and interest rate derivatives to manage market exposure. Equity futures were used to change the Portfolio’s equity exposure by either buying or selling the contracts. The contracts used in the Portfolio were meant to capture a broad market exposure. The Portfolio uses S&P 500 e-mini, S&P 400 e-mini, and Russell 2000 mini contracts listed on the Chicago Mercantile Exchange to capture the exposure in the U.S. large cap, mid cap, and small cap markets, respectively. In addition, the MSCI EAFE contract listed on the Intercontinental Exchange was used for exposure to international equity markets. Interest rate derivatives were used as an additional source of diversification and added exposure to interest rates. The increase in interest rates during the period caused the value of the swaps to decrease and contributed a -3.9% loss to the Portfolio.

As of December 30, 2022, the allocation of the Portfolio was 41.5% in equity and 40.3% in fixed income. The equity allocation was invested in a variety of U.S. and foreign equity indices. The allocation was as follows: 19.2% invested in the S&P 500, representing U.S.

BHFTI-1

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Managed By Brighthouse Investment Advisers, LLC and MetLife Investment Management, LLC

Portfolio Manager Commentary*—(Continued)

Large Cap; 5.8% invested in the S&P 400, representing U.S. Mid Cap; 3.5% in the Russell 2000, representing U.S. Small Cap; and 13.0% in MSCI EAFE, representing foreign equity. The fixed income exposure was invested in an index portfolio that tracks the Bloomberg U.S. Aggregate Bond Index.

The Base Sleeve is managed by:

Investment Committee

Brighthouse Investment Advisers, LLC

The Overlay Sleeve is managed by:

Chris Johnson

Portfolio Manager

MetLife Investment Management, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTI-2

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
MetLife Multi-Index Targeted Risk Portfolio
Class B		–21.09		0.83		4.36
Dow Jones Moderate Portfolio Index		–14.97		3.26		5.66

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
MetLife Aggregate Bond Index Portfolio (Class A)		40.4
MetLife Stock Index Portfolio (Class A)		16.3
MetLife MSCI EAFE Index Portfolio (Class A)		11.2
MetLife Mid Cap Stock Index Portfolio (Class A)		4.9
MetLife Russell 2000 Index Portfolio (Class A)		2.9

Exposure by Asset Class

	% of Net Assets
Investment Grade Fixed Income		40.4
U.S. Large Cap Equities		19.3
International Developed Market Equities		13.1
U.S. Mid Cap Equities		5.8
U.S. Small Cap Equities		3.5

BHFTI-3

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Multi-Index Targeted Risk Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a)	Actual		0.66	%	$	1,000.00	$	972.60	$	3.28
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.88	$	3.36

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

BHFTI-4

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Schedule of Investments as of December 31, 2022

Mutual Funds—75.7% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Affiliated Investment Companies—75.7%
MetLife Aggregate Bond Index Portfolio (Class A) (a)		55,614,582	$	518,327,901
MetLife Mid Cap Stock Index Portfolio (Class A) (a)		3,966,609		62,394,752
MetLife MSCI EAFE Index Portfolio (Class A) (a)		11,162,661		143,998,327
MetLife Russell 2000 Index Portfolio (Class A) (a)		2,399,189		36,947,507
MetLife Stock Index Portfolio (Class A) (a)		3,988,909		208,340,722
Total Mutual Funds (Cost $1,058,975,820)				970,009,209
Short-Term Investments—24.5%
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $2,945,256; collateralized by U.S. Treasury Note at 2.750%, maturing 02/15/24, with a market value of $3,003,653.		2,944,667		2,944,667
U.S. Treasury—24.3%
U.S. Treasury Bills 3.836%, 01/17/23 (b)	118,200,000		118,030,900
4.104%, 02/23/23 (b) (c) (d)		195,000,000		193,826,455
				311,857,355
Total Short-Term Investments (Cost $314,757,165)				314,802,022
Total Investments—100.2% (Cost $1,373,732,985)				1,284,811,231
Other assets and liabilities (net)—(0.2)%				(2,829,158	)
Net Assets—100.0%			$	1,281,982,073

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	A Portfolio of Brighthouse Funds Trust II. (See Note 7 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated Underlying Portfolios.)
(b)	The rate shown represents current yield to maturity.
(c)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $26,042,324.
(d)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $4,969,909.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index Mini Futures		03/17/23		240		USD	23,392,800	$	(543,084	)
Russell 2000 Index E-Mini Futures		03/17/23		86		USD	7,614,870		(242,653	)
S&P 500 Index E-Mini Futures		03/17/23		202		USD	38,996,100		(1,421,463	)
S&P Midcap 400 Index E-Mini Futures		03/17/23		47		USD	11,480,220		(324,753	)
Net Unrealized Depreciation								$	(2,531,953	)

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate	Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	12M SOFR		Annually	2.680%	Annually		11/17/32		USD	69,000,000	$	(5,005,453	)	$	22,871		$	(5,028,324	)
Pay	12M SOFR		Annually	2.800%	Annually		10/18/32		USD	69,000,000		(4,299,245	)		15,452			(4,314,697	)
Pay	12M SOFR		Annually	3.250%	Annually		12/21/32		USD	69,000,000		(1,767,946	)		(26,415	)		(1,741,531	)
Pay	12M SOFR		Annually	3.250%	Annually		03/15/33		USD	69,000,000		(1,781,235	)		12,851			(1,794,086	)
Pay	12M SOFR		Annually	3.440%	Annually		02/15/33		USD	69,000,000		(673,123	)		(9,499	)		(663,624	)
Pay	12M SOFR		Annually	3.710%	Annually		01/11/33		USD	69,000,000		879,826			17,329			862,497
Totals											$	(12,647,176	)	$	32,589		$	(12,679,765	)

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Schedule of Investments as of December 31, 2022

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(SOFR)— Secured Overnight Financing Rate

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	970,009,209		$	—		$	—	$	970,009,209
Total Short-Term Investments*		—			314,802,022			—		314,802,022
Total Investments	$	970,009,209		$	314,802,022		$	—	$	1,284,811,231
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(2,531,953	)	$	—		$	—	$	(2,531,953	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	862,497		$	—	$	862,497
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(13,542,262	)		—		(13,542,262	)
Total Centrally Cleared Swap Contracts	$	—		$	(12,679,765	)	$	—	$	(12,679,765	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)	$	314,802,022
Affiliated investments at value (b)		970,009,209
Receivable for:
Affiliated investments sold		181,896
Fund shares sold		217
Interest		294
Prepaid expenses		1,210
Total Assets		1,284,994,848
Liabilities
Payables for:
Fund shares redeemed		182,113
Variation margin on futures contracts		439,384
Variation margin on centrally cleared swap contracts		1,689,033
Accrued Expenses:
Management fees		190,504
Distribution and service fees		278,764
Deferred trustees’ fees		139,328
Other expenses		93,649
Total Liabilities		3,012,775
Net Assets	$	1,281,982,073
Net Assets Consist of:
Paid in surplus	$	1,543,726,082
Distributable earnings (Accumulated losses)		(261,744,009	)
Net Assets	$	1,281,982,073
Net Assets
Class B	$	1,281,982,073
Capital Shares Outstanding*
Class B		138,983,160
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	9.22

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $314,757,165.
(b)	Identified cost of affiliated investments was $1,058,975,820.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from affiliated investments	$	26,844,231
Interest		5,060,627
Total investment income		31,904,858
Expenses
Management fees		2,429,500
Administration fees		52,872
Custodian and accounting fees		49,168
Distribution and service fees—Class B		3,643,219
Audit and tax services		48,144
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		10,403
Insurance		3,227
Miscellaneous		17,762
Total expenses		6,308,950
Net Investment Income		25,595,908
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		7,523
Affiliated investments		(1,305,188	)
Futures contracts		(80,744,808	)
Swap contracts		(76,422,896	)
Capital gain distributions from affiliated investments		44,617,545
Net realized gain (loss)		(113,847,824	)
Net change in unrealized appreciation (depreciation) on:
Investments		43,793
Affiliated investments		(260,581,621	)
Futures contracts		(9,851,405	)
Swap contracts		(13,312,222	)
Net change in unrealized appreciation (depreciation)		(283,701,455	)
Net realized and unrealized gain (loss)		(397,549,279	)
Net Increase (Decrease) in Net Assets From Operations	$	(371,953,371	)

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	25,595,908		$	20,491,839
Net realized gain (loss)		(113,847,824	)		142,616,003
Net change in unrealized appreciation (depreciation)		(283,701,455	)		9,673,027
Increase (decrease) in net assets from operations		(371,953,371	)		172,780,869
From Distributions to Shareholders
Class B		(162,548,607	)		(101,089,371	)
Total distributions		(162,548,607	)		(101,089,371	)
Increase (decrease) in net assets from capital share transactions		(2,453,147	)		(138,623,534	)
Total increase (decrease) in net assets		(536,955,125	)		(66,932,036	)
Net Assets
Beginning of period		1,818,937,198			1,885,869,234
End of period	$	1,281,982,073		$	1,818,937,198

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		1,881,393		$	19,297,712			1,321,024		$	17,082,434
Reinvestments		17,329,276			162,548,607			7,978,640			101,089,371
Redemptions		(17,568,033	)		(184,299,466	)		(19,781,670	)		(256,795,339	)
Net increase (decrease)		1,642,636		$	(2,453,147	)		(10,482,006	)	$	(138,623,534	)
Increase (decrease) derived from capital shares transactions				$	(2,453,147	)				$	(138,623,534	)

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.24		$	12.76		$	13.47		$	11.31		$	13.26
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.14			0.21			0.26			0.25
Net realized and unrealized gain (loss)		(2.95	)		1.07			0.52			2.17			(1.13	)
Total income (loss) from investment operations		(2.77	)		1.21			0.73			2.43			(0.88	)
Less Distributions
Distributions from net investment income		(0.20	)		(0.24	)		(0.29	)		(0.27	)		(0.23	)
Distributions from net realized capital gains		(1.05	)		(0.49	)		(1.15	)		0.00			(0.84	)
Total distributions		(1.25	)		(0.73	)		(1.44	)		(0.27	)		(1.07	)
Net Asset Value, End of Period	$	9.22		$	13.24		$	12.76		$	13.47		$	11.31
Total Return (%) (b)		(21.09	)		9.72			6.56			21.71			(7.18	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.43			0.43			0.43			0.43			0.43
Ratio of net investment income (loss) to average net assets (%) (d)		1.76			1.10			1.68			2.08			1.98
Portfolio turnover rate (%)		7			7			7			7			8
Net assets, end of period (in millions)	$	1,282.0		$	1,818.9		$	1,885.9		$	1,947.5		$	1,756.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.
(d)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Portfolios in which it invests.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MetLife Multi-Index Targeted Risk Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

The Portfolio invests approximately 75% of its assets (the “Base Portion”) in other Portfolios of the Brighthouse Funds Trust II (“Underlying Portfolios”) and approximately 25% of its assets (the “Overlay Portion”) in a portfolio of fixed income instruments that serve as collateral for derivative instruments, primarily stock index futures and interest rate swaps.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying Portfolios are valued at their closing daily NAV on the valuation date. Investments in the Underlying Portfolios are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying Portfolios, please refer to the prospectuses for such Underlying Portfolios.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

BHFTI-10

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying Portfolios are recorded as net realized gains in the Statement of Operations. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had investments in repurchase agreements with a gross value of $2,944,667, which is included in Investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

BHFTI-11

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio’s investment in equity derivative instruments, consisting primarily of stock index futures, was used to increase or decrease the Portfolio’s overall equity exposure. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master

BHFTI-12

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a)	$	862,497	Unrealized depreciation on centrally cleared swap contracts (a)	$	13,542,262
Equity				Unrealized depreciation on futures contracts (b)		2,531,953
Total		$	862,497		$	16,074,215

(a)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(b)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location-Net Realized Gain (Loss)	Interest Rate			Equity			Total
Futures contracts	$	—		$	(80,744,808	)	$	(80,744,808	)
Swap contracts		(76,422,896	)		—			(76,422,896	)
	$	(76,422,896	)	$	(80,744,808	)	$	(157,167,704	)
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Total
Futures contracts	$	—		$	(9,851,405	)	$	(9,851,405	)
Swap contracts		(13,312,222	)		—			(13,312,222	)
	$	(13,312,222	)	$	(9,851,405	)	$	(23,163,627	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	179,884,990
Futures contracts short		(31,567,892	)
Swap contracts		449,833,333

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

BHFTI-13

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as

BHFTI-14

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	73,048,014	$	0	$	199,364,857

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust is managed by the Adviser. The Trust has entered into a management agreement with the Adviser (the “Management Agreement”) for investment management services in connection with the investment management of the Portfolio. The Adviser is responsible for managing the Base Portion of the Portfolio. The Adviser is subject to the supervision and direction of the Board and has overall responsibility for the general management and administration of the Trust. The Adviser has entered into a subadvisory agreement with MetLife Investment Management, LLC (“MIM”) for investment subadvisory services in connection with the investment management of the Overlay Portion of the Portfolio.

Under the terms of the Portfolio’s Management Agreement, the Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Portfolio’s average daily net assets as follows:

Management Fees earned by Brighthouse Investment Advisers (Overlay Portion managed by MIM) for  the year ended December 31, 2022	% per annum			Average Daily Net Assets of the Overlay Portion
$1,725,494		0.500	%	First $250 million
		0.485	%	$250 million to $500 million
		0.470	%	$500 million to $1 billion
		0.450	%	Over $1 billion

Management Fees earned by Brighthouse Investment Advisers (Base Portion managed by the Adviser) for the year ended December 31, 2022	% per annum			Average Daily Net Assets of the Base Portion
$704,006		0.070	%	First $500 million
		0.060	%	$500 million to $1 billion
		0.050	%	Over $1 billion

BHFTI-15

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

In addition to the above management fees paid to the Adviser, the Portfolio indirectly pays the Adviser a management fee through its investment in the Underlying Portfolios.

For providing subadvisory services to the Portfolio, the Adviser has agreed to pay MIM an investment subadvisory fee based upon annual rates applied to the Overlay Portion of the Portfolio’s average daily net assets as follows:

% per annum	Average Daily Net Assets
0.200%	First $250 million
0.185%	$250 million to $500 million
0.170%	$500 million to $1 billion
0.150%	Over $1 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2022 were $681,374.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Transactions in Securities of Affiliated Issuers

The Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2022 were as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2022		Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2022
MetLife Aggregate Bond Index Portfolio	$	716,585,440	$	16,512,634	$	(108,511,111	)	$	(13,093,013	)	$	(93,166,049	)	$	518,327,901	$	—	$	16,512,634		55,614,582
MetLife Mid Cap Stock Index Portfolio		86,354,388		12,273,149		(13,064,376	)		59,935			(23,228,344	)		62,394,752		11,445,210		795,907		3,966,609
MetLife MSCI EAFE Index Portfolio		211,612,057		10,427,585		(38,630,821	)		3,115,494			(42,525,988	)		143,998,327		4,236,258		6,007,153		11,162,661
MetLife Russell 2000 Index Portfolio		51,279,436		9,431,510		(5,593,991	)		(1,033,211	)		(17,136,237	)		36,947,507		7,641,670		462,939		2,399,189
MetLife Stock Index Portfolio		292,381,540		24,403,136		(33,564,558	)		9,645,607			(84,525,003	)		208,340,722		21,294,407		3,065,598		3,988,909
	$	1,358,212,861	$	73,048,014	$	(199,364,857	)	$	(1,305,188	)	$	(260,581,621	)	$	970,009,209	$	44,617,545	$	26,844,231

BHFTI-16

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,404,724,611
Gross unrealized appreciation		15,977,494
Gross unrealized (depreciation)		(135,890,874	)
Net unrealized appreciation (depreciation)	$	(119,913,380	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$27,934,383	$	75,643,216	$	134,614,224	$	25,446,155	$	162,548,607	$	101,089,371

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$28,942,231	$	—	$	(132,593,145	)	$	(157,953,765	)	$	(261,604,679	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $125,985,418 and accumulated long-term capital losses of $31,968,347.

10. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-17

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the MetLife Multi-Index Targeted Risk Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MetLife Multi-Index Targeted Risk Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the MetLife Multi-Index Targeted Risk Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent, custodian, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-18

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-19

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-20

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-21

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-22

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

MetLife Multi-Index Targeted Risk Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio:

The Board considered the Adviser’s provision of investment advisory services to a portion of the Portfolio (i.e., investing in underlying Portfolios). The Board noted that a committee, consisting of investment professionals from the Adviser, meets periodically to review the asset allocations and discuss the performance of this Portfolio’s investments in other Portfolios.

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests. The Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the underlying Portfolios of the Trust in which the Portfolio invests.

BHFTI-23

Brighthouse Funds Trust I

MetLife Multi-Index Targeted Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also took into account that the Portfolio underperformed its other benchmark, the MITR Blended Benchmark, for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions.

The Board also considered that the Portfolio’s actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median and the Sub-advised Expense Universe median. The Board considered that the Portfolio’s actual management fees were equal to the Expense Universe median and that the Portfolio’s total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-24

Brighthouse Funds Trust I

MFS Research International Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the MFS Research International Portfolio returned -17.30%, -17.57%, and -17.43%, respectively. The Portfolio’s benchmarks, the MSCI EAFE Index¹ and the MSCI All Country World (ex-U.S.) Index², returned -14.45% and -16.00%, respectively.

MARKET ENVIRONMENT / CONDITIONS

During the past year, markets continued to grapple with the strongest global inflationary pressures in decades along with signs of slowing economic growth. Intermittent COVID-19 flareups, particularly in China, where home-grown vaccines have proved less effective than elsewhere, kept supply chains stretched for a considerable period. At the same time, the reopening of the economy in the parts of the world where the pandemic has been better contained has led to a shift in consumption patterns in favor of services, straining already tight labor markets in most developed economies, while reducing demand for manufactured goods, primarily from Asia. As a result of Russia’s invasion of Ukraine, geopolitical considerations, such as sanctions and trade bans, have resulted in additional supply chain disruptions and volatile global energy prices. Taken together, these factors have contributed to market volatility during the reporting period.

The ripple effects from the Russian invasion further complicated the mission central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so policymakers found themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, policymakers remained focused on controlling inflation, although investors appeared to have expected varying degrees of action from the central banks. The U.S. Federal Reserve (the “Fed”) has been among the most aggressive developed market central banks, tightening policy at the fastest rate in decades, although it slowed its hiking pace at the end of the period, as did the European Central Bank. After remaining on the monetary sidelines for much of the period, the Bank of Japan widened its yield curve control band, capping the yield on its 10-year bond at 0.50%, up from 0.25%, an action that investors interpreted as a first step toward monetary policy normalization.

Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that supply chain bottlenecks (particularly semiconductors) may be moderating, the easing of COVID-19 restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels may be near a peak were supportive factors for the macroeconomic backdrop during the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark, the MSCI EAFE Index (the “Index”), during the period. Stock selection in the Industrials sector detracted from relative performance. However, there were no individual stocks within this sector, either in the Portfolio or in the benchmark, that were among the Portfolio’s largest relative detractors during the period.

Security selection within both the Materials and Real Estate sectors also held back relative results. Within the Materials sector, the Portfolio’s overweight position in specialty chemical products maker Croda International (U.K.) and not owning shares of mining giant BHP Group (Australia) dampened relative returns. Within the Real Estate sector, an overweight position in real estate company LEG Immobilien (Germany) and out-of-benchmark real estate development company Grand City Properties (Germany) harmed relative returns.

Elsewhere, the Portfolio’s holdings of out-of-benchmark software engineering solutions and technology services provider EPAM Systems (which was not held in the Portfolio at period end), and not owning strong-performing global energy and petrochemicals company Shell (U.K.) and biopharmaceutical company AstraZeneca (U.K.) hurt relative results. Additionally, an overweight position in shares of healthcare, lighting, and consumer well-being technology firm Koninklijke Philips (Netherlands), which was not held in the Portfolio at the period end, business system services company Nomura Research Institute (Japan) and sportswear and sports equipment manufacturer Adidas (Germany), which was not held in the Portfolio at period end, weakened relative returns.

An underweight allocation to the Consumer Discretionary sector contributed to relative performance over the reporting period. Here, avoiding a poor-performing electronic equipment manufacturer Sony (Japan) aided relative results.

Stocks in other sectors that contributed to relative performance included overweight holdings of pharmaceutical company Novo Nordisk (Denmark), oil and gas company Galp Energia (Portugal), commodity trading and mining company Glencore (U.K.), international banking and financial services provider NatWest Group (U.K.), oil & gas firm Woodside Energy Group (Australia) and tobacco distributor British American Tobacco (U.K.). Additionally, an underweight position in lithography systems manufacturer for the semiconductor industry ASML (Netherlands) and holdings of out-of-benchmark industrial gas supplier Linde (Germany) and out-of-benchmark risk management and human capital consulting services provider Aon (Ireland) further helped relative returns.

During the reporting period, the Portfolio’s relative currency exposure, resulting primarily from differences between the Portfolio’s and the benchmark’s exposures to holdings of securities denominated

BHFTI-1

Brighthouse Funds Trust I

MFS Research International Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

in foreign currencies, was a contributor to relative performance. The Portfolio’s cash and/or cash equivalents position during the period was also a contributor to relative performance. Under normal market conditions, the Portfolio strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity.

During the reporting period, the Portfolio maintained its sector neutral positioning across eight broad global sectors, relative to the Index. At period end, the Portfolio was most overweight Materials, owning a diversified group of companies in chemical subindustries such as industrial gases, paints & coatings, and flavors and fragrances. Within Information Technology (“IT”), we were overweight to IT Services, where we favored several well positioned specialty service providers. The Portfolio was underweight Consumer Discretionary, where we have avoided the auto manufacturers. Within Consumer Staples, we were most underweight personal products and food & staples retailing.

Camille Humphries Lee

Victoria Higley^

Nicholas Paul^

Portfolio Managers

Massachusetts Financial Services Company

^ Victoria Higley relinquished her portfolio management responsibilities for the Portfolio effective December 31, 2022. On the same effective date, Nicholas Paul assumed portfolio management responsibilities for the Portfolio.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

² The MSCI All Country World (ex-U.S.) Index is an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the U.S. The Index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

BHFTI-2

Brighthouse Funds Trust I

MFS Research International Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX & THE MSCI ALL COUNTRY WORLD (EX-U.S.) INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
MFS Research International Portfolio
Class A		-17.30		3.08		5.02
Class B		-17.57		2.81		4.75
Class E		-17.43		2.91		4.85
MSCI EAFE Index		-14.45		1.54		4.67
MSCI All Country World (ex-U.S.) Index		-16.00		0.88		3.80

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Novo Nordisk A/S - Class B		3.3
Roche Holding AG		3.3
Nestle S.A.		3.1
Linde plc		2.9
LVMH Moet Hennessy Louis Vuitton SE		2.7
Schneider Electric SE		2.5
Hitachi, Ltd.		1.8
TotalEnergies SE		1.7
AIA Group, Ltd.		1.6
UBS Group AG		1.5

Top Countries

	% of Net Assets
Japan		18.8
Switzerland		14.4
United Kingdom		13.8
France		11.7
Germany		6.3
Netherlands		4.9
United States		4.1
Hong Kong		3.9
Denmark		3.6
Australia		3.4

BHFTI-3

Brighthouse Funds Trust I

MFS Research International Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MFS Research International Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.63	%	$	1,000.00	$	1,039.30	$	3.24
	Hypothetical*		0.63	%	$	1,000.00	$	1,022.03	$	3.21
Class B (a)	Actual		0.88	%	$	1,000.00	$	1,037.80	$	4.52
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.77	$	4.48
Class E (a)	Actual		0.78	%	$	1,000.00	$	1,038.50	$	4.01
	Hypothetical*		0.78	%	$	1,000.00	$	1,021.27	$	3.97

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—98.3% of Net Assets

Security Description	Shares		Value
Australia—3.4%
APA Group		792,354	$	5,801,331
Aristocrat Leisure, Ltd.		375,645		7,757,548
Carsales.com, Ltd.		356,414		5,030,849
Macquarie Group, Ltd.		115,496		13,111,713
Seek, Ltd.		249,592		3,553,272
Woodside Energy Group, Ltd.		589,649		14,266,619
				49,521,332
Canada—1.5%
Constellation Software, Inc.		10,618		16,577,568
Ritchie Bros Auctioneers, Inc.		100,569		5,809,086
				22,386,654
China—2.5%
China Resources Gas Group, Ltd.		1,525,224		5,680,337
ESR Group, Ltd. (a)		2,883,600		6,052,591
NetEase, Inc. (ADR)		127,310		9,246,525
Tencent Holdings, Ltd.		166,000		7,055,366
Yum China Holdings, Inc.		165,417		9,040,039
				37,074,858
Denmark—3.6%
Novo Nordisk A/S - Class B		360,819		48,854,875
Orsted A/S		56,061		5,086,235
				53,941,110
France—11.7%
BNP Paribas S.A.		394,811		22,467,638
Cie Generale des Etablissements Michelin SCA		287,120		7,983,916
Danone S.A.		173,177		9,123,639
Legrand S.A.		197,824		15,928,281
LVMH Moet Hennessy Louis Vuitton SE		54,815		39,820,078
Sanofi		120,085		11,619,499
Schneider Electric SE		262,460		36,912,227
Thales S.A.		35,566		4,546,630
TotalEnergies SE (a)		396,247		24,731,817
				173,133,725
Germany—6.3%
Bayer AG		197,207		10,182,286
E.ON SE		744,060		7,426,035
GEA Group AG		376,792		15,391,304
Grand City Properties S.A.		572,302		5,632,227
LEG Immobilien SE		172,861		11,264,726
Merck KGaA		81,168		15,719,010
MTU Aero Engines AG		58,477		12,656,782
Symrise AG		133,121		14,482,563
				92,754,933
Greece—0.4%
Hellenic Telecommunications Organization S.A.		396,783		6,196,870
Hong Kong—3.9%
AIA Group, Ltd.		2,199,428		24,231,107
Hong Kong—(Continued)
CLP Holdings, Ltd.		891,500	$	6,505,088
Hong Kong Exchanges & Clearing, Ltd.		340,900		14,732,042
Techtronic Industries Co., Ltd.		1,146,500		12,766,291
				58,234,528
India—0.9%
HDFC Bank, Ltd.		666,660		13,138,329
Ireland—0.9%
Bank of Ireland Group plc		394,159		3,737,297
Flutter Entertainment plc (b)		31,292		4,277,073
Ryanair Holdings plc (ADR) (b)		75,186		5,620,906
				13,635,276
Italy—1.0%
Eni S.p.A.		998,883		14,268,285
Japan—18.8%
Bridgestone Corp. (a)		224,400		7,989,022
Daikin Industries, Ltd.		119,200		18,336,480
Fujitsu, Ltd.		144,400		19,122,611
Hitachi, Ltd.		515,300		25,932,392
Idemitsu Kosan Co., Ltd.		374,200		8,756,674
Kansai Paint Co., Ltd.		342,600		4,224,566
Kao Corp. (a)		205,400		8,222,280
KDDI Corp.		437,700		13,229,097
Kirin Holdings Co., Ltd. (a)		559,400		8,570,158
Koito Manufacturing Co., Ltd.		549,100		8,179,272
Kubota Corp. (a)		883,300		12,167,754
Kyocera Corp.		199,000		9,930,962
Kyowa Kirin Co., Ltd.		735,500		16,919,565
Mitsubishi UFJ Financial Group, Inc.		1,876,300		12,657,575
Nitto Denko Corp.		191,700		11,027,449
Nomura Research Institute, Ltd.		586,600		13,944,935
Persol Holdings Co., Ltd.		273,000		5,797,636
Santen Pharmaceutical Co., Ltd.		1,141,200		9,336,495
Secom Co., Ltd.		78,500		4,478,064
SMC Corp.		40,300		17,056,152
SoftBank Group Corp.		197,000		8,342,568
Sugi Holdings Co., Ltd.		81,200		3,620,497
Terumo Corp.		295,500		8,356,399
Toyota Industries Corp.		193,300		10,538,887
Yamaha Corp.		165,000		6,087,380
ZOZO, Inc.		218,000		5,412,556
				278,237,426
Netherlands—4.9%
Akzo Nobel NV		162,102		10,816,424
ASML Holding NV		10,470		5,667,442
Euronext NV		259,217		19,214,357
NXP Semiconductors NV (a)		55,488		8,768,769
QIAGEN NV (b)		395,569		19,908,404
Wolters Kluwer NV		80,586		8,417,940
				72,793,336

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Portugal—1.3%
Galp Energia SGPS S.A.		1,377,866	$	18,644,528
South Korea—1.0%
NAVER Corp.		31,515		4,476,037
Samsung Electronics Co., Ltd.		248,564		10,961,197
				15,437,234
Spain—2.6%
Amadeus IT Group S.A. (b)		244,794		12,624,038
Cellnex Telecom S.A.		260,654		8,668,209
Iberdrola S.A.		1,472,276		17,221,944
				38,514,191
Switzerland—14.4%
Cie Financiere Richemont S.A. - Class A		130,548		16,893,647
Glencore plc		3,416,857		22,847,752
Julius Baer Group, Ltd.		221,277		12,861,944
Nestle S.A.		393,352		45,426,446
Roche Holding AG		155,118		48,747,668
Schindler Holding AG (Participation Certificate)		57,488		10,794,460
Sika AG		56,437		13,617,650
UBS Group AG		1,227,133		22,873,248
Zurich Insurance Group AG		38,085		18,199,882
				212,262,697
Taiwan—0.7%
Taiwan Semiconductor Manufacturing Co., Ltd.		744,468		10,850,360
Thailand—0.6%
Advanced Info Service PCL (NVDR)		1,485,900		8,365,829
United Kingdom—13.8%
Beazley plc		1,329,871		10,884,693
British American Tobacco plc		533,365		21,161,102
Burberry Group plc		204,114		4,987,531
ConvaTec Group plc		2,992,406		8,414,301
Croda International plc		180,217		14,402,659
Diageo plc		487,934		21,546,818
Hiscox, Ltd.		618,971		8,155,286
Linde plc (a)		131,851		43,111,465
London Stock Exchange Group plc		231,240		19,952,324
NatWest Group plc		6,806,708		21,727,946
Ocado Group plc (a) (b)		212,462		1,598,815
Reckitt Benckiser Group plc		209,065		14,544,451
Weir Group plc (The)		390,467		7,836,260
Whitbread plc		186,418		5,799,309
				204,122,960
United States—4.1%
Aon plc - Class A		69,201		20,769,988
Cadence Design Systems, Inc. (b)		55,855		8,972,547
NIKE, Inc. - Class B		66,896		7,827,501
United States—(Continued)
Visa, Inc. - Class A		70,096		14,563,145
Willis Towers Watson plc		32,821		8,027,360
				60,160,541
Total Common Stocks (Cost $1,293,289,708)				1,453,675,002
Warrants—0.0%
Switzerland—0.0%
Cie Financiere Richemont S.A. Expires 11/22/23 (b) (Cost $0)		298,538		248,607
Short-Term Investment—0.5%
Repurchase Agreement—0.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $7,747,851; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $7,901,271.		7,746,302		7,746,302
Total Short-Term Investments (Cost $7,746,302)				7,746,302
Securities Lending Reinvestments (c)—4.8%
Repurchase Agreements—3.1%
BofA Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $6,121,565; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $6,241,084.		6,118,710		6,118,710
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $10,004,778; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $10,200,000.		10,000,000		10,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $13,006,211; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $13,271,531.		13,000,000		13,000,000

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
HSBC Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,000,944; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $2,040,963.		2,000,000	$	2,000,000
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $1,000,480; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $1,023,869.		1,000,000		1,000,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $1,100,924; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $1,124,616.		1,100,000		1,100,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $500,236; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $510,903.		500,000		500,000
Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $3,001,420; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $3,060,000.		3,000,000		3,000,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $6,002,927; collateralized by various Common Stock with an aggregate market value of $6,677,083.		6,000,000		6,000,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $300,147; collateralized by various Common Stock with an aggregate market value of $333,888.		300,000		300,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $2,000,978; collateralized by various Common Stock with an aggregate market value of $2,229,114.		2,000,000		2,000,000
				45,018,710
Mutual Funds—1.7%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (d)		1,000,000		1,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (d)		2,000,000		2,000,000
Mutual Funds—(Continued)
Fidelity Investments Money Market Government Portfolio, Class I 4.060% (d)		5,000,000		5,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (d)		7,000,000		7,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (d)		1,000,000		1,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (d)		1,000,000		1,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (d)		7,000,000		7,000,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (d)		1,000,000		1,000,000
				25,000,000
Total Securities Lending Reinvestments (Cost $70,018,710)				70,018,710
Total Investments—103.6% (Cost $1,371,054,720)				1,531,688,621
Other assets and liabilities (net)—(3.6)%				(53,019,103	)
Net Assets—100.0%			$	1,478,669,518

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $100,694,274 and the collateral received consisted of cash in the amount of $70,018,710 and non-cash collateral with a value of $36,234,130. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(d)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

Ten Largest Industries as of December 31, 2022 (Unaudited)	% of Net Assets
Pharmaceuticals		10.9
Chemicals		7.5
Capital Markets		6.9
Insurance		6.1
Machinery		5.9
Oil, Gas & Consumable Fuels		5.5
Banks		5.0
Textiles, Apparel & Luxury Goods		4.7
IT Services		4.1
Food Products		3.7

Glossary of Abbreviations

Other Abbreviations

(ADR)—	American Depositary Receipt
(NVDR)—	Non-Voting Depository Receipts

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

MFS Research International Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	49,521,332		$	—	$	49,521,332
Canada		22,386,654		—			—		22,386,654
China		18,286,564		18,788,294			—		37,074,858
Denmark		—		53,941,110			—		53,941,110
France		—		173,133,725			—		173,133,725
Germany		—		92,754,933			—		92,754,933
Greece		—		6,196,870			—		6,196,870
Hong Kong		—		58,234,528			—		58,234,528
India		—		13,138,329			—		13,138,329
Ireland		5,620,906		8,014,370			—		13,635,276
Italy		—		14,268,285			—		14,268,285
Japan		—		278,237,426			—		278,237,426
Netherlands		8,768,769		64,024,567			—		72,793,336
Portugal		—		18,644,528			—		18,644,528
South Korea		—		15,437,234			—		15,437,234
Spain		—		38,514,191			—		38,514,191
Switzerland		—		212,262,697			—		212,262,697
Taiwan		—		10,850,360			—		10,850,360
Thailand		8,365,829		—			—		8,365,829
United Kingdom		—		204,122,960			—		204,122,960
United States		60,160,541		—			—		60,160,541
Total Common Stocks		123,589,263		1,330,085,739			—		1,453,675,002
Total Warrants*		248,607		—			—		248,607
Total Short-Term Investment*		—		7,746,302			—		7,746,302
Securities Lending Reinvestments
Repurchase Agreements		—		45,018,710			—		45,018,710
Mutual Funds		25,000,000		—			—		25,000,000
Total Securities Lending Reinvestments		25,000,000		45,018,710			—		70,018,710
Total Investments	$	148,837,870	$	1,382,850,751		$	—	$	1,531,688,621
Collateral for Securities Loaned (Liability)	$	—	$	(70,018,710	)	$	—	$	(70,018,710	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

MFS Research International Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,531,688,621
Cash denominated in foreign currencies (c)		5
Receivable for:
Investments sold		13,940,478
Fund shares sold		12,478
Dividends and interest		6,697,183
Prepaid expenses		5,797
Total Assets		1,552,344,562
Liabilities
Collateral for securities loaned		70,018,710
Payables for:
Fund shares redeemed		1,787,391
Foreign taxes		530,904
Accrued Expenses:
Management fees		762,515
Distribution and service fees		102,744
Deferred trustees’ fees		163,275
Other expenses		309,505
Total Liabilities		73,675,044
Net Assets	$	1,478,669,518
Net Assets Consist of:
Paid in surplus	$	1,272,723,960
Distributable earnings (Accumulated losses) (d)		205,945,558
Net Assets	$	1,478,669,518
Net Assets
Class A	$	1,001,250,123
Class B		472,210,349
Class E		5,209,046
Capital Shares Outstanding*
Class A		90,233,604
Class B		43,041,264
Class E		471,474
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.10
Class B		10.97
Class E		11.05

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,371,054,720.
(b)	Includes securities loaned at value of $100,694,274.
(c)	Identified cost of cash denominated in foreign currencies was $5.
(d)	Includes foreign capital gains tax of $530,652.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	36,018,118
Non-cash dividends		2,364,195
Interest		62,617
Securities lending income		294,384
Total investment income		38,739,314
Expenses
Management fees		11,145,331
Administration fees		71,518
Custodian and accounting fees		359,318
Distribution and service fees—Class B		1,250,342
Distribution and service fees—Class E		8,468
Audit and tax services		52,592
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		86,830
Insurance		13,938
Miscellaneous		44,160
Total expenses		13,087,152
Less management fee waiver		(1,721,143	)
Net expenses		11,366,009
Net Investment Income		27,373,305
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (b)		30,454,138
Foreign currency transactions		(669,399	)
Net realized gain (loss)		29,784,739
Net change in unrealized appreciation (depreciation) on:
Investments (c)		(390,041,290	)
Foreign currency transactions		(72,936	)
Net change in unrealized appreciation (depreciation)		(390,114,226	)
Net realized and unrealized gain (loss)		(360,329,487	)
Net Increase (Decrease) in Net Assets From Operations	$	(332,956,182	)

(a)	Net of foreign withholding taxes of $3,362,232.
(b)	Net of foreign capital gains tax of $446,319.
(c)	Includes change in foreign capital gains tax of $455,242.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

MFS Research International Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	27,373,305		$	23,893,494
Net realized gain (loss)		29,784,739			113,356,588
Net change in unrealized appreciation (depreciation)		(390,114,226	)		79,126,458
Increase (decrease) in net assets from operations		(332,956,182	)		216,376,540
From Distributions to Shareholders
Class A		(95,978,836	)		(61,360,182	)
Class B		(43,478,592	)		(27,963,749	)
Class E		(491,598	)		(336,131	)
Total distributions		(139,949,026	)		(89,660,062	)
Increase (decrease) in net assets from capital share transactions		10,758,560			(62,364,266	)
Total increase (decrease) in net assets		(462,146,648	)		64,352,212
Net Assets
Beginning of period		1,940,816,166			1,876,463,954
End of period	$	1,478,669,518		$	1,940,816,166

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		1,853,323		$	20,500,073			2,176,844		$	32,228,549
Reinvestments		8,944,905			95,978,836			4,228,820			61,360,182
Redemptions		(9,674,838	)		(113,442,350	)		(8,664,650	)		(126,054,324	)
Net increase (decrease)		1,123,390		$	3,036,559			(2,258,986	)	$	(32,465,593	)
Class B
Sales		1,957,737		$	22,692,047			2,506,744		$	36,035,202
Reinvestments		4,094,029			43,478,592			1,945,981			27,963,749
Redemptions		(4,936,449	)		(58,248,471	)		(6,464,149	)		(93,173,934	)
Net increase (decrease)		1,115,317		$	7,922,168			(2,011,424	)	$	(29,174,983	)
Class E
Sales		13,237		$	145,281			11,370		$	161,444
Reinvestments		45,987			491,598			23,246			336,131
Redemptions		(70,544	)		(837,046	)		(84,035	)		(1,221,265	)
Net increase (decrease)		(11,320	)	$	(200,167	)		(49,419	)	$	(723,690	)
Increase (decrease) derived from capital shares transactions				$	10,758,560					$	(62,364,266	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

MFS Research International Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.81		$	13.86		$	13.03		$	10.79		$	12.79
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.21			0.19			0.17			0.28			0.23
Net realized and unrealized gain (loss)		(2.81	)		1.46			1.39			2.73			(1.95	)
Total income (loss) from investment operations		(2.60	)		1.65			1.56			3.01			(1.72	)
Less Distributions
Distributions from net investment income		(0.26	)		(0.17	)		(0.31	)		(0.20	)		(0.28	)
Distributions from net realized capital gains		(0.85	)		(0.53	)		(0.42	)		(0.57	)		0.00
Total distributions		(1.11	)		(0.70	)		(0.73	)		(0.77	)		(0.28	)
Net Asset Value, End of Period	$	11.10		$	14.81		$	13.86		$	13.03		$	10.79
Total Return (%) (b)		(17.30	)		11.98			13.28			28.69			(13.81	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75			0.74			0.75			0.74			0.75
Net ratio of expenses to average net assets (%) (c)		0.64			0.64			0.64			0.64			0.65
Ratio of net investment income (loss) to average net assets (%)		1.81			1.31			1.36			2.32			1.83
Portfolio turnover rate (%)		20			18			26			15			21
Net assets, end of period (in millions)	$	1,001.3		$	1,319.7		$	1,266.4		$	1,211.1		$	1,075.1
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.65		$	13.72		$	12.90		$	10.69		$	12.67
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.15			0.13			0.25			0.20
Net realized and unrealized gain (loss)		(2.79	)		1.45			1.38			2.69			(1.94	)
Total income (loss) from investment operations		(2.61	)		1.60			1.51			2.94			(1.74	)
Less Distributions
Distributions from net investment income		(0.22	)		(0.14	)		(0.27	)		(0.16	)		(0.24	)
Distributions from net realized capital gains		(0.85	)		(0.53	)		(0.42	)		(0.57	)		0.00
Total distributions		(1.07	)		(0.67	)		(0.69	)		(0.73	)		(0.24	)
Net Asset Value, End of Period	$	10.97		$	14.65		$	13.72		$	12.90		$	10.69
Total Return (%) (b)		(17.57	)		11.71			13.02			28.31			(14.00	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.00			0.99			1.00			0.99			1.00
Net ratio of expenses to average net assets (%) (c)		0.89			0.89			0.89			0.89			0.90
Ratio of net investment income (loss) to average net assets (%)		1.56			1.07			1.11			2.07			1.59
Portfolio turnover rate (%)		20			18			26			15			21
Net assets, end of period (in millions)	$	472.2		$	614.0		$	602.7		$	580.0		$	515.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

MFS Research International Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	14.74		$	13.80		$	12.98		$	10.75		$	12.74
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.19			0.17			0.15			0.26			0.21
Net realized and unrealized gain (loss)		(2.79	)		1.45			1.38			2.72			(1.94	)
Total income (loss) from investment operations		(2.60	)		1.62			1.53			2.98			(1.73	)
Less Distributions
Distributions from net investment income		(0.24	)		(0.15	)		(0.29	)		(0.18	)		(0.26	)
Distributions from net realized capital gains		(0.85	)		(0.53	)		(0.42	)		(0.57	)		0.00
Total distributions		(1.09	)		(0.68	)		(0.71	)		(0.75	)		(0.26	)
Net Asset Value, End of Period	$	11.05		$	14.74		$	13.80		$	12.98		$	10.75
Total Return (%) (b)		(17.43	)		11.80			13.06			28.47			(13.91	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90			0.89			0.90			0.89			0.90
Net ratio of expenses to average net assets (%) (c)		0.79			0.79			0.79			0.79			0.80
Ratio of net investment income (loss) to average net assets (%)		1.65			1.19			1.22			2.16			1.71
Portfolio turnover rate (%)		20			18			26			15			21
Net assets, end of period (in millions)	$	5.2		$	7.1		$	7.3		$	7.8		$	6.6

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is MFS Research International Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-13

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

In consideration of recent decisions rendered by European courts, the Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended December 31, 2022, the Portfolio received EU tax reclaim payments in the amount of $78,872 that were not previously accrued for due to uncertainty of collectability. Such amount is included in dividends on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTI-14

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $7,746,302. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $45,018,710. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

BHFTI-15

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with

BHFTI-16

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	309,986,417	$	0	$	427,614,262

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company, the subadviser to the Portfolio, that amounted to $157,557 in purchases and $1,207,207 in sales of investments, which are included above, and resulted in net realized gains of $230,256.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average daily net assets
$11,145,331		0.800	%	First $200 million
		0.750	%	$200 million to $500 million
		0.700	%	$500 million to $1 billion
		0.650	%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Massachusetts Financial Services Company is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.205%	First $200 million
0.155%	$200 million to $500 million
0.105%	$500 million to $1 billion
0.055%	$1 billion to $2.5 billion
0.075%	Over $2.5 billion

BHFTI-17

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,377,558,444
Gross unrealized appreciation		281,540,046
Gross unrealized (depreciation)		(127,397,253	)
Net unrealized appreciation (depreciation)	$	154,142,793

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$41,063,108	$	21,004,115	$	98,885,918	$	68,655,947	$	139,949,026	$	89,660,062

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$24,162,872	$	28,350,983	$	153,594,980	$	—	$	206,108,835

BHFTI-18

Brighthouse Funds Trust I

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-19

Brighthouse Funds Trust I

MFS Research International Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the MFS Research International Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the MFS Research International Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the MFS Research International Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-20

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-21

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-22

Brighthouse Funds Trust I

MFS Research International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-23

Brighthouse Funds Trust I

MFS Research International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-24

Brighthouse Funds Trust I

MFS Research International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

MFS Research International Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Massachusetts Financial Services Company regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board noted that the Portfolio underperformed its benchmark, the MSCI EAFE Index, for the one-year period ended October 31, 2022 and outperformed the same benchmark for the three- and five-year periods ended October 31, 2022. The Board further noted that the Portfolio underperformed its other benchmark, the MSCI All Country World (ex.-U.S.) Index, for the one-year period ended October 31, 2022 and outperformed the same benchmark for the three- and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTI-25

Brighthouse Funds Trust I

MFS Research International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the average of the Sub-advised Expense Group and above the average of the Sub-advised Expense Universe, each at the Portfolio’s current size.

BHFTI-26

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Managed By Morgan Stanley Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Morgan Stanley Discovery Portfolio returned -62.47%, -62.52%, and -62.53%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned -26.72%.

MARKET ENVIRONMENT / CONDITIONS

Throughout 2022, fear and uncertainty due to concerns about inflation, rising interest rates, geopolitical tensions and ongoing effects of the global pandemic continued to weigh on market sentiment, contributing to greater volatility and a continued aversion towards high growth equities. The Russia-Ukraine war and China’s widespread COVID-19 lockdowns worsened supply chain bottlenecks and drove food and energy prices higher. The U.S. Federal Reserve and other central banks around the world responded with larger-than-normal interest rate increases to bring inflation down, compounding economic uncertainty and contributing to elevated volatility in stock and bond markets. While tightening financial conditions helped slow some segments of the economy and inflation appeared to be receding from peak levels, the jobs market remained resilient and inflation rates were still historically high at year-end, setting up expectations for additional interest rate hikes in 2023.

Mid-cap growth equities, as measured by the Russell Midcap Growth Index (the “Index”), declined over the 12-month period. Outside of the Energy sector’s significant outperformance and a small positive return from Utilities, all other sectors in the Index had negative performance in 2022. Communication Services, Information Technology (“IT”) and Consumer Discretionary were the bottom performing sectors. Growth stocks underperformed the broad market in the period.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed the benchmark in this 12-month period primarily due to adverse stock selection; sector allocations detracted to a lesser extent. Greater market volatility and a widespread sell-off in high growth and high multiple equities was a significant headwind to Portfolio performance in 2022. We believe the sell-off was driven by a broad rotation out of such names and not due to company-specific fundamentals, which, across most of the Portfolio, remained largely healthy.

IT was by far the top detractor in the Portfolio this period, due to mixed stock selection. Affirm Holdings (2.1% of the Portfolio), a technology company specializing in consumer buy-now-pay-later point of sale financing and payment processing, was the largest detractor within the sector and across the whole Portfolio. Its shares languished due to concerns about a tougher funding environment and macroeconomic weakness resulting in potentially greater consumer delinquencies and loan losses. Cloudflare (5.8% of the Portfolio), MongoDB (sold), Okta (sold), and Unity Software (sold) were also among the largest detractors in the sector and Portfolio as a whole.

The Portfolio’s stock selection and sector allocations in most other sectors detracted as well; stock selection in Consumer Discretionary, Health Care and Financials, and an overweight to Communication Services were also among the largest detractors from relative results. Nearly all sectors detracted over the period; however, this was modestly offset by the positive impact of an average overweight in Health Care and average underweight in Consumer Discretionary. Utilities – a sector the Portfolio had no exposure to – had a negligible impact on relative performance.

Leading Korean e-commerce platform Coupang (2.4% of the Portfolio) was the top contributor across the Portfolio. Coupang benefited from improved operational efficiency, supply chain optimization and strong growth in its advertising business. Coupang’s improving profitability increased investors’ confidence in its ability to achieve its long-term targets.

As of the end of the period, the Portfolio’s top holdings included Royalty Pharma (6.9% of the Portfolio), Snowflake (6.5% of the Portfolio), Agilon Health (6.0% of the Portfolio), Adyen (Netherlands) (5.9% of the Portfolio) and Cloudflare (5.8% of the Portfolio). The Portfolio had sector overweight positions in Communication Services, IT, Health Care and Consumer Discretionary; sector underweight positions in Industrials, Financials and Materials; and no exposure to Energy, Consumer Staples, Real Estate and Utilities.

BHFTI-1

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Managed By Morgan Stanley Investment Management Inc.

Portfolio Manager Commentary*—(Continued)

Derivatives were not a material factor affecting performance in the period.

Dennis P. Lynch

Sam G. Chainani

Jason C. Yeung

Armistead Nash

David S. Cohen

Alexander T. Norton

Portfolio Managers

Morgan Stanley Investment Management Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and higher forecasted growth values.

BHFTI-2

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Morgan Stanley Discovery Portfolio
Class A		-62.47		5.73		8.62
Class B		-62.52		5.49		8.36
Class E		-62.53		5.57		8.45
Russell Midcap Growth Index		-26.72		7.64		11.41

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Royalty Pharma plc - Class A		6.9
Snowflake, Inc. - Class A		6.5
Agilon Health, Inc.		6.0
Adyen NV		5.9
Cloudflare, Inc. - Class A		5.8
Trade Desk, Inc. (The) - Class A		5.6
Doximity, Inc. - Class A		5.5
Bill.com Holdings, Inc.		5.2
Datadog, Inc. - Class A		4.7
ZoomInfo Technologies, Inc. - Class A		4.5

Top Sectors

	% of Net Assets
Information Technology		36.9
Health Care		23.0
Consumer Discretionary		16.1
Communication Services		14.6
Industrials		2.2
Financials		0.9
Materials		0.4

BHFTI-3

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Morgan Stanley Discovery Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.66	%	$	1,000.00	$	869.10	$	3.11
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.88	$	3.36
Class B (a)	Actual		0.91	%	$	1,000.00	$	869.20	$	4.29
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.62	$	4.63
Class E (a)	Actual		0.81	%	$	1,000.00	$	866.70	$	3.81
	Hypothetical*		0.81	%	$	1,000.00	$	1,021.12	$	4.13

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—92.5% of Net Assets

Security Description	Shares		Value
Biotechnology—0.8%
Intellia Therapeutics, Inc. (a) (b)		104,601	$	3,649,529
ProKidney Corp. (a) (b)		497,653		3,413,899
				7,063,428
Capital Markets—0.3%
Coinbase Global, Inc. - Class A (a) (b)		81,981		2,901,308
Chemicals—0.4%
Ginkgo Bioworks Holdings, Inc. (a) (b)		1,915,405		3,237,034
Commercial Services & Supplies—0.2%
Aurora Innovation, Inc. (a) (b)		1,214,024		1,468,969
Consumer Finance—0.5%
Upstart Holdings, Inc. (a) (b)		331,567		4,383,316
Entertainment—4.5%
ROBLOX Corp. - Class A (a) (b)		1,337,729		38,071,767
Health Care Providers & Services—6.7%
Agilon Health, Inc. (a) (b)		3,186,644		51,432,434
Guardant Health, Inc. (a) (b)		208,028		5,658,362
				57,090,796
Health Care Technology—5.5%
Doximity, Inc. - Class A (a) (b)		1,389,699		46,638,298
Interactive Media & Services—4.5%
ZoomInfo Technologies, Inc. - Class A (a) (b)		1,268,617		38,198,058
Internet & Direct Marketing Retail—14.3%
Chewy, Inc. - Class A (a) (b)		1,023,632		37,956,275
Coupang, Inc. (a)		1,374,862		20,224,220
DoorDash, Inc. - Class A (a) (b)		776,113		37,889,837
Global-e Online, Ltd. (a) (b)		860,168		17,753,867
Wayfair, Inc. - Class A (a) (b)		243,061		7,994,276
				121,818,475
IT Services—22.2%
Adyen NV (a)		36,395		50,363,994
Affirm Holdings, Inc. (a) (b)		1,813,219		17,533,828
Cloudflare, Inc. - Class A (a) (b)		1,086,307		49,111,939
Shopify, Inc. - Class A (a)		477,087		16,559,690
Snowflake, Inc. - Class A (a)		389,191		55,864,476
				189,433,927
Leisure Products—1.5%
Peloton Interactive, Inc. - Class A (a) (b)		1,670,920		13,267,105
Life Sciences Tools & Services—3.1%
10X Genomics, Inc. - Class A (a) (b)		405,960		14,793,182
Illumina, Inc. (a)		59,514		12,033,731
				26,826,913
Pharmaceuticals—6.9%
Royalty Pharma plc - Class A (b)		1,489,705		58,873,142
Road & Rail—2.0%
Grab Holdings, Ltd. - Class A (a) (b)		5,415,156		17,436,802
Software—18.8%
Bill.com Holdings, Inc. (a) (b)		403,396		43,954,028
Datadog, Inc. - Class A (a) (b)		550,563		40,466,381
Gitlab, Inc. - Class A (a) (b)		314,699		14,299,923
MicroStrategy, Inc. - Class A (a) (b)		20,239		2,865,235
Samsara, Inc. - Class A (a) (b)		839,582		10,436,004
Trade Desk, Inc. (The) - Class A (a)		1,072,621		48,085,599
				160,107,170
Specialty Retail—0.3%
Carvana Co. (a) (b)		563,544		2,671,199
Total Common Stocks (Cost $1,455,446,973)				789,487,707
Convertible Preferred Stock—1.6%
Software—1.6%
Databricks, Inc. - Series H† (a) (c) (d) (Cost $16,889,079)		229,833		13,789,980
Escrow Shares—0.0%
Internet & Direct Marketing Retail—0.0%
Flipkart Escrow Receivable† (a) (c) (d) (Cost $0)		60,812		24,933
Warrants—0.0%
Chemicals—0.0%
Ginkgo Bioworks Holding, Inc., Expires 08/01/26 (a) (Cost $348,552)		104,671		20,934
Short-Term Investment—5.6%
Repurchase Agreement—5.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $47,577,676; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $48,519,538.		47,568,162		47,568,162
Total Short-Term Investments (Cost $47,568,162)				47,568,162

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (e)—26.9%

Security Description	Principal Amount*		Value
Certificates of Deposit—9.5%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (f)		5,000,000	$	5,006,754
Bank of Nova Scotia 4.550%, SOFR + 0.250%, 02/17/23 (f)		4,000,000		3,999,819
4.770%, FEDEFF PRV + 0.440%, 01/09/23 (f)		2,000,000		2,000,081
4.810%, SOFR + 0.510%, 03/15/23 (f)		7,000,000		7,002,942
4.980%, SOFR + 0.680%, 08/16/23 (f)		2,000,000		2,002,338
Canadian Imperial Bank of Commerce (NY) 4.550%, SOFR + 0.250%, 02/03/23 (f)		5,000,000		5,000,331
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (f)		6,000,000		6,000,000
4.830%, SOFR + 0.530%, 02/01/23 (f)		5,000,000		5,001,045
Mizuho Bank, Ltd. 4.850%, SOFR + 0.550%, 01/26/23 (f)		2,000,000		2,000,601
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (f)		6,000,000		6,002,367
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (f)		16,000,000		15,999,744
Sumitomo Mitsui Trust Bank, Ltd. 4.840%, SOFR + 0.540%, 01/10/23 (f)		2,000,000		2,000,156
Svenska Handelsbanken AB 4.900%, SOFR + 0.600%, 04/12/23 (f)		2,000,000		2,001,358
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (f)		5,000,000		5,000,000
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (f)		10,000,000		9,998,900
4.850%, SOFR + 0.550%, 02/22/23 (f)		2,000,000		2,000,682
				81,017,118
Commercial Paper—2.5%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (f)		5,000,000		5,001,265
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (f)		8,000,000		8,010,896
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (f)		6,000,000		6,001,620
Skandinaviska Enskilda Banken AB 4.980%, SOFR + 0.680%, 05/03/23 (f)		2,000,000		2,001,976
				21,015,757
Master Demand Notes—0.8%
Bank of America N.A. 4.880%, SOFR + 0.580%, 05/15/23 (f)		7,000,000		6,999,921
Repurchase Agreements—11.6%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $5,125,132; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $5,100,001.		5,000,000		5,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $15,980,033; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $16,306,017.		15,972,402		15,972,402
Repurchase Agreements —(Continued)
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $15,007,200; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $15,358,038.		15,000,000		15,000,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $10,608,904; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $10,837,209.		10,600,000		10,600,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $23,620,421; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $25,696,353.		23,600,000		23,600,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.570%, due on 02/03/23 with a maturity value of $10,044,431; collateralized by various Common Stock with an aggregate market value of $11,112,522.		10,000,000		10,000,000
Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $3,013,563; collateralized by various Common Stock with an aggregate market value of $3,333,764.		3,000,000		3,000,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,800,850; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $1,839,251.		1,800,000		1,800,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $25,012; collateralized by various Common Stock with an aggregate market value of $27,821.		25,000		25,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $125,061; collateralized by various Common Stock with an aggregate market value of $139,106.		125,000		125,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $9,207,907; collateralized by various Common Stock with an aggregate market value of $10,241,366.		9,200,000		9,200,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $5,002,445; collateralized by various Common Stock with an aggregate market value of $5,557,398.		5,000,000		5,000,000
				99,322,402

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (e)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Time Deposit—1.3%
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (f)		11,000,000	$	11,000,000
Mutual Funds—1.2%
HSBC U.S. Government Money Market Fund, Class I 4.130% (g)		5,000,000		5,000,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (g)		5,000,000		5,000,000
				10,000,000
Total Securities Lending Reinvestments (Cost $229,322,515)				229,355,198
Total Purchased Options—0.2% (h) (Cost $2,296,516)				1,408,665
Total Investments—126.8% (Cost $1,751,871,797)				1,081,655,579
Other assets and liabilities (net)—(26.8)%				(228,295,147	)
Net Assets—100.0%			$	853,360,432

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $13,814,913, which is 1.6% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $239,254,427 and the collateral received consisted of cash in the amount of $229,322,539 and non-cash collateral with a value of $17,565,623. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 1.6% of net assets.
(e)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(f)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(g)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(h)	For a breakout of open positions, see details shown in the Purchased Options table that follows

Restricted Securities	Acquisition Date		Shares		Cost		Value
Databricks, Inc. - Series H		08/31/21		229,833	$	16,889,079	$	13,789,980
Flipkart Escrow Receivable		08/20/18		60,812		—		24,933
							$	13,814,913

Purchased Options

Foreign Currency Options	Strike Price		Counterparty	Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
USD Call/CNH Put	CNH	7.530	JPMC		07/21/23		230,745,793		USD	230,745,793	$	1,145,653	$	665,009	$	(480,644	)
USD Call/CNH Put	CNH	7.569	SCB		08/23/23		255,656,589		USD	255,656,589		1,141,251		739,615		(401,636	)
USD Call/CNH Put	CNH	7.873	GSI		10/09/23		1,996,477		USD	1,996,477		9,612		4,041		(5,571	)
Totals											$	2,296,516	$	1,408,665	$	(887,851	)

Glossary of Abbreviations

Counterparties

(GSI)—	Goldman Sachs International
(JPMC)—	JPMorgan Chase Bank N.A.
(SCB)—	Standard Chartered Bank

Currencies

(USD)—	United States Dollar
(CNH)—	Chinese Renminbi

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Biotechnology	$	7,063,428	$	—		$	—	$	7,063,428
Capital Markets		2,901,308		—			—		2,901,308
Chemicals		3,237,034		—			—		3,237,034
Commercial Services & Supplies		1,468,969		—			—		1,468,969
Consumer Finance		4,383,316		—			—		4,383,316
Entertainment		38,071,767		—			—		38,071,767
Health Care Providers & Services		57,090,796		—			—		57,090,796
Health Care Technology		46,638,298		—			—		46,638,298
Interactive Media & Services		38,198,058		—			—		38,198,058
Internet & Direct Marketing Retail		121,818,475		—			—		121,818,475
IT Services		139,069,933		50,363,994			—		189,433,927
Leisure Products		13,267,105		—			—		13,267,105
Life Sciences Tools & Services		26,826,913		—			—		26,826,913
Pharmaceuticals		58,873,142		—			—		58,873,142
Road & Rail		17,436,802		—			—		17,436,802
Software		160,107,170		—			—		160,107,170
Specialty Retail		2,671,199		—			—		2,671,199
Total Common Stocks		739,123,713		50,363,994			—		789,487,707
Total Convertible Preferred Stock*		—		—			13,789,980		13,789,980
Total Escrow Shares*		—		—			24,933		24,933
Total Warrants*		20,934		—			—		20,934
Total Short-Term Investment*		—		47,568,162			—		47,568,162
Securities Lending Reinvestments
Certificates of Deposit		—		81,017,118			—		81,017,118
Commercial Paper		—		21,015,757			—		21,015,757
Master Demand Notes		—		6,999,921			—		6,999,921
Repurchase Agreements		—		99,322,402			—		99,322,402
Time Deposit		—		11,000,000			—		11,000,000
Mutual Funds		10,000,000		—			—		10,000,000
Total Securities Lending Reinvestments		10,000,000		219,355,198			—		229,355,198
Total Purchased Options at Value		—		1,408,665			—		1,408,665
Total Investments	$	749,144,647	$	318,696,019		$	13,814,913	$	1,081,655,579
Collateral for Securities Loaned (Liability)	$	—	$	(229,322,539	)	$	—	$	(229,322,539	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Schedule of Investments as of December 31, 2022

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2021		Change in Unrealized Appreciation/ (Depreciation)			Balance as of December 31, 2022		Change in Unrealized Appreciation/ (Depreciation) from Investments Held at December 31, 2022
Convertible Preferred Stocks
Software	$	17,284,974	$	(3,494,994	)	$	13,789,980	$	(3,494,994	)
Escrow Shares
Internet & Direct Marketing Retail		24,933		—			24,933		—
	$	17,309,907	$	(3,494,994	)	$	13,814,913	$	(3,494,994	)

	Fair Value at December 31, 2022			Valuation Technique(s)		Unobservable Input		Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Convertible Preferred Stocks
Software	$	13,789,980	(a)		Market Transaction Method		Secondary Market Transaction	$	60.00		$	60.00		$	60.00			Increase
Escrow Shares
Internet & Direct Marketing Retail		24,933			Liquidation Value		Estimated Distribution Per Share	$	0.84		$	0.84		$	0.84			Increase
							Discount for Lack Certainty		50.00	%		50.00	%		50.00	%		Decrease

(a) For the year ended December 31, 2022, the valuation technique for investments amounting to $13,789,980 changed to a market transaction method. The investments were previously valued utilizing a multi-tiered approach. The change was due to the consideration of the most recent information available at the time the investments were valued.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,081,655,579
Cash denominated in foreign currencies (c)		961
Receivable for:
Investments sold		392,495
Fund shares sold		4,899,118
Interest		4,781
Prepaid expenses		1,908
Total Assets		1,086,954,842
Liabilities
Cash collateral for purchased options		1,700,000
Collateral for securities loaned		229,322,539
Payables for:
Investments purchased		1,581,978
Fund shares redeemed		105,146
Accrued Expenses:
Management fees		479,798
Distribution and service fees		66,808
Deferred trustees’ fees		166,447
Other expenses		171,694
Total Liabilities		233,594,410
Net Assets	$	853,360,432
Net Assets Consist of:
Paid in surplus	$	2,174,160,366
Distributable earnings (Accumulated losses)		(1,320,799,934	)
Net Assets	$	853,360,432
Net Assets
Class A	$	544,780,239
Class B		298,904,027
Class E		9,676,166
Capital Shares Outstanding*
Class A		134,585,381
Class B		107,287,934
Class E		2,977,960
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	4.05
Class B		2.79
Class E		3.25

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,751,871,797.
(b)	Includes securities loaned at value of $239,254,427.
(c)	Identified cost of cash denominated in foreign currencies was $981.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends	$	1,146,127
Interest		198,382
Securities lending income		2,804,748
Total investment income		4,149,257
Expenses
Management fees		7,654,653
Administration fees		58,066
Custodian and accounting fees		70,382
Distribution and service fees—Class B		944,757
Distribution and service fees—Class E		21,521
Audit and tax services		51,552
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		104,434
Insurance		13,565
Miscellaneous		20,990
Total expenses		8,994,575
Less management fee waiver		(270,160	)
Net expenses		8,724,415
Net Investment Loss		(4,575,158	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(635,384,239	)
Purchased options		(11,089,188	)
Foreign currency transactions		21,562
Net realized gain (loss)		(646,451,865	)
Net change in unrealized appreciation (depreciation) on:
Investments		(673,059,330	)
Purchased options		8,783,845
Foreign currency transactions		(67	)
Net change in unrealized appreciation (depreciation)		(664,275,552	)
Net realized and unrealized gain (loss)		(1,310,727,417	)
Net Increase (Decrease) in Net Assets From Operations	$	(1,315,302,575	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(4,575,158	)	$	(10,500,357	)
Net realized gain (loss)		(646,451,865	)		519,006,128
Net change in unrealized appreciation (depreciation)		(664,275,552	)		(734,597,873	)
Increase (decrease) in net assets from operations		(1,315,302,575	)		(226,092,102	)
From Distributions to Shareholders
Class A		(315,521,675	)		(803,118,839	)
Class B		(183,041,690	)		(362,688,630	)
Class E		(6,270,116	)		(17,339,673	)
From Return of Capital
Class A		(227,544	)		—
Class B		(132,004	)		—
Class E		(4,522	)		—
Total distributions		(505,197,551	)		(1,183,147,142	)
Increase (decrease) in net assets from capital share transactions		622,147,832			889,572,498
Total increase (decrease) in net assets		(1,198,352,294	)		(519,666,746	)
Net Assets
Beginning of period		2,051,712,726			2,571,379,472
End of period	$	853,360,432		$	2,051,712,726

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		11,588,433		$	92,936,782			2,100,811		$	75,907,387
Reinvestments		69,548,286			315,749,219			32,047,839			803,118,839
Redemptions		(11,126,973	)		(87,295,015	)		(6,826,515	)		(237,135,520	)
Net increase (decrease)		70,009,746		$	321,390,986			27,322,135		$	641,890,706
Class B
Sales		24,631,020		$	149,581,856			2,717,850		$	81,112,441
Reinvestments		58,521,947			183,173,694			17,003,686			362,688,630
Redemptions		(7,001,407	)		(37,796,580	)		(6,343,327	)		(204,860,701	)
Net increase (decrease)		76,151,560		$	294,958,970			13,378,209		$	238,940,370
Class E
Sales		261,940		$	1,740,249			96,019		$	3,331,979
Reinvestments		1,719,079			6,274,638			764,199			17,339,673
Redemptions		(318,812	)		(2,217,011	)		(393,977	)		(11,930,230	)
Net increase (decrease)		1,662,207		$	5,797,876			466,241		$	8,741,422
Increase (decrease) derived from capital shares transactions				$	622,147,832					$	889,572,498

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	22.25		$	47.23		$	21.87		$	18.57		$	20.17
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.12	)		(0.14	)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss)		(13.36	)		(2.34	)		30.39			7.74			2.69
Total income (loss) from investment operations		(13.38	)		(2.46	)		30.25			7.71			2.65
Less Distributions
Distributions from net realized capital gains		(4.82	)		(22.52	)		(4.89	)		(4.41	)		(4.25	)
Distributions from return of capital		(0.00	)(b)		—			—			—			—
Total distributions		(4.82	)		(22.52	)		(4.89	)		(4.41	)		(4.25	)
Net Asset Value, End of Period	$	4.05		$	22.25		$	47.23		$	21.87		$	18.57
Total Return (%) (c)		(62.47	)		(10.54	)		153.77			40.47	(d)		10.41
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68			0.65			0.66			0.68			0.68
Net ratio of expenses to average net assets (%) (e)		0.65			0.62			0.63			0.66			0.66
Ratio of net investment income (loss) to average net assets (%)		(0.31	)		(0.35	)		(0.44	)		(0.13	)		(0.18	)
Portfolio turnover rate (%)		47			94			107			97			87
Net assets, end of period (in millions)	$	544.8		$	1,436.5		$	1,759.4		$	820.8		$	650.2
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	18.91		$	43.58		$	20.48		$	17.62		$	19.35
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.17	)		(0.20	)		(0.08	)		(0.09	)
Net realized and unrealized gain (loss)		(11.27	)		(1.98	)		28.19			7.35			2.61
Total income (loss) from investment operations		(11.30	)		(2.15	)		27.99			7.27			2.52
Less Distributions
Distributions from net realized capital gains		(4.82	)		(22.52	)		(4.89	)		(4.41	)		(4.25	)
Distributions from return of capital		(0.00	)(b)		—			—			—			—
Total distributions		(4.82	)		(22.52	)		(4.89	)		(4.41	)		(4.25	)
Net Asset Value, End of Period	$	2.79		$	18.91		$	43.58		$	20.48		$	17.62
Total Return (%) (c)		(62.52	)		(10.78	)		153.11			40.13	(d)		10.15
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93			0.90			0.91			0.93			0.93
Net ratio of expenses to average net assets (%) (e)		0.90			0.87			0.88			0.91			0.91
Ratio of net investment income (loss) to average net assets (%)		(0.54	)		(0.60	)		(0.68	)		(0.39	)		(0.43	)
Portfolio turnover rate (%)		47			94			107			97			87
Net assets, end of period (in millions)	$	298.9		$	588.7		$	773.8		$	433.3		$	368.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	20.13		$	44.91		$	20.99		$	17.97		$	19.65
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.15	)		(0.18	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss)		(12.03	)		(2.11	)		28.99			7.49			2.64
Total income (loss) from investment operations		(12.06	)		(2.26	)		28.81			7.43			2.57
Less Distributions
Distributions from net realized capital gains		(4.82	)		(22.52	)		(4.89	)		(4.41	)		(4.25	)
Distributions from return of capital		(0.00	)(b)		—			—			—			—
Total distributions		(4.82	)		(22.52	)		(4.89	)		(4.41	)		(4.25	)
Net Asset Value, End of Period	$	3.25		$	20.13		$	44.91		$	20.99		$	17.97
Total Return (%) (c)		(62.53	)		(10.69	)		153.37			40.25	(d)		10.26
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.80			0.81			0.83			0.83
Net ratio of expenses to average net assets (%) (e)		0.80			0.77			0.78			0.81			0.81
Ratio of net investment income (loss) to average net assets (%)		(0.46	)		(0.50	)		(0.59	)		(0.29	)		(0.33	)
Portfolio turnover rate (%)		47			94			107			97			87
Net assets, end of period (in millions)	$	9.7		$	26.5		$	38.2		$	16.9		$	13.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Distributions from return of capital were less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Includes gains from settlement of security litigations; excluding these gains, the total return for Class A, Class B and Class E would have been 40.28%, 39.92% and 40.05%, respectively for the year ended December 31, 2019.
(e)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Morgan Stanley Discovery Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the

BHFTI-14

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization

BHFTI-15

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Special Purpose Acquisition Companies - The Portfolio may invest in Special Purpose Acquisition Companies (“SPAC”). A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (an “IPO”) for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transaction (each a “Transaction”). If the Portfolio purchases shares of a SPAC in an IPO it will generally bear a sales commission, which may be significant.The shares of a SPAC are often issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. In some cases, the rights and warrants may be separated from the common stock at the election of the holder, after which they may become freely tradeable. After going public and until a Transaction is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Portfolio’s ability to meet its investment objective(s). If a SPAC does not complete a Transaction within a specified period of time after going public, the SPAC is typically dissolved, at which point the invested funds are returned to the SPAC’s shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting a Transaction. In some cases, the Portfolio may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with a Transaction. Because SPACs often do not have an operating history or ongoing business other than seeking a Transaction, the value of their securities may be particularly dependent on the quality of its management and on the ability of the SPAC’s management to identify and complete a profitable Transaction. Some SPACs may pursue Transactions only within certain industries or regions, which may increase the volatility of an investment in them. In addition, the securities issued by a SPAC, which may be traded in the OTC market, may become illiquid and/or may be subject to restrictions on resale. Other risks of investing in SPACs include that: a significant portion of the monies raised by the SPAC may be expended during the search for a target Transaction; an attractive Transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may be required to return any remaining monies to shareholders; a Transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $47,568,162. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $99,322,402. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio

BHFTI-16

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Investments in Derivative Instruments

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tend to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

BHFTI-17

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Investments at market value (a)	$	1,408,665

(a) Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset		Collateral Received†			Net Amount*
Goldman Sachs International	$	4,041	$	—	$	(4,041	)	$	—
JPMorgan Chase Bank N.A.		665,009		—		(665,009	)		—
Standard Chartered Bank		739,615		—		(739,615	)		—
	$	1,408,665	$	—	$	(1,408,665	)	$	—

*	Net amount represents the net amount receivable from the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location-Net Realized Gain (Loss)	Foreign Exchange
Purchased options	$	(11,089,188	)
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Purchased options	$	8,783,845

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	1,284,705,364

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including

BHFTI-18

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

BHFTI-19

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	749,842,517	$	0	$	545,293,175

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$7,654,653		0.700	%	First $200 million
		0.650	%	$200 million to $500 million
		0.625	%	Over $500 million

BHFTI-20

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Morgan Stanley Investment Management Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.050%	First $200 million
0.050%	Over $850 million

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-21

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,776,629,578
Gross unrealized appreciation		11,486,122
Gross unrealized (depreciation)		(706,460,121	)
Net unrealized appreciation (depreciation)	$	(694,973,999	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Return of Capital				Total
2022	2021		2022		2021		2022		2021		2022		2021
$73,386,212	$	390,529,450	$	431,447,269	$	792,617,692	$	364,070	$	—	$	505,197,551	$	1,183,147,142

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$—	$	—	$	(694,974,018	)	$	(625,659,468	)	$	(1,320,633,486	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $263,016,240 and accumulated long-term capital losses of $362,643,228.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-22

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Morgan Stanley Discovery Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Morgan Stanley Discovery Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Morgan Stanley Discovery Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-23

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-24

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-25

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-26

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-27

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Morgan Stanley Discovery Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Morgan Stanley Investment Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one- and three-year periods ended June 30, 2022 and outperformed the median of its Performance Universe and the average of its Morningstar Category for the five-year period ended June 30, 2022. The Board also noted that the Portfolio underperformed its benchmark, the Russell Midcap Growth Index, for the one- and three-year periods ended October 31, 2022 and outperformed its benchmark for the five-year period ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTI-28

Brighthouse Funds Trust I

Morgan Stanley Discovery Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe, each at the Portfolio’s current size.

BHFTI-29

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Managed By PanAgora Asset Management, Inc

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B shares of the PanAgora Global Diversified Risk Portfolio returned -25.66%. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

MARKET ENVIRONMENT / CONDITIONS

With 2022 at a close, we reflect on a year that was filled with large changes to the investing landscape. The year bore witness to the end of COVID-19 protocols across most of the globe, with such actions accelerating the transition from goods-related consumption to service consumption. Additionally, the world’s central bankers spent 2021 believing that the COVID-19 inspired inflationary pressures would subside as the pandemic waned, which left them to play catch up throughout 2022. Nearly all major central banks hiked their policy rates more than 200 basis points in 2022 with the U.S. Federal Reserve (the “Fed”) hiking short-term interest rates 4.25%. As these events unfolded, investors with more risky capital allocations saw the first meaningful protracted drawdown since the end of the Global Financial Crisis, which broadly impacted assets across the risky asset spectrum from public equities and credit to private equity and venture investing. To complicate matters further, Russian territorial aggression reached a boiling point early in the year as Russian forces crossed into Ukraine. This was viewed as the most aggressive action on the European continent since World War II, thereby forcing commodity prices to soar as both Russia and Ukraine are top global commodity producers.

These events contributed to U.S. equities realizing their worst annual return since 2008. Much of the equity market’s decline in 2022 was the result of the historic re-rating of equity multiples, or the price investors were willing to pay for a dollar of earnings. In the U.S., realized price-to-earnings multiples started the year near 25 times earnings, and closed the year around 18 times earnings, a 28% decrease. Earnings in the U.S. grew, albeit modestly, despite economic uncertainty introduced by the Fed and slowed consumer spending. As a result, the S&P 500 Index closed the year down 18.1%, while the technology-heavy Nasdaq 100 Index finished the period down 32.4%. Smaller public companies traded roughly in line with their larger peers, with the Russell 2000 Index closing 2022 down 20.4%. The headline index returns obscure dramatic shifts that occurred over the year, with dispersion between sectors and growth/value stocks reaching some of their widest points ever. For example, the U.S. Energy sector posted nearly a 65.0% gain while the Communication Services and Consumer Discretionary sectors were down 40.5% and 37.0%, respectively. The Russell 1000 Value Index outperformed its Growth counterpart by 21.6% over the period. Non-U.S. equities generally outperformed U.S. equities as the MSCI EAFE Index finished the year down 14.5% and the MSCI Emerging Markets Index down 20.1%. Some of the biggest winners and losers over the year were in emerging market countries, with the MSCI Turkey Index posting a 90.4% gain while the MSCI Taiwan Index posted a 29.8% decline over the period.

Global bonds experienced one of the most significant re-pricings in recent history on the back of the most aggressive coordinated central bank activity since the Paul Volcker era in the early 1980s. In the U.S., the Fed raised their policy Fed Funds rate seven times, with their policy at the beginning of the year forecasted at 2.75%, only to end up at the target range of 4.25%-4.50%. Central bank tightening led to some of the worst calendar year returns on record. The U.S. 10-year Treasury price finished the year lower by more than 16.0%—its worst annual return on record. In late September, the United Kingdom (“U.K.”) government bond market came under serious pressure as a series of political follies sent bond prices tumbling. The weakness in bonds threatened many liability-driven pension schemes which heavily rely on U.K. government bonds as collateral. While bond prices tumbled, a vortex of forced selling was created, as lower prices required managers to put up more collateral, which required more selling. The pressure on U.K. government bond prices sent yields skyrocketing, creating peripheral volatility in both the pound sterling and global asset prices.

While the story in commodity markets in 2021 was around core input prices, the main event in 2022 surrounded energy prices. Going into 2022, Russia was the second largest producer of natural gas, accounting for 17.0% of global output, and the third largest producer of oil, producing 12.0% of total global output per BP. The dramatic rise in energy prices peaked in early June and traded softer into the end of 2022. Food prices peaked at the end of the first quarter and subsequently dropped for the remainder of 2022. Price action in nearly all commodities over the year was consistent with the global theme of peaking supply pressure, irrespective of the source of pressure (COVID-19, war in Ukraine, etc.).

PORTFOLIO REVIEW / PERIOD END POSITIONING

The PanAgora Global Diversified Risk Portfolio investment philosophy is centered on the belief that risk diversification is the key to generating better risk-adjusted returns and avoiding risk concentration within a portfolio is the best way to achieve true diversification. PanAgora seeks to accomplish this by evaluating risk across and within asset classes using proprietary risk assessment and management techniques, including tactical risk management. The Portfolio targets a neutral risk allocation of 40% equities, 40% nominal fixed income and 20% inflation protection.

During the twelve-month period, each of the main asset classes used in the Portfolio, including equities, nominal fixed income, and in-

BHFTI-1

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Managed By PanAgora Asset Management, Inc

Portfolio Manager Commentary*—(Continued)

flation protected assets, contributed negatively. 2022 will be remembered for having some of the worst calendar months investors have ever faced with September a very difficult month, in particular. Within equities, each of the sub-asset classes detracted for the year, with the combination of U.S. large and small cap equities performing the worst. For nominal fixed income, U.S. government debt was the largest detractor from Portfolio performance closely followed by international government debt and then investment grade credit. The yield on the benchmark 10-year U.S. Treasury note climbed a remarkable 236 basis points over the year as bond prices tumbled. In terms of inflation protected assets, commodities were the sole sub-asset class which contributed positively, however, this was offset by the negative return contribution from inflation-linked bonds. The commodity markets began the year supply constrained and conditions further deteriorated upon Russia’s invasion of Ukraine in late February. While individual commodity markets traded on their own merits, directionally, commodity prices finished 2022 higher in aggregate.

On average, the Portfolio maintained an overweight position to inflation protected assets and an underweight position to equities and nominal fixed income relative to the Portfolio’s strategic (neutral) risk targets. For the twelve-month period, this active positioning contributed to overall Portfolio performance.

The Portfolio invests in derivatives, such as exchange-traded futures within the equity, fixed income and commodities asset classes, and swaps on futures within fixed income and commodities. The Portfolio invests in derivatives in order to gain exposure to certain asset classes. All derivatives used during the twelve month period performed as expected.

By the end of the period, the Portfolio maintained its underweight position to nominal fixed income and overweight to inflation protected assets, while equities were close to in-line to the strategic risk targets.

Within equities, the Portfolio was underweight U.S. large and small cap and emerging markets and overweight non-U.S. developed markets. Within nominal fixed income, the Portfolio was underweight investment grade credit and both U.S. and international government debt. Within inflation protected assets, the Portfolio was overweight commodities and underweight inflation-linked bonds.

Edward Qian

Bryan Belton

Jonathan Beaulieu

Portfolio Managers

PanAgora Asset Management, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

BHFTI-2

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		Since Inception1
PanAgora Global Diversified Risk Portfolio
Class B		–25.66		–0.05		2.53
Dow Jones Moderate Portfolio Index		–14.97		3.26		4.79

¹ Inception date of Class B shares is 4/14/2014. The since inception return of the index is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		79.4
Global Developed Equities		40.2
Commodities—Production Weighted		25.7
Global Inflation-Linked Bonds		9.5
Global Emerging Equities		3.5

* The percentages noted above are based on the notional amounts by asset class as a percentage of net assets.

BHFTI-3

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

PanAgora Global Diversified Risk Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a)	Actual		0.89	%	$	1,000.00	$	926.90	$	4.32
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.72	$	4.53

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—21.3% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.2%
Boeing Co. (The) (a)		1,542	$	293,736
CAE, Inc. (a)		11,507		222,576
Dassault Aviation S.A.		574		97,390
Elbit Systems, Ltd.		1,472		239,539
Howmet Aerospace, Inc.		7,716		304,088
Huntington Ingalls Industries, Inc.		1,261		290,887
Kongsberg Gruppen ASA		10,016		425,091
L3Harris Technologies, Inc.		1,208		251,518
Lockheed Martin Corp.		1,068		519,571
MTU Aero Engines AG		539		116,661
Northrop Grumman Corp.		68		37,101
Raytheon Technologies Corp.		4,574		461,608
Rolls-Royce Holdings plc (a)		111,792		125,161
Safran S.A.		2,140		267,421
Textron, Inc.		4,862		344,230
Thales S.A.		1,394		178,204
TransDigm Group, Inc.		590		371,494
				4,546,276
Air Freight & Logistics—0.1%
DSV A/S		67		10,627
Expeditors International of Washington, Inc.		3,072		319,242
FedEx Corp.		1,554		269,153
Nippon Express Holdings, Inc.		2,900		165,380
United Parcel Service, Inc. - Class B		2,686		466,934
Yamato Holdings Co., Ltd.		600		9,538
				1,240,874
Airlines—0.1%
Air Canada (a)		12,071		172,863
Alaska Air Group, Inc. (a)		5,362		230,244
ANA Holdings, Inc. (a)		9,000		191,735
Delta Air Lines, Inc. (a)		8,295		272,574
Japan Airlines Co., Ltd. (a)		7,700		157,956
Qantas Airways, Ltd. (a)		40,567		163,333
Southwest Airlines Co. (a)		5,276		177,643
United Airlines Holdings, Inc. (a)		4,850		182,845
				1,549,193
Auto Components—0.1%
Aisin Corp.		6,700		178,458
Aptiv plc (a)		3,148		293,173
BorgWarner, Inc.		7,065		284,366
Bridgestone Corp.		7,800		277,694
Cie Generale des Etablissements Michelin SCA		17,088		475,164
Continental AG		2,460		146,975
Denso Corp.		3,100		151,967
Sumitomo Electric Industries, Ltd.		17,800		201,918
				2,009,715
Automobiles—0.2%
Bayerische Motoren Werke AG		2,385		212,874
Ferrari NV		2,933		627,533
Ford Motor Co.		20,381		237,031
General Motors Co.		7,905		265,924
Honda Motor Co., Ltd.		21,200		484,720
Isuzu Motors, Ltd.		32,200		376,093
Automobiles—(Continued)
Renault S.A. (a)		9,755		325,018
Stellantis NV (Milan-Traded Shares)		31,801		450,459
Subaru Corp.		17,900		274,667
Tesla, Inc. (a)		1,404		172,945
Toyota Motor Corp.		15,600		213,207
				3,640,471
Banks—0.5%
ABN AMRO Bank NV		9,677		133,656
Banco Bilbao Vizcaya Argentaria S.A.		20,631		124,586
Bank Hapoalim B.M.		16,973		153,119
Bank Leumi Le-Israel B.M.		17,078		142,359
Bank of America Corp.		11,335		375,415
Bank of Montreal		2,066		187,161
Bank of Nova Scotia (The)		5,567		272,758
BOC Hong Kong Holdings, Ltd.		157,000		533,692
CaixaBank S.A.		69,183		271,563
Canadian Imperial Bank of Commerce		3,482		140,849
Chiba Bank, Ltd. (The)		25,700		188,351
Citizens Financial Group, Inc.		6,886		271,102
Comerica, Inc.		2,795		186,846
Commonwealth Bank of Australia		2,217		154,749
Concordia Financial Group, Ltd.		40,400		169,044
Credit Agricole S.A.		26,012		274,193
DNB Bank ASA		14,344		283,984
Erste Group Bank AG		4,860		154,974
Fifth Third Bancorp		5,492		180,192
FinecoBank Banca Fineco S.p.A.		16,195		269,898
Hang Seng Bank, Ltd.		20,000		331,153
HSBC Holdings plc (Hong Kong-Traded Shares)		22,205		138,481
Huntington Bancshares, Inc.		19,087		269,127
Israel Discount Bank, Ltd. - Class A		66,182		347,831
Japan Post Bank Co., Ltd.		37,600		323,066
JPMorgan Chase & Co.		3,382		453,526
KBC Group NV		2,797		179,588
KeyCorp		14,919		259,889
Mitsubishi UFJ Financial Group, Inc.		36,000		242,857
Mizrahi Tefahot Bank, Ltd.		4,642		150,379
Mizuho Financial Group, Inc.		13,250		187,272
NatWest Group plc		44,359		141,600
Regions Financial Corp.		10,857		234,077
Resona Holdings, Inc.		47,700		262,041
Royal Bank of Canada		2,710		254,788
Shizuoka Financial Group, Inc.		1,700		13,664
Signature Bank		1,872		215,692
Skandinaviska Enskilda Banken AB - Class A		1,128		12,981
Societe Generale S.A.		5,443		136,566
Sumitomo Mitsui Financial Group, Inc.		7,000		282,060
Sumitomo Mitsui Trust Holdings, Inc.		7,300		254,715
SVB Financial Group (a)		1,191		274,097
Swedbank AB - A Shares		10,206		173,387
Toronto-Dominion Bank (The)		3,657		236,787
Truist Financial Corp.		8,474		364,636
U.S. Bancorp		8,809		384,160
Wells Fargo & Co.		9,755		402,784
Zions Bancorp N.A.		4,666		229,381
				11,225,076

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-5

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Beverages—0.5%
Anheuser-Busch InBev S.A.		7,477	$	449,504
Asahi Group Holdings, Ltd.		18,700		582,273
Brown-Forman Corp. - Class B		7,403		486,229
Budweiser Brewing Co. APAC, Ltd.		207,800		653,703
Carlsberg AS - Class B		3,576		473,378
Coca-Cola Co. (The)		6,959		442,662
Coca-Cola Europacific Partners plc		11,191		619,086
Coca-Cola HBC AG (a)		22,371		533,976
Constellation Brands, Inc. - Class A		2,622		607,649
Davide Campari-Milano NV		37,586		380,943
Diageo plc		10,115		446,671
Heineken Holding NV		5,075		390,772
Heineken NV		3,983		374,209
Ito En, Ltd.		12,000		437,831
Keurig Dr Pepper, Inc.		18,786		669,909
Kirin Holdings Co., Ltd.		18,800		288,021
Molson Coors Beverage Co. - Class B		11,047		569,141
Monster Beverage Corp. (a)		7,036		714,365
PepsiCo, Inc.		2,493		450,385
Pernod Ricard S.A.		1,307		256,903
Remy Cointreau S.A.		1,877		316,475
Suntory Beverage & Food, Ltd.		14,000		477,694
Treasury Wine Estates, Ltd.		59,626		550,961
				11,172,740
Biotechnology—0.2%
AbbVie, Inc.		1,946		314,493
Amgen, Inc.		916		240,578
Argenx SE (a)		1,224		461,232
Biogen, Inc. (a)		1,223		338,673
CSL, Ltd.		2,363		460,763
Genmab A/S (a)		1,128		477,796
Gilead Sciences, Inc.		4,310		370,014
Grifols S.A. (a)		50,266		582,894
Incyte Corp. (a)		3,956		317,746
Moderna, Inc. (a)		1,405		252,366
Regeneron Pharmaceuticals, Inc. (a)		437		315,291
Swedish Orphan Biovitrum AB (a)		24,889		514,228
Vertex Pharmaceuticals, Inc. (a)		1,281		369,927
				5,016,001
Building Products—0.2%
A.O. Smith Corp.		9,150		523,746
AGC, Inc.		12,700		420,715
Allegion plc		514		54,104
Assa Abloy AB - Class B		828		17,815
Carrier Global Corp.		6,698		276,293
Johnson Controls International plc		5,929		379,456
Kingspan Group plc		2,230		120,070
Lixil Corp.		9,500		144,775
Masco Corp.		7,722		360,386
Nibe Industrier AB - B Shares		32,993		308,518
Rockwool International A/S - B Shares		543		128,093
TOTO, Ltd.		6,600		223,348
Trane Technologies plc		2,288		384,590
Xinyi Glass Holdings, Ltd.		59,000		109,689
				3,451,598
Capital Markets—0.3%
3i Group plc		9,488	$	154,054
Ameriprise Financial, Inc.		657		204,570
Amundi S.A.		10,403		591,105
ASX, Ltd.		4,993		228,972
Brookfield Asset Management, Ltd. - Class A (a)		899		25,742
Brookfield Corp.		3,596		113,085
Charles Schwab Corp. (The)		3,939		327,961
Deutsche Boerse AG		1,113		192,038
EQT AB		7,233		154,152
Franklin Resources, Inc.		10,032		264,644
Goldman Sachs Group, Inc. (The)		265		90,996
Hargreaves Lansdown plc		33,289		345,007
Hong Kong Exchanges & Clearing, Ltd.		6,000		259,291
IGM Financial, Inc.		4,548		126,968
Intercontinental Exchange, Inc.		6,468		663,552
Japan Exchange Group, Inc.		12,600		182,100
Julius Baer Group, Ltd.		1,910		111,021
London Stock Exchange Group plc		2,345		202,336
Macquarie Group, Ltd.		1,506		170,969
MarketAxess Holdings, Inc.		931		259,647
Moody’s Corp.		68		18,946
Morgan Stanley		4,490		381,740
Northern Trust Corp.		4,866		430,592
Onex Corp.		2,573		124,070
Raymond James Financial, Inc.		1,095		117,001
Singapore Exchange, Ltd.		22,200		148,459
St. James’s Place plc		39,577		524,082
T. Rowe Price Group, Inc.		3,173		346,047
TMX Group, Ltd.		4,648		465,212
UBS Group AG		7,179		133,814
				7,358,173
Chemicals—0.9%
Air Liquide S.A.		1,799		255,888
Air Products & Chemicals, Inc.		1,975		608,814
Akzo Nobel NV		2,828		188,701
Albemarle Corp.		2,029		440,009
Arkema S.A.		5,632		508,008
Asahi Kasei Corp.		23,200		164,859
Celanese Corp.		4,929		503,941
CF Industries Holdings, Inc.		4,546		387,319
Chr Hansen Holding A/S		11,219		808,808
Clariant AG (a)		23,493		373,853
Corteva, Inc.		11,370		668,329
Covestro AG		5,007		195,890
Croda International plc		4,021		321,352
Dow, Inc.		10,789		543,658
DuPont de Nemours, Inc.		8,039		551,717
Eastman Chemical Co.		5,691		463,475
Ecolab, Inc.		3,660		532,750
EMS-Chemie Holding AG		351		237,236
FMC Corp.		4,942		616,762
Givaudan S.A.		141		429,871
ICL Group, Ltd.		25,362		182,893
International Flavors & Fragrances, Inc.		5,444		570,749
Johnson Matthey plc		15,882		408,855

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-6

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals —(Continued)
JSR Corp.		7,100	$	139,929
Koninklijke DSM NV		1,713		210,006
Linde plc		2,230		727,381
LyondellBasell Industries NV - Class A		5,975		496,104
Mitsubishi Chemical Group Corp.		40,300		208,214
Mitsui Chemicals, Inc.		500		11,212
Mosaic Co. (The)		7,654		335,781
Nippon Paint Holdings Co., Ltd.		21,675		171,509
Nippon Sanso Holdings Corp.		11,100		159,883
Nissan Chemical Corp.		4,900		215,690
Nitto Denko Corp.		2,700		155,316
Novozymes A/S - B Shares		10,318		523,975
Nutrien, Ltd.		3,998		291,878
OCI NV		7,389		263,673
Orica, Ltd.		43,374		443,217
PPG Industries, Inc.		4,792		602,546
Sherwin-Williams Co. (The)		1,740		412,954
Shin-Etsu Chemical Co., Ltd.		1,300		158,386
Sika AG		1,094		263,971
Solvay S.A.		6,011		609,278
Sumitomo Chemical Co., Ltd.		52,700		188,699
Symrise AG		2,644		287,647
Toray Industries, Inc.		36,900		204,839
Tosoh Corp.		13,100		155,436
Umicore S.A.		13,228		488,022
Yara International ASA		14,968		658,113
				18,347,396
Commercial Services & Supplies — 0.1%
Brambles, Ltd.		33,059		271,511
Cintas Corp.		716		323,360
Dai Nippon Printing Co., Ltd.		22,300		447,064
Rentokil Initial plc		41,365		254,241
Ritchie Bros Auctioneers, Inc.		7,135		412,133
Rollins, Inc.		7,705		281,541
Securitas AB - B Shares		14,937		124,343
TOPPAN, Inc.		7,600		112,199
Waste Management, Inc.		514		80,636
				2,307,028
Communications Equipment — 0.1%
Arista Networks, Inc. (a)		2,149		260,781
Cisco Systems, Inc.		11,218		534,426
F5, Inc. (a)		2,248		322,610
Motorola Solutions, Inc.		214		55,150
Nokia Oyj		38,942		180,940
Telefonaktiebolaget LM Ericsson - B Shares		106,324		622,673
				1,976,580
Construction & Engineering — 0.1%
ACS Actividades de Construccion y Servicios S.A.		9,639		276,181
Ferrovial S.A.		7,239		189,367
Obayashi Corp.		17,800		134,572
Quanta Services, Inc.		2,023		288,277
Shimizu Corp.		25,700		136,917
WSP Global, Inc.		3,379		392,029
				1,417,343
Construction Materials — 0.1%
CRH plc		10,173		402,775
HeidelbergCement AG		2,883		164,427
Holcim AG (a)		8,408		433,577
James Hardie Industries plc		11,076		198,379
Martin Marietta Materials, Inc.		1,367		462,005
Vulcan Materials Co.		3,389		593,448
				2,254,611
Consumer Finance — 0.0%
American Express Co.		2,759		407,642
Discover Financial Services		1,964		192,138
Synchrony Financial		9,672		317,822
				917,602
Containers & Packaging — 0.2%
AMCOR plc		56,283		670,330
Avery Dennison Corp.		3,130		566,530
Ball Corp.		9,622		492,069
CCL Industries, Inc. - Class B		4,654		198,809
International Paper Co.		17,855		618,319
Packaging Corp. of America		5,001		639,678
Sealed Air Corp.		10,797		538,554
Smurfit Kappa Group plc		10,676		395,550
Westrock Co.		14,143		497,268
				4,617,107
Distributors — 0.0%
LKQ Corp.		4,043		215,937
Pool Corp.		443		133,932
				349,869
Diversified Consumer Services — 0.0%
Pearson plc		62,852		712,425
Diversified Financial Services — 0.0%
Berkshire Hathaway, Inc. - Class B (a)		307		94,832
EXOR NV (a)		3,215		234,685
Groupe Bruxelles Lambert NV		151		12,096
L E Lundbergforetagen AB - B Shares		3,278		139,732
Mitsubishi HC Capital, Inc.		31,200		153,700
ORIX Corp.		1,700		27,412
Sofina S.A.		972		215,086
Wendel S.E.		1,750		164,012
				1,041,555
Diversified Telecommunication Services — 0.9%
AT&T, Inc.		67,229		1,237,686
Bezeq The Israeli Telecommunication Corp., Ltd.		418,400		721,826
BT Group plc		408,264		554,357
Cellnex Telecom S.A. (a)		15,217		506,051
Deutsche Telekom AG		33,787		673,931
Elisa Oyj		14,072		745,895
HKT Trust & HKT, Ltd.		939,000		1,147,729
Koninklijke KPN NV		360,206		1,114,463
Lumen Technologies, Inc.		124,068		647,635

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Telecommunication Services —(Continued)
Nippon Telegraph & Telephone Corp.		48,500	$	1,384,388
Orange S.A.		111,175		1,105,457
Singapore Telecommunications, Ltd.		830,900		1,595,206
Spark New Zealand, Ltd.		434,434		1,489,103
Swisscom AG		3,363		1,840,640
Telefonica Deutschland Holding AG		254,709		627,575
Telefonica S.A.		165,496		599,373
Telia Co. AB		595,696		1,524,571
TELUS Corp.		771		14,879
United Internet AG		14,962		302,501
Verizon Communications, Inc.		25,026		986,024
				18,819,290
Electric Utilities—1.5%
Acciona S.A.		2,825		519,585
Alliant Energy Corp.		15,868		876,072
American Electric Power Co., Inc.		7,053		669,682
BKW AG		8,686		1,185,181
Chubu Electric Power Co., Inc.		105,500		1,091,743
CK Infrastructure Holdings, Ltd.		281,665		1,474,321
CLP Holdings, Ltd.		229,500		1,674,613
Constellation Energy Corp.		7,205		621,143
Duke Energy Corp.		7,772		800,438
Edison International		13,926		885,972
EDP - Energias de Portugal S.A.		185,688		925,060
Electricite de France S.A.		39,977		513,539
Elia Group S.A.		6,593		936,845
Emera, Inc.		6,498		248,354
Endesa S.A.		10,670		201,337
Enel S.p.A.		41,848		225,071
Entergy Corp.		7,780		875,250
Evergy, Inc.		14,486		911,604
Eversource Energy		10,819		907,065
Exelon Corp.		14,499		626,792
FirstEnergy Corp.		19,763		828,860
Fortis, Inc.		4,375		175,065
Fortum Oyj		37,579		625,984
HK Electric Investments & HK Electric Investments, Ltd.		847,000		558,982
Hydro One, Ltd.		23,153		620,206
Iberdrola S.A.		24,023		281,009
Kansai Electric Power Co., Inc. (The)		126,100		1,224,064
NextEra Energy, Inc.		10,160		849,376
NRG Energy, Inc.		21,760		692,403
Origin Energy, Ltd.		53,158		279,088
Orsted A/S		5,350		485,388
PG&E Corp. (a)		43,529		707,782
Pinnacle West Capital Corp.		9,332		709,605
Power Assets Holdings, Ltd.		290,500		1,591,200
PPL Corp.		33,074		966,422
Red Electrica Corp. S.A.		15,619		271,315
Southern Co. (The)		11,290		806,219
SSE plc		31,655		652,913
Terna - Rete Elettrica Nazionale		53,134		393,286
Tokyo Electric Power Co. Holdings, Inc. (a)		174,000		628,215
Verbund AG		6,720		566,770
Xcel Energy, Inc.		9,531		668,218
				30,752,037
Electrical Equipment—0.1%
ABB, Ltd.		881		26,833
Eaton Corp. plc		3,313		519,975
Emerson Electric Co.		3,973		381,647
Fuji Electric Co., Ltd.		8,900		338,916
Generac Holdings, Inc. (a)		1,933		194,576
Nidec Corp.		100		5,208
Prysmian S.p.A.		4,816		178,284
Rockwell Automation, Inc.		219		56,408
Vestas Wind Systems A/S		6,149		179,650
				1,881,497
Electronic Equipment, Instruments & Components—0.3%
Azbil Corp.		7,300		184,854
CDW Corp.		2,861		510,917
Halma plc		7,948		189,915
Hamamatsu Photonics KK		6,000		288,624
Hexagon AB - B Shares		19,521		205,200
Hirose Electric Co., Ltd.		2,410		301,462
Ibiden Co., Ltd.		6,600		240,440
Keyence Corp.		652		255,261
Keysight Technologies, Inc. (a)		459		78,521
Kyocera Corp.		7,000		349,330
Murata Manufacturing Co., Ltd.		3,900		195,660
Omron Corp.		4,000		195,094
Shimadzu Corp.		14,700		419,278
TDK Corp.		11,319		367,539
TE Connectivity, Ltd.		3,798		436,010
Teledyne Technologies, Inc. (a)		1,113		445,100
Trimble, Inc. (a)		5,868		296,686
Venture Corp., Ltd.		75,700		965,103
Yokogawa Electric Corp.		13,300		210,715
Zebra Technologies Corp. - Class A (a)		841		215,641
				6,351,350
Energy Equipment & Services—0.1%
Baker Hughes Co.		19,608		579,024
Halliburton Co.		12,973		510,488
Schlumberger, Ltd.		9,662		516,530
Tenaris S.A.		41,829		734,079
				2,340,121
Entertainment—0.5%
Activision Blizzard, Inc.		10,439		799,105
Bollore SE		120,828		677,122
Capcom Co., Ltd.		21,600		692,741
Electronic Arts, Inc.		6,555		800,890
Embracer Group AB (a)		164,954		745,658
Koei Tecmo Holdings Co., Ltd.		15,360		276,840
Konami Group Corp.		6,300		286,476
Live Nation Entertainment, Inc. (a)		9,617		670,690
Netflix, Inc. (a)		1,633		481,539
Nexon Co., Ltd.		10,500		234,219
Nintendo Co., Ltd.		14,610		611,803
Sea, Ltd. (ADR) (a)		9,181		477,687
Square Enix Holdings Co., Ltd.		11,900		552,507
Take-Two Interactive Software, Inc. (a)		5,630		586,252

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Entertainment —(Continued)
Toho Co., Ltd.		9,200	$	356,006
UBISOFT Entertainment S.A. (a)		22,785		646,751
Universal Music Group NV		16,323		394,024
Walt Disney Co. (The) (a)		8,017		696,517
Warner Bros Discovery, Inc. (a)		60,892		577,256
				10,564,083
Equity Real Estate Investment Trusts—0.6%
Alexandria Real Estate Equities, Inc.		3,123		454,927
American Tower Corp.		2,004		424,567
AvalonBay Communities, Inc.		342		55,240
Canadian Apartment Properties		5,031		158,584
CapitaLand Integrated Commercial Trust		127,900		195,019
CapLand Ascendas		110,100		225,417
Covivio		1,553		92,471
Crown Castle, Inc.		1,504		204,003
Daiwa House REIT Investment Corp.		9		20,087
Digital Realty Trust, Inc.		3,149		315,750
Equinix, Inc.		642		420,529
Equity Residential		5,653		333,527
Essex Property Trust, Inc.		49		10,384
Extra Space Storage, Inc.		2,135		314,229
Federal Realty Investment Trust		2,720		274,829
Gecina S.A.		4,290		437,084
GLP J-REIT (a)		341		392,323
Goodman Group		15,184		178,391
Healthpeak Properties, Inc.		13,192		330,723
Host Hotels & Resorts, Inc.		11,941		191,653
Iron Mountain, Inc.		5,372		267,794
Japan Metropolitan Fund Investment Corp.		149		118,421
Japan Real Estate Investment Corp.		52		227,746
Kimco Realty Corp.		12,291		260,323
Link REIT		23,600		173,284
Mapletree Logistics Trust		517,000		614,365
Mapletree Pan Asia Commercial Trust		458,800		572,557
Mirvac Group		148,690		215,398
Nippon Building Fund, Inc.		55		245,616
Nippon Prologis REIT, Inc.		15		35,130
Nomura Real Estate Master Fund, Inc.		306		380,016
Prologis, Inc.		3,994		450,244
Public Storage		1,499		420,005
Realty Income Corp.		7,485		474,774
Regency Centers Corp.		3,960		247,500
RioCan Real Estate Investment Trust		9,144		142,698
SBA Communications Corp.		1,153		323,197
Scentre Group		75,506		146,818
Segro plc		13,306		123,008
Simon Property Group, Inc.		2,204		258,926
UDR, Inc.		6,882		266,540
Unibail-Rodamco-Westfield (a)		1,687		88,026
Ventas, Inc.		5,575		251,154
VICI Properties, Inc.		10,356		335,534
Vicinity, Ltd.		133,085		181,078
Vornado Realty Trust		10,423		216,903
Welltower, Inc.		3,261		213,759
Weyerhaeuser Co.		2,514		77,934
				12,358,485
Food & Staples Retailing—0.5%
Aeon Co., Ltd.		22,400		471,514
Alimentation Couche-Tard, Inc.		10,304		452,798
Carrefour S.A.		15,871		265,555
Coles Group, Ltd.		42,499		481,292
Costco Wholesale Corp.		914		417,241
Empire Co., Ltd.		14,251		375,325
Endeavour Group, Ltd.		74,002		321,377
George Weston, Ltd.		4,806		596,278
HelloFresh SE (a)		18,607		407,929
J Sainsbury plc		170,804		448,362
Jeronimo Martins SGPS S.A.		453		9,795
Kesko Oyj - B Shares		8,290		183,445
Kobe Bussan Co., Ltd.		10,700		308,864
Koninklijke Ahold Delhaize NV		35,547		1,021,403
Kroger Co. (The)		13,594		606,021
Loblaw Cos., Ltd.		7,992		706,649
Metro, Inc.		5,789		320,533
Ocado Group plc (a)		23,237		174,863
Seven & i Holdings Co., Ltd.		12,600		539,007
Sysco Corp.		7,532		575,821
Tesco plc		134,156		363,732
Walgreens Boots Alliance, Inc.		18,210		680,326
Walmart, Inc.		4,060		575,667
Welcia Holdings Co., Ltd.		21,500		500,812
				10,804,609
Food Products—1.1%
Ajinomoto Co., Inc.		33,100		1,009,260
Archer-Daniels-Midland Co.		7,669		712,067
Associated British Foods plc		30,775		586,310
Barry Callebaut AG		441		873,729
Campbell Soup Co.		17,514		993,919
Chocoladefabriken Lindt & Spruengli AG		9		926,927
Conagra Brands, Inc.		26,983		1,044,242
Danone S.A.		4,466		235,286
General Mills, Inc.		9,432		790,873
Hershey Co. (The)		3,546		821,147
Hormel Foods Corp.		21,001		956,596
J.M. Smucker Co. (The)		6,328		1,002,735
JDE Peet’s NV		21,557		623,086
Kellogg Co.		9,275		660,751
Kerry Group plc - Class A		12,269		1,107,122
Kikkoman Corp.		8,300		438,731
Kraft Heinz Co. (The)		20,151		820,347
Lamb Weston Holdings, Inc.		5,843		522,130
McCormick & Co., Inc.		11,012		912,785
MEIJI Holdings Co., Ltd.		18,600		955,120
Mondelez International, Inc. - Class A		11,588		772,340
Mowi ASA		11,085		189,259
Nestle S.A.		2,456		283,632
Nisshin Seifun Group, Inc.		35,000		438,780
Nissin Foods Holdings Co., Ltd.		10,500		831,333
Salmar ASA		11,961		470,335
Saputo, Inc.		16,806		416,054
Tyson Foods, Inc. - Class A		12,941		805,577
WH Group, Ltd.		1,757,603		1,022,532

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Food Products—(Continued)
Wilmar International, Ltd.		259,000	$	806,912
Yakult Honsha Co., Ltd.		9,700		632,562
				22,662,479
Gas Utilities—0.5%
AltaGas, Ltd.		25,460		439,627
APA Group		64,855		474,845
Atmos Energy Corp.		4,856		544,212
Enagas S.A.		11,322		188,241
Hong Kong & China Gas Co., Ltd.		2,123,270		2,018,669
Naturgy Energy Group S.A.		10,000		260,119
Osaka Gas Co., Ltd.		158,000		2,555,519
Snam S.p.A.		78,165		379,507
Tokyo Gas Co., Ltd.		218,500		4,295,457
				11,156,196
Health Care Equipment & Supplies—0.6%
Abbott Laboratories		5,037		553,012
Alcon, Inc.		9,482		651,266
Align Technology, Inc. (a)		1,202		253,502
Asahi Intecc Co., Ltd.		13,000		214,237
Baxter International, Inc.		5,797		295,473
Becton Dickinson & Co.		2,289		582,093
BioMerieux		3,920		412,232
Boston Scientific Corp. (a)		4,336		200,627
Carl Zeiss Meditec AG		2,979		375,992
Cochlear, Ltd.		3,272		454,301
Coloplast A/S - Class B		6,489		760,307
Cooper Cos., Inc. (The)		877		289,998
Demant A/S (a)		12,077		335,826
Dentsply Sirona, Inc.		11,305		359,951
DexCom, Inc. (a)		2,478		280,609
DiaSorin S.p.A.		3,010		421,785
Edwards Lifesciences Corp. (a)		5,477		408,639
EssilorLuxottica S.A.		1,407		256,209
Getinge AB - B Shares		20,511		427,102
Hologic, Inc. (a)		3,004		224,729
Hoya Corp.		2,900		280,590
IDEXX Laboratories, Inc. (a)		1,110		452,836
Intuitive Surgical, Inc. (a)		1,289		342,036
Koninklijke Philips NV		11,898		178,580
Medtronic plc		2,621		203,704
Olympus Corp.		15,500		273,973
ResMed, Inc.		1,255		261,203
Siemens Healthineers AG		7,171		358,736
Smith & Nephew plc		51,893		693,278
Sonova Holding AG		1,811		430,904
STERIS plc		2,343		432,729
Straumann Holding AG		3,770		426,927
Stryker Corp.		1,590		388,739
Sysmex Corp.		4,862		296,146
Teleflex, Inc.		1,251		312,287
Terumo Corp.		11,400		322,379
Zimmer Biomet Holdings, Inc.		2,863		365,033
				13,777,970
Health Care Providers & Services—0.3%
Amplifon S.p.A.		15,888		474,622
Cardinal Health, Inc.		4,216		324,084
Centene Corp. (a)		4,192		343,786
Cigna Corp.		979		324,382
CVS Health Corp.		4,167		388,323
DaVita, Inc. (a)		4,590		342,735
Elevance Health, Inc.		712		365,235
Fresenius SE & Co. KGaA		13,123		369,214
HCA Healthcare, Inc.		1,353		324,666
Henry Schein, Inc. (a)		4,034		322,196
Humana, Inc.		566		289,900
Laboratory Corp. of America Holdings		1,197		281,870
McKesson Corp.		537		201,439
Molina Healthcare, Inc. (a)		1,016		335,503
NMC Health plc (a)(b)(c)		1,427		0
Quest Diagnostics, Inc.		2,386		373,266
Ramsay Health Care, Ltd.		11,234		496,552
Sonic Healthcare, Ltd.		22,139		451,396
Universal Health Services, Inc. - Class B		2,078		292,769
				6,301,938
Health Care Technology—0.0%
M3, Inc.		7,241		197,253
Hotels, Restaurants & Leisure—0.5%
Accor S.A. (a)		16,878		419,342
Aristocrat Leisure, Ltd.		10,669		220,328
Booking Holdings, Inc. (a)		191		384,919
Caesars Entertainment, Inc. (a)		4,372		181,875
Carnival Corp. (a)		23,809		191,901
Chipotle Mexican Grill, Inc. (a)		202		280,273
Compass Group plc		9,513		219,816
Darden Restaurants, Inc.		2,179		301,421
Domino’s Pizza, Inc.		704		243,866
Entain plc		14,254		228,544
Evolution AB		853		83,307
Expedia Group, Inc. (a)		3,077		269,545
Flutter Entertainment plc (a)		2,281		312,553
Galaxy Entertainment Group, Ltd.		84,000		556,206
Genting Singapore, Ltd.		1,015,000		724,338
Hilton Worldwide Holdings, Inc.		2,972		375,542
InterContinental Hotels Group plc		4,274		246,006
La Francaise des Jeux SAEM		12,565		504,800
Las Vegas Sands Corp. (a)		6,119		294,140
Lottery Corp., Ltd. (The) (a)		75,512		230,147
Marriott International, Inc. - Class A		2,034		302,842
McDonald’s Corp.		781		205,817
McDonald’s Holdings Co. Japan, Ltd.		14,100		536,493
MGM Resorts International		6,718		225,255
Norwegian Cruise Line Holdings, Ltd. (a)		14,126		172,902
Oriental Land Co., Ltd.		2,000		291,375
Restaurant Brands International, Inc.		6,976		451,173
Royal Caribbean Cruises, Ltd. (a)		3,952		195,347
Sodexo S.A.		3,277		313,487
Starbucks Corp.		4,380		434,496
Whitbread plc		7,204		224,110

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—(Continued)
Wynn Resorts, Ltd. (a)		2,984	$	246,091
Yum! Brands, Inc.		1,380		176,750
				10,045,007
Household Durables—0.2%
Barratt Developments plc		30,881		148,287
Berkeley Group Holdings plc		4,419		201,203
Electrolux AB - Series B		48,817		660,705
Garmin, Ltd.		1,964		181,257
Iida Group Holdings Co., Ltd.		2,000		30,231
Lennar Corp. - Class A		3,780		342,090
Mohawk Industries, Inc. (a)		2,994		306,047
Newell Brands, Inc.		15,535		203,198
NVR, Inc. (a)		83		382,844
Open House Group Co., Ltd.		3,900		141,462
PulteGroup, Inc.		8,342		379,811
SEB S.A.		7,101		596,878
Sekisui Chemical Co., Ltd.		12,100		168,373
Sekisui House, Ltd.		12,000		212,232
Sony Group Corp.		2,700		205,891
Whirlpool Corp.		2,196		310,646
				4,471,155
Household Products—0.3%
Church & Dwight Co., Inc.		9,589		772,969
Clorox Co. (The)		3,238		454,389
Colgate-Palmolive Co.		10,451		823,434
Essity AB - Class B		23,676		621,446
Henkel AG & Co. KGaA		12,549		809,343
Kimberly-Clark Corp.		5,723		776,897
Procter & Gamble Co. (The)		5,385		816,151
Reckitt Benckiser Group plc		8,208		571,023
Unicharm Corp.		17,100		655,739
				6,301,391
Independent Power and Renewable Electricity Producers—0.2%
AES Corp. (The)		27,000		776,520
Brookfield Renewable Corp. - Class A		13,826		380,572
Corp. ACCIONA Energias Renovables S.A.		12,853		496,739
EDP Renovaveis S.A.		29,583		653,959
Meridian Energy, Ltd.		140,281		463,641
RWE AG		19,021		845,803
				3,617,234
Industrial Conglomerates—0.2%
3M Co.		4,507		540,479
CK Hutchison Holdings, Ltd.		75,000		450,250
DCC plc		2,210		109,100
General Electric Co.		3,616		302,985
Hitachi, Ltd.		2,900		145,942
Jardine Cycle & Carriage, Ltd.		30,100		643,102
Jardine Matheson Holdings, Ltd.		12,200		620,343
Keppel Corp., Ltd.		84,500		458,378
Siemens AG		1,330		184,594
Industrial Conglomerates—(Continued)
Smiths Group plc		11,870		228,847
Toshiba Corp.		11,100		389,086
				4,073,106
Insurance—0.5%
Admiral Group plc		6,107		157,838
Ageas SA		5,312		236,341
AIA Group, Ltd.		42,000		462,714
Allstate Corp. (The)		2,019		273,776
Aon plc - Class A		961		288,435
Arthur J. Gallagher & Co.		1,700		320,518
Assurant, Inc.		865		108,177
Baloise Holding AG		1,325		204,671
Brown & Brown, Inc.		9,845		560,870
Chubb, Ltd.		2,478		546,647
Cincinnati Financial Corp.		3,498		358,160
Dai-ichi Life Holdings, Inc.		8,200		186,210
Everest Re Group, Ltd.		1,242		411,437
Fairfax Financial Holdings, Ltd.		368		217,993
Gjensidige Forsikring ASA		39,514		775,412
Globe Life, Inc.		976		117,657
Hannover Rueck SE		1,069		212,506
Hartford Financial Services Group, Inc. (The)		3,658		277,386
iA Financial Corp., Inc.		3,320		194,370
Insurance Australia Group, Ltd.		77,212		249,546
Intact Financial Corp.		1,865		268,469
Japan Post Holdings Co., Ltd.		34,400		290,011
Japan Post Insurance Co., Ltd.		8,000		140,791
Lincoln National Corp.		5,128		157,532
Manulife Financial Corp.		15,810		281,988
Marsh & McLennan Cos., Inc.		753		124,606
Medibank Private, Ltd.		151,817		302,713
MS&AD Insurance Group Holdings, Inc.		7,400		236,845
NN Group NV		2,183		89,157
Poste Italiane S.p.A.		28,976		282,573
Principal Financial Group, Inc.		2,959		248,319
Progressive Corp. (The)		2,043		264,998
Prudential Financial, Inc.		770		76,584
Prudential plc		8,824		119,412
Sampo Oyj - A Shares		3,212		167,950
Sompo Holdings, Inc.		4,100		182,051
Suncorp Group, Ltd.		22,084		181,092
Swiss Life Holding AG		240		123,891
Swiss Re AG		1,951		183,023
T&D Holdings, Inc.		10,700		154,001
Tokio Marine Holdings, Inc.		12,600		269,723
Travelers Cos., Inc. (The)		1,502		281,610
Tryg A/S		6,726		159,531
W.R. Berkley Corp.		4,662		338,321
Zurich Insurance Group AG		304		145,274
				11,231,129
Interactive Media & Services—0.2%
Alphabet, Inc. - Class A (a)		9,060		799,364
Auto Trader Group plc		83,375		520,283
Kakaku.com, Inc.		26,100		419,791

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Interactive Media & Services—(Continued)
Match Group, Inc. (a)		14,065	$	583,557
Meta Platforms, Inc. - Class A (a)		4,906		590,388
REA Group, Ltd.		3,149		237,131
Scout24 SE		20,594		1,034,702
Seek, Ltd.		26,506		377,348
Z Holdings Corp.		147,000		371,628
				4,934,192
Internet & Direct Marketing Retail—0.1%
Amazon.com, Inc. (a)		2,872		241,248
Delivery Hero SE (a)		4,885		234,027
eBay, Inc.		8,189		339,598
Etsy, Inc. (a)		1,756		210,334
Just Eat Takeaway.com NV (a)		12,304		262,005
Prosus NV (a)		3,857		264,804
Rakuten Group, Inc. (a)		31,100		141,155
Zalando SE (a)		6,982		247,519
ZOZO, Inc.		5,500		136,555
				2,077,245
IT Services—0.6%
Accenture plc - Class A		2,370		632,411
Adyen NV (a)		221		305,823
Akamai Technologies, Inc. (a)		4,836		407,675
Amadeus IT Group S.A. (a)		7,895		407,146
Automatic Data Processing, Inc.		1,284		306,696
Bechtle AG		8,202		290,232
Broadridge Financial Solutions, Inc.		2,605		349,409
Capgemini SE		1,087		182,305
CGI, Inc. (a)		3,195		275,398
Cognizant Technology Solutions Corp. - Class A		5,876		336,048
Computershare, Ltd.		37,930		676,667
DXC Technology Co. (a)		8,398		222,547
Edenred		4,628		251,829
EPAM Systems, Inc. (a)		674		220,897
Fidelity National Information Services, Inc.		4,408		299,083
Fiserv, Inc. (a)		3,327		336,260
FleetCor Technologies, Inc. (a)		1,474		270,744
Global Payments, Inc.		2,320		230,422
Itochu Techno-Solutions Corp.		8,100		189,715
Jack Henry & Associates, Inc.		2,081		365,340
MasterCard, Inc. - Class A		1,481		514,988
NEC Corp.		15,800		552,801
Nexi S.p.A. (a)		78,525		617,258
Nomura Research Institute, Ltd.		8,300		197,312
NTT Data Corp.		15,300		225,131
Nuvei Corp. (a)		4,806		122,138
Obic Co., Ltd.		1,800		266,114
Otsuka Corp.		7,000		221,526
Paychex, Inc.		4,664		538,972
PayPal Holdings, Inc. (a)		2,322		165,373
SCSK Corp.		13,600		205,277
Shopify, Inc. - Class A (a)		4,200		145,821
TIS, Inc.		12,900		341,932
VeriSign, Inc. (a)		2,643		542,978
IT Services—(Continued)
Visa, Inc. - Class A		729		151,457
Wix.com, Ltd. (a)		6,023		462,747
				11,828,472
Leisure Products—0.1%
Bandai Namco Holdings, Inc.		3,361		210,773
Hasbro, Inc.		4,649		283,636
Shimano, Inc.		1,400		223,059
Yamaha Corp.		12,400		457,476
				1,174,944
Life Sciences Tools & Services—0.3%
Agilent Technologies, Inc.		1,788		267,574
Bachem Holding AG - Class B		5,290		461,380
Bio-Rad Laboratories, Inc. - Class A (a)		652		274,160
Bio-Techne Corp.		5,260		435,949
Charles River Laboratories International, Inc. (a)		1,913		416,843
Eurofins Scientific SE		7,531		542,322
Illumina, Inc. (a)		1,606		324,733
IQVIA Holdings, Inc. (a)		1,652		338,478
Lonza Group AG		1,039		511,373
Mettler-Toledo International, Inc. (a)		339		490,008
PerkinElmer, Inc.		2,652		371,863
QIAGEN NV (a)		13,019		655,227
Sartorius Stedim Biotech		1,040		338,826
Thermo Fisher Scientific, Inc.		787		433,393
Waters Corp. (a)		869		297,702
West Pharmaceutical Services, Inc.		1,197		281,714
				6,441,545
Machinery—0.4%
Alfa Laval AB		8,741		252,936
Caterpillar, Inc.		495		118,582
CNH Industrial NV		19,518		313,462
Daifuku Co., Ltd.		2,600		122,360
Daimler Truck Holding AG (a)		6,391		198,014
Deere & Co.		359		153,925
Dover Corp.		2,267		306,974
Fortive Corp.		6,210		398,992
GEA Group AG		4,611		188,351
Hitachi Construction Machinery Co., Ltd.		9,800		220,847
Hoshizaki Corp.		400		14,084
Husqvarna AB - B Shares		15,232		107,323
Illinois Tool Works, Inc.		530		116,759
Ingersoll Rand, Inc.		6,190		323,428
Knorr-Bremse AG		2,412		131,803
Komatsu, Ltd.		12,300		266,851
Kone Oyj - Class B		3,199		165,697
Kurita Water Industries, Ltd.		4,900		203,411
Makita Corp.		5,900		138,141
MISUMI Group, Inc.		5,600		122,756
Mitsubishi Heavy Industries, Ltd.		5,400		213,696
NGK Insulators, Ltd.		14,600		186,203
Nordson Corp.		2,617		622,113
Otis Worldwide Corp.		7,628		597,349

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
Parker-Hannifin Corp.		1,116	$	324,756
Rational AG		1,096		649,574
Sandvik AB		36,076		651,360
Schindler Holding AG		1,240		222,724
Snap-on, Inc.		1,401		320,114
Spirax-Sarco Engineering plc		1,231		158,172
Stanley Black & Decker, Inc.		2,995		224,984
Wartsila Oyj Abp		21,923		185,259
Westinghouse Air Brake Technologies Corp.		2,927		292,144
Xylem, Inc.		694		76,736
Yaskawa Electric Corp.		11,900		382,855
				8,972,735
Marine—0.0%
AP Moller - Maersk A/S - Class A		92		204,112
Nippon Yusen KK		5,100		120,821
				324,933
Media—0.4%
Charter Communications, Inc. - Class A (a)		1,624		550,698
Comcast Corp. - Class A		20,773		726,432
CyberAgent, Inc.		47,900		426,051
Dentsu Group, Inc.		15,200		479,862
DISH Network Corp. - Class A (a)		37,445		525,728
Fox Corp. - Class B		25,381		722,089
Hakuhodo DY Holdings, Inc.		21,000		212,698
Informa plc		27,504		206,206
Interpublic Group of Cos., Inc. (The)		25,807		859,631
News Corp. - Class B		37,456		690,689
Omnicom Group, Inc.		10,504		856,811
Paramount Global - Class B		45,677		771,028
Publicis Groupe S.A.		4,358		276,737
Shaw Communications, Inc. - Class B		19,794		570,284
Vivendi SE		67,443		645,368
				8,520,312
Metals & Mining—0.4%
Agnico Eagle Mines, Ltd.		7,423		385,733
Anglo American plc		7,138		279,186
Antofagasta plc		20,750		385,227
ArcelorMittal S.A.		5,214		136,325
Barrick Gold Corp.		29,127		499,289
BHP Group, Ltd.		10,438		323,173
BHP Group, Ltd. (London-Traded Shares)		597		18,408
BlueScope Steel, Ltd.		19,468		221,905
Boliden AB		10,935		411,206
First Quantum Minerals, Ltd.		7,954		166,188
Fortescue Metals Group, Ltd.		22,935		319,744
Franco-Nevada Corp.		3,056		416,577
Freeport-McMoRan, Inc.		12,873		489,174
Glencore plc		34,171		228,494
Ivanhoe Mines, Ltd. - Class A (a)		23,597		186,476
JFE Holdings, Inc.		13,400		155,590
Kinross Gold Corp.		64,827		264,287
Newcrest Mining, Ltd.		22,841		318,450
Metals & Mining—(Continued)
Newmont Corp.		15,493		731,270
Nippon Steel Corp.		13,900		242,012
Norsk Hydro ASA		58,451		437,770
Nucor Corp.		3,217		424,033
Pan American Silver Corp.		11,795		192,518
Rio Tinto plc		7,318		513,476
Rio Tinto, Ltd.		3,012		237,377
South32, Ltd.		98,033		265,367
Sumitomo Metal Mining Co., Ltd.		4,600		163,644
Teck Resources, Ltd. - Class B		7,275		274,935
Wheaton Precious Metals Corp.		10,611		414,566
				9,102,400
Multi-Utilities—0.6%
Algonquin Power & Utilities Corp.		117,962		768,408
Ameren Corp.		10,808		961,047
CenterPoint Energy, Inc.		28,387		851,326
CMS Energy Corp.		13,891		879,717
Consolidated Edison, Inc.		7,631		727,311
Dominion Energy, Inc.		10,553		647,110
DTE Energy Co.		8,146		957,399
E.ON SE		92,672		924,906
Engie S.A.		41,184		589,921
National Grid plc		56,837		682,691
NiSource, Inc.		28,384		778,289
Public Service Enterprise Group, Inc.		12,122		742,715
Sempra Energy		5,653		873,615
Veolia Environnement S.A.		23,369		600,362
WEC Energy Group, Inc.		8,443		791,616
				11,776,433
Multiline Retail—0.2%
Canadian Tire Corp., Ltd. - Class A		6,458		674,894
Dollar General Corp.		1,635		402,619
Dollar Tree, Inc. (a)		1,541		217,959
Dollarama, Inc.		15,105		883,431
Next plc		2,457		172,999
Pan Pacific International Holdings Corp.		68,400		1,269,743
Target Corp.		1,977		294,652
Wesfarmers, Ltd.		16,758		523,282
				4,439,579
Oil, Gas & Consumable Fuels—1.4%
Aker BP ASA		21,496		670,054
Ampol, Ltd.		31,721		608,888
APA Corp.		8,136		379,788
ARC Resources, Ltd.		46,922		632,442
BP plc		239,406		1,392,202
Cameco Corp.		27,584		625,224
Canadian Natural Resources, Ltd.		8,158		453,028
Chevron Corp.		4,198		753,499
ConocoPhillips		5,161		608,998
Coterra Energy, Inc.		15,370		377,641
Devon Energy Corp.		6,868		422,451
Diamondback Energy, Inc.		3,358		459,307

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-13

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Enbridge, Inc.		13,682	$	534,750
ENEOS Holdings, Inc.		304,700		1,037,470
Eni S.p.A.		43,895		627,007
EOG Resources, Inc.		3,858		499,688
EQT Corp.		12,827		433,937
Exxon Mobil Corp.		5,154		568,486
Galp Energia SGPS S.A.		92,599		1,252,999
Hess Corp.		4,106		582,313
Idemitsu Kosan Co., Ltd.		41,876		979,943
Imperial Oil, Ltd.		10,183		495,989
Inpex Corp.		53,900		575,144
Keyera Corp.		23,315		509,521
Kinder Morgan, Inc.		30,372		549,126
Marathon Oil Corp.		17,205		465,739
Marathon Petroleum Corp.		3,736		434,833
Neste Oyj		15,606		720,810
Occidental Petroleum Corp.		6,554		412,836
OMV AG		18,361		948,093
ONEOK, Inc.		9,290		610,353
Parkland Corp.		23,742		520,956
Pembina Pipeline Corp.		15,410		523,075
Phillips 66		5,508		573,273
Pioneer Natural Resources Co.		1,833		418,639
Repsol S.A.		54,343		866,298
Santos, Ltd.		116,860		573,019
Shell plc		43,338		1,231,567
Suncor Energy, Inc.		16,650		528,152
Targa Resources Corp.		8,016		589,176
TC Energy Corp.		13,871		552,996
TotalEnergies SE		18,100		1,129,714
Tourmaline Oil Corp.		11,328		571,587
Valero Energy Corp.		4,357		552,729
Washington H Soul Pattinson & Co., Ltd.		32,371		609,091
Williams Cos., Inc. (The)		16,777		551,963
Woodside Energy Group, Ltd.		1,076		26,034
				29,440,828
Paper & Forest Products—0.1%
Holmen AB - B Shares		13,256		527,371
Mondi plc		17,559		298,213
Oji Holdings Corp.		58,800		237,857
Stora Enso Oyj - R Shares		33,121		467,919
Svenska Cellulosa AB SCA - Class B		15,772		199,426
UPM-Kymmene Oyj		15,647		586,543
West Fraser Timber Co., Ltd.		2,236		161,458
				2,478,787
Personal Products—0.2%
Beiersdorf AG		6,095		699,411
Estee Lauder Cos., Inc. (The) - Class A		2,587		641,861
Haleon plc (a)		21,784		87,134
Kao Corp.		12,600		504,385
Kobayashi Pharmaceutical Co., Ltd.		6,500		447,124
Kose Corp.		3,298		358,288
L’Oreal S.A.		724		259,730
Personal Products—(Continued)
Shiseido Co., Ltd.		8,000		394,245
Unilever plc		12,473		629,250
				4,021,428
Pharmaceuticals—0.7%
Astellas Pharma, Inc.		1,100		16,688
AstraZeneca plc		4,166		565,390
Bayer AG		4,838		249,798
Bristol-Myers Squibb Co.		6,064		436,305
Catalent, Inc. (a)		5,515		248,230
Chugai Pharmaceutical Co., Ltd.		8,200		208,363
Daiichi Sankyo Co., Ltd.		15,200		487,123
Eisai Co., Ltd.		5,900		386,443
Eli Lilly and Co.		1,015		371,328
GSK plc		17,427		303,052
Hikma Pharmaceuticals plc		17,769		333,664
Ipsen S.A.		4,554		490,778
Johnson & Johnson		1,344		237,418
Kyowa Kirin Co., Ltd.		13,800		317,458
Merck & Co., Inc.		4,325		479,859
Merck KGaA		2,294		444,257
Nippon Shinyaku Co., Ltd.		5,900		336,154
Novartis AG		12,166		1,102,012
Novo Nordisk A/S - Class B		5,340		723,036
Ono Pharmaceutical Co., Ltd.		13,100		306,444
Organon & Co.		14,233		397,528
Orion Oyj - Class B		3,720		203,905
Otsuka Holdings Co., Ltd.		18,700		608,798
Pfizer, Inc.		7,280		373,027
Recordati Industria Chimica e Farmaceutica S.p.A.		8,257		343,221
Roche Holding AG (Bearer Shares)		2,911		1,128,219
Sanofi		3,012		291,443
Shionogi & Co., Ltd.		4,900		243,767
Takeda Pharmaceutical Co., Ltd.		23,538		735,188
Teva Pharmaceutical Industries, Ltd. (ADR) (a)		67,696		617,388
UCB S.A.		7,675		604,520
Viatris, Inc.		27,547		306,598
Zoetis, Inc.		2,066		302,772
				14,200,174
Professional Services—0.2%
Adecco Group AG (a)		4,462		146,730
CoStar Group, Inc. (a)		3,661		282,922
Equifax, Inc.		2,056		399,604
Intertek Group plc		2,448		119,482
Jacobs Solutions, Inc.		2,517		302,216
Leidos Holdings, Inc.		4,092		430,437
Nihon M&A Center Holdings, Inc.		10,500		130,241
RELX plc		7,862		217,823
Robert Half International, Inc.		4,349		321,087
SGS S.A.		72		166,703
Teleperformance		1,754		418,548
Thomson Reuters Corp.		5,561		634,381
Verisk Analytics, Inc.		1,961		345,960
Wolters Kluwer NV		3,303		345,028
				4,261,162

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-14

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Management & Development—0.2%
Azrieli Group, Ltd.		1,280	$	85,042
CBRE Group, Inc. - Class A (a)		2,196		169,004
CK Asset Holdings, Ltd.		63,500		390,957
Daito Trust Construction Co., Ltd.		2,200		226,106
Daiwa House Industry Co., Ltd.		9,100		208,808
FirstService Corp.		1,970		241,245
Hang Lung Properties, Ltd.		201,000		390,257
Henderson Land Development Co., Ltd.		128,000		446,924
Hongkong Land Holdings, Ltd.		26,700		122,449
LEG Immobilien SE		2,009		130,919
Lendlease Corp Ltd		41,418		220,801
Mitsubishi Estate Co., Ltd.		1,000		12,941
Mitsui Fudosan Co., Ltd.		7,800		142,498
Nomura Real Estate Holdings, Inc.		4,800		102,618
Sagax AB - Class B		4,376		99,666
Sino Land Co., Ltd.		248,000		308,883
Sumitomo Realty & Development Co., Ltd.		5,900		138,922
Sun Hung Kai Properties, Ltd.		34,500		472,119
Swire Properties, Ltd.		137,600		348,105
Swiss Prime Site AG (a)		2,622		227,671
Vonovia SE		4,218		99,407
Wharf Real Estate Investment Co., Ltd.		53,596		312,471
				4,897,813
Road & Rail—0.3%
Aurizon Holdings, Ltd.		124,519		314,071
Canadian National Railway Co.		3,816		453,298
Canadian Pacific Railway, Ltd.		6,019		448,758
Central Japan Railway Co.		1,900		233,743
CSX Corp.		21,479		665,419
East Japan Railway Co.		2,700		154,054
Hankyu Hanshin Holdings, Inc.		8,400		249,729
J.B. Hunt Transport Services, Inc.		132		23,016
Keio Corp.		7,300		268,400
Keisei Electric Railway Co., Ltd.		6,600		188,791
Kintetsu Group Holdings Co., Ltd.		11,300		374,551
MTR Corp., Ltd.		48,000		254,319
Norfolk Southern Corp.		231		56,923
Odakyu Electric Railway Co., Ltd.		900		11,730
Old Dominion Freight Line, Inc.		1,581		448,656
TFI International, Inc.		3,547		355,250
Tobu Railway Co., Ltd.		16,800		393,356
Tokyu Corp.		25,400		319,907
West Japan Railway Co.		4,700		205,140
				5,419,111
Semiconductors & Semiconductor Equipment—0.3%
Advanced Micro Devices, Inc. (a)		2,858		185,113
Advantest Corp.		2,800		180,768
Analog Devices, Inc.		2,465		404,334
Applied Materials, Inc.		2,387		232,446
ASM International NV		1,343		339,995
ASML Holding NV		638		345,351
Broadcom, Inc.		645		360,639
Disco Corp.		756		217,326
Infineon Technologies AG		10,049		306,069
Semiconductors & Semiconductor Equipment—(Continued)
Intel Corp.		3,004		79,396
KLA Corp.		792		298,608
Lasertec Corp.		800		132,882
Microchip Technology, Inc.		3,543		248,896
Monolithic Power Systems, Inc.		792		280,059
NVIDIA Corp.		1,543		225,494
NXP Semiconductors NV		1,737		274,498
ON Semiconductor Corp. (a)		3,317		206,881
Qorvo, Inc. (a)		3,707		336,003
QUALCOMM, Inc.		2,426		266,715
Renesas Electronics Corp. (a)		16,700		150,926
Rohm Co., Ltd.		3,273		233,567
Skyworks Solutions, Inc.		2,855		260,176
STMicroelectronics NV		5,404		192,112
SUMCO Corp.		12,000		160,567
Teradyne, Inc.		2,998		261,875
Texas Instruments, Inc.		3,236		534,652
Tokyo Electron, Ltd.		500		148,532
Tower Semiconductor, Ltd. (a)		12,327		537,909
				7,401,789
Software—0.4%
Adobe, Inc. (a)		635		213,697
Autodesk, Inc. (a)		1,010		188,739
AVEVA Group plc		11,393		442,509
Cadence Design Systems, Inc. (a)		2,279		366,099
Ceridian HCM Holding, Inc. (a)		4,653		298,490
Check Point Software Technologies, Ltd. (a)		5,814		733,494
Constellation Software, Inc.		179		279,467
CyberArk Software, Ltd. (a)		3,835		497,208
Dassault Systemes SE		7,307		263,542
Fortinet, Inc. (a)		5,108		249,730
Gen Digital, Inc.		13,392		286,991
Microsoft Corp.		631		151,326
Nemetschek SE		4,634		236,686
Nice, Ltd. (a)		2,589		501,885
Open Text Corp.		7,945		235,416
Oracle Corp. Japan		5,900		383,878
Paycom Software, Inc. (a)		720		223,423
PTC, Inc. (a)		847		101,674
Sage Group plc (The)		51,269		460,440
Salesforce, Inc. (a)		1,536		203,658
SAP SE		3,373		348,092
ServiceNow, Inc. (a)		629		244,222
Temenos AG		8,693		480,202
Trend Micro, Inc. (a)		7,200		336,688
Tyler Technologies, Inc. (a)		1,334		430,095
Xero, Ltd. (a)		10,120		483,084
				8,640,735
Specialty Retail—0.3%
Advance Auto Parts, Inc.		1,866		274,358
AutoZone, Inc. (a)		166		409,386
Bath & Body Works, Inc.		5,938		250,227
Best Buy Co., Inc.		3,700		296,777
CarMax, Inc. (a)		5,234		318,698

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-15

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Specialty Retail—(Continued)
Fast Retailing Co., Ltd.		400	$	242,402
H & M Hennes & Mauritz AB - B Shares		8,917		96,256
Industria de Diseno Textil S.A.		22,664		603,500
Kingfisher plc		83,818		239,881
Lowe’s Cos., Inc.		916		182,504
Nitori Holdings Co., Ltd.		2,700		350,169
O’Reilly Automotive, Inc. (a)		637		537,647
Ross Stores, Inc.		4,299		498,985
TJX Cos., Inc. (The)		6,576		523,450
Tractor Supply Co.		2,034		457,589
Ulta Beauty, Inc. (a)		691		324,127
USS Co., Ltd.		14,100		223,452
				5,829,408
Technology Hardware, Storage & Peripherals—0.2%
Apple, Inc.		3,317		430,978
Brother Industries, Ltd.		34,300		519,031
Canon, Inc.		16,700		361,104
FUJIFILM Holdings Corp.		11,000		554,985
HP, Inc.		12,458		334,746
Logitech International S.A.		8,805		546,502
NetApp, Inc.		3,956		237,597
Ricoh Co., Ltd.		29,100		223,205
Seagate Technology Holdings plc		4,459		234,588
Seiko Epson Corp.		31,300		454,324
				3,897,060
Textiles, Apparel & Luxury Goods—0.2%
Adidas AG		1,346		183,743
Burberry Group plc		7,380		180,330
Cie Financiere Richemont S.A. - Class A		3,305		427,686
Gildan Activewear, Inc.		15,275		418,314
Hermes International		286		441,338
Kering S.A.		321		164,282
LVMH Moet Hennessy Louis Vuitton SE		301		218,660
Moncler S.p.A.		10,903		580,374
NIKE, Inc. - Class B		4,448		520,460
Puma SE		3,413		207,108
Ralph Lauren Corp.		2,238		236,489
Swatch Group AG (The) - Bearer Shares		993		281,909
Tapestry, Inc.		7,047		268,350
VF Corp.		5,695		157,239
				4,286,282
Tobacco—0.1%
Altria Group, Inc.		18,203		832,059
British American Tobacco plc		10,714		425,075
Imperial Brands plc		19,946		498,342
Japan Tobacco, Inc.		12,500		252,751
Philip Morris International, Inc.		7,285		737,315
				2,745,542
Trading Companies & Distributors—0.2%
Ashtead Group plc		2,037		116,367
Brenntag SE		2,349		150,185
Trading Companies & Distributors—(Continued)
Bunzl plc		12,048		402,130
Fastenal Co.		6,912		327,076
IMCD NV		1,467		209,540
ITOCHU Corp.		5,000		156,334
Marubeni Corp.		17,300		197,700
Mitsubishi Corp.		10,300		333,223
Mitsui & Co., Ltd.		6,300		183,187
MonotaRO Co., Ltd.		11,900		168,278
Reece, Ltd.		11,764		113,133
Sumitomo Corp.		9,000		149,239
Toromont Industries, Ltd.		4,128		297,893
Toyota Tsusho Corp.		4,400		161,292
United Rentals, Inc. (a)		738		262,300
				3,227,877
Transportation Infrastructure—0.0%
Aena SME S.A. (a)		1,594		200,749
Aeroports de Paris (a)		1,227		165,010
Auckland International Airport, Ltd. (a)		76,649		380,795
Transurban Group		26,071		230,213
				976,767
Water Utilities—0.1%
American Water Works Co., Inc.		3,733		568,984
Severn Trent plc		21,932		703,352
United Utilities Group plc		59,624		714,978
				1,987,314
Wireless Telecommunication Services—0.3%
KDDI Corp.		51,200		1,547,475
Rogers Communications, Inc. - Class B		10,540		493,294
SoftBank Corp.		69,800		789,211
SoftBank Group Corp.		4,200		177,862
T-Mobile U.S., Inc. (a)		7,064		988,960
Tele2 AB - B Shares		101,210		824,671
Vodafone Group plc		601,513		609,735
				5,431,208
Total Common Stocks (Cost $493,165,512)				451,594,038
Foreign Government—12.5%
Sovereign—12.5%
Deutsche Bundesrepublik Inflation Linked Bond 0.500%, 04/15/30 (EUR) (d)		50,060,406		54,432,206
French Republic Government Bond OAT 0.100%, 03/01/26 (144A) (EUR)(d)		4,593,640		4,872,532
0.100%, 03/01/28 (EUR)(d)		6,332,312		6,805,453
0.100%, 03/01/29 (EUR)(d)		4,639,080		4,831,484
0.100%, 07/25/31 (144A) (EUR)(d)		4,600,760		4,731,058
0.100%, 03/01/36 (144A) (EUR)(d)		4,334,600		4,432,582

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-16

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
French Republic Government Bond OAT
0.100%, 07/25/36 (144A) (EUR)(d)		4,740,760	$	4,591,121
0.100%, 07/25/47 (144A) (EUR)(d)		4,810,560		4,453,028
0.700%, 07/25/30 (144A) (EUR)(d)		4,833,400		5,231,652
1.850%, 07/25/27 (EUR)(d)		9,673,931		11,039,888
3.400%, 07/25/29 (EUR)(d)		9,916,270		13,040,575
Italy Buoni Poliennali Del Tesoro
0.100%, 05/15/23 (EUR)(d)		8,305,080		8,840,348
0.150%, 05/15/51 (144A) (EUR)(d)		4,621,680		2,893,166
0.400%, 05/15/30 (144A) (EUR)(d)		3,265,388		3,058,993
0.650%, 05/15/26 (EUR)(d)		4,252,706		4,405,176
1.250%, 09/15/32 (144A) (EUR)(d)		2,407,380		2,338,732
1.300%, 05/15/28 (144A) (EUR)(d)		3,008,475		3,115,139
2.350%, 09/15/24 (144A) (EUR)(d)		4,843,880		5,338,038
2.550%, 09/15/41 (144A) (EUR)(d)		2,618,420		2,867,975
2.600%, 09/15/23 (144A) (EUR)(d)		1,926,008		2,097,353
3.100%, 09/15/26 (144A) (EUR)(d)		3,194,750		3,632,087
United Kingdom Gilt Inflation Linked Bonds
0.125%, 03/22/24 (GBP)(d)		2,936,420		3,604,300
0.125%, 03/22/26 (GBP)(d)		2,756,500		3,357,464
0.125%, 08/10/28 (GBP)(d)		2,632,132		3,168,652
0.125%, 03/22/29 (GBP)(d)		3,013,251		3,631,165
0.125%, 08/10/31 (GBP)(d)		2,424,520		2,947,831
0.125%, 03/22/44 (GBP)(d)		2,936,380		3,247,200
0.125%, 08/10/48 (GBP)(d)		2,590,480		2,797,560
0.125%, 03/22/58 (GBP)(d)		3,477,350		3,743,564
0.125%, 11/22/65 (GBP)(d)		2,733,300		3,037,649
0.125%, 03/22/68 (GBP)(d)		2,565,720		2,858,545
0.250%, 03/22/52 (GBP)(d)		2,940,900		3,271,766
0.375%, 03/22/62 (GBP)(d)		7,546,200		9,083,276
0.500%, 03/22/50 (GBP)(d)		5,003,610		5,979,071
0.625%, 03/22/40 (GBP)(d)		5,835,526		7,254,317
0.625%, 11/22/42 (GBP)(d)		10,051,260		12,449,343
0.750%, 03/22/34 (GBP)(d)		5,364,240		6,814,656
0.750%, 11/22/47 (GBP)(d)		5,139,270		6,426,156
1.250%, 11/22/27 (GBP)(d)		1,138,926		1,452,192
1.250%, 11/22/32 (GBP)(d)		15,736,317		21,044,168
Total Foreign Government (Cost $357,009,260)				263,217,461
U.S. Treasury & Government Agencies—6.9%
U.S. Treasury—6.9%
U.S. Treasury Inflation Indexed Bonds
0.250%, 02/15/50 (d)		5,795,000		3,903,373
2.125%, 02/15/40 (d)		3,722,274		3,937,689
3.375%, 04/15/32 (d)		4,196,800		4,803,520
3.875%, 04/15/29 (d)		3,625,120		4,073,076
U.S. Treasury Inflation Indexed Notes
0.125%, 01/15/23 (d)		2,581,840		2,578,512
0.125%, 10/15/25 (d)		19,350,372		18,389,395
0.125%, 04/15/26 (d)		2,386,062		2,243,169
0.125%, 01/15/30 (d)		14,940,135		13,419,556
0.125%, 07/15/30 (d)		11,505,582		10,301,384
0.125%, 01/15/31 (d)		8,813,882		7,827,258
0.125%, 07/15/31 (d)		9,449,875		8,349,558
U.S. Treasury Inflation Indexed Notes
0.250%, 01/15/25 (d)		2,516,100		2,413,488
0.250%, 07/15/29 (d)		21,317,670		19,515,221
0.375%, 07/15/25 (d)		3,769,530		3,620,176
0.375%, 07/15/27 (d)		8,855,660		8,345,805
0.500%, 01/15/28 (d)		6,873,520		6,463,393
0.750%, 07/15/28 (d)		9,805,198		9,339,852
0.875%, 01/15/29 (d)		16,804,339		16,008,722
Total U.S. Treasury & Government Agencies (Cost $173,359,776)				145,533,147
Mutual Funds—2.7%
Investment Company Securities—2.7%
iShares iBoxx $ Investment Grade Corporate Bond ETF (Cost $72,871,969)		548,388		57,816,547
Preferred Stock—0.0%
Life Sciences Tools & Services—0.0%
Sartorius AG (Cost $395,129)		939		371,333
Rights—0.0%
Health Care Equipment & Supplies—0.0%
Abiomed, Inc. (a) (Cost $1,188)		1,165		0
Short-Term Investments—51.4%
Mutual Funds—45.5%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.060% (e)		253,939,393		253,939,393
Dreyfus Treasury & Agency Cash Management Institutional Shares 3.900% (e)		267,235,487		267,235,487
Goldman Sachs Financial Square Government Fund, Institutional Class 4.020% (e)		263,041,746		263,041,746
State Street Institutional Treasury Plus Money Market Fund 4.180% (e)		179,115,155		179,115,155
				963,331,781
U.S. Treasury—5.9%
U.S. Treasury Bill 4.523%, 06/15/23 (f)(g)		127,000,000		124,439,832
Total Short-Term Investments (Cost $1,085,888,656)				1,087,771,613
Total Investments— 94.8% (Cost $2,182,691,490)				2,006,304,139
Other assets and liabilities (net)—5.2%				111,052,197
Net Assets—100.0%			$	2,117,356,336

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-17

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(c)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets.
(d)	Principal amount of security is adjusted for inflation.
(e)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(f)	The rate shown represents current yield to maturity.
(g)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $124,439,832.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $53,653,456, which is 2.5% of net assets.

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	20,987,932	BNY		01/30/23	USD	14,152,897	$	(151,632	)
CAD	35,842,969	BNY		01/30/23	USD	26,542,287		66,946
CHF	13,882,688	BNY		01/30/23	USD	14,977,465		(78,304	)
EUR	104,500,000	BNY		01/30/23	USD	111,007,006		(1,048,261	)
EUR	104,500,000	BNY		01/30/23	USD	111,328,448		(726,819	)
EUR	65,218,488	BNY		01/30/23	USD	69,447,189		(486,543	)
GBP	19,606,943	BNY		01/30/23	USD	23,593,506		(126,464	)
GBP	62,500,000	BBH		01/30/23	USD	75,195,000		(415,872	)
GBP	62,500,000	BBH		01/30/23	USD	75,519,375		(91,497	)
HKD	123,236,942	SSBT		01/30/23	USD	15,802,574		4,767
JPY	9,367,101,047	BNY		01/30/23	USD	70,537,630		(1,070,246	)
Net Unrealized Depreciation							$	(4,123,925	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Value			Value/ Unrealized Appreciation/ (Depreciation)
Amsterdam AEX Index Futures		01/20/23		143		EUR	19,723,990	$	(1,457,161	)
Australian 10 Year Treasury Bond Futures		03/15/23		2,370		AUD	274,165,037		(10,520,285	)
Brent Crude Oil Futures		02/28/23		175		USD	14,988,750		735,157
Canada Government Bond 10 Year Futures		03/22/23		1,931		CAD	236,644,050		(3,549,390	)
Cattle Feeder Futures		03/30/23		233		USD	21,695,213		355,686
Cocoa Futures		03/16/23		1,007		USD	26,182,000		2,808,607
Coffee “C” Futures		03/21/23		202		USD	12,672,975		(212,508	)
Copper Futures		03/29/23		268		USD	25,530,350		(139,285	)
Corn Futures		03/14/23		532		USD	18,048,100		(458,238	)
Cotton No. 2 Futures		03/09/23		278		USD	11,588,430		86,016
DAX Index Futures		03/17/23		51		EUR	17,834,700		(544,939	)
Euro-BTP Futures		03/08/23		529		EUR	57,618,680		(4,527,011	)
Euro-Bobl Futures		03/08/23		1,308		EUR	151,401,000		(5,130,573	)
Euro-Bund Futures		03/08/23		570		EUR	75,770,100		(5,081,839	)
Euro-Buxl 30 Year Bond Futures		03/08/23		234		EUR	31,646,160		(6,434,381	)
FTSE 100 Index Futures		03/17/23		370		GBP	27,624,200		(55,942	)
Gasoline RBOB Futures		01/31/23		145		USD	15,092,847		1,517,832
Gasoline RBOB Futures		02/28/23		21		USD	2,185,861		(21,088	)
Gold 100 oz. Futures		02/24/23		501		USD	91,492,620		1,864,972
Hang Seng Index Futures		01/30/23		262		HKD	260,886,500		255,262
IBEX 35 Index Futures		01/20/23		195		EUR	15,978,885		(302,199	)
Japanese Government 10 Year Bond Futures		03/13/23		480		JPY	69,820,800,000		(9,257,336	)
LME Nickel Futures		03/13/23		158		USD	28,482,660		4,640,154
LME Primary Aluminum Futures		03/13/23		604		USD	35,817,351		(529,451	)
LME Zinc Futures		03/13/23		410		USD	30,509,125		65,848
Lean Hogs Futures		02/14/23		176		USD	6,174,080		(211,952	)
Live Cattle Futures		02/28/23		484		USD	30,569,440		860,792

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-18

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
Low Sulphur Gas Oil Futures		02/10/23		187			USD	16,942,200		$	1,681,468
MSCI Emerging Markets Index Mini Futures		03/17/23		1,536			USD	73,681,920			(1,966,003	)
Natural Gas Futures		02/24/23		553			USD	22,695,120			(5,394,622	)
New York Harbor ULSD Futures		01/31/23		123			USD	17,021,970			1,342,304
OMX Stockholm 30 Index Futures		01/20/23		833			SEK	170,098,600			(593,745	)
Russell 2000 Index E-Mini Futures		03/17/23		1,826			USD	161,683,170			(3,724,136	)
S&P 500 Index E-Mini Futures		03/17/23		44			USD	8,494,200			(385,972	)
S&P TSX 60 Index Futures		03/16/23		211			CAD	49,369,780			(1,253,119	)
SPI 200 Index Futures		03/16/23		276			AUD	48,244,800			(637,331	)
Silver Futures		03/29/23		334			USD	40,146,800			3,796,458
Soyabean Futures		03/14/23		194			USD	14,782,800			756,398
Soybean Meal Futures		03/14/23		342			USD	16,108,200			1,627,565
Soybean Oil Futures		03/14/23		292			USD	11,225,064			(19,540	)
Sugar No. 11 Futures		02/28/23		775			USD	17,394,720			1,302,457
TOPIX Index Futures		03/09/23		202			JPY	3,820,830,000			(830,440	)
U.S. Treasury Long Bond Futures		03/22/23		885			USD	110,929,219			(89,487	)
U.S. Treasury Note 10 Year Futures		03/22/23		2,200			USD	247,053,125			(1,284,206	)
U.S. Treasury Note 2 Year Futures		03/31/23		1,944			USD	398,671,877			356,295
U.S. Treasury Note 5 Year Futures		03/31/23		2,724			USD	294,000,470			(730,663	)
U.S. Treasury Ultra Long Bond Futures		03/22/23		119			USD	15,983,188			(628,534	)
United Kingdom Long Gilt Bond Futures		03/29/23		1,413			GBP	141,158,700			(8,230,127	)
WTI Crude Oil Futures		02/21/23		202			USD	16,250,900			1,193,202
Wheat Futures		03/14/23		461			USD	18,255,600			(2,147,351	)
Wheat Futures		05/12/23		25			USD	998,438			132
Futures Contracts—Short
LME Nickel Futures		03/13/23		(39	)		USD	(7,030,530	)		(562,928	)
LME Primary Aluminum Futures		03/13/23		(90	)		USD	(5,337,023	)		243,174
LME Zinc Futures		03/13/23		(69	)		USD	(5,134,463	)		146,776
Net Unrealized Depreciation										$	(51,275,227	)

Glossary of Abbreviations

Counterparties

(BBH)—	Brown Brothers Harriman & Co.
(BNY)—	Bank of New York Mellon
(SSBT)—	State Street Bank and Trust

Currencies

(AUD)—	Australian Dollar
(CAD)—	Canadian Dollar
(CHF)—	Swiss Franc
(EUR)—	Euro
(GBP)—	British Pound
(HKD)—	Hong Kong Dollar
(JPY)—	Japanese Yen
(SEK)—	Swedish Krona
(USD)—	United States Dollar

Other Abbreviations

(ADR)—	American Depositary Receipt
(ETF)—	Exchange-Traded Fund
(REIT)—	Real Estate Investment Trust

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-19

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	3,096,809	$	1,449,467	$	—	$	4,546,276
Air Freight & Logistics		1,055,329		185,545		—		1,240,874
Airlines		1,036,169		513,024		—		1,549,193
Auto Components		577,539		1,432,176		—		2,009,715
Automobiles		675,900		2,964,571		—		3,640,471
Banks		5,193,267		6,031,809		—		11,225,076
Beverages		4,559,426		6,613,314		—		11,172,740
Biotechnology		2,519,088		2,496,913		—		5,016,001
Building Products		1,978,575		1,473,023		—		3,451,598
Capital Markets		3,960,773		3,397,400		—		7,358,173
Chemicals		8,754,167		9,593,229		—		18,347,396
Commercial Services & Supplies		1,097,670		1,209,358		—		2,307,028
Communications Equipment		1,172,967		803,613		—		1,976,580
Construction & Engineering		680,306		737,037		—		1,417,343
Construction Materials		1,055,453		1,199,158		—		2,254,611
Consumer Finance		917,602		—		—		917,602
Containers & Packaging		4,221,557		395,550		—		4,617,107
Distributors		349,869		—		—		349,869
Diversified Consumer Services		—		712,425		—		712,425
Diversified Financial Services		94,832		946,723		—		1,041,555
Diversified Telecommunication Services		2,886,224		15,933,066		—		18,819,290
Electric Utilities		14,446,528		16,305,509		—		30,752,037
Electrical Equipment		1,152,606		728,891		—		1,881,497
Electronic Equipment, Instruments & Components		1,982,875		4,368,475		—		6,351,350
Energy Equipment & Services		1,606,042		734,079		—		2,340,121
Entertainment		5,089,936		5,474,147		—		10,564,083
Equity Real Estate Investment Trusts		7,696,230		4,662,255		—		12,358,485
Food & Staples Retailing		5,306,659		5,497,950		—		10,804,609
Food Products		11,231,563		11,430,916		—		22,662,479
Gas Utilities		983,839		10,172,357		—		11,156,196
Health Care Equipment & Supplies		6,207,200		7,570,770		—		13,777,970
Health Care Providers & Services		4,510,154		1,791,784		0		6,301,938
Health Care Technology		—		197,253		—		197,253
Hotels, Restaurants & Leisure		4,934,155		5,110,852		—		10,045,007
Household Durables		2,105,893		2,365,262		—		4,471,155
Household Products		3,643,840		2,657,551		—		6,301,391
Independent Power and Renewable Electricity Producers		1,157,092		2,460,142		—		3,617,234
Industrial Conglomerates		843,464		3,229,642		—		4,073,106
Insurance		5,717,853		5,513,276		—		11,231,129
Interactive Media & Services		1,973,309		2,960,883		—		4,934,192

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-20

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Description	Level 1				Level 2				Level 3			Total
Internet & Direct Marketing Retail		$	791,180			$	1,286,065			$	—		$	2,077,245
IT Services			6,897,404				4,931,068				—			11,828,472
Leisure Products			283,636				891,308				—			1,174,944
Life Sciences Tools & Services			3,932,417				2,509,128				—			6,441,545
Machinery			3,876,856				5,095,879				—			8,972,735
Marine			—				324,933				—			324,933
Media			6,273,390				2,246,922				—			8,520,312
Metals & Mining			4,445,046				4,657,354				—			9,102,400
Multi-Utilities			8,978,553				2,797,880				—			11,776,433
Multiline Retail			2,473,555				1,966,024				—			4,439,579
Oil, Gas & Consumable Fuels			16,192,495				13,248,333				—			29,440,828
Paper & Forest Products			161,458				2,317,329				—			2,478,787
Personal Products			641,861				3,379,567				—			4,021,428
Pharmaceuticals			3,770,453				10,429,721				—			14,200,174
Professional Services			2,716,607				1,544,555				—			4,261,162
Real Estate Management & Development			410,249				4,487,564				—			4,897,813
Road & Rail			2,451,320				2,967,791				—			5,419,111
Semiconductors & Semiconductor Equipment			4,455,785				2,946,004				—			7,401,789
Software			4,703,729				3,937,006				—			8,640,735
Specialty Retail			4,073,748				1,755,660				—			5,829,408
Technology Hardware, Storage & Peripherals			1,237,909				2,659,151				—			3,897,060
Textiles, Apparel & Luxury Goods			1,600,852				2,685,430				—			4,286,282
Tobacco			1,569,374				1,176,168				—			2,745,542
Trading Companies & Distributors			887,269				2,340,608				—			3,227,877
Transportation Infrastructure			—				976,767				—			976,767
Water Utilities			568,984				1,418,330				—			1,987,314
Wireless Telecommunication Services			1,482,254				3,948,954				—			5,431,208
Total Common Stocks			211,349,144				240,244,894				0			451,594,038
Total Foreign Government*			—				263,217,461				—			263,217,461
Total U.S. Treasury & Government Agencies*			—				145,533,147				—			145,533,147
Total Mutual Funds*			57,816,547				—				—			57,816,547
Total Preferred Stock*			—				371,333				—			371,333
Total Rights*			—				0				—			0
Short-Term Investments
Mutual Funds			963,331,781				—				—			963,331,781
U.S. Treasury			—				124,439,832				—			124,439,832
Total Short-Term Investments			963,331,781				124,439,832				—			1,087,771,613
Total Investments		$	1,232,497,472			$	773,806,667			$	0		$	2,006,304,139
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)		$	—			$	71,713			$	—		$	71,713
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)			—				(4,195,638	)			—			(4,195,638	)
Total Forward Contracts		$	—			$	(4,123,925	)		$	—		$	(4,123,925	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)		$	25,636,555			$	—			$	—		$	25,636,555
Futures Contracts (Unrealized Depreciation)			(76,911,782	)			—				—			(76,911,782	)
Total Futures Contracts		$	(51,275,227	)		$	—			$	—		$	(51,275,227	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2022 is not presented.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-21

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)	$	2,006,304,139
Cash		6,052,352
Cash denominated in foreign currencies (b)		103,700,253
Cash collateral for futures contracts		11,408,000
Unrealized appreciation on forward foreign currency exchange contracts		71,713
Receivable for:
Fund shares sold		1,397
Dividends and interest		4,869,277
Prepaid expenses		10,837
Total Assets		2,132,417,968
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		4,195,638
Payables for:
Fund shares redeemed		551,021
Variation margin on futures contracts		8,047,742
Accrued Expenses:
Management fees		1,125,475
Distribution and service fees		466,423
Deferred trustees’ fees		272,188
Other expenses		403,145
Total Liabilities		15,061,632
Net Assets	$	2,117,356,336
Net Assets Consist of:
Paid in surplus	$	2,798,275,910
Distributable earnings (Accumulated losses)		(680,919,574	)
Net Assets	$	2,117,356,336
Net Assets
Class B	$	2,117,356,336
Capital Shares Outstanding*
Class B		347,415,685
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	6.09

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,182,691,490.
(b)	Identified cost of cash denominated in foreign currencies was $102,897,077.

Consolidated§ Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	10,205,007
Interest (b)		46,246,067
Total investment income		56,451,074
Expenses
Management fees		10,333,738
Administration fees		103,683
Custodian and accounting fees		299,598
Distribution and service fees—Class B		4,149,709
Audit and tax services		103,738
Legal		54,003
Trustees’ fees and expenses		9,260
Shareholder reporting		89,507
Insurance		12,467
Miscellaneous		27,728
Total expenses		15,183,431
Less management fee waiver		(375,635	)
Net expenses		14,807,796
Net Investment Income		41,643,278
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(147,446,122	)
Futures contracts		(260,606,745	)
Swap contracts		(3,515,565	)
Foreign currency transactions		(5,055,895	)
Forward foreign currency transactions		49,951,029
Net realized gain (loss)		(366,673,298	)
Net change in unrealized appreciation (depreciation) on:
Investments		(74,854,376	)
Futures contracts		(52,458,147	)
Swap contracts		119,506
Foreign currency transactions		5,379,695
Forward foreign currency transactions		(3,255,552	)
Net change in unrealized appreciation (depreciation)		(125,068,874	)
Net realized and unrealized gain (loss)		(491,742,172	)
Net Increase (Decrease) in Net Assets From Operations	$	(450,098,894	)

(a)	Net of foreign withholding taxes of $522,691.
(b)	Net of foreign withholding taxes of $480,131.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-22

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	41,643,278		$	527,916
Net realized gain (loss)		(366,673,298	)		20,965,076
Net change in unrealized appreciation (depreciation)		(125,068,874	)		(5,283,256	)
Increase (decrease) in net assets from operations		(450,098,894	)		16,209,736
From Distributions to Shareholders
Class B		(445,670,423	)		(20,734,955	)
Total distributions		(445,670,423	)		(20,734,955	)
Increase (decrease) in net assets from capital share transactions		2,760,386,081			(1,624,122	)
Total increase (decrease) in net assets		1,864,616,764			(6,149,341	)
Net Assets
Beginning of period		252,739,572			258,888,913
End of period	$	2,117,356,336		$	252,739,572

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		1,572,173		$	13,006,930			1,606,895		$	18,903,345
Shares issued through acquisition(a)		285,432,128			2,496,103,959			0			0
Reinvestments		66,484,900			445,670,423			1,841,470			20,734,955
Redemptions		(27,894,892	)		(194,395,231	)		(3,537,861	)		(41,262,422	)
Net increase (decrease)		325,594,309		$	2,760,386,081			(89,496	)	$	(1,624,122	)
Increase (decrease) derived from capital shares transactions				$	2,760,386,081					$	(1,624,122	)

(a) See Note 10 of the Notes to Consolidated Financial Statements

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-23

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.58		$	11.82		$	11.75		$	9.96		$	11.62
Income (Loss) from Investment Operations
Net investment income (loss)(a)		0.17			0.02			(0.05	)		0.06			0.09
Net realized and unrealized gain (loss)		(2.79	)		0.70			1.28			2.11			(0.93	)
Total income (loss) from investment operations		(2.62	)		0.72			1.23			2.17			(0.84	)
Less Distributions
Distributions from net investment income		(2.29	)		0.00			(0.38	)		(0.38	)		0.00
Distributions from net realized capital gains		(0.58	)		(0.96	)		(0.78	)		0.00			(0.82	)
Total distributions		(2.87	)		(0.96	)		(1.16	)		(0.38	)		(0.82	)
Net Asset Value, End of Period	$	6.09		$	11.58		$	11.82		$	11.75		$	9.96
Total Return (%)(b)		(25.66	)		6.39			11.85			21.99			(7.59	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.91			1.07			1.10			1.10			1.08
Net ratio of expenses to average net assets (%)(c)		0.89			1.06			1.10			1.10			1.08
Ratio of net investment income (loss) to average net assets (%)		2.51			0.20			(0.42	)		0.57			0.82
Portfolio turnover rate (%)		36			34			85			46			20
Net assets, end of period (in millions)	$	2,117.4		$	252.7		$	258.9		$	232.8		$	195.3

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers and expenses reimbursed by the Adviser (see Note 7 of the Notes to Consolidated Financial Statements).

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-24

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is PanAgora Global Diversified Risk Portfolio (the “Portfolio”), which is non-diversified.

As of the close of business on April 29, 2022, the portfolio formerly known as PanAgora Global Diversified Risk Portfolio (the “Predecessor Portfolio”), a series of the Trust, merged with and into the portfolio then known as PanAgora Global Diversified Risk Portfolio II (see Note 10). The Predecessor Portfolio was the accounting survivor of the merger for financial reporting purposes. Therefore, the financial statements presented for the Portfolio reflect the historical results of the Predecessor Portfolio prior to the acquisition as well as the post-acquisition results of the combined portfolio. The PanAgora Global Diversified Risk Portfolio II was the legal survivor and changed its name to PanAgora Global Diversified Risk Portfolio upon completion of the merger.

Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary — PanAgora Global Diversified Risk Portfolio, Ltd. II

The Portfolio may invest up to 25% of its total assets in the PanAgora Global Diversified Risk Portfolio, Ltd. II, which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Predecessor Portfolio was invested in the PanAgora Global Diversified Risk Portfolio, Ltd., which was liquidated on April 25, 2022. The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies.

Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio’s annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio’s business of investing in stock, securities or currencies.

Generally, the Subsidiary will invest primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, the Portfolio and the Subsidiary will be subject to the Portfolio’s fundamental investment restrictions and compliance policies and procedures on a consolidated basis.

By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by PanAgora Asset Management, Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $299,610,313 in the Subsidiary, representing 14.1% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported

BHFTI-25

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

BHFTI-26

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP.

BHFTI-27

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to controlled foreign corporation adjustments, prior period accumulated balances and merger adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it. As of December 31, 2022, the Portfolio did not have any outstanding repurchase agreements.

4. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio’s investment in equity futures, interest rate futures and commodity futures were used for investment exposure purposes. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement

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of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Commodity Futures Contracts and Swaps on Commodity Futures Contracts - The Subsidiary will invest primarily in commodity futures and swaps on commodity futures. Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or

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otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a) (b)	$	356,295	Unrealized depreciation on futures contracts (a) (b)	$	55,463,832
Equity	Unrealized appreciation on futures contracts (a) (b)		255,262	Unrealized depreciation on futures contracts (a) (b)		11,750,987
Commodity	Unrealized appreciation on futures contracts (a) (b)		25,024,998	Unrealized depreciation on futures contracts (a) (b)		9,696,963
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		71,713	Unrealized depreciation on forward foreign currency exchange contracts		4,195,638
Total		$	25,708,268		$	81,107,420

(a)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its consolidated financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Bank of New York Mellon	$	66,946	$	(66,946	)	$	—	$	—
State Street Bank and Trust		4,767		—			—		4,767
	$	71,713	$	(66,946	)	$	—	$	4,767

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Bank of New York Mellon	$	3,688,269	$	(66,946	)	$	—	$	3,621,323
Brown Brothers Harriman & Co.		507,369		—			—		507,369
	$	4,195,638	$	(66,946	)	$	—	$	4,128,692

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

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The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Commodity		Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—	$	49,951,029		$	49,951,029
Futures contracts		(292,473,397	)		(41,297,645	)		73,164,297		—			(260,606,745	)
Swap contracts		(3,515,565	)		—			—		—			(3,515,565	)
	$	(295,988,962	)	$	(41,297,645	)	$	73,164,297	$	49,951,029		$	(214,171,281	)
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity		Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	—	$	(3,255,552	)	$	(3,255,552	)
Futures contracts		(54,645,664	)		(12,599,550	)		14,787,067		—			(52,458,147	)
Swap contracts		119,506			—			—		—			119,506
	$	(54,526,158	)	$	(12,599,550	)	$	14,787,067	$	(3,255,552	)	$	(55,594,193	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions		$    586,327,446
Futures contracts long		3,190,088,206
Futures contracts short		(54,537,342	)
Swap contracts		94,666,667

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s

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actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to

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initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$9,443,979	$	326,738,122	$	338,423,762	$	665,681,963

With respect to the Portfolio’s merger with the Predecessor Portfolio (see Note 10) at the close of business on April 29, 2022, the Portfolio acquired long-term securities with a cost of $2,107,045,401 that are not included in the above purchases values.

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7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. As of April 30, 2022, for providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$10,333,738		0.675	%	First $250 million
		0.650	%	$250 million to $750 million
		0.625	%	$750 million to $1 billion
		0.600	%	Over $1 billion

Prior to April 30, 2022, the Predecessor Portfolio paid the Adviser a monthly fee based upon annual rates that applied to the Predecessor Portfolio’s average daily net assets as follows:

% per annum	Average Daily Net Assets
0.650%	First $250 million
0.640%	$250 million to $750 million
0.630%	$750 million to $1 billion
0.600%	Over $1 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 30, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	First $250 million
0.010%	$250 million to $750 million
(0.005)%	$750 million to $1 billion
0.010%	$1 billion to $1.5 billion
0.040%	Over $1.5 billion

Prior to April 30, 2022, the Adviser had agreed, for the period of December 15, 2021 to April 29, 2022, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Predecessor Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.010%	$1 billion to $1.5 billion
0.040%	Over $1.5 billion

Amounts waived for the year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Consolidated Statement of Operations.

Additionally, prior to April 30, 2022, Brighthouse Investment Advisers had contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Predecessor Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Predecessor Portfolio and those of the Portfolio a series of the Trust also subadvised by the Subadviser. Amounts waived for year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

BHFTI-34

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,195,938,880
Gross unrealized appreciation		115,020,039
Gross unrealized (depreciation)		(317,467,724	)
Net unrealized appreciation (depreciation)	$	(202,447,685	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$348,495,298	$	8,787,465	$	97,175,125	$	11,947,490	$	445,670,423	$	20,734,955

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$157,529,527	$	—	$	(197,081,795	)	$	(641,095,117	)	$	(680,647,385	)

BHFTI-35

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $276,829,309 and accumulated long-term capital losses of $364,265,808. The capital loss carryforward includes amounts acquired on April 29, 2022 in the merger with the Predecessor Portfolio. The utilization of these losses in the future may be limited under current tax rules.

10. Acquisition

At the close of business on April 29, 2022, the PanAgora Global Diversified Risk Portfolio II (the “PanAgora II Portfolio”), with aggregate Class B net assets of $2,496,103,959, acquired all of the assets and assumed the liabilities of the Predecessor Portfolio. The Predecessor Portfolio was the accounting survivor of the merger for financial reporting purposes. Therefore, the financial statements presented for the Portfolio reflect the historical results of Predecessor Portfolio prior to the acquisition and the combined results thereafter. The PanAgora II Portfolio was the legal and tax survivor of the merger and changed its name to PanAgora Global Diversified Risk Portfolio upon completion of the merger.

The acquisition was accomplished by a tax-free exchange of 312,549,834 Class B shares of the PanAgora II Portfolio (valued at $2,496,103,959) for 285,432,128 Class B shares of the Portfolio. Each shareholder of the Predecessor Portfolio received Class B shares of the Portfolio at the Class B NAV, as determined at the close of business on April 29, 2022. The transaction provided investors a risk parity strategy at scale, which may provide the opportunity for enhanced returns. It also streamlined the offerings of the portfolios managed by the Adviser, so that management, distribution and other resources could be focused more effectively on a smaller group of portfolios. Some of the investments held by the Predecessor Portfolio may have been purchased or sold prior to the acquisition for the purpose of complying with the anticipated investment policies or limitations of the Portfolio after the acquisition. If such purchases or sales occurred, the transaction costs were borne by the Predecessor Portfolio. All other costs associated with the merger were not borne by the shareholders of either the PanAgora II Portfolio or the Predecessor Portfolio. The Predecessor Portfolio’s net assets on April 29, 2022, were $220,668,507 for Class B shares, including investments valued at $219,943,734 with a cost basis of $228,065,436. For financial reporting purposes, assets received, liabilities assumed and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received by the Portfolio from the Predecessor Portfolio were carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Portfolio immediately after the acquisition were $2,716,772,466, which included $111,587,425 of acquired unrealized depreciation on investments and foreign currency transactions.

Assuming the acquisition had been completed on January 1, 2022, the Portfolio’s pro-forma results of operations for the period ended December 31, 2022, are as follows:

Net Investment income	$	59,142,774	(a)
Net realized and unrealized loss		(851,291,723	)(b)
Net decrease in net assets from operations	$	(792,148,949	)

(a)	$41,643,278 net investment income as reported at December 31, 2022, plus $17,366,863 from the Portfolio pre-merger net investment income, plus $132,633 of pro-forma eliminated other expenses.
(b)	$234,378,214 unrealized depreciation as reported at December 31, 2022, less $77,668,928 pro-forma December 31, 2021 unrealized appreciation, plus $366,673,298 net realized loss as reported at December 31, 2022, plus $172,571,283 in net realized loss from the Portfolio pre-merger.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Predecessor Portfolio that have been included in the Portfolio’s Consolidated Statement of Operations since April 29, 2022.

11. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for

BHFTI-36

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-37

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the PanAgora Global Diversified Risk Portfolio and subsidiary:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the PanAgora Global Diversified Risk Portfolio and subsidiary (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the PanAgora Global Diversified Risk Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-38

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-39

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-40

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-41

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-42

Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

PanAgora Global Diversified Risk Portfolio. The Board considered the following information in relation to the Agreements with the Adviser and PanAgora Asset Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, and its blended benchmark for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the

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Brighthouse Funds Trust I

PanAgora Global Diversified Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fee was below the average of the Sub-advised Expense Group and above the average of the Sub-advised Expense Universe, each at the Portfolio’s current size.

The Board also considered that as of the close of business on April 29, 2022, the Portfolio, then known as the PanAgora Global Diversified Risk Portfolio II, acquired all of the assets and assumed the liabilities of the PanAgora Global Diversified Risk Portfolio (the “Predecessor Portfolio”). The Board noted that the Predecessor Portfolio was the accounting survivor of the merger for financial reporting purposes, and, therefore, the performance for the Portfolio reflects the historical results of the Predecessor Portfolio prior to the acquisition as well as the post-acquisition results of the combined portfolio.

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Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Managed By Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the PIMCO Inflation Protected Bond Portfolio returned -11.60%, -11.88%, and -11.73%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. TIPS Index¹, returned -11.85%.

MARKET ENVIRONMENT / CONDITIONS

Geopolitics took center stage in 2022 as Russia invaded Ukraine at the beginning of the year. Most assets experienced elevated volatility over the year as Russia’s invasion of Ukraine and the subsequent imposition of financial sanctions added stress to already fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening yield curves. Commodity prices soared given Europe’s dependency on Russian oil/natural gas and Ukraine’s significant share of global wheat, neon, and palladium supply. Global yields rose sharply over the year and curves broadly flattened amid more hawkish actions and rhetoric from central banks.

Risk assets were challenged throughout the first half of the year, with both equities and bonds moving significantly lower given ongoing concerns over the conflict between Russia and Ukraine. The recurring themes of heightened inflation, geopolitical tension and fear of recession were the main contributors to market turbulence. Developed market central banks maintained their hawkish stance with their sights set on combating historic levels of inflation. Most notably, in the U.S., Consumer Price Index (“CPI”) increased 8.6% year-on-year in May. This prompted the U.S. Federal Reserve (the “Fed”) to hike interest rates by 0.75% in June, the first time since 1994, and acknowledge that credibly fighting inflation will come at the cost of lower growth.

Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Performance was challenged for both “safe-haven” and risk assets as global yields rose sharply through the summer months and sentiment waned. Elevated inflation, tightening monetary policy, ongoing geopolitical tensions, and rising recession risks contributed to heightened market volatility. Amidst broader market volatility, market correlations were positive as global equities, fixed income, and commodities experienced sharp declines.

Easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging and contributed to gains in global risk assets toward the end of the second half of the year. However, with labor market data generally exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December. Following a 0.75% policy rate hike in November, the Fed adjusted its policy rate upward by 0.50% in December, while advancing its terminal rate projection to 5.1% by the end of 2023.

PORTFOLIO REVIEW/ CURRENT POSITIONING

Tactical Eurozone breakeven inflation (the difference between nominal and real yields) strategies, which were in part achieved through the use of swaps, options, and futures, contributed to performance as inflation expectations in the region rose. Overweight U.S. breakeven inflation, partially facilitated using inflation caps, contributed to performance as inflation expectations rose in the U.S. Nominal curve positioning in U.S. interest rates, partially implemented through futures, options and interest rate swaps, was positive for performance, but was offset by a detraction from curve positions within Eurozone interest rates. Overweight exposure to non-Agency Mortgage-Backed Securities (“MBS”) detracted from performance as mortgage spreads widened and rates rose. Exposure to Danish covered bonds modestly contributed to performance, but was offset by a negative contribution from overweight exposure to U.S. agency MBS. Within corporate credit, tactical exposure to investment grade corporate credit sectors and indices, partially facilitated through credit default swaps, modestly contributed to performance. Short exposure to U.K. breakeven inflation also contributed to performance amid rising inflation expectations and market volatility from pension selling. Additionally, modest overweight positions in Japanese inflation-linked bonds were positive as inflationary fears increased after the Bank of Japan increased the cap on 10-year Japanese government bond yields. Finally, within currencies, exposure to select developed and emerging market currencies through the use of currency forwards modestly contributed to performance.

The Portfolio ended the period with an underweight duration position relative to the benchmark, mainly sourced in the Eurozone and Japan while maintaining a modest overweight exposure to U.S. duration given significant rate differentials. The Portfolio maintains an overweight to U.S. breakevens as long-term inflation expectations are still well anchored despite recent CPI beats. The Portfolio maintains a neutral stance in U.K. breakevens given volatility from pension selling. Additionally, the Portfolio maintains modest overweight positions in select global inflation-linked bonds, including Eurozone and Japanese linkers given they provide an asymmetric payoff and lagged the global recovery initially. The Portfolio remains cautious overall on generic corporate credit. The Portfolio maintains exposure to securitized spread sectors as well as Danish covered bonds given attractive valuations and yield pickup. Within currencies, the Portfolio maintains modest positions given heightened macroeconomic uncertainty.

BHFTI-1

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Managed By Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

Derivatives were used in the Portfolio to attain certain exposures in a liquid and cost-effective manner. All derivatives performed as expected during the period.

Steve Rodosky

Daniel He

Portfolio Managers

Pacific Investment Management Company LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Bloomberg U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding.

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Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. TIPS INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
PIMCO Inflation Protected Bond Portfolio
Class A		–11.60		2.09		0.99
Class B		–11.88		1.83		0.73
Class E		–11.73		1.95		0.84
Bloomberg U.S. TIPS Index		–11.85		2.11		1.12

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		90.0
Foreign Government		10.9
Asset-Backed Securities		9.4
Corporate Bonds & Notes		4.2
Mortgage-Backed Securities		2.1
Purchased Options		0.2
Convertible Preferred Stocks		0.1

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Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

PIMCO Inflation Protected Bond Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.92	%	$	1,000.00	$	972.00	$	4.57
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.57	$	4.69
Class B (a)	Actual		1.17	%	$	1,000.00	$	970.70	$	5.81
	Hypothetical*		1.17	%	$	1,000.00	$	1,019.31	$	5.96
Class E (a)	Actual		1.06	%	$	1,000.00	$	971.80	$	5.27
	Hypothetical*		1.06	%	$	1,000.00	$	1,019.86	$	5.40

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

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Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—90.0% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—4.1%
Fannie Mae 30 Yr. Pool 3.000%, 05/01/52		387,463	$	340,051
4.000%, 10/01/48		469,543		447,426
4.000%, 04/01/49		291,333		277,314
4.000%, 03/01/50		211,976		200,929
4.000%, 08/01/50		291,132		274,994
4.000%, 02/01/52		685,952		643,451
Fannie Mae ARM Pool 2.889%, 12M MTA + 1.200%, 07/01/44 (a)		3,419		3,248
2.889%, 12M MTA + 1.200%, 09/01/44 (a)		8,611		8,181
4.027%, 1Y H15 + 2.360%, 11/01/34 (a)		138,622		141,749
Fannie Mae REMICS (CMO) 3.257%, 05/25/35 (a)		74,187		73,653
3.644%, 1M LIBOR + 0.060%, 12/25/36 (a)		13,301		13,056
3.821%, 1M LIBOR + 0.060%, 07/25/37 (a)		103,136		100,992
4.539%, 1M LIBOR + 0.150%, 08/25/34 (a)		11,883		11,499
4.739%, 1M LIBOR + 0.350%, 07/25/37 (a)		2,345		2,293
4.769%, 1M LIBOR + 0.380%, 07/25/37 (a)		25,230		24,708
Fannie Mae Whole Loan (CMO) 4.739%, 1M LIBOR + 0.350%, 05/25/42 (a)		22,003		21,635
Freddie Mac ARM Non-Gold Pool 3.848%, 1Y H15 + 2.225%, 01/01/34 (a)		12,175		12,223
Freddie Mac REMICS (CMO) 3.207%, 1M LIBOR + 0.350%, 07/15/44 (a)		1,261,388		1,242,847
4.668%, 1M LIBOR + 0.350%, 01/15/47 (a)		1,369,839		1,318,854
Freddie Mac Strips (CMO) 4.768%, 1M LIBOR + 0.450%, 09/15/42 (a)		1,331,698		1,307,723
Freddie Mac Structured Pass-Through Certificates (CMO) 2.889%, 12M MTA + 1.200%, 02/25/45 (a)		255,582		256,443
3.248%, 12M MTA + 1.200%, 10/25/44 (a)		850,374		846,250
4.649%, 1M LIBOR + 0.260%, 08/25/31 (a)		15,907		15,785
Government National Mortgage Association (CMO) 1.968%, 12M LIBOR + 0.750%, 04/20/67 (a)		1,821,170		1,802,259
3.858%, 12M LIBOR + 0.150%, 08/20/68 (a)		2,301,477		2,235,899
4.672%, 1M LIBOR + 0.830%, 08/20/66 (a)		154,344		152,649
4.726%, SOFR30A + 0.900%, 10/20/72 (a)		2,401,851		2,361,400
Uniform Mortgage-Backed Securities 30 Yr. Pool 3.000%, TBA (b)		15,500,000		13,608,911
4.000%, TBA (b)		47,665,720		44,697,960
4.500%, TBA (b)		2,500,000		2,405,543
				74,849,925
U.S. Treasury—85.9%
U.S. Treasury Inflation Indexed Bonds 0.125%, 02/15/51 (c)		17,522,295		11,271,245
0.125%, 02/15/52 (c) (d) (i)		7,706,880		4,984,856
0.250%, 02/15/50 (c) (e)		16,480,980		11,101,193
0.625%, 02/15/43 (c)		14,126,836		11,388,839
0.750%, 02/15/42 (c) (f)		46,208,650		38,649,220
0.750%, 02/15/45 (c)		26,142,751		21,124,150
0.875%, 02/15/47 (c) (f)		47,992,967		39,307,538
1.000%, 02/15/46 (c) (f)		47,981,061		40,714,028
1.375%, 02/15/44 (c) (i)		83,542,952		77,523,926
1.750%, 01/15/28 (c) (f)		73,330,979		73,280,216
2.000%, 01/15/26 (c)		32,934,919		32,893,401
2.125%, 02/15/40 (c)		22,512,865		23,815,725
2.125%, 02/15/41 (c)		20,722,852		21,938,001
2.375%, 01/15/25 (c) (f)		65,143,457		65,195,746
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Bonds
2.375%, 01/15/27 (c) (d) (e)		561,477		572,697
2.500%, 01/15/29 (c)		32,270,599		33,645,004
3.375%, 04/15/32 (c) (d) (e)		3,253,359		3,723,689
3.625%, 04/15/28 (c) (f)		33,291,445		36,281,424
3.875%, 04/15/29 (c) (f)		36,777,168		41,321,718
U.S. Treasury Inflation Indexed Notes
0.125%, 10/15/24 (c) (f)		44,366,626		42,725,020
0.125%, 04/15/25 (c)		9,920,874		9,454,533
0.125%, 10/15/25 (c) (d) (g) (h)		10,565,188		10,040,501
0.125%, 04/15/26 (c)		19,315,740		18,158,985
0.125%, 07/15/26 (c) (f)		64,836,202		61,093,444
0.125%, 10/15/26 (c) (f)		16,683,885		15,637,997
0.125%, 04/15/27 (c) (f)		12,344,787		11,504,118
0.125%, 01/15/30 (c) (f)		55,047,020		49,444,439
0.125%, 07/15/30 (c) (f)		61,893,693		55,415,774
0.125%, 01/15/31 (c) (f)		49,057,131		43,565,688
0.125%, 07/15/31 (c) (f)		56,321,887		49,763,922
0.125%, 01/15/32 (c) (f)		52,564,077		46,039,430
0.250%, 01/15/25 (c) (f)		35,729,756		34,272,619
0.250%, 07/15/29 (c) (f)		83,823,098		76,735,699
0.375%, 07/15/23 (c)		9,399,416		9,287,798
0.375%, 07/15/25 (c) (g)		11,872,763		11,402,347
0.375%, 01/15/27 (c)		24,646,129		23,240,558
0.375%, 07/15/27 (c)		27,395,294		25,818,041
0.500%, 01/15/28 (c) (f)		151,079,963		142,065,378
0.625%, 04/15/23 (c) (f) (i)		82,882,647		82,036,014
0.625%, 01/15/24 (c) (h)		12,835,529		12,562,837
0.625%, 01/15/26 (c)		34,410,858		33,030,333
0.625%, 07/15/32 (c) (f) (i)		33,330,375		30,527,847
0.750%, 07/15/28 (c) (f)		52,877,125		50,367,623
0.875%, 01/15/29 (c)		19,371,013		18,453,874
1.625%, 10/15/27 (c) (d)		5,834,162		5,827,321
				1,557,204,756
Total U.S. Treasury & Government Agencies (Cost $1,863,024,307)				1,632,054,681
Foreign Government—10.9%
Sovereign—10.9%
Australia Government Bond 3.000%, 09/20/25 (AUD) (c)		11,150,000		11,033,456
Canadian Government Real Return Bond 4.250%, 12/01/26 (CAD) (c)		8,403,792		6,845,429
French Republic Government Bond OAT 0.100%, 03/01/26 (144A) (EUR)(c)		17,800,355		18,881,062
0.100%, 07/25/31 (144A) (EUR)(c)		1,840,304		1,892,423
0.100%, 07/25/38 (144A) (EUR)(c)		6,435,471		6,230,218
0.250%, 07/25/24 (EUR)(c) (f)		4,773,912		5,150,245
Italy Buoni Poliennali Del Tesoro 0.400%, 05/15/30 (144A) (EUR) (c)		3,848,493		3,605,242
1.400%, 05/26/25 (144A) (EUR) (c)		58,617,600		61,998,104
Japanese Government CPI Linked Bonds 0.005%, 03/10/31 (JPY) (c)		375,746,400		2,973,275
0.100%, 03/10/28 (JPY) (c)		1,632,597,040		12,906,274

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Japanese Government CPI Linked Bonds
0.100%, 03/10/29 (JPY) (c)		2,153,104,850	$	17,037,484
Mexican Bonos 7.750%, 05/29/31 (MXN)		97,900,000		4,648,950
New Zealand Government Inflation Linked Bonds 2.500%, 09/20/35 (NZD) (c)		1,815,150		1,150,558
3.000%, 09/20/30 (NZD) (c)		11,600,000		9,484,663
Peruvian Government International Bond 5.940%, 02/12/29 (144A) (PEN)		5,400,000		1,302,604
Qatar Government International Bond 3.875%, 04/23/23		700,000		696,150
United Kingdom Gilt Inflation Linked Bonds 0.125%, 03/22/24 (GBP) (c)		13,213,890		16,219,350
0.125%, 08/10/41 (GBP) (c)		5,719,050		6,477,549
1.250%, 11/22/27 (GBP) (c)		7,592,843		9,681,281
Total Foreign Government (Cost $212,300,556)				198,214,317
Asset-Backed Securities—9.4%
Asset-Backed - Home Equity—1.1%
ACE Securities Corp. Home Equity Loan Trust 4.789%, 1M LIBOR + 0.400%, 03/25/37 (a)		465,620		183,912
5.439%, 1M LIBOR + 1.050%, 12/25/33 (a)		1,089,072		1,040,955
Asset Backed Securities Corp. Home Equity Loan Trust 5.214%, 1M LIBOR + 0.825%, 04/25/34 (a)		1,326,163		1,225,251
Citigroup Mortgage Loan Trust, Inc. 4.569%, 1M LIBOR + 0.180%, 03/25/37 (a)		832,257		683,440
4.679%, 1M LIBOR + 0.290%, 09/25/36 (144A) (a)		977,459		925,869
5.079%, 1M LIBOR + 0.690%, 10/25/35 (a)		3,700,000		3,323,334
First NLC Trust 4.459%, 1M LIBOR + 0.070%, 08/25/37 (144A) (a)		810,808		377,298
GSAA Home Equity Trust 6.720%, 03/25/46 (j)		309,888		184,682
Home Equity Asset Trust 3.826%, 1M LIBOR + 0.675%, 02/25/36 (a)		1,766,204		1,692,547
5.244%, 1M LIBOR + 0.855%, 08/25/34 (a)		286,995		278,752
HSI Asset Securitization Corp. Trust 4.489%, 1M LIBOR + 0.100%, 10/25/36 (a)		4,102		1,638
MASTR Asset-Backed Securities Trust 5.139%, 1M LIBOR + 0.750%, 10/25/35 (a)		100,089		91,971
Morgan Stanley ABS Capital, Inc. Trust 5.049%, 1M LIBOR + 0.660%, 01/25/35 (a)		687,818		659,140
5.064%, 1M LIBOR + 0.675%, 09/25/35 (a)		1,300,000		1,211,832
New Century Home Equity Loan Trust 5.154%, 1M LIBOR + 0.765%, 02/25/35 (a)		337,068		321,083
Nomura Home Equity Loan, Inc 4.824%, 1M LIBOR + 0.435%, 03/25/36 (a)		1,577,969		1,536,453
NovaStar Mortgage Funding Trust 5.094%, 1M LIBOR + 0.705%, 01/25/36 (a)		694,802		679,497
RASC Trust 4.849%, 1M LIBOR + 0.230%, 06/25/36 (a)		3,415,814		3,241,625
Soundview Home Loan Trust 4.569%, 1M LIBOR + 0.180%, 07/25/37 (a)		323,928		290,758
4.589%, 1M LIBOR + 0.200%, 06/25/37 (a)		1,966,014		1,406,845
				19,356,882
Asset-Backed - Other—8.1%
522 Funding CLO, Ltd. 5.283%, 3M LIBOR + 1.040%, 10/20/31 (144A) (a)		1,500,000		1,468,338
ACAS CLO, Ltd. 5.084%, 3M LIBOR + 0.890%, 10/18/28 (144A) (a)		1,662,975		1,631,187
AMMC CLO, Ltd. 4.991%, 3M LIBOR + 0.980%, 04/14/29 (144A) (a)		2,439,069		2,424,203
5.542%, 3M LIBOR + 0.950%, 11/10/30 (144A) (a)		1,000,000		985,690
Anchorage Capital CLO, Ltd.
5.129%, 3M LIBOR + 1.050%, 07/15/30 (144A) (a)		1,299,921		1,283,347
5.219%, 3M LIBOR + 1.140%, 07/15/32 (144A) (a)		300,000		293,281
5.465%, 3M LIBOR + 1.140%, 07/22/32 (144A) (a)		1,600,000		1,564,517
Apidos CLO XXVI 5.094%, 3M LIBOR + 0.900%, 07/18/29 (144A) (a)		1,600,000		1,581,350
Apidos CLO XXVII 5.009%, 3M LIBOR + 0.930%, 07/17/30 (144A) (a)		1,700,000		1,677,441
Arbor Realty Commercial Real Estate Notes, Ltd. 5.257%, SOFR30A + 1.450%, 01/15/37 (144A) (a)		2,600,000		2,516,877
Ares European CLO VI DAC 1.988%, 3M EURIBOR + 0.610%, 04/15/30 (144A) (EUR) (a)		691,852		718,778
Ares L CLO, Ltd. 5.129%, 3M LIBOR + 1.050%, 01/15/32 (144A) (a)		700,000		685,971
Ares LII CLO, Ltd. 5.375%, 3M LIBOR + 1.050%, 04/22/31 (144A) (a)		1,700,000		1,668,067
Argent Securities Trust 4.709%, 1M LIBOR + 0.320%, 05/25/36 (a)		230,200		56,642
Atlas Senior Loan Fund, Ltd. 5.169%, 3M LIBOR + 1.090%, 01/15/31 (144A) (a)		589,321		577,620
5.229%, 3M LIBOR + 1.150%, 01/16/30 (144A) (a)		2,190,367		2,157,713
Atrium XII 5.155%, 3M LIBOR + 0.830%, 04/22/27 (144A) (a)		2,676,762		2,647,816
Barings CLO, Ltd. 5.313%, 3M LIBOR + 1.070%, 01/20/32 (144A) (a)		1,900,000		1,860,013
BDS, Ltd. 6.121%, 1M TSFR + 1.800%, 03/19/39 (144A) (a)		1,900,000		1,831,184
Benefit Street Partners CLO XII, Ltd. 5.029%, 3M LIBOR + 0.950%, 10/15/30 (144A) (a)		1,000,000		983,789
Birch Grove CLO, Ltd. 5.899%, 3M LIBOR + 1.130%, 06/15/31 (144A) (a)		1,000,000		978,207
Black Diamond CLO, Ltd. 2.834%, 3M EURIBOR + 0.650%, 10/03/29 (144A) (EUR) (a)		60,607		64,724
4.793%, 3M LIBOR + 1.050%, 10/03/29 (144A) (a)		39,482		39,432
Blackrock European CLO IV DAC 2.228%, 3M EURIBOR + 0.850%, 07/15/30 (144A) (EUR) (a)		1,198,071		1,253,490
BlueMountain CLO XXII, Ltd. 5.159%, 3M LIBOR + 1.080%, 07/15/31 (144A) (a)		500,000		491,378
BlueMountain EUR CLO DAC 2.333%, 3M EURIBOR + 0.790%, 04/25/32 (144A) (EUR) (a)		1,098,998		1,145,529
Capital Four U.S. CLO II, Ltd. 5.814%, 3M TSFR + 2.140%, 10/20/30 (144A) (a)		900,000		896,994
Carlyle Euro CLO DAC 2.428%, 3M EURIBOR + 0.630%, 08/15/30 (144A) (EUR) (a)		1,096,058		1,142,032

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Carlyle Global Market Strategies CLO, Ltd. 2.548%, 3M EURIBOR + 0.750%, 11/15/31 (144A) (EUR)(a)		1,600,000	$	1,651,731
5.049%, 3M LIBOR + 0.970%, 04/17/31 (144A) (a)		498,484		490,098
5.405%, 3M LIBOR + 1.080%, 04/22/32 (144A) (a)		400,000		391,717
5.600%, 3M LIBOR + 0.950%, 08/14/30 (144A) (a)		2,273,991		2,244,054
Carlyle U.S. CLO, Ltd. 5.243%, 3M LIBOR + 1.000%, 04/20/31 (144A) (a)		1,600,000		1,569,578
5.259%, 3M LIBOR + 1.180%, 01/15/30 (144A) (a)		500,000		491,832
Catamaran CLO, Ltd. 5.425%, 3M LIBOR + 1.100%, 04/22/30 (144A) (a)		1,989,793		1,966,222
CBAM, Ltd. 5.493%, 3M LIBOR + 1.250%, 07/20/30 (144A) (a)		697,721		690,359
Cedar Funding CLO, Ltd. 5.179%, 3M LIBOR + 1.100%, 07/17/31 (144A) (a)		800,000		784,315
CIFC European Funding CLO III DAC 2.428%, 3M EURIBOR + 1.050%, 01/15/34 (144A) (EUR) (a)		800,000		827,488
CIFC Funding, Ltd. 5.194%, 3M LIBOR + 1.000%, 04/18/31 (144A) (a)		1,900,000		1,871,863
5.275%, 3M LIBOR + 0.950%, 10/24/30 (144A) (a)		2,500,000		2,468,602
5.288%, 3M LIBOR + 1.010%, 04/23/29 (144A) (a)		562,438		556,845
CIT Mortgage Loan Trust 5.739%, 1M LIBOR + 1.350%, 10/25/37 (144A) (a)		629,542		625,948
5.889%, 1M LIBOR + 1.500%, 10/25/37 (144A) (a)		4,400,000		4,170,006
Contego CLO VIII DAC 2.142%, 3M EURIBOR + 0.640%, 01/23/30 (144A) (EUR) (a)		798,548		829,100
CQS U.S. CLO, Ltd. 5.997%, 3M TSFR + 2.650%, 07/20/31 (144A) (a)		2,400,000		2,392,291
Credit-Based Asset Servicing and Securitization LLC 4.164%, 1M LIBOR + 0.120%, 07/25/37 (144A) (a)		67,379		44,527
4.264%, 1M LIBOR + 0.220%, 07/25/37 (144A) (a)		1,342,854		887,437
Crestline Denali CLO XV, Ltd. 5.273%, 3M LIBOR + 1.030%, 04/20/30 (144A) (a)		1,083,805		1,068,333
Crestline Denali CLO, Ltd. 5.465%, 3M LIBOR + 1.140%, 10/23/31 (144A) (a)		1,100,000		1,078,033
CSAB Mortgage-Backed Trust 6.220%, 09/25/36 (j)		400,279		132,638
CWABS Asset-Backed Certificates Trust 4.579%, 1M LIBOR + 0.190%, 11/25/37 (a)		5,134,731		4,666,063
5.129%, 1M LIBOR + 0.740%, 08/25/47 (a)		23,132		22,212
Dryden 35 Euro CLO DAC 2.358%, 3M EURIBOR + 0.980%, 01/17/33 (144A) (EUR) (a)		800,000		828,721
Dryden 44 Euro CLO B.V. 2.258%, 3M EURIBOR + 0.880%, 04/15/34 (144A) (EUR) (a)		1,300,000		1,324,464
Dryden 52 Euro CLO DAC 2.622%, 3M EURIBOR + 0.860%, 05/15/34 (144A) (EUR) (a)		1,000,000		1,037,565
Dryden 60 CLO, Ltd. 5.129%, 3M LIBOR + 1.050%, 07/15/31 (144A) (a)		700,000		689,176
Dryden 64 CLO, Ltd. 5.164%, 3M LIBOR + 0.970%, 04/18/31 (144A) (a)		700,000		688,269
Asset-Backed - Other—(Continued)
Ellington Loan Acquisition Trust 5.489%, 1M LIBOR + 1.100%, 05/25/37 (144A) (a)		1,194,004		1,142,596
Fidelity Grand Harbour CLO DAC 3.246%, 3M EURIBOR + 1.200%, 03/15/32 (144A) (EUR) (a)		900,000		937,970
First Franklin Mortgage Loan Trust 4.509%, 1M LIBOR + 0.120%, 12/25/36 (a)		8,773,668		7,273,305
4.699%, 1M LIBOR + 0.310%, 07/25/36 (a)		1,736,300		1,623,143
Gallatin CLO VIII, Ltd. 5.169%, 3M LIBOR + 1.090%, 07/15/31 (144A) (a)		400,000		391,890
Goldentree Loan Management U.S. CLO 6, Ltd. 5.153%, 3M LIBOR + 0.910%, 11/20/30 (144A) (a)		800,000		788,845
GSAMP Trust 5.124%, 1M LIBOR + 0.735%, 09/25/35 (a)		100,771		98,085
HalseyPoint CLO, Ltd. 5.865%, 3M LIBOR + 1.450%, 11/30/32 (144A) (a)		500,000		490,601
HSI Asset Securitization Corp. Trust 4.709%, 1M LIBOR + 0.320%, 05/25/37 (a)		103,957		103,244
JPMorgan Mortgage Acquisition Trust 4.599%, 1M LIBOR + 0.210%, 10/25/36 (a)		55,912		54,862
Jubilee CLO B.V. 2.128%, 3M EURIBOR + 0.840%, 07/12/28 (144A) (EUR) (a)		53,433		57,062
KKR CLO, Ltd. 5.259%, 3M LIBOR + 1.180%, 01/15/31 (144A) (a)		500,000		492,769
Laurelin B.V. 2.176%, 3M EURIBOR + 0.720%, 10/20/31 (144A) (EUR) (a)		700,000		725,126
LCM XIII L.P. 5.097%, 3M LIBOR + 0.870%, 07/19/27 (144A) (a)		2,039,616		2,016,928
LCM XXV, Ltd. 5.063%, 3M TSFR + 1.100%, 07/20/30 (144A) (a)		890,361		872,490
LoanCore Issuer, Ltd. 5.358%, SOFR30A + 1.550%, 01/17/37 (144A) (a)		2,100,000		2,031,256
Long Beach Mortgage Loan Trust 4.629%, 1M LIBOR + 0.240%, 08/25/36 (a)		881,460		368,945
M360 2021-CRE3, Ltd. 5.861%, 1M LIBOR + 1.500%, 11/22/38 (144A) (a)		600,000		588,000
Madison Park Euro Funding IX DAC 2.258%, 3M EURIBOR + 0.880%, 07/15/35 (144A) (EUR) (a)		700,000		713,132
Madison Park Funding, Ltd. 5.615%, 3M LIBOR + 1.200%, 07/29/30 (144A) (a)		400,000		396,195
Man GLG Euro CLO II DAC 2.248%, 3M EURIBOR + 0.870%, 01/15/30 (144A) (EUR) (a)		571,637		599,884
Marathon Static CLO, Ltd. 5.070%, 3M TSFR + 2.220%, 07/20/30 (144A) (a)		900,000		896,476
MF1, Ltd. 5.419%, 1M LIBOR + 1.080%, 10/16/36 (144A) (a)		700,000		669,278
6.471%, 1M TSFR + 2.150%, 06/19/37 (144A) (a)		1,800,000		1,773,628
Morgan Stanley ABS Capital I, Inc. Trust 5.364%, 1M LIBOR + 0.975%, 07/25/34 (a)		45,851		43,296
5.439%, 1M LIBOR + 1.050%, 06/25/35 (a)		1,232,000		1,095,096
Morgan Stanley IXIS Real Estate Capital Trust 4.439%, 1M LIBOR + 0.050%, 11/25/36 (a)		526		180

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Mountain View CLO LLC 5.169%, 3M LIBOR + 1.090%, 10/16/29 (144A) (a)		1,868,364	$	1,839,004
OAK Hill European Credit Partners VII DAC 2.196%, EURIBOR + 0.740%, 10/20/31 (144A) (EUR) (a)		2,100,000		2,182,518
Oaktree CLO, Ltd. 5.435%, 3M LIBOR + 1.110%, 04/22/30 (144A) (a)		600,000		589,902
OCP Euro CLO DAC 2.198%, 3M EURIBOR + 0.820%, 01/15/32 (144A) (EUR) (a)		889,199		930,855
Octagon Investment Partners, Ltd. 5.039%, 3M LIBOR + 0.960%, 04/16/31 (144A) (a)		1,200,000		1,181,527
5.650%, 3M LIBOR + 1.000%, 02/14/31 (144A) (a)		1,100,000		1,080,192
OSD CLO, Ltd. 4.949%, 3M LIBOR + 0.870%, 04/17/31 (144A) (a)		2,291,390		2,245,397
OZLM, Ltd. 5.059%, 3M LIBOR + 0.980%, 10/17/29 (144A) (a)		2,420,718		2,383,405
5.343%, 3M LIBOR + 1.100%, 10/20/31 (144A) (a)		500,000		488,046
5.403%, 3M LIBOR + 1.160%, 07/20/32 (144A) (a)		300,000		292,462
Palmer Square European Loan Funding Trust 3.993%, 3M EURIBOR + 1.950%, 04/12/32 (144A) (EUR) (a)		4,800,000		5,097,345
Palmer Square Loan Funding, Ltd. 4.879%, 3M LIBOR + 0.800%, 10/15/29 (144A) (a)		2,698,014		2,663,356
5.043%, 3M LIBOR + 0.800%, 07/20/29 (144A) (a)		2,732,462		2,694,145
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 5.124%, 1M LIBOR + 0.735%, 09/25/35 (a)		126,566		120,625
5.439%, 1M LIBOR + 1.050%, 10/25/34 (a)		2,553,352		2,494,460
Romark CLO, Ltd. 5.355%, 3M LIBOR + 1.030%, 10/23/30 (144A) (a)		1,300,000		1,274,127
Saranac CLO, Ltd. 5.873%, 3M LIBOR + 1.140%, 08/13/31 (144A) (a)		1,800,000		1,760,733
Saxon Asset Securities Trust 4.699%, 1M LIBOR + 0.310%, 09/25/37 (a)		548,507		513,383
Securitized Asset-Backed Receivables LLC Trust 4.689%, 1M LIBOR + 0.300%, 07/25/36 (a)		289,494		118,982
4.709%, 1M LIBOR + 0.320%, 07/25/36 (a)		3,161,475		1,103,121
Segovia European CLO 2.336%, 3M EURIBOR + 0.880%, 07/20/32 (144A) (EUR) (a)		300,000		309,808
Small Business Administration Participation Certificates 5.510%, 11/01/27		296,141		293,377
Sound Point CLO, Ltd. 5.225%, 3M LIBOR + 0.900%, 01/23/29 (144A) (a)		1,493,443		1,474,319
5.453%, 3M LIBOR + 1.210%, 07/20/32 (144A) (a)		1,400,000		1,357,558
Soundview Home Loan Trust 4.509%, 1M LIBOR + 0.120%, 11/25/36 (144A) (a)		40,653		11,456
Structured Asset Securities Corp. Mortgage Loan Trust 5.620%, 1M LIBOR + 1.500%, 04/25/35 (a)		67,674		65,728
Symphony CLO, Ltd. 4.961%, 3M LIBOR + 0.950%, 07/14/26 (144A) (a)		60,480		60,453
TCW CLO, Ltd. 5.328%, 3M LIBOR + 0.970%, 04/25/31 (144A) (a)		900,000		887,126
THL Credit Wind River CLO, Ltd. 5.159%, 3M LIBOR + 1.080%, 04/15/31 (144A) (a)		2,000,000		1,946,446
5.244%, 3M LIBOR + 1.050%, 07/18/31 (144A) (a)		597,541		583,665
Asset-Backed - Other—(Continued)
Toro European CLO 5 DAC 2.118%, 3M EURIBOR + 0.740%, 10/15/30 (144A) (EUR) (a)		1,998,916		2,084,253
Tralee CLO VII, Ltd. 5.678%, 3M LIBOR + 1.320%, 04/25/34 (144A) (a)		1,400,000		1,361,994
TRTX Issuer, Ltd. 5.458%, SOFR30A + 1.650%, 02/15/39 (144A) (a)		800,000		770,842
Venture CLO, Ltd. 4.959%, 3M LIBOR + 0.880%, 04/15/27 (144A) (a)		956,799		947,755
4.959%, 3M LIBOR + 0.880%, 07/15/27 (144A) (a)		142,945		142,700
5.139%, 3M LIBOR + 1.060%, 07/15/31 (144A) (a)		300,000		293,662
5.143%, 3M LIBOR + 0.900%, 10/20/28 (144A) (a)		1,006,545		992,522
5.263%, 3M LIBOR + 1.020%, 04/20/29 (144A) (a)		231,000		228,444
5.363%, 3M LIBOR + 1.120%, 07/20/32 (144A) (a)		900,000		876,003
VMC Finance LLC 5.708%, SOFR30A + 1.900%, 02/18/39 (144A) (a)		400,000		389,359
Voya CLO, Ltd. 5.059%, 3M LIBOR + 0.980%, 06/07/30 (144A) (a)		288,273		283,945
5.094%, 3M LIBOR + 0.900%, 01/18/29 (144A) (a)		1,519,574		1,504,030
Wellfleet CLO, Ltd. 5.133%, 3M LIBOR + 0.890%, 07/20/29 (144A) (a)		436,877		431,301
5.303%, 3M LIBOR + 1.060%, 10/20/29 (144A) (a)		585,196		576,713
				146,286,423
Asset-Backed - Student Loan—0.2%
SLM Student Loan Trust 4.908%, 3M LIBOR + 0.550%, 10/25/64 (144A) (a)		2,501,396		2,400,168
5.858%, 3M LIBOR + 1.500%, 04/25/23 (a)		2,168,562		2,147,545
				4,547,713
Total Asset-Backed Securities (Cost $173,076,422)				170,191,018
Corporate Bonds & Notes—4.2%
Banks—2.4%
Banco Bilbao Vizcaya Argentaria S.A. 5.875%, 5Y EUR Swap + 5.660%, 09/24/23 (EUR) (a)		200,000		205,419
Bank of America Corp. 5.875%, 3M LIBOR + 2.931%, 03/15/28 (a)		1,570,000		1,382,636
Lloyds Banking Group plc 4.947%, 5Y EURIBOR ICE Swap + 5.290%, 06/27/25 (EUR) (a)		900,000		920,209
NatWest Group plc 4.519%, 3M LIBOR + 1.550%, 06/25/24 (a)		1,700,000		1,684,198
6.274%, 3M LIBOR + 1.550%, 06/25/24 (a)		2,600,000		2,600,654
Nykredit Realkredit A/S
0.500%, 10/01/43 (DKK)		20,260,088		2,201,278
1.000%, 10/01/50 (DKK)		191,593,607		20,093,637
1.000%, 10/01/53 (DKK)		7,065,382		736,982
1.500%, 10/01/53 (DKK)		29,118,255		3,214,069
2.500%, 10/01/47 (DKK)		5,389		693
UniCredit S.p.A. 7.830%, 12/04/23 (144A)		10,700,000		10,750,162
				43,789,937

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Chemicals—0.0%
Syngenta Finance NV 4.441%, 04/24/23 (144A)		400,000	$	398,208
Commercial Services—0.0%
RELX Capital, Inc. 3.500%, 03/16/23		300,000		298,787
Distribution/Wholesale—0.0%
Toyota Tsusho Corp. 3.625%, 09/13/23		200,000		197,628
Diversified Financial Services—1.7%
Avolon Holdings Funding, Ltd. 2.528%, 11/18/27 (144A)		114,000		91,120
Jyske Realkredit A/S 0.500%, 10/01/43 (DKK)		6,701,974		734,258
1.000%, 10/01/50 (DKK)		75,039,237		7,925,090
1.000%, 10/01/53 (DKK)		11,719,746		1,143,959
1.500%, 10/01/53 (DKK)		15,862,317		1,699,594
2.000%, 10/01/53 (DKK)		7,285,535		787,339
2.500%, 10/01/47 (DKK)		3,538		451
Mitsubishi HC Capital, Inc. 3.960%, 09/19/23 (144A)		400,000		395,276
Nordea Kredit Realkreditaktieselskab 0.500%, 10/01/43 (DKK)		2,738,229		300,190
1.000%, 10/01/50 (DKK)		62,970,799		6,677,979
1.500%, 10/01/53 (DKK)		11,299,588		1,166,024
2.000%, 10/01/53 (144A) (DKK)		699,656		79,506
2.000%, 10/01/53 (DKK)		4,299,311		468,814
2.500%, 10/01/47 (DKK)		919		117
Realkredit Danmark A/S 1.000%, 10/01/50 (DKK)		63,231,265		6,669,465
1.000%, 10/01/53 (DKK)		6,005,842		626,361
1.500%, 10/01/53 (DKK)		4,373,645		482,767
2.000%, 10/01/53 (DKK)		2,693,582		294,686
2.500%, 04/01/47 (DKK)		8,615		1,102
				29,544,098
Electric—0.0%
Eversource Energy 2.900%, 10/01/24		100,000		96,391
Gas—0.0%
Southern Co. Gas Capital Corp. 2.450%, 10/01/23		200,000		195,641
Home Builders—0.1%
DR Horton, Inc. 5.750%, 08/15/23		900,000		902,883
Insurance—0.0%
Reliance Standard Life Global Funding II 3.850%, 09/19/23 (144A)		100,000		98,698
Pharmaceuticals—0.0%
Shire Acquisitions Investments Ireland DAC 2.875%, 09/23/23		40,000		39,310
Software—0.0%
VMware, Inc. 3.900%, 08/21/27		300,000		279,984
Total Corporate Bonds & Notes (Cost $101,664,678)				75,841,565
Mortgage-Backed Securities—2.1%
Collateralized Mortgage Obligations—2.0%
Alternative Loan Trust 4.533%, 1M LIBOR + 0.180%, 02/20/47 (a)		424,720		319,930
4.629%, 1M LIBOR + 0.240%, 06/25/36 (a)		1,205,463		1,074,564
4.749%, 1M LIBOR + 0.360%, 05/25/47 (a)		118,529		99,212
4.949%, 1M LIBOR + 0.560%, 12/25/35 (a)		15,880		13,852
5.000%, 07/25/35		137,444		83,036
5.500%, 06/25/25		402,236		325,454
6.000%, 03/25/37		3,059,804		1,205,580
6.000%, 04/25/37		548,064		462,881
Banc of America Funding Trust 3.958%, 02/20/36 (a)		129,840		120,626
Banc of America Mortgage Trust 3.313%, 06/25/35 (a)		29,769		24,779
3.943%, 09/25/35 (a)		25,285		21,446
Bear Stearns Adjustable Rate Mortgage Trust 3.372%, 03/25/35 (a)		130,122		120,079
Bear Stearns ALT-A Trust 3.729%, 09/25/35 (a)		455,366		280,415
4.709%, 1M LIBOR + 0.320%, 02/25/34 (a)		65,148		57,358
Chase Mortgage Finance Trust 3.757%, 02/25/37 (a)		17,405		16,238
CHL Mortgage Pass-Through Trust 3.680%, 08/25/34 (a)		6,529		6,469
4.969%, 1M LIBOR + 0.580%, 04/25/35 (a)		263,311		226,104
6.000%, 03/25/37		798,695		400,440
Citigroup Mortgage Loan Trust 3.463%, 03/25/37 (a)		1,252,869		1,087,986
3.950%, 1Y H15 + 2.400%, 05/25/35 (a)		3,214		2,968
5.183%, 08/25/35 (a)		2,968		2,695
Countrywide Home Reperforming Loan REMIC Trust 4.729%, 1M LIBOR + 0.340%, 06/25/35 (144A) (a)		31,614		29,752
Credit Suisse Mortgage Capital Certificates 3.276%, 11/30/37 (144A) (a)		2,600,000		2,365,535
4.539%, 1M LIBOR + 0.150%, 09/29/36 (144A) (a)		776,779		745,432
4.600%, 10/26/36 (144A) (a)		41,693		35,485
Deutsche ALT-B Securities Mortgage Loan Trust 4.489%, 1M LIBOR + 0.100%, 10/25/36 (a)		9,625		8,155
6.369%, 10/25/36 (j)		168,720		146,396
6.386%, 10/25/36 (j)		168,720		146,394
Eurosail-UK plc 4.461%, SONIA+ 1.069%, 06/13/45 (GBP) (a)		955,130		1,141,548
First Horizon Alternative Mortgage Securities Trust 4.539%, 06/25/34 (a)		66,044		61,201

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Great Hall Mortgages No. 1 plc 3.675%, SONIA + 2.490%, 03/18/39 (GBP)(a)		53,966	$	64,146
3.695%, SONIA + 0.269%, 06/18/38 (GBP)(a)		27,811		33,194
GreenPoint Mortgage Funding Trust 4.749%, 1M LIBOR + 0.360%, 09/25/46 (a)		299,796		260,664
4.829%, 1M LIBOR + 0.440%, 06/25/45 (a)		117,882		107,105
4.929%, 1M LIBOR + 0.540%, 11/25/45 (a)		82,925		74,591
GSR Mortgage Loan Trust 3.171%, 05/25/35 (a)		128,546		106,808
3.739%, 12/25/34 (a)		166,714		146,718
3.767%, 09/25/35 (a)		50,790		47,468
3.955%, 11/25/35 (a)		141,544		115,877
4.367%, 01/25/35 (a)		34,879		31,595
HarborView Mortgage Loan Trust 4.529%, 1M LIBOR + 0.190%, 09/19/37 (a)		17,206		14,696
4.779%, 1M LIBOR + 0.440%, 05/19/35 (a)		26,689		23,641
4.899%, 1M LIBOR + 0.560%, 02/19/36 (a)		75,389		39,535
5.253%, 1M LIBOR + 0.900%, 06/20/35 (a)		160,980		140,764
IndyMac INDA Mortgage Loan Trust 3.701%, 11/25/35 (a)		25,963		24,507
JPMorgan Mortgage Trust 2.675%, 02/25/35 (a)		46,904		42,799
2.861%, 06/25/35 (a)		23,499		23,366
3.196%, 07/27/37 (144A) (a)		265,267		238,584
3.346%, 07/25/35 (a)		43,044		39,731
3.960%, 08/25/35 (a)		73,919		60,684
4.031%, 09/25/35 (a)		12,595		10,869
4.189%, 07/25/35 (a)		24,369		22,952
4.236%, 08/25/35 (a)		56,862		52,182
Lehman XS Trust 4.929%, 1M LIBOR + 0.540%, 12/25/35 (a)		68,007		58,781
6.689%, 1M LIBOR + 2.300%, 12/25/37 (a)		2,252,958		2,209,293
MASTR Adjustable Rate Mortgages Trust 2.925%, 12/25/33 (a)		18,034		16,028
3.874%, 11/21/34 (a)		36,422		32,676
Mellon Residential Funding Corp. Mortgage Pass-Through Trust 4.758%, 1M LIBOR + 0.440%, 12/15/30 (a)		7,734		7,204
5.018%, 1M LIBOR + 0.700%, 11/15/31 (a)		54,325		51,488
Mill City Mortgage Loan Trust 2.750%, 08/25/59 (144A) (a)		565,397		528,632
New Residential Mortgage Loan Trust 2.750%, 07/25/59 (144A) (a)		4,615,234		4,288,121
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates 5.439%, 1M LIBOR + 1.050%, 04/25/35 (a)		2,000,000		1,957,937
Residential Accredit Loans, Inc. 2.644%, 10/25/37 (a)		647,193		560,569
3.408%, 12M MTA + 1.360%, 09/25/45 (a)		51,724		44,946
4.689%, 1M LIBOR + 0.300%, 08/25/35 (a)		46,957		35,234
Residential Asset Securitization Trust 6.500%, 09/25/36		268,555		102,346
Residential Mortgage Securities 32 plc 4.681%, SONIA+ 1.250%, 06/20/70 (144A) (GBP) (a)		2,170,317		2,606,756
Sequoia Mortgage Trust 4.753%, 1M LIBOR + 0.400%, 07/20/36 (a)		251,969		214,451
5.039%, 1M LIBOR + 0.700%, 10/19/26 (a)		13,642		12,953
Collateralized Mortgage Obligations—(Continued)
Structured Adjustable Rate Mortgage Loan Trust 3.448%, 12M MTA + 1.400%, 01/25/35 (a)		47,773		39,427
3.780%, 02/25/34 (a)		32,227		30,160
Structured Asset Mortgage Investments II Trust 4.769%, 1M LIBOR + 0.380%, 06/25/36 (a)		15,405		14,673
4.809%, 1M LIBOR + 0.420%, 05/25/36 (a)		13,014		9,772
4.839%, 1M LIBOR + 0.500%, 07/19/35 (a)		52,234		45,863
4.999%, 1M LIBOR + 0.660%, 10/19/34 (a)		22,459		20,900
TBW Mortgage-Backed Trust 6.515%, 07/25/37 (j)		146,638		57,358
Towd Point Mortgage Funding 3.952%, SONIA+ 1.144%, 10/20/51 (144A) (GBP) (a)		4,027,521		4,853,900
Towd Point Mortgage Trust 5.389%, 1M LIBOR + 1.000%, 10/25/59 (144A) (a)		916,228		906,240
Wachovia Mortgage Loan Trust 1.276%, 1M LIBOR + 0.460%, 01/25/37 (a)		1,575,470		621,161
WaMu Mortgage Pass-Through Certificates Trust 2.499%, 12M MTA + 0.810%, 12/25/46 (a)		30,222		26,284
2.810%, 08/25/35 (a)		9,835		8,573
2.818%, 12M MTA + 0.770%, 05/25/47 (a)		161,378		127,133
3.048%, 12M MTA + 1.000%, 02/25/46 (a)		54,660		47,846
3.048%, 12M MTA + 1.000%, 08/25/46 (a)		1,641,707		1,496,305
3.096%, 12M MTA + 1.048%, 07/25/46 (a)		318,757		257,813
3.248%, 12M MTA + 1.200%, 11/25/42 (a)		6,084		5,494
3.329%, 11/25/36 (a)		3,687,657		3,100,129
3.548%, 12M MTA + 1.500%, 11/25/46 (a)		96,535		82,883
3.770%, 12/25/35 (a)		47,083		42,412
Wells Fargo Mortgage-Backed Securities Trust 2.879%, 04/25/36 (a)		36,057		33,500
				36,909,727
Commercial Mortgage - Backed Securities—0.1%
JPMorgan Chase Commercial Mortgage Securities Trust 5.768%, 1M LIBOR + 1.450%, 12/15/31 (144A) (a)		1,060,456		1,008,078
Total Mortgage-Backed Securities (Cost $41,148,567)				37,917,805
Convertible Preferred Stock—0.1%
Banks—0.1%
Wells Fargo & Co., Series L , 7.500% (Cost $900,000)		900		1,066,500
Short-Term Investments—25.1%
Repurchase Agreements—25.1%
Barclays Capital, Inc. Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/04/23 with a maturity value of $102,412,117; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $102,412,451.		102,400,000		102,400,000
Repurchase Agreement dated 12/30/22 at 4.270%, due on 01/04/23 with a maturity value of $102,412,146; collateralized by U.S. Government Agency Obligations, with rates ranging from 4.500% - 6.000%, maturity dates ranging from 11/01/52 - 12/20/52, with a market value of $105,109,729.		102,400,000		102,400,000

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Barclays Capital, Inc.
Repurchase Agreement dated 12/30/22 at 4.310%, due on 01/04/23 with a maturity value of $102,412,260; collateralized by U.S. Treasury Bond at 2.875%, maturing 05/15/52 with a market value of $103,160,937		102,400,000	$	102,400,000
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $7,096,295; collateralized by U.S. Treasury Bond at 3.375%, maturing 11/15/48, with a market value of $7,236,811.		7,094,876		7,094,876
JPMorgan Securities LLC Repurchase Agreement dated 12/30/22 at 4.310%, due on 01/04/23 with a maturity value of $102,412,260; collateralized by U.S. Treasury Bond at 2.000%, maturing 02/15/50, with a market value of $96,862,581.		102,400,000		102,400,000
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $38,418,432; collateralized by U.S. Treasury Bond at 4.125%, maturing 10/31/27, with a market value of $38,861,172.		38,400,000		38,400,000
				455,094,876
U.S. Treasury—0.0%
U.S. Treasury Bill 2.702%, 01/05/23 (k)		1,000		1,000
Total Short-Term Investments (Cost $455,095,876)				455,095,876
Total Purchased Options—0.2% (l) (Cost $3,508,296)				4,153,068
Total Investments—142.0% (Cost $2,850,718,702)				2,574,534,830
Other assets and liabilities (net) —(42.0)%				(760,949,742	)
Net Assets—100.0%			$	1,813,585,088

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(c)	Principal amount of security is adjusted for inflation.
(d)	All or a portion of the security was pledged as collateral against open OTC option contracts, OTC swap contracts and forward foreign currency exchange contracts. As of December 31, 2022, the market value of securities pledged was $11,002,411.
(e)	All or a portion of the security was pledged as collateral against open secured borrowing transactions. As of December 31, 2022, the value of securities pledged amounted to $80,759.
(f)	All or a portion of this security has been transferred in a secured-borrowing transaction. (See Note 2 of the Notes to Financial Statements)
(g)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $8,755,753.
(h)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $6,870,945.
(i)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of December 31, 2022, the market value of securities pledged amounted to $117,115,847.
(j)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(k)	The rate shown represents current yield to maturity.
(l)	For a breakout of open positions, see details shown in the Purchased Options table that follows.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $253,071,509, which is 14.0% of net assets.

Reverse Repurchase Agreement

Counterparty

Interest Rate

Settlement Date

Maturity Date

Principal Amount

Net Closing Amount

Deutsche Bank Securities, Inc.

4.450

%

12/14/22

01/11/23

USD

117,672,600

$

117,672,600

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
BRL	17,874,011	GSBU		01/04/23		USD	3,353,787	$	31,602
DKK	12,795,000	JPMC		01/10/23		USD	1,791,939		50,781
EUR	1,269,000	BNP		01/10/23		USD	1,351,554		7,425
EUR	1,056,000	BBP		01/10/23		USD	1,126,757		4,119
EUR	1,202,000	BBP		01/10/23		USD	1,272,415		14,814
EUR	1,664,000	BBP		01/10/23		USD	1,769,100		12,887
EUR	2,284,000	BBP		01/10/23		USD	2,429,434		16,514
EUR	2,562,000	JPMC		01/10/23		USD	2,682,678		60,982
EUR	3,091,000	JPMC		01/10/23		USD	3,293,130		17,038
EUR	1,451,000	UBSA		01/10/23		USD	1,541,584		12,299
GBP	930,000	JPMC		01/10/23		USD	1,128,266		(3,764	)
JPY	164,700,000	SG		01/10/23		USD	1,252,827		2,980
MXN	3,836,000	BNP		03/21/23		USD	190,858		3,277
Contracts to Deliver
AUD	15,973,384	UBSA		01/10/23		USD	10,781,795		(96,370	)
AUD	187,000	UBSA		01/10/23		USD	127,664		313
BRL	17,874,011	CBNA		01/04/23		USD	3,405,546		20,157
BRL	17,874,011	GSBU		04/04/23		USD	3,295,083		(32,265	)
CAD	9,533,141	CBNA		01/10/23		USD	7,054,771		13,802
DKK	6,735,000	CBNA		01/10/23		USD	948,857		(21,109	)
DKK	407,321,200	DBAG		01/10/23		USD	57,409,131		(1,252,745	)
EUR	121,308,196	CBNA		01/10/23		USD	125,765,314		(4,144,296	)
EUR	2,586,000	UBSA		01/10/23		USD	2,731,258		(38,103	)
GBP	35,611,000	JPMC		01/10/23		USD	43,001,208		(57,551	)
JPY	4,195,812,579	BNP		01/10/23		USD	30,379,101		(1,613,178	)
JPY	233,700,000	BBP		01/10/23		USD	1,695,680		(86,239	)
KRW	137,766,583	CBNA		01/19/23		USD	104,424		(4,554	)
MXN	14,924,000	BNP		03/21/23		USD	740,492		(14,790	)
MXN	89,965,550	CBNA		03/21/23		USD	4,585,810		32,781
NZD	17,903,000	CBNA		01/10/23		USD	11,177,471		(189,912	)
PEN	6,595,718	GSBU		05/10/23		USD	1,657,632		(60,829	)
TWD	379,834	JPMC		02/17/23		USD	12,511		99
TWD	711,246	BNP		03/15/23		USD	23,590		282
TWD	1,738,762	CBNA		03/15/23		USD	57,655		675
Net Unrealized Depreciation								$	(7,312,878	)

Futures Contracts

Futures Contracts - Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
3-Month Euribor Futures		03/13/23		841			EUR	203,921,475		$	(7,388,255	)
U.S. Treasury Note 5 Year Futures		03/31/23		655			USD	70,693,946			(408,128	)
U.S. Treasury Note Ultra 10 Year Futures		03/22/23		404			USD	47,785,625			(447,094	)
Futures Contracts - Short
Australian 10 Year Treasury Bond Futures		03/15/23		(57	)		AUD	(6,593,843	)		253,581
Australian 3 Year Treasury Bond Futures		03/15/23		(117	)		AUD	(12,495,210	)		112,635
Call Options on Euro-Bund Futures, Strike EUR 146.00		01/27/23		(18	)		EUR	(180	)		14,435
Euro-BTP Futures		03/08/23		(410	)		EUR	(44,657,200	)		3,541,026
Euro-Bobl Futures		03/08/23		(180	)		EUR	(20,835,000	)		712,927
Euro-Bund Futures		03/08/23		(74	)		EUR	(9,836,820	)		259,933
Euro-Buxl 30 Year Bond Futures		03/08/23		(91	)		EUR	(12,306,840	)		1,946,588

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Futures Contracts—(Continued)

Futures Contracts - Short	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
Euro Short-BTP Futures		03/08/23		(290	)		EUR	(30,481,900	)	$	456,781
Euro-OAT Futures		03/08/23		(102	)		EUR	(12,984,600	)		959,446
Euro-Schatz Futures		03/08/23		(2,809	)		EUR	(296,124,780	)		3,913,723
Japanese Government 10 Year Bond Futures		03/13/23		(80	)		JPY	(11,636,800,000	)		1,629,079
Put Options on Euro-Bund Futures, Strike EUR 138.50		01/27/23		(18	)		EUR	(102,780	)		(92,311	)
U.S. Treasury Long Bond Futures		03/22/23		(1,147	)		USD	(143,769,281	)		(120,065	)
U.S. Treasury Note 2 Year Futures		03/31/23		(34	)		USD	(6,972,656	)		14,248
U.S. Treasury Ultra Long Bond Futures		03/22/23		(9	)		USD	(1,208,813	)		84,199
United Kingdom Long Gilt Bond Futures		03/29/23		(13	)		GBP	(1,298,700	)		102,615
Net Unrealized Appreciation										$	5,545,363

Purchased Options

Interest Rate Swaptions	Strike Rate			Counterparty	Floating Rate Index	Pay/Receive Floating Rate		Expiration Date		Number of Contracts		Notional Amount			Premiums Paid		Market Value		Unrealized Appreciation/ (Depreciation)
Call - OTC - 2 Yr. IRS		1.710	%	JPMC	12M SOFR		Pay		01/25/23		86,100,000		USD	86,100,000	$	525,210	$	8	$	(525,202	)
Call - OTC - 2 Yr. IRS		1.428	%	MSCS	12M SOFR		Pay		01/31/23		46,200,000		USD	46,200,000		236,049		5		(236,044	)
Call - OTC - 2 Yr. IRS		1.410	%	BBP	12M SOFR		Pay		02/02/23		46,200,000		USD	46,200,000		231,000		4		(230,996	)
Call - OTC - 2 Yr. IRS		1.720	%	CBNA	12M SOFR		Pay		02/23/23		80,800,000		USD	80,800,000		444,400		65		(444,335	)
Call - OTC - 5 Yr. IRS		2.200%		GSBU	12M SOFR		Pay		04/26/23		21,000,000		USD	21,000,000		224,175		12,818		(211,357	)
Call - OTC - 5 Yr. IRS		2.200%		MSCS	12M SOFR		Pay		05/31/23		59,300,000		USD	59,300,000		711,600		70,923		(640,677	)
Put - OTC - 30 Yr. IRS		2.237%		DBAG	3M LIBOR		Receive		11/17/23		18,300,000		USD	18,300,000		1,135,862		4,069,245		2,933,383
Totals															$	3,508,296	$	4,153,068	$	644,772

Written Options

Inflation Capped Options	Initial Index		Counterparty	Exercise Index	Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Cap - CPALEMU Index		100.152	GSBU	Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0		06/22/35		(8,700,000	)		EUR	(8,700,000	)	$	(382,245	)	$	(183,607	)	$	198,638
Cap - CPURNSA Index		233.916	JPMC	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		04/22/24		(35,000,000	)		USD	(35,000,000	)		(254,625	)		(105	)		254,520
Cap - CPURNSA Index		234.781	JPMC	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		05/16/24		(1,500,000	)		USD	(1,500,000	)		(10,425	)		(12	)		10,413
Totals														$	(647,295	)	$	(183,724	)	$	463,571

Interest Rate Swaptions	Strike Rate			Counterparty	Floating Rate Index		Pay/Receive Floating Rate		Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - OTC - 10 Yr. IRS		1.579	%	MSCS		12M SOFR		Receive		01/31/23		(10,100,000	)		USD	(10,100,000	)	$	(236,088	)	$	(1	)	$	236,087
Call - OTC - 10 Yr. IRS		1.558	%	BBP		12M SOFR		Receive		02/02/23		(10,100,000	)		USD	(10,100,000	)		(231,037	)		(2	)		231,035
Call - OTC - 10 Yr. IRS		1.785	%	JPMC		12M SOFR		Receive		01/25/23		(19,100,000	)		USD	(19,100,000	)		(528,354	)		(2	)		528,352
Call - OTC - 10 Yr. IRS		1.736	%	CBNA		12M SOFR		Receive		02/23/23		(17,900,000	)		USD	(17,900,000	)		(443,025	)		(193	)		442,832
Call - OTC - 10 Yr. IRS		2.350	%	GSBU		12M SOFR		Receive		04/26/23		(11,600,000	)		USD	(11,600,000	)		(229,058	)		(19,625	)		209,433
Call - OTC - 10 Yr. IRS		2.350	%	MSCS		12M SOFR		Receive		05/31/23		(32,700,000	)		USD	(32,700,000	)		(712,456	)		(96,609	)		615,847
Call - OTC - 10 Yr. IRS		2.547	%	GSBU		6M EURIBOR		Receive		03/07/23		(3,500,000	)		EUR	(3,500,000	)		(76,976	)		(7,835	)		69,141
Call - OTC - 10 Yr. IRS		2.067	%	GSBU		6M EURIBOR		Receive		06/09/23		(4,500,000	)		EUR	(4,500,000	)		(52,722	)		(11,454	)		41,268
Put - OTC - 5 Yr. IRS		2.340	%	DBAG		3M LIBOR		Pay		11/17/23		(90,200,000	)		USD	(90,200,000	)		(1,136,520	)		(5,847,251	)		(4,710,731	)
Put - OTC - 10 Yr. IRS		3.140	%	GSBU		6M EURIBOR		Pay		06/09/23		(4,500,000	)		EUR	(4,500,000	)		(62,252	)		(146,604	)		(84,352	)
Put - OTC - 10 Yr. IRS		2.547	%	GSBU		6M EURIBOR		Pay		03/07/23		(3,500,000	)		EUR	(3,500,000	)		(76,976	)		(220,216	)		(143,240	)
Totals																		$	(3,785,464	)	$	(6,349,792	)	$	(2,564,328	)

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Swap Agreements

OTC Total Return Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount			Market Value			Upfront Premium Received			Unrealized Appreciation/ (Depreciation)
Pay	12M SOFR	Maturity	02/06/23	MSCS	United States Treasury Inflation Indexed Notes		USD	62,989,411	$	411,876		$	—		$	411,876
Pay	12M SOFR	Maturity	01/20/23	MSCS	United States Treasury Inflation Indexed Notes		USD	57,059,290		(1,059,459	)		(6,429,588	)		5,370,129
Pay	12M SOFR	Maturity	02/06/23	MSCS	United States Treasury Inflation Indexed Notes		USD	12,488,752		61,426			(1,754,366	)		1,815,792
Pay	12M SOFR	Maturity	02/06/23	MSCS	United States Treasury Inflation Indexed Notes		USD	10,970,885		36,218			(684,394	)		720,612
Pay	12M SOFR	Maturity	02/06/23	MSCS	United States Treasury Inflation Indexed Notes		USD	29,999,566		230,150			(3,524,284	)		3,754,434
Pay	12M CPURNSA	Maturity	01/20/23	MSCS	United States Treasury Inflation Indexed Notes		USD	57,388,222		184,073			(5,845,626	)		6,029,699
Pay	12M CPURNSA	Maturity	01/20/23	MSCS	United States Treasury Inflation Indexed Notes		USD	37,493,212		157,321			(5,928,695	)		6,086,016
Pay	12M CPURNSA	Maturity	01/20/23	MSCS	United States Treasury Inflation Indexed Notes		USD	36,159,213		136,415			(4,873,223	)		5,009,638
Pay	12M CPURNSA	Maturity	01/20/23	MSCS	United States Treasury Inflation Indexed Notes		USD	27,388,445		129,312			(1,889,758	)		2,019,070
Pay	12M CPURNSA	Maturity	01/20/23	MSCS	United States Treasury Inflation Indexed Notes		USD	10,142,305		101,356			(112,592	)		213,948
Pay	12M CPURNSA	Maturity	01/20/23	MSCS	United States Treasury Inflation Indexed Notes		USD	22,736,128		316,023			(2,164,848	)		2,480,871
Pay	12M CPURNSA	Maturity	01/20/23	MSCS	United States Treasury Inflation Indexed Notes		USD	23,046,960		294,081			(2,410,781	)		2,704,862
Pay	12M CPURNSA	Maturity	01/20/23	MSCS	United States Treasury Inflation Indexed Notes		USD	12,637,494		42,763			(2,086,809	)		2,129,572
Totals									$	1,041,555		$	(37,704,964	)	$	38,746,519

Centrally Cleared Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	12M CPURNSA	Maturity		1.760	%	Maturity		11/04/29		USD	24,500,000	$	(3,633,779	)	$	(11,703	)	$	(3,622,076	)
Pay	12M CPURNSA	Maturity		1.954	%	Maturity		06/03/29		USD	8,650,000		(1,123,752	)		—			(1,123,752	)
Pay	12M CPURNSA	Maturity		1.998	%	Maturity		07/25/29		USD	21,500,000		(2,660,397	)		2,363			(2,662,760	)
Pay	12M CPURNSA	Maturity		2.335	%	Maturity		02/05/28		USD	13,090,000		(1,095,285	)		28,402			(1,123,687	)
Pay	12M CPURNSA	Maturity		2.370	%	Maturity		06/06/28		USD	6,400,000		(545,991	)		(1,137	)		(544,854	)
Pay	12M CPURNSA	Maturity		4.950	%	Maturity		03/07/23		USD	11,100,000		(160,423	)		—			(160,423	)
Pay	12M CPURNSA	Maturity		5.010	%	Maturity		03/03/23		USD	32,100,000		(460,761	)		—			(460,761	)
Pay	12M CPURNSA	Maturity		5.033	%	Maturity		03/08/23		USD	7,000,000		(94,573	)		—			(94,573	)
Pay	12M CPURNSA	Maturity		5.150	%	Maturity		05/23/23		USD	36,500,000		106,980			—			106,980
Pay	12M CPURNSA	Maturity		5.185	%	Maturity		05/24/23		USD	11,800,000		42,272			—			42,272
Pay	12M CPURNSA	Maturity		5.320	%	Maturity		04/29/23		USD	15,400,000		(40,561	)		—			(40,561	)
Pay	12M CPURNSA	Maturity		5.500	%	Maturity		03/21/23		USD	26,900,000		(195,875	)		—			(195,875	)
Pay	12M FRCPXT	Maturity		1.410	%	Maturity		11/15/39		EUR	600,000		(198,343	)		—			(198,343	)
Pay	12M FRCPXT	Maturity		1.910	%	Maturity		01/15/38		EUR	350,000		(72,243	)		2,830			(75,073	)
Pay	12M HICP	Maturity		1.380	%	Maturity		03/15/31		EUR	23,400,000		(4,977,618	)		(139,713	)		(4,837,905	)
Pay	12M HICP	Maturity		2.421	%	Maturity		05/15/52		EUR	650,000		(75,825	)		—			(75,825	)
Pay	12M HICP	Maturity		2.488	%	Maturity		05/15/37		EUR	4,460,000		(262,639	)		5,034			(267,673	)
Pay	12M HICP	Maturity		2.550	%	Maturity		04/15/52		EUR	400,000		(31,829	)		501			(32,330	)
Pay	12M HICP	Maturity		2.580	%	Maturity		03/15/52		EUR	1,000,000		(81,005	)		700			(81,705	)

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Centrally Cleared Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	12M HICP	Maturity		2.590	%	Maturity		03/15/52		EUR	1,400,000	$	(113,314	)	$	(35,664	)	$	(77,650	)
Pay	12M HICP	Maturity		2.590	%	Maturity		12/15/52		EUR	2,300,000		(25,730	)		—			(25,730	)
Pay	12M HICP	Maturity		3.520	%	Maturity		09/15/24		EUR	3,300,000		(57,441	)		(7,206	)		(50,235	)
Pay	12M HICP	Maturity		3.720	%	Maturity		09/15/24		EUR	6,300,000		(83,143	)		(11,656	)		(71,487	)
Pay	12M HICP	Maturity		3.850	%	Maturity		09/15/24		EUR	6,900,000		(72,153	)		—			(72,153	)
Pay	12M UKRPI	Maturity		3.325	%	Maturity		08/15/30		GBP	12,100,000		(2,645,132	)		113,664			(2,758,796	)
Pay	12M UKRPI	Maturity		3.400	%	Maturity		06/15/30		GBP	15,300,000		(3,044,399	)		64,254			(3,108,653	)
Pay	12M UKRPI	Maturity		3.438	%	Maturity		01/15/30		GBP	320,000		(66,978	)		—			(66,978	)
Pay	12M UKRPI	Maturity		3.475	%	Maturity		08/15/30		GBP	6,000,000		(1,364,718	)		49,117			(1,413,835	)
Pay	12M UKRPI	Maturity		3.566	%	Maturity		03/15/36		GBP	1,700,000		(344,576	)		—			(344,576	)
Pay	12M UKRPI	Maturity		3.580	%	Maturity		03/15/36		GBP	5,600,000		(1,120,595	)		(28,881	)		(1,091,714	)
Pay	12M UKRPI	Maturity		3.750	%	Maturity		04/15/31		GBP	3,570,000		(715,088	)		(1,160	)		(713,928	)
Pay	12M UKRPI	Maturity		3.850	%	Maturity		09/15/24		GBP	11,200,000		(1,710,151	)		(451	)		(1,709,700	)
Pay	12M UKRPI	Maturity		4.066	%	Maturity		09/15/31		GBP	500,000		(67,359	)		—			(67,359	)
Pay	3M EURIBOR	Quarterly		(0.526	)%	Quarterly		11/21/23		EUR	72,000,000		(2,423,587	)		—			(2,423,587	)
Pay	6M EURIBOR	Annually		0.000	%	Annually		11/04/32		EUR	41,200,000		(11,762,922	)		—			(11,762,922	)
Pay	6M EURIBOR	Annually		0.000	%	Annually		11/08/32		EUR	36,700,000		(10,495,804	)		—			(10,495,804	)
Pay	6M EURIBOR	Annually		0.550	%	Annually		08/10/24		EUR	100,000		(4,570	)		—			(4,570	)
Pay	6M EURIBOR	Annually		0.650	%	Annually		04/12/27		EUR	7,500,000		(812,729	)		—			(812,729	)
Pay	6M EURIBOR	Annually		0.650%		Annually		05/11/27		EUR	3,400,000		(376,400	)		—			(376,400	)
Pay	6M EURIBOR	Annually		0.700%		Annually		04/11/27		EUR	3,100,000		(328,863	)		—			(328,863	)
Pay	6M EURIBOR	Annually		1.000%		Annually		05/13/27		EUR	6,900,000		(659,707	)		—			(659,707	)
Pay	6M EURIBOR	Annually		1.000%		Annually		05/18/27		EUR	3,000,000		(287,308	)		—			(287,308	)
Pay	6M EURIBOR	Annually		1.500%		Annually		03/15/53		EUR	1,900,000		(417,111	)		(241,755	)		(175,356	)
Pay	3M LIBOR	Semi-Annually		1.888	%	Semi-Annually		11/21/53		USD	5,000,000		(1,369,849	)		—			(1,369,849	)
Receive	12M CPURNSA	Maturity		1.798%		Maturity		08/25/27		USD	9,300,000		1,331,477			—			1,331,477
Receive	12M CPURNSA	Maturity		1.890%		Maturity		08/27/27		USD	12,300,000		1,682,930			—			1,682,930
Receive	12M CPURNSA	Maturity		2.210%		Maturity		02/05/23		USD	25,780,000		2,332,570			—			2,332,570
Receive	12M CPURNSA	Maturity		2.263%		Maturity		04/27/23		USD	13,492,000		1,121,663			(2,800	)		1,124,463
Receive	12M CPURNSA	Maturity		2.311%		Maturity		02/24/31		USD	21,200,000		2,218,576			7,969			2,210,607
Receive	12M CPURNSA	Maturity		2.314%		Maturity		02/26/26		USD	10,200,000		987,739			—			987,739
Receive	12M CPURNSA	Maturity		2.419%		Maturity		03/05/26		USD	13,000,000		1,193,219			—			1,193,219
Receive	12M CPURNSA	Maturity		2.560%		Maturity		05/08/23		USD	12,300,000		31,838			(231,747	)		263,585
Receive	12M CPURNSA	Maturity		2.573%		Maturity		08/26/28		USD	1,900,000		114,479			—			114,479
Receive	12M CPURNSA	Maturity		2.645%		Maturity		09/10/28		USD	2,400,000		126,558			—			126,558
Receive	12M CPURNSA	Maturity		2.703%		Maturity		05/25/26		USD	7,090,000		523,035			—			523,035
Receive	12M CPURNSA	Maturity		2.768%		Maturity		05/13/26		USD	11,300,000		808,610			—			808,610
Receive	12M CPURNSA	Maturity		2.813%		Maturity		05/14/26		USD	4,600,000		318,546			—			318,546
Receive	12M FRCPXT	Maturity		1.030%		Maturity		03/15/24		EUR	9,200,000		900,452			(907	)		901,359
Receive	12M HICP	Maturity		2.359%		Maturity		08/15/30		EUR	6,200,000		255,673			30,649			225,024
Receive	12M HICP	Maturity		2.470%		Maturity		07/15/32		EUR	3,400,000		130,850			—			130,850
Receive	12M HICP	Maturity		2.570%		Maturity		06/15/32		EUR	1,700,000		49,107			—			49,107
Receive	12M HICP	Maturity		2.600%		Maturity		05/15/32		EUR	6,600,000		278,981			31,994			246,987
Receive	12M HICP	Maturity		2.720%		Maturity		06/15/32		EUR	6,500,000		87,638			(34,053	)		121,691
Receive	12M HICP	Maturity		3.000%		Maturity		05/15/27		EUR	2,000,000		68,288			875			67,413
Receive	12M HICP	Maturity		3.130%		Maturity		05/15/27		EUR	1,400,000		(18,675	)		—			(18,675	)
Receive	12M SONIA	Annually		0.500%		Annually		03/16/42		GBP	9,700,000		4,931,959			4,811,202			120,757
Receive	12M UKRPI	Maturity		4.125%		Maturity		09/15/32		GBP	2,370,000		26,094			—			26,094
Receive	12M UKRPI	Maturity		4.130%		Maturity		09/15/32		GBP	10,630,000		110,551			910			109,641
Receive	12M UKRPI	Maturity		4.300%		Maturity		01/15/32		GBP	5,600,000		435,484			11,697			423,787
Receive	12M UKRPI	Maturity		4.480%		Maturity		09/15/23		GBP	2,800,000		443,475			—			443,475
Receive	12M UKRPI	Maturity		4.615%		Maturity		02/15/27		GBP	8,100,000		727,965			—			727,965
Receive	12M UKRPI	Maturity		4.626%		Maturity		02/15/27		GBP	9,500,000		847,397			6,081			841,316
Receive	12M UKRPI	Maturity		4.735%		Maturity		12/15/26		GBP	10,900,000		1,058,089			(119,136	)		1,177,225
Receive	12M UKRPI	Maturity		4.143%		Maturity		10/15/32		GBP	5,500,000		49,048			—			49,048
Receive	12M UKRPI	Maturity		6.600%		Maturity		05/15/24		GBP	400,000		21,673			(52	)		21,725
Receive	3M LIBOR	Quarterly		1.840%		Quarterly		11/21/28		USD	24,600,000		2,023,094			—			2,023,094

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Centrally Cleared Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate	Payment Frequency	Maturity Date	Notional Amount		Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Receive	3M NZDBB	Quarterly	3.250%	Quarterly	03/21/28	NZD	8,400,000	$	387,122		$	25,634		$	361,488
Receive	6M EURIBOR	Annually	0.190%	Semi-Annually	11/04/52	EUR	6,700,000		3,342,818			—			3,342,818
Receive	6M EURIBOR	Annually	0.195%	Semi-Annually	11/04/52	EUR	7,000,000		3,485,025			—			3,485,025
Receive	6M EURIBOR	Annually	0.197%	Semi-Annually	11/08/52	EUR	12,200,000		6,071,752			—			6,071,752
Receive	6M EURIBOR	Semi-Annually	0.830%	Semi-Annually	12/09/52	EUR	9,400,000		292,172			21,844			270,328
Receive	6M EURIBOR	Annually	1.750%	Semi-Annually	03/15/33	EUR	11,300,000		1,505,932			1,265,629			240,303
Receive	6M TONA	Semi-Annually	0.300%	Semi-Annually	09/20/27	JPY	788,000,000		92,417			(5,485	)		97,902
Receive	6M TONA	Semi-Annually	0.300%	Semi-Annually	03/20/28	JPY	426,780,000		62,642			(2,007	)		64,649
Totals								$	(15,473,011	)	$	5,605,836		$	(21,078,847	)

Centrally Cleared Credit Default Swaps on Corporate Issues - Sell Protection (a)

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2022(b)			Notional Amount(c)			Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
General Electric Co. 2.700%, due 10/09/22		1.000	%		Quarterly		12/20/23		0.443	%		USD	1,000,000	$	5,321	$	(10,595	)	$	15,916

(a) IIf the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(c) The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.

Glossary of Abbreviations

Counterparties

(BBP)—	Barclays Bank plc
(BNP)—	BNP Paribas S.A.
(CBNA)—	Citibank N.A.
(DBAG)—	Deutsche Bank AG
(GSBU)—	Goldman Sachs Bank USA
(JPMC)—	JPMorgan Chase Bank N.A.
(MSCS)—	Morgan Stanley Capital Services LLC
(SG)—	Societe Generale Paris
(UBSA)—		UBS AG

Currencies

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(NZD)—	New Zealand Dollar
(PEN)—	Peruvian Nuevo Sol
(TWD)—	Taiwanese Dollar
(USD)—	United States Dollar

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Glossary of Abbreviations—(Continued)

Index Abbreviations

(CPALEMU)—	Euro Area All Items Index Non-Seasonally Adjusted
(CPI)—	Consumer Price Index
(CPURNSA)—	U.S. Consumer Price Index for All Urban Consumers Non-Seasonally Adjusted
(EURIBOR)—	Euro InterBank Offered Rate
(FRCPXT)—	France Consumer Price Ex-Tobacco Index
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(HICP)—	Harmonized Index of Consumer Prices
(LIBOR)—	London Interbank Offered Rate
(MTA)—	Monthly Treasury Average Index
(NZDBB)—	New Zealand Dollar Bank Bill Index
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(SONIA)—	Sterling Overnight Index Average Deposit Rate
(TONA)—	Tokyo Overnight Average Rate
(TSFR)—	Term Secured Financing Rate
(UKRPI)—	United Kingdom Retail Price Index

Other Abbreviations

(ARM)—	Adjustable-Rate Mortgage
(CLO)—	Collateralized Loan Obligation

(CMO)—	Collateralized Mortgage Obligation
(DAC)—	Designated Activity Company

(REMIC)— Real Estate Mortgage Investment Conduit

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 — unadjusted quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 — significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,632,054,681		$	—	$	1,632,054,681
Total Foreign Government*		—			198,214,317			—		198,214,317
Total Asset-Backed Securities*		—			170,191,018			—		170,191,018
Total Corporate Bonds & Notes*		—			75,841,565			—		75,841,565
Total Mortgage-Backed Securities*		—			37,917,805			—		37,917,805
Total Convertible Preferred Stock*		1,066,500			—			—		1,066,500
Total Short-Term Investments*		—			455,095,876			—		455,095,876
Total Purchased Options at Value		—			4,153,068			—		4,153,068
Total Investments	$	1,066,500		$	2,573,468,330		$	—	$	2,574,534,830
Total Reverse Repurchase Agreements (Liability)	$	—		$	(117,672,600	)	$	—	$	(117,672,600	)
Secured Borrowings (Liability)	$	—		$	(1,100,270,434	)	$	—	$	(1,100,270,434	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	302,827		$	—	$	302,827
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(7,615,705	)		—		(7,615,705	)
Total Forward Contracts	$	—		$	(7,312,878	)	$	—	$	(7,312,878	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	14,001,216		$	—		$	—	$	14,001,216
Futures Contracts (Unrealized Depreciation)		(8,455,853	)		—			—		(8,455,853	)
Total Futures Contracts	$	5,545,363		$	—		$	—	$	5,545,363
Written Options
Inflation Capped Options at Value	$	—		$	(183,724	)	$	—	$	(183,724	)
Interest Rate Swaptions at Value		—			(6,349,792	)		—		(6,349,792	)
Total Written Options	$	—		$	(6,533,516	)	$	—	$	(6,533,516	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	34,823,809		$	—	$	34,823,809
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(55,886,740	)		—		(55,886,740	)
Total Centrally Cleared Swap Contracts	$	—		$	(21,062,931	)	$	—	$	(21,062,931	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	2,101,014		$	—	$	2,101,014
OTC Swap Contracts at Value (Liabilities)		—			(1,059,459	)		—		(1,059,459	)
Total OTC Swap Contracts	$	—		$	1,041,555		$	—	$	1,041,555

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)	$	2,119,439,954
Repurchase Agreement at value which equals cost		455,094,876
Cash denominated in foreign currencies (b)		9,262,224
Cash collateral (c)		5,019,000
OTC swap contracts at market value (d)		2,101,014
Unrealized appreciation on forward foreign currency exchange contracts		302,827
Receivable for:
Investments sold		921,544,903
TBA securities sold		62,317,503
Premiums on written options		382,245
Fund shares sold		465,337
Principal paydowns		20,023
Interest		7,380,414
Variation margin on futures contracts		2,339,001
Deferred dollar roll income		121,665
Variation margin on centrally cleared swap contracts		942,334
Prepaid expenses		7,548
Total Assets		3,586,740,868
Liabilities
Due to custodian		713
Written options at value (e)		6,533,516
Secured borrowings		1,100,270,434
Reverse repurchase agreements		117,672,600
OTC swap contracts at market value (f)		1,059,459
Cash collateral (g)		1,066,000
Unrealized depreciation on forward foreign currency exchange contracts		7,615,705
Payables for:
Investments purchased		409,600,002
TBA securities purchased		123,137,304
Fund shares redeemed		761,022
Interest on OTC swap contracts		3,707,431
Accrued Expenses:
Management fees		737,064
Distribution and service fees		186,086
Deferred trustees’ fees		163,276
Other expenses		645,168
Total Liabilities		1,773,155,780
Net Assets	$	1,813,585,088
Net Assets Consist of:
Paid in surplus	$	2,243,522,160
Distributed earnings (Accumulated losses)		(429,937,072	)
Net Assets	$	1,813,585,088
Net Assets
Class A	$	940,180,130
Class B		853,267,471
Class E		20,137,487
Capital Shares Outstanding*
Class A		100,234,931
Class B		91,835,453
Class E		2,160,804
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.38
Class B		9.29
Class E		9.32

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding repurchase agreement, was $2,395,623,826.
(b)	Identified cost of cash denominated in foreign currencies was $13,299,978.
(c)	Includes collateral of $4,751,000 for futures contracts and $268,000 for centrally cleared swaps contracts.
(d)	Net premium received on OTC swap contracts was $31,275,376.
(e)	Premiums received on written options were $4,432,759.
(f)	Net premium received on OTC swap contracts was $6,429,588.
(g)	Includes collateral of $3,000 for OTC option contracts and forward foreign currency exchange contracts, $954,000 for secured-borrowing transactions and $109,000 for TBA securities.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	804,430
Interest		166,886,891
Total investment income		167,691,321
Expenses
Management fees		9,802,492
Administration fees		97,599
Custodian and accounting fees		366,920
Distribution and service fees—Class B		2,397,970
Distribution and service fees—Class E		32,428
Interest expense		5,085,237
Audit and tax services		136,693
Legal		45,080
Trustees’ fees and expenses		9,574
Shareholder reporting		76,221
Insurance		17,066
Miscellaneous		21,638
Total expenses		18,088,918
Less management fee waiver		(234,908	)
Net expenses		17,854,010
Net Investment Income		149,837,311
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(46,638,760	)
Purchased options		(13,420	)
Futures contracts		75,897,201
Written options		1,064,519
Swap contracts		(57,770,651	)
Foreign currency transactions		(5,032,904	)
Forward foreign currency transactions		39,282,988
Net realized gain (loss)		6,788,973
Net change in unrealized appreciation (depreciation) on:
Investments		(444,359,311	)
Purchased options		(1,376,947	)
Futures contracts		1,302,024
Written options		(379,703	)
Swap contracts		31,515,036
Foreign currency transactions		242,282
Forward foreign currency transactions		(6,055,940	)
Net change in unrealized appreciation (depreciation)		(419,112,559	)
Net realized and unrealized gain (loss)		(412,323,586	)
Net Increase (Decrease) in Net Assets From Operations	$	(262,486,275	)

(a) Net of foreign withholding taxes of $5,920.

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	149,837,311		$	114,578,764
Net realized gain (loss)		6,788,973			64,599,014
Net change in unrealized appreciation (depreciation)		(419,112,559	)		(50,335,873	)
Increase (decrease) in net assets from operations		(262,486,275	)		128,841,905
From Distributions to Shareholders
Class A		(68,191,612	)		(12,097,382	)
Class B		(60,188,020	)		(7,925,840	)
Class E		(1,385,450	)		(186,170	)
Total distributions		(129,765,082	)		(20,209,392	)
Increase (decrease) in net assets from capital share transactions		(187,641,312	)		4,562,804
Total increase (decrease) in net assets		(579,892,669	)		113,195,317
Net Assets
Beginning of period		2,393,477,757			2,280,282,440
End of period	$	1,813,585,088		$	2,393,477,757

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		1,992,875		$	21,108,788			6,152,945		$	67,382,149
Reinvestments		6,965,435			68,191,612			1,115,995			12,097,382
Redemptions		(19,570,068	)		(203,767,410	)		(8,849,510	)		(98,742,319	)
Net increase (decrease)		(10,611,758	)	$	(114,467,010	)		(1,580,570	)	$	(19,262,788	)
Class B
Sales		5,695,090		$	58,611,224			12,126,245		$	131,572,630
Reinvestments		6,198,560			60,188,020			737,288			7,925,840
Redemptions		(18,853,399	)		(192,182,583	)		(10,498,124	)		(115,011,989	)
Net increase (decrease)		(6,959,749	)	$	(73,383,339	)		2,365,409		$	24,486,481
Class E
Sales		286,324		$	2,902,463			499,120		$	5,465,891
Reinvestments		142,243			1,385,450			17,270			186,170
Redemptions		(399,996	)		(4,078,876	)		(577,685	)		(6,312,950	)
Net increase (decrease)		28,571		$	209,037			(61,295	)	$	(660,889	)
Increase (decrease) derived from capital shares transactions				$	(187,641,312	)				$	4,562,804

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Statement of Cash Flows

For the Year Ended December 31, 2022

Cash Flows From Operating Activities
Net Decrease in Net Assets from Operations	$	(262,486,275	)
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/ (used in) operating activities:
Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(1,542,352,254	)
Proceeds from investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		2,309,935,269
Proceeds from short-term investments, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(172,196,094	)
Net amortization/accretion of premium (discount) . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(94,441,324	)
Proceeds on forward sales commitments, net		(840,034	)
Premium received on open written options, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1,829,074
Premium paid on closed purchased options, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(969,699	)
Increase in interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(247,726	)
Increase in cash collateral, asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(3,294,000	)
Increase in OTC swap contracts at market value, asset . . . . . . . . . . . . . . . . . . . . . . . .		(2,101,014	)
Decrease in unrealized appreciation on forward foreign currency exchange contracts . .		2,911,599
Decrease in receivable for investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		448,336,801
Decrease in receivable for TBA securities sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		85,080,167
Decrease in receivable for premium on written options		69,314
Decrease in receivable for principal paydowns		25,257
Decrease in receivable for variation margin on centrally cleared swap contracts . . . . . . . . . . . . . . . . . . .		1,216,834
Increase in receivable for variation margin on futures contracts . . . . . . . . . . . . . . . . . . .		(1,751,159	)
Increase in receivable for deferred dollar roll income, asset		(121,665	)
Decrease in other assets and prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . .		14,275
Increase in OTC swap contracts at market value, liability . . . . . . . . . . . . . . . . . . . . . .		1,059,459
Decrease in cash collateral, liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(3,000,000	)
Increase in unrealized depreciation on forward foreign currency exchange contracts . .		3,144,341
Increase in payable for investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		152,353,273
Decrease in payable for TBA securities purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(151,492,086	)
Increase in due to custodian		713
Increase in interest on OTC swap contracts . . . . . . . . . . . . . . .		3,707,431
Decrease in payable for deferred dollar roll income, liability . . . . . . . . . . . . . . . . . . . . .		(1,031,078	)
Decrease in accrued management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(192,582	)
Decrease in accrued distribution and service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(51,423	)
Decrease in accrued deferred trustee’s fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(26,604	)
Decrease in interest payable on reverse repurchase agreements . . . . . . . . . . . . . . . . . .		(6,346	)
Increase in accrued other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		209,009
Payments on foreign currency transactions . . . . . . . . . . . . . . .		(4,790,622	)
Net realized loss from investments, purchased options and written options . . . . . . . . . . . . .		45,587,661
Net realized loss on foreign currency transactions . . . . . . . . . . . . . . .		5,032,904
Net change in unrealized (appreciation) depreciation on investments, purchased options and written options		446,115,961
Net change in unrealized appreciation on foreign currency transactions . . . . . . . . .		(242,282	)
Net cash provided by operating activities	$	1,264,995,075
Cash Flows From Financing Activities
Proceeds from shares sold, including increase in receivable for shares sold . . . . .		82,905,995
Payment on shares redeemed, including decrease in payable for shares redeemed		(401,517,396	)
Proceeds from issuance of reverse repurchase agreements		234,813,600
Repayment of reverse repurchase agreements		(342,673,750	)
Proceeds from secured borrowings		26,216,438,340
Repayment of secured borrowings		(27,064,786,719	)
Net cash used by financing activities	$	(1,274,819,930	)
Net decrease in cash and foreign currency (a)	$	(9,824,855	)
Cash and cash in foreign currency at beginning of year	$	19,087,079
Cash and cash in foreign currency at end of year	$	9,262,224
Supplemental disclosure of cash flow information:
Non-cash financing activities included herein consist of reinvestment of dividends and distributions:	$	(129,765,082)
Cash paid for interest and fees on borrowings:	$	5,085,237

(a) Includes net change in unrealized appreciation (depreciation) on foreign currency of $(824,839).

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.35		$	10.85		$	10.02		$	9.57		$	9.96
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.76			0.54			0.13			0.21			0.30
Net realized and unrealized gain (loss)		(2.05	)		0.06			1.02			0.60			(0.51	)
Total income (loss) from investment operations		(1.29	)		0.60			1.15			0.81			(0.21	)
Less Distributions
Distributions from net investment income		(0.68	)		(0.10	)		(0.32	)		(0.36	)		(0.18	)
Total distributions		(0.68	)		(0.10	)		(0.32	)		(0.36	)		(0.18	)
Net Asset Value, End of Period	$	9.38		$	11.35		$	10.85		$	10.02		$	9.57
Total Return (%) (b)		(11.60	)		5.61			11.74	(c)		8.60	(c)		(2.13	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77			0.53			0.78			1.42			1.24
Gross ratio of expenses to average net assets excluding interest expense (%)		0.52			0.51			0.51			0.51			0.51
Net ratio of expenses to average net assets (%) (d) (e)		0.75			0.52			0.76			1.40			1.23
Net ratio of expenses to average net assets excluding interest expense (%) (d) (e)		0.51			0.49			0.50			0.50			0.49
Ratio of net investment income (loss) to average net assets (%)		7.44			4.93			1.22			2.15			3.05
Portfolio turnover rate (%) (f)		65			129			209			290			256
Net assets, end of period (in millions)	$	940.2		$	1,258.3		$	1,219.8		$	1,232.4		$	1,261.9
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.25		$	10.75		$	9.93		$	9.48		$	9.87
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.73			0.51			0.10			0.19			0.27
Net realized and unrealized gain (loss)		(2.04	)		0.07			1.02			0.60			(0.51	)
Total income (loss) from investment operations		(1.31	)		0.58			1.12			0.79			(0.24	)
Less Distributions
Distributions from net investment income		(0.65	)		(0.08	)		(0.30	)		(0.34	)		(0.15	)
Total distributions		(0.65	)		(0.08	)		(0.30	)		(0.34	)		(0.15	)
Net Asset Value, End of Period	$	9.29		$	11.25		$	10.75		$	9.93		$	9.48
Total Return (%) (b)		(11.88	)		5.42			11.43	(c)		8.38	(c)		(2.41	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.02			0.78			1.03			1.67			1.49
Gross ratio of expenses to average net assets excluding interest expense (%)		0.77			0.76			0.76			0.76			0.76
Net ratio of expenses to average net assets (%)(d)(e)		1.00			0.77			1.01			1.65			1.48
Net ratio of expenses to average net assets excluding interest expense (%)(d)(e)		0.76			0.74			0.75			0.75			0.74
Ratio of net investment income (loss) to average net assets (%)		7.20			4.69			0.98			1.90			2.80
Portfolio turnover rate (%)(f)		65			129			209			290			256
Net assets, end of period (in millions)	$	853.3		$	1,111.1		$	1,036.8		$	1,014.8		$	1,049.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.28		$	10.78		$	9.96		$	9.51		$	9.90
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.74			0.52			0.11			0.20			0.28
Net realized and unrealized gain (loss)		(2.03	)		0.07			1.02			0.60			(0.51	)
Total income (loss) from investment operations		(1.29	)		0.59			1.13			0.80			(0.23	)
Less Distributions
Distributions from net investment income		(0.67	)		(0.09	)		(0.31	)		(0.35	)		(0.16	)
Total distributions		(0.67	)		(0.09	)		(0.31	)		(0.35	)		(0.16	)
Net Asset Value, End of Period	$	9.32		$	11.28		$	10.78		$	9.96		$	9.51
Total Return (%) (b)		(11.73	)		5.49			11.52	(c)		8.46	(c)		(2.31	) (c)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.92			0.68			0.93			1.57			1.39
Gross ratio of expenses to average net assets excluding interest expense (%)		0.67			0.66			0.66			0.66			0.66
Net ratio of expenses to average net assets (%) (d) (e)		0.90			0.67			0.91			1.55			1.38
Net ratio of expenses to average net assets excluding interest expense (%) (d) (e)		0.66			0.64			0.65			0.65			0.64
Ratio of net investment income (loss) to average net assets (%)		7.30			4.74			1.06			1.99			2.90
Portfolio turnover rate (%) (f)		65			129			209			290			256
Net assets, end of period (in millions)	$	20.1		$	24.1		$	23.7		$	22.9		$	23.9

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.
(d)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(e)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022, 2021, 2020, 2019 and 2018 (see Note 6 of the Notes to Financial Statements).
(f)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 23%, 36%, 30%, 65%, and 54% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is PIMCO Inflation Protected Bond Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

BHFTI-24

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on

BHFTI-25

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Due to Custodian - Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $713 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio’s average overdraft advances during the year ended December 31, 2022 were not significant.

Short Sales - The Portfolio may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. The proceeds received from a short sale are recorded as a liability. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio’s net assets will be deposited as collateral for the obligation to replace securities borrowed to effect short sales.

BHFTI-26

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or

BHFTI-27

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had investments in repurchase agreements with a gross value of $455,094,876, which is reflected as repurchase agreement on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will

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establish a segregated account with its Custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities.

For the year ended December 31, 2022, the Portfolio had an outstanding reverse repurchase agreement balance for 38 days. The average amount of borrowings was $106,141,686 and the annualized weighted average interest rate was 2.451% during the 38 day period.

The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under a MRA on a net basis as of December 31, 2022:

Counterparty	Reverse Repurchase Agreements			Collateral Pledged 1		Net Amount *
Deutsche Bank Securities, Inc.	$	(117,672,600	)	$	117,115,847	$	(556,753	)

1	Collateral with a value of $117,115,847 has been pledged in connection with open reverse repurchase agreements. In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization.
*	Net amount represents the net amount payable due to the counterparty in the event of default.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the year ended December 31, 2022, the Portfolio entered into secured borrowing transactions involving U.S. Treasury and foreign government securities. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop,” is included in net investment income. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may also receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The cost of the secured borrowing transaction is recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities.

For the year ended December 31, 2022, the Portfolio had an outstanding secured borrowing transaction balance for 365 days. For the year ended December 31, 2022, the Portfolio’s average amount of borrowing was $505,831,133 and the weighted average interest rate was 1.008% during the 365 day period.

At December 31, 2022, the amount of the Portfolio’s outstanding borrowings was $1,100,270,434. Cash in the amount of $954,000 has been received and securities in the amount of $80,759 have been pledged as collateral under the terms of the Master Securities Forward Transaction Agreement (“MSFTA”) as of December 31, 2022. The MSFTA is a master netting agreement which provides both parties with the rights to set-off in the event of default by either party. The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s secured borrowings by counterparty net of amounts available for offset under the MSFTA and net of the related collateral pledged or received by the Portfolio as of December 31, 2022:

Counterparty	Payable for Secured Borrowings			Financial Instruments Available for Offset (a)		Collateral Pledged/ (Received) (b)			Net Amount (c)
Barclays Capital, Inc.	$	(89,403,959	)	$	89,956,018	$	(954,000	)	$	(401,941	)
BNP Paribas S.A		(921,646,798	)		909,841,583		—			(11,805,215	)
Morgan Stanley & Co. LLC		(89,219,677	)		88,823,728		80,759			(315,190	)
	$	(1,100,270,434	)	$	1,088,621,329	$	(873,241	)	$	(12,522,346	)

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(a)	Represents market value of borrowings as of December 31, 2022.
(b)	Under the terms of the MSFTA agreement, the Portfolio and the counterparties are not permitted to sell, repledge, or use the collateral associated with the transaction.
(c)	Net amount represents the net amount payable due to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 days		Total
Secured Borrowing Transactions
U.S. Treasury		—	$	1,100,270,434	$	—	$	—	$	1,100,270,434
Reverse Repurchase Agreements
U.S. Treasury		—		117,672,600		—		—		117,672,600
Total Borrowings	$	—	$	1,217,943,034	$	—	$	—	$	1,217,943,034
Gross amount of recognized liabilities for secured borrowing transactions									$	1,217,943,034

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the

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holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tend to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

The purpose of interest rate-capped options is to protect the buyer from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating

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the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap

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agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2022, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When the Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when the Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

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The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)	$	4,153,068
	OTC swap contracts at market value (b)		2,101,014	OTC swap contracts at market value (b)	$	1,059,459
	Unrealized appreciation on centrally cleared swap contracts (c) (d)		34,807,893	Unrealized depreciation on centrally cleared swap contracts (c) (d)		55,886,740
	Unrealized appreciation on futures contracts (c) (e)		14,001,216	Unrealized depreciation on futures contracts (c) (e)		8,455,853
				Written options at value		6,533,516
Credit	Unrealized appreciation on centrally cleared swap contracts (c) (d)		15,916
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		302,827	Unrealized depreciation on forward foreign currency exchange contracts		7,615,705
Total		$	55,381,934		$	79,551,273

(a)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(b)	Excludes OTC swap interest payable of $3,707,431.
(c)	Financial instrument not subject to a master netting agreement.
(d)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(e)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	48,338	$	(48,338	)	$	—		$	—
BNP Paribas S.A.		10,984		(10,984	)		—			—
Citibank N.A.		67,480		(67,480	)		—			—
Deutsche Bank AG		4,069,245		(4,069,245	)		—			—
Goldman Sachs Bank USA		44,420		(44,420	)		—			—
JPMorgan Chase Bank N.A.		128,908		(61,434	)		(3,000	)		64,474
Morgan Stanley Capital Services LLC		2,171,942		(1,156,069	)		—			1,015,873
Societe Generale Paris		2,980		—			—			2,980
UBS AG		12,612		(12,612	)		—			—
	$	6,556,909	$	(5,470,582	)	$	(3,000	)	$	1,083,327

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	86,241	$	(48,338	)	$	(9,607	)	$	28,296
BNP Paribas S.A.		1,627,968		(10,984	)		(1,251,380	)		365,604
Citibank N.A.		4,360,064		(67,480	)		(3,947,697	)		344,887
Deutsche Bank AG		7,099,996		(4,069,245	)		(2,814,242	)		216,509
Goldman Sachs Bank USA		682,435		(44,420	)		(297,900	)		340,115
JPMorgan Chase Bank N.A.		61,434		(61,434	)		—			—
Morgan Stanley Capital Services LLC		1,156,069		(1,156,069	)		—			—
UBS AG		134,473		(12,612	)		—			121,861
	$	15,208,680	$	(5,470,582	)	$	(8,320,826	)	$	1,417,272

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

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PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location-Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Purchased options	$	(13,420	)	$	—		$	—		$	(13,420	)
Forward foreign currency transactions		—			—			39,282,988			39,282,988
Futures contracts		75,897,201			—			—			75,897,201
Swap contracts		(57,813,349	)		42,698			—			(57,770,651	)
Written options		553,545			510,974			—			1,064,519
	$	18,623,977		$	553,672		$	39,282,988		$	58,460,637
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Purchased options	$	(1,376,947	)	$	—		$	—		$	(1,376,947	)
Forward foreign currency transactions		—			—			(6,055,940	)		(6,055,940	)
Futures contracts		1,302,024			—			—			1,302,024
Swap contracts		31,536,319			(21,283	)		—			31,515,036
Written options		(205,627	)		(174,076	)		—			(379,703	)
	$	31,255,769		$	(195,359	)	$	(6,055,940	)	$	25,004,470

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options	$	336,086,494
Forward foreign currency transactions		801,116,340
Futures contracts long		324,090,390
Futures contracts short		(851,498,881	)
Swap contracts		1,093,440,306
Written options		(362,118,327	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of

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Notes to Financial Statements—December 31, 2022—(Continued)

securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

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Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

MSFTA govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

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Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases				Sales
U.S. Government		Non-U.S. Government		U.S. Government		Non-U.S. Government
$	1,454,400,786	$	256,713,768	$	2,165,896,375	$	351,693,333

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

Purchases		Sales
$	1,130,464,439	$	1,186,862,259

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$9,802,492		0.500	%	First $1.2 billion
		0.450	%	Over $1.2 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pacific Investment Management Company LLC (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	Over $2 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $25,311 and are included in the total amount shown as management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $209,597 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an

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Brighthouse Funds Trust I

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Notes to Financial Statements—December 31, 2022—(Continued)

annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,994,473,242
Gross unrealized appreciation		4,668,480
Gross unrealized (depreciation)		(440,899,680	)
Net unrealized appreciation (depreciation)	$	(436,231,200	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income				Long-Term Capital Gain				Total
2022		2021		2022		2021		2022		2021
$	129,765,082	$	20,209,392	$	—	$	—	$	129,765,082	$	20,209,392

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$	38,694,373	$	—	$	(439,067,947	)	$	(29,400,221	)	$	(429,773,795	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

At December 31, 2022, the Portfolio had accumulated long-term capital losses of $29,400,221.

During the year ended December 31, 2022, the Portfolio utilized accumulated long-term capital losses of $98,612,756.

9. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and

BHFTI-39

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-40

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the PlMCO Inflation Protected Bond Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the PlMCO Inflation Protected Bond Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the PlMCO Inflation Protected Bond Portfolio as of December 31, 2022, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

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Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-42

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-43

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

BHFTI-44

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such

BHFTI-45

Brighthouse Funds Trust I

PIMCO Inflation Protected Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

PIMCO Inflation Protected Bond Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Pacific Investment Management Company LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the Bloomberg U.S. TIPS Index, for the one- and three-year periods ended October 31, 2022 and underperformed its benchmark for the five-year period ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-46

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Managed By Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the PIMCO Total Return Portfolio returned -14.34%, -14.56%, and -14.45%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned -13.01%.

MARKET ENVIRONMENT / CONDITIONS

Geopolitics took center stage in 2022 as Russia invaded Ukraine at the beginning of the year. Most assets experienced elevated volatility over the year as Russia’s invasion of Ukraine and the subsequent imposition of financial sanctions added stress to already fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening yield curves. Commodity prices soared given Europe’s dependency on Russian oil/natural gas and Ukraine’s significant share of global wheat, neon, and palladium supply. Global yields rose sharply over the year and curves broadly flattened amid more hawkish actions and rhetoric from central banks.

Risk assets were challenged throughout the first half of the year, with both equities and bonds moving significantly lower given ongoing concerns over the conflict between Russia and Ukraine. The recurring themes of heightened inflation, geopolitical tension and fear of recession were the main contributors to market turbulence. Developed market central banks maintained their hawkish stance with their sights set on combating historic levels of inflation. Most notably, in the U.S., Consumer Price Index increased 8.6% year-on-year in May. This prompted the U.S. Federal Reserve (the “Fed”) to hike interest rates by 0.75% in June, the first time since 1994, and acknowledge that credibly fighting inflation will come at the cost of lower growth.

Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Performance was challenged for both “safe-haven” and risk assets as global yields rose sharply through the summer months and sentiment waned. Elevated inflation, tightening monetary policy, ongoing geopolitical tensions, and rising recession risks contributed to heightened market volatility. Amidst broader market volatility, market correlations were positive as global equities, fixed income, and commodities experienced sharp declines.

Easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging and contributed to gains in global risk assets toward the end of the second half of the year. However, with labor market data generally exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December. Following a 0.75% policy rate hike in November, the Fed adjusted its policy rate upward by 0.50% in December, while advancing its terminal rate projection to 5.1% by the end of 2023.

PORTFOLIO REVIEW/ CURRENT POSITIONING

Tactical shifts in U.S. duration and curve positioning, partly executed through interest rate swaps, swaptions, and futures, detracted from performance due to an overweight to intermediate maturities relative to longer-term maturities as intermediate maturities underperformed. An overweight to non-Agency Mortgage-Backed Securities (“MBS”) detracted from performance as mortgage spreads widened, while tactical exposure to Agency MBS, partially facilitated through options, modestly contributed. A modest allocation to high yield corporate credit partially facilitated by index credit default swaps, drove underperformance within corporate credit strategies as credit spreads widened over the year. Modest long exposure to local rates in select emerging markets, detracted from performance. Finally, currency strategies, particularly a tactical long exposure to the Norwegian krone on the back of a broadly stronger U.S. dollar, detracted from performance, as a result of the pace of U.S. rate increase. Short exposure to duration in the U.K., which was partially facilitated using interest rate swaps, swaptions, and futures, contributed to performance as U.K. rates rose over the year and volatility increased amid pension selling. Short exposure to duration in Japan, partially facilitated through interest rate swaps and futures, was additive as yields rose across the curve for Japanese Government Bonds.

The Portfolio ended the period with an underweight duration position overall, but moderated the extent of it given some macro uncertainties and the recent increase in yields. The Portfolio continued to have a preference for U.S. duration against rate exposure in other developed regions, such as Japan. The Portfolio had a curve steepening bias, remaining underweight the very long end of the yield curve. The Portfolio remained underweight in corporate credit with a bias toward high quality names while de-emphasizing generic corporate credit. The Portfolio was actively seeking compelling name- and sector- exposure given the dispersion in the credit markets. The Portfolio was overweight agency MBS, given the relatively attractive spread, high levels of resiliency and liquidity. The Portfolio was long TIPS given the attractive valuations. The Portfolio continued to be tactical in currency exposures, with a modest long to the Brazilian real as it benefits from strong carry and a commodity correlation.

BHFTI-1

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Managed By Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

Derivatives were used in the Portfolio to attain certain exposures in a liquid and cost-effective manner. All derivatives performed as expected during the period.

Mark Kiesel

Mohit Mittal

Mike Cudzil^

Scott Mather^

Portfolio Managers

Pacific Investment Management Company LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

^ Scott Mather relinquished his portfolio management responsibilities for the Portfolio effective October 20, 2022. On the same effective date, Mike Cudzil assumed portfolio management responsibilities for the Portfolio.

¹ The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

BHFTI-2

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
PIMCO Total Return Portfolio
Class A		–14.34		0.04		1.07
Class B		–14.56		–0.22		0.81
Class E		–14.45		–0.11		0.92
Bloomberg U.S. Aggregate Bond Index		–13.01		0.02		1.06

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		57.4
Corporate Bonds & Notes		30.5
Asset-Backed Securities		15.5
Mortgage-Backed Securities		14.8
Foreign Government		3.7
Municipals		0.7
Floating Rate Loans		0.3

BHFTI-3

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

PIMCO Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.49	%	$	1,000.00	$	967.90	$	2.43
	Hypothetical*		0.49	%	$	1,000.00	$	1,022.74	$	2.50
Class B (a)	Actual		0.74	%	$	1,000.00	$	966.20	$	3.67
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.48	$	3.77
Class E (a)	Actual		0.64	%	$	1,000.00	$	967.60	$	3.17
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.98	$	3.26

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—57.4% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—37.6%
Fannie Mae 10 Yr. Pool
3.500%, 02/01/24		34,669	$	34,318
3.500%, 10/01/24		74,194		73,121
3.500%, 11/01/24		32,321		31,853
3.500%, 02/01/25		149,034		146,457
3.500%, 03/01/29		182,210		174,405
Fannie Mae 15 Yr. Pool
3.000%, 09/01/28		162,810		156,113
3.000%, 06/01/30		5,048,486		4,854,710
3.500%, 04/01/25		14,076		13,822
3.500%, 10/01/26		42,344		41,566
3.500%, 12/01/26		111,602		108,532
3.500%, 04/01/27		62,184		61,051
3.500%, 12/01/28		268,428		262,788
3.500%, 07/01/29		27,407		26,898
3.500%, 12/01/31		83,134		80,579
3.500%, 05/01/32		199,706		193,041
3.500%, 06/01/32		334,776		323,603
3.500%, 05/01/33		176,720		170,301
3.500%, 06/01/33		223,063		214,513
3.500%, 08/01/33		144,795		139,251
3.500%, 09/01/33		559,141		537,696
3.500%, 10/01/33		331,830		319,106
3.500%, 05/01/34		6,366,418		6,119,588
3.500%, 07/01/34		289,794		278,675
3.500%, 09/01/34		677,866		651,906
3.500%, 02/01/35		39,035		37,541
3.500%, 03/01/35		89,722		86,284
3.500%, 05/01/35		3,438,254		3,301,192
4.000%, 05/01/24		78,729		76,862
4.000%, 06/01/24		79,443		78,286
4.000%, 02/01/25		41,528		40,530
4.000%, 06/01/25		20,718		20,220
4.000%, 08/01/25		6,589		6,431
4.000%, 12/01/25		8,955		8,821
4.000%, 02/01/26		18,761		18,310
4.000%, 03/01/26		3,759		3,669
4.000%, 06/01/26		5,660		5,574
4.000%, 11/01/33		41,455		40,595
4.500%, 05/01/23		479		478
4.500%, 06/01/23		22		22
4.500%, 04/01/24		784		782
4.500%, 05/01/24		10,183		10,161
4.500%, 08/01/24		957		953
4.500%, 10/01/24		22,505		22,460
4.500%, 11/01/24		3,698		3,691
4.500%, 02/01/25		31,617		31,552
4.500%, 03/01/25		25,518		25,457
4.500%, 04/01/25		19,796		19,758
4.500%, 05/01/25		42,204		42,109
4.500%, 06/01/25		3,850		3,840
4.500%, 07/01/25		349,064		348,235
4.500%, 08/01/25		5,271		5,261
4.500%, 09/01/25		13,850		13,819
4.500%, 11/01/25		18,875		18,839
4.500%, 04/01/26		1,400		1,398
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool
4.500%, 01/01/27		2,374		2,369
5.500%, 02/01/23		458		457
5.500%, 03/01/23		7		7
5.500%, 07/01/23		452		450
5.500%, 08/01/23		422		420
5.500%, 10/01/23		493		490
5.500%, 12/01/23		6		6
5.500%, 01/01/24		178		177
5.500%, 03/01/24		469		466
5.500%, 09/01/24		1,012		1,008
5.500%, 01/01/25		15,988		15,930
5.500%, 05/01/25		255		254
Fannie Mae 20 Yr. Pool
3.500%, 04/01/40		362,895		338,814
3.500%, 05/01/40		4,413,725		4,120,847
4.000%, 04/01/29		13,475		13,110
4.000%, 05/01/29		39,249		38,380
4.000%, 03/01/30		24,236		23,579
4.000%, 05/01/30		37,419		36,221
4.000%, 08/01/30		31,992		30,967
4.000%, 09/01/30		27,322		26,447
4.000%, 10/01/30		948		918
4.000%, 11/01/30		118,875		115,066
4.000%, 12/01/30		15,779		15,273
4.000%, 06/01/31		2,135		2,067
4.000%, 09/01/31		54,559		52,810
4.000%, 11/01/31		3,125		3,025
4.500%, 01/01/25		771		758
4.500%, 04/01/31		10,253		10,174
Fannie Mae 30 Yr. Pool
3.000%, 08/01/49		2,397,227		2,121,572
3.000%, 05/01/52		80,784,099		70,902,041
3.000%, 06/01/52		13,842,682		12,151,954
4.000%, 05/01/34		56,457		54,415
4.000%, 05/01/35		22,737		21,838
4.000%, 01/01/41		25,093		24,098
4.000%, 12/01/43		228,593		219,527
4.500%, 04/01/39		13,332		13,205
4.500%, 05/01/39		25,088		24,855
4.500%, 12/01/39		4,303		4,234
4.500%, 05/01/40		9,579		9,496
4.500%, 09/01/40		11,506		11,406
4.500%, 12/01/40		32,843		32,863
4.500%, 02/01/41		26,761		26,279
4.500%, 07/01/41		6,139		5,989
4.500%, 09/01/41		156,572		152,954
4.500%, 03/01/42		20,098		19,602
4.500%, 07/01/42		93,706		90,752
5.000%, 03/01/32		675		666
5.000%, 04/01/33		34,513		34,177
5.000%, 07/01/33		41,434		42,206
5.000%, 08/01/33		796		811
5.000%, 09/01/33		708		723
5.000%, 10/01/33		7,306		7,461
5.000%, 11/01/33		139		140
5.000%, 01/01/34		15,687		15,547

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
5.000%, 04/01/34		54,493	$	55,228
5.000%, 06/01/34		1,056		1,056
5.000%, 12/01/34		13,028		13,048
5.000%, 01/01/35		15,757		15,781
5.000%, 04/01/35		17		17
5.000%, 07/01/35		19,890		19,789
5.000%, 01/01/38		51,154		52,319
5.000%, 04/01/39		8,810		8,987
5.000%, 10/01/39		1,626		1,622
5.000%, 11/01/39		6,924		7,043
5.000%, 06/01/40		10,269		10,239
5.000%, 11/01/42		37,469		37,295
5.500%, 12/01/28		5,030		5,044
5.500%, 06/01/33		19,166		19,726
5.500%, 07/01/33		4,334		4,469
5.500%, 09/01/33		78,949		79,497
5.500%, 11/01/33		94,605		94,859
5.500%, 12/01/33		469		474
5.500%, 04/01/34		839		866
5.500%, 07/01/34		6,669		6,693
5.500%, 08/01/34		105,377		106,739
5.500%, 09/01/34		1,568		1,618
5.500%, 11/01/34		115,918		119,605
5.500%, 12/01/34		282,908		292,179
5.500%, 01/01/35		100,431		103,688
5.500%, 02/01/35		130,079		134,275
5.500%, 03/01/35		240,429		248,439
5.500%, 04/01/35		26,888		26,960
5.500%, 05/01/35		48,032		49,638
5.500%, 06/01/35		76,032		78,571
5.500%, 08/01/35		60,459		62,504
5.500%, 09/01/35		720,335		745,185
5.500%, 10/01/35		65,254		67,555
5.500%, 12/01/35		389,596		403,276
5.500%, 01/01/36		93,241		96,563
5.500%, 03/01/36		87,210		90,271
5.500%, 05/01/36		693		717
5.500%, 07/01/36		370,328		382,569
5.500%, 09/01/36		43,862		45,261
5.500%, 11/01/36		25,486		26,343
5.500%, 12/01/36		1,233		1,237
5.500%, 02/01/37		525		543
5.500%, 05/01/37		7,937		8,117
5.500%, 08/01/37		319,673		331,030
5.500%, 01/01/38		2,774		2,877
5.500%, 02/01/38		87,732		90,970
5.500%, 03/01/38		443,572		459,985
5.500%, 05/01/38		694,558		720,247
5.500%, 06/01/38		24,930		25,814
5.500%, 09/01/38		19,005		19,082
5.500%, 10/01/38		241,233		249,903
5.500%, 11/01/38		61,019		63,277
5.500%, 01/01/39		17,447		18,093
5.500%, 07/01/39		5,728		5,745
5.500%, 11/01/39		772,138		800,713
5.500%, 02/01/40		136,230		140,940
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.500%, 06/01/40		51,822		51,982
5.500%, 09/01/40		108,025		112,021
5.500%, 07/01/41		1,284,481		1,332,012
5.500%, 02/01/49		83,577		84,554
6.000%, 12/01/28		8,027		8,148
6.000%, 01/01/29		5,610		5,703
6.000%, 02/01/29		39		39
6.000%, 04/01/29		891		922
6.000%, 06/01/29		1,089		1,124
6.000%, 11/01/32		33,865		34,409
6.000%, 12/01/32		57,376		59,201
6.000%, 03/01/33		5,972		6,175
6.000%, 05/01/33		6,150		6,360
6.000%, 07/01/33		6,295		6,509
6.000%, 01/01/34		349		356
6.000%, 09/01/34		4,053		4,124
6.000%, 11/01/34		3,429		3,483
6.000%, 04/01/35		275,946		285,366
6.000%, 05/01/35		6,481		6,661
6.000%, 06/01/35		447		455
6.000%, 07/01/35		14,161		14,435
6.000%, 09/01/35		3,104		3,210
6.000%, 11/01/35		120,260		122,085
6.000%, 12/01/35		8,956		9,154
6.000%, 04/01/36		1,211		1,234
6.000%, 05/01/36		24,936		25,695
6.000%, 06/01/36		1,214		1,233
6.000%, 07/01/36		3,977		4,038
6.000%, 08/01/36		586,928		612,243
6.000%, 09/01/36		69,856		72,205
6.000%, 10/01/36		3,885		3,948
6.000%, 11/01/36		12,948		13,348
6.000%, 12/01/36		7,420		7,533
6.000%, 01/01/37		66,205		68,033
6.000%, 02/01/37		153,908		160,676
6.000%, 04/01/37		34,632		35,632
6.000%, 05/01/37		18,734		19,027
6.000%, 07/01/37		9,468		9,861
6.000%, 08/01/37		9,086		9,471
6.000%, 11/01/37		17,833		18,499
6.000%, 02/01/38		164,172		170,334
6.000%, 03/01/38		3,502		3,622
6.000%, 08/01/38		4,118		4,183
6.000%, 09/01/38		306,788		317,372
6.000%, 10/01/38		24,049		24,990
6.000%, 11/01/38		7,209		7,317
6.000%, 01/01/39		26,147		27,297
6.000%, 04/01/39		164,633		170,808
6.000%, 07/01/39		32,100		33,374
6.000%, 08/01/39		143,512		147,590
6.000%, 05/01/49		1,014,221		1,049,037
8.000%, 10/01/25		143		144
Fannie Mae ARM Pool
1.887%, 12M LIBOR + 1.511%, 01/01/35 (a)		19,068		19,061
1.932%, 12M LIBOR + 1.557%, 01/01/35 (a)		13,272		13,305
1.960%, 12M LIBOR + 1.638%, 02/01/35 (a)		8,554		8,591

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae ARM Pool
1.974%, 12M LIBOR + 1.599%, 01/01/35 (a)		15,074	$	15,163
2.058%, 12M LIBOR + 1.359%, 03/01/35 (a)		11,296		11,229
2.312%, 12M LIBOR + 1.261%, 12/01/34 (a)		260,151		257,169
2.318%, 12M LIBOR + 1.618%, 03/01/33 (a)		1,371		1,344
2.518%, 12M LIBOR + 1.630%, 01/01/35 (a)		5,165		5,061
2.548%, 12M LIBOR + 1.810%, 04/01/35 (a)		23,043		23,248
2.599%, 12M LIBOR + 1.603%, 05/01/35 (a)		17,048		17,135
2.605%, 12M LIBOR + 1.681%, 12/01/34 (a)		10,079		10,057
2.691%, 6M LIBOR + 1.373%, 09/01/35 (a)		204,607		199,736
2.840%, 1Y H15 + 2.195%, 02/01/35 (a)		20,129		20,416
2.889%, 12M MTA + 1.200%, 08/01/41 (a)		54,105		52,393
2.889%, 12M MTA + 1.200%, 07/01/42 (a)		115,139		109,610
2.889%, 12M MTA + 1.200%, 08/01/42 (a)		121,963		116,048
2.889%, 12M MTA + 1.200%, 10/01/44 (a)		107,906		102,384
2.939%, 12M MTA + 1.250%, 09/01/41 (a)		288,981		277,672
3.030%, 6M LIBOR + 1.412%, 06/01/33 (a)		6,383		6,340
3.109%, 1Y H15 + 2.067%, 10/01/28 (a)		42,974		42,206
3.203%, 1Y H15 + 2.134%, 07/01/33 (a)		3,713		3,727
3.284%, 1Y H15 + 2.313%, 05/01/35 (a)		96,995		98,999
3.410%, 12M LIBOR + 1.660%, 05/01/34 (a)		214,447		210,983
3.439%, 12M LIBOR + 1.686%, 09/01/32 (a)		45,505		45,043
3.481%, 12M MTA + 1.771%, 11/01/35 (a)		61,365		59,895
3.513%, 1Y H15 + 2.302%, 04/01/34 (a)		1,633		1,659
3.585%, 12M LIBOR + 1.335%, 12/01/34 (a)		91,956		90,799
3.600%, 12M LIBOR + 1.350%, 11/01/34 (a)		1,885		1,855
3.663%, 6M LIBOR + 1.538%, 01/01/36 (a)		5,120		5,009
3.730%, 6M LIBOR + 1.605%, 08/01/36 (a)		14,569		14,504
3.825%, 12M LIBOR + 1.575%, 10/01/34 (a)		4,726		4,661
3.903%, 1Y H15 + 2.153%, 07/01/32 (a)		12,743		12,577
3.920%, 12M LIBOR + 1.670%, 11/01/34 (a)		18,747		18,923
4.000%, 12M LIBOR + 1.750%, 08/01/35 (a)		128,933		131,440
4.018%, ECOFC + 1.929%, 12/01/36 (a)		22,251		22,205
4.025%, 1Y H15 + 1.900%, 02/01/31 (a)		90,475		88,258
4.027%, 1Y H15 + 2.360%, 11/01/34 (a)		471,314		481,946
4.060%, 12M LIBOR + 1.810%, 09/01/34 (a)		224,985		227,210
4.106%, 1Y H15 + 2.159%, 11/01/35 (a)		99,889		101,816
4.107%, 1Y H15 + 2.215%, 09/01/31 (a)		14,186		13,932
4.108%, 6M LIBOR + 1.520%, 01/01/35 (a)		34,450		34,665
4.135%, 12M LIBOR + 1.885%, 11/01/32 (a)		18,836		18,514
4.143%, 1Y H15 + 2.095%, 10/01/35 (a)		45,053		44,377
4.223%, 1Y H15 + 2.223%, 08/01/35 (a)		62,037		62,953
4.918%, ECOFC + 1.734%, 09/01/34 (a)		3,765		3,837
Fannie Mae REMICS (CMO)
3.257%, 05/25/35 (a)		236,299		234,597
4.739%, 1M LIBOR + 0.400%, 09/18/31 (a)		46,690		46,487
4.769%, 1M LIBOR + 0.380%, 11/25/42 (a)		1,933,261		1,902,456
5.289%, 1M LIBOR + 0.900%, 04/25/32 (a)		16,790		16,838
Fannie Mae-Aces
2.241%, 01/25/31 (a)(b)		20,830,164		1,987,341
Freddie Mac 10 Yr. Pool
3.500%, 10/01/23		2,043		2,027
Freddie Mac 15 Yr. Pool
3.500%, 12/01/26		28,660		28,137
3.500%, 05/01/32		95,444		92,260
3.500%, 07/01/33		237,365		228,143
3.500%, 08/01/33		6,684		6,428
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 15 Yr. Pool
3.500%, 09/01/33		287,831		276,799
3.500%, 11/01/33		604,717		581,562
3.500%, 01/01/34		65,381		62,875
3.500%, 02/01/34		105,548		101,511
3.500%, 04/01/34		1,085,726		1,044,148
3.500%, 05/01/34		429,938		413,503
3.500%, 10/01/34		89,991		86,549
3.500%, 11/01/34		38,461		36,990
3.500%, 03/01/35		139,245		133,295
4.000%, 11/01/33		547,981		534,811
Freddie Mac 20 Yr. Gold Pool
4.000%, 06/01/30		27,556		26,704
4.000%, 09/01/30		119,310		115,616
4.000%, 10/01/30		6,618		6,413
6.000%, 04/01/23		372		378
Freddie Mac 30 Yr. Gold Pool
4.000%, 12/01/40		148,126		142,906
4.500%, 04/01/34		6,930		6,842
4.500%, 06/01/35		22,791		22,507
4.500%, 04/01/41		47,522		47,164
5.500%, 01/01/33		478		492
5.500%, 05/01/33		606		619
5.500%, 08/01/33		561		566
5.500%, 10/01/33		1,498		1,513
5.500%, 01/01/34		896		925
5.500%, 09/01/34		14,016		14,204
5.500%, 01/01/35		11,559		11,945
5.500%, 07/01/35		720		743
5.500%, 10/01/35		8,734		8,767
5.500%, 11/01/35		29,227		29,465
5.500%, 12/01/35		17,244		17,866
5.500%, 01/01/36		12,379		12,835
5.500%, 02/01/36		13,098		13,168
5.500%, 04/01/36		6,898		7,000
5.500%, 06/01/36		565,293		584,705
5.500%, 07/01/36		11,920		12,371
5.500%, 08/01/36		12,311		12,380
5.500%, 10/01/36		2,993		3,041
5.500%, 12/01/36		83,690		86,874
5.500%, 02/01/37		6,726		6,818
5.500%, 03/01/37		5,698		5,896
5.500%, 04/01/37		25,111		25,283
5.500%, 06/01/37		32,781		33,313
5.500%, 07/01/37		69,165		71,799
5.500%, 08/01/37		28,399		29,482
5.500%, 09/01/37		4,736		4,916
5.500%, 10/01/37		3,789		3,933
5.500%, 11/01/37		82,636		85,497
5.500%, 12/01/37		4,978		5,092
5.500%, 01/01/38		27,754		28,810
5.500%, 02/01/38		70,076		72,746
5.500%, 03/01/38		33,123		34,127
5.500%, 04/01/38		63,820		66,252
5.500%, 05/01/38		38,186		39,256
5.500%, 06/01/38		111,436		115,687
5.500%, 07/01/38		139,278		144,405

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
5.500%, 08/01/38		368,678	$	382,308
5.500%, 09/01/38		96,271		99,937
5.500%, 10/01/38		3,056,472		3,169,199
5.500%, 11/01/38		1,276,572		1,325,191
5.500%, 12/01/38		5,124		5,144
5.500%, 01/01/39		250,312		259,838
5.500%, 02/01/39		53,350		54,184
5.500%, 03/01/39		26,424		27,430
5.500%, 06/01/39		884,075		917,730
5.500%, 09/01/39		26,757		27,686
5.500%, 02/01/40		29,538		30,663
5.500%, 03/01/40		4,582		4,757
5.500%, 05/01/40		940		976
5.500%, 08/01/40		29,456		30,537
Freddie Mac 30 Yr. Pool
3.000%, 04/01/52		6,122,062		5,372,771
3.000%, 07/01/52		6,864,858		6,024,658
3.000%, 08/01/52		6,854,010		6,015,730
Freddie Mac ARM Non-Gold Pool
1.942%, 12M LIBOR + 1.677%, 01/01/35 (a)		6,186		6,063
2.032%, 12M LIBOR + 1.678%, 02/01/35 (a)		5,960		5,882
2.052%, 12M LIBOR + 1.625%, 02/01/35 (a)		13,170		13,117
2.055%, 12M LIBOR + 1.621%, 02/01/35 (a)		4,490		4,398
2.226%, 12M LIBOR + 1.901%, 02/01/35 (a)		12,243		12,303
2.438%, 1Y H15 + 2.250%, 01/01/35 (a)		42,742		43,147
2.491%, 1Y H15 + 2.108%, 02/01/35 (a)		16,837		16,923
2.625%, 1Y H15 + 2.250%, 02/01/35 (a)		16,451		16,587
3.141%, 1Y H15 + 2.250%, 08/01/35 (a)		68,595		69,347
3.504%, 1Y H15 + 2.250%, 06/01/35 (a)		177,983		180,164
3.586%, 12M LIBOR + 1.345%, 09/01/35 (a)		52,457		52,430
4.140%, 12M LIBOR + 1.890%, 11/01/34 (a)		9,629		9,643
4.150%, 12M LIBOR + 1.900%, 11/01/34 (a)		9,752		9,686
4.209%, 1Y H15 + 2.107%, 10/01/34 (a)		11,102		11,247
4.211%, 12M LIBOR + 1.961%, 08/01/32 (a)		30,729		30,294
4.269%, 1Y H15 + 2.179%, 09/01/35 (a)		35,705		35,728
4.339%, 1Y H15 + 2.250%, 11/01/31 (a)		4,858		4,753
4.375%, 1Y H15 + 2.250%, 11/01/34 (a)		21,128		21,445
4.513%, 1Y H15 + 2.436%, 01/01/29 (a)		48,189		47,351
Freddie Mac REMICS (CMO)
3.500%, 01/15/42		8,828,625		7,991,919
4.508%, 1M LIBOR + 0.190%, 10/15/43 (a)		4,337,556		4,184,651
4.568%, 1M LIBOR + 0.250%, 07/15/34 (a)		9,494		9,366
4.875%, PRIME - 1.375%, 11/15/23 (a)		11,719		11,623
6.500%, 01/15/24		998		1,000
Freddie Mac Structured Pass-Through Certificates (CMO)
2.889%, 12M MTA + 1.200%, 02/25/45 (a)		29,873		29,974
3.248%, 12M MTA + 1.200%, 10/25/44 (a)		334,075		332,456
3.448%, 12M MTA + 1.400%, 07/25/44 (a)		1,579,147		1,580,863
Ginnie Mae I 30 Yr. Pool
3.000%, 11/15/49		2,254,866		2,002,533
4.000%, 03/15/52		7,344,621		7,031,451
4.000%, TBA (c)		3,050,000		2,891,316
5.000%, 10/15/33		2,412		2,431
5.000%, 12/15/33		9,961		10,193
5.000%, 05/15/34		3,210		3,285
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
5.000%, 07/15/34		529		531
5.000%, 11/15/35		1,390		1,412
5.000%, 03/15/36		799		810
5.000%, 10/15/38		222,571		227,824
5.000%, 02/15/39		34,993		35,792
5.000%, 03/15/39		61,270		62,705
5.000%, 04/15/39		286,178		292,376
5.000%, 05/15/39		1,012,229		1,032,678
5.000%, 06/15/39		263,694		269,780
5.000%, 09/15/39		140,694		143,995
5.000%, 05/15/40		9,762		9,990
5.000%, 09/15/40		112,053		114,684
5.000%, 12/15/40		8,581		8,782
5.000%, 09/15/47		18,054		18,105
5.000%, 03/15/48		1,670,146		1,670,473
5.000%, 04/15/48		1,735,196		1,735,536
5.000%, 01/15/49		2,341,508		2,399,675
5.000%, 05/15/49		292,382		300,928
5.000%, 06/15/50		401,908		403,782
5.000%, 04/15/52		7,190,521		7,192,081
7.000%, 10/15/23		83		83
7.500%, 01/15/26		641		642
Ginnie Mae II 30 Yr. Pool
4.500%, 12/20/49		12,140		11,843
5.000%, 06/20/49		63,351		63,142
5.000%, 07/20/49		133,416		133,877
Ginnie Mae II ARM Pool
1.750%, 1Y H15 + 1.500%, 11/20/27 (a)		3,541		3,414
1.750%, 1Y H15 + 1.500%, 10/20/28 (a)		290		280
1.750%, 1Y H15 + 1.500%, 10/20/29 (a)		1,765		1,703
1.750%, 1Y H15 + 1.500%, 11/20/30 (a)		3,765		3,616
2.250%, 1Y H15 + 2.000%, 10/20/31 (a)		3,770		3,618
2.500%, 1Y H15 + 1.500%, 11/20/26 (a)		2,406		2,348
2.500%, 1Y H15 + 1.500%, 10/20/30 (a)		746		723
2.625%, 1Y H15 + 1.500%, 01/20/23 (a)		7		6
2.625%, 1Y H15 + 1.500%, 02/20/26 (a)		1,997		1,968
2.625%, 1Y H15 + 1.500%, 01/20/27 (a)		1,017		988
2.625%, 1Y H15 + 1.500%, 08/20/27 (a)		7,878		7,687
2.625%, 1Y H15 + 1.500%, 09/20/27 (a)		32,642		31,740
2.625%, 1Y H15 + 1.500%, 02/20/28 (a)		2,470		2,394
2.625%, 1Y H15 + 1.500%, 03/20/28 (a)		3,992		3,906
2.625%, 1Y H15 + 1.500%, 07/20/29 (a)		2,714		2,626
2.625%, 1Y H15 + 1.500%, 08/20/29 (a)		2,834		2,741
2.625%, 1Y H15 + 1.500%, 09/20/29 (a)		3,643		3,538
2.625%, 1Y H15 + 1.500%, 01/20/30 (a)		9,582		9,406
2.625%, 1Y H15 + 1.500%, 08/20/31 (a)		702		680
2.625%, 1Y H15 + 1.500%, 03/20/32 (a)		139		136
2.625%, 1Y H15 + 1.500%, 03/20/33 (a)		1,283		1,257
2.625%, 1Y H15 + 1.500%, 09/20/33 (a)		17,407		16,883
2.875%, 1Y H15 + 1.500%, 05/20/26 (a)		2,599		2,554
2.875%, 1Y H15 + 1.500%, 06/20/27 (a)		1,306		1,286
2.875%, 1Y H15 + 1.500%, 05/20/28 (a)		1,757		1,732
2.875%, 1Y H15 + 1.500%, 05/20/29 (a)		2,634		2,595
2.875%, 1Y H15 + 1.500%, 06/20/30 (a)		2,908		2,853
2.875%, 1Y H15 + 1.500%, 04/20/31 (a)		2,934		2,924
2.875%, 1Y H15 + 1.500%, 04/20/32 (a)		2,222		2,193

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II ARM Pool
2.875%, 1Y H15 + 1.500%, 05/20/32 (a)		4,318	$	4,260
3.000%, 1Y H15 + 1.500%, 04/20/30 (a)		3,858		3,786
3.000%, 1Y H15 + 1.500%, 05/20/30 (a)		9,637		9,442
Government National Mortgage Association (CMO)
3.470%, 1M LIBOR + 1.000%, 12/20/65 (a)		13,996,072		13,808,430
3.672%, 1M LIBOR + 1.000%, 01/20/67 (a)		6,399,767		6,332,231
4.106%, 09/20/66 (a)		6,946,112		7,051,669
4.182%, 1M LIBOR + 0.340%, 12/20/62 (a)		72,454		71,689
4.442%, 1M LIBOR + 0.600%, 08/20/65 (a)		1,914,918		1,884,060
4.442%, 1M LIBOR + 0.600%, 10/20/65 (a)		3,641,543		3,618,402
4.492%, 1M LIBOR + 0.650%, 06/20/66 (a)		2,638,824		2,627,511
4.508%, 1M LIBOR + 0.800%, 09/20/67 (a)		5,400,891		5,373,099
4.692%, 1M LIBOR + 0.850%, 09/20/66 (a)		4,843,513		4,790,662
4.770%, SOFR30A + 1.020%, 12/20/72 (a)		4,900,000		4,906,070
4.811%, SOFR30A + 0.900%, 01/20/73 (a)(d)(e)		5,395,716		5,400,990
Uniform Mortgage-Backed Securities 15 Yr. Pool
4.500%, TBA (c)		100,000		99,318
Uniform Mortgage-Backed Securities 30 Yr. Pool
3.000%, TBA (c)		583,950,000		512,694,148
3.500%, TBA (c)		317,112,000		288,169,952
4.000%, TBA (c)		195,800,000		183,606,083
4.500%, TBA (c)		77,400,000		74,475,614
5.000%, TBA (c)		24,100,000		23,743,836
5.500%, TBA (c)		129,800,000		130,033,970
6.000%, TBA (c)		900,000		912,366
				1,470,933,387
U.S. Treasury—19.8%
U.S. Treasury Bonds
1.375%, 11/15/40		62,400,000		40,567,313
1.375%, 08/15/50		75,200,000		41,785,937
1.625%, 11/15/50		29,100,000		17,314,500
1.875%, 02/15/41		16,900,000		11,944,867
2.000%, 02/15/50		9,600,000		6,340,125
2.750%, 08/15/42		39,000,000		31,356,914
2.750%, 11/15/42		19,800,000		15,870,937
2.875%, 05/15/43		83,700,000		68,316,856
2.875%, 08/15/45		17,200,000		13,848,687
3.125%, 02/15/42		15,800,000		13,614,539
3.125%, 08/15/44		116,300,000		98,268,957
3.250%, 05/15/42		48,300,000		42,345,516
3.375%, 05/15/44		18,000,000		15,871,641
4.250%, 05/15/39		9,600,000		9,887,250
4.375%, 11/15/39		57,100,000		59,537,902
4.500%, 08/15/39		15,100,000		16,011,309
4.625%, 02/15/40		12,800,000		13,755,500
U.S. Treasury Inflation Indexed Bonds
0.125%, 02/15/51 (f)		2,403,450		1,546,023
0.250%, 02/15/50 (f)		6,838,100		4,605,980
0.625%, 02/15/43 (f)		1,555,248		1,253,817
0.750%, 02/15/45 (f)		4,302,292		3,476,385
1.000%, 02/15/49 (f)		2,605,130		2,175,264
1.375%, 02/15/44 (f)		511,412		474,566
U.S. Treasury Inflation Indexed Notes
0.125%, 07/15/31 (f)		16,565,075		14,636,284
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Notes
0.125%, 01/15/32 (f)		17,736,345		15,534,777
0.625%, 07/15/32 (f)		17,536,905		16,062,344
U.S. Treasury Notes
1.750%, 06/30/24 (g)(h)		38,200,000		36,606,344
2.125%, 07/31/24 (g)(h)(i)		24,800,000		23,853,531
2.125%, 09/30/24 (h)		7,900,000		7,581,223
2.250%, 11/15/24 (g)(h)(j)		110,600,000		106,223,524
2.250%, 08/15/27 (g)(i)		24,360,000		22,533,951
2.875%, 05/15/32		1,800,000		1,658,813
				774,861,576
Total U.S. Treasury & Government Agencies (Cost $2,446,867,980)				2,245,794,963
Corporate Bonds & Notes—30.5%
Aerospace/Defense—0.6%
Boeing Co. (The)
1.433%, 02/04/24		12,300,000		11,787,178
2.750%, 02/01/26		12,000,000		11,120,716
Spirit AeroSystems, Inc.
4.600%, 06/15/28		1,600,000		1,291,845
				24,199,739
Agriculture—0.5%
Imperial Brands Finance plc
3.125%, 07/26/24 (144A)		9,326,000		8,915,504
3.875%, 07/26/29 (144A)		12,800,000		10,946,067
				19,861,571
Airlines—0.5%
American Airlines Pass-Through Trust
3.700%, 10/01/26		2,705,936		2,335,356
British Airways Pass-Through Trust
4.125%, 09/20/31 (144A)†		1,374,548		1,144,158
U.S. Airways Pass-Through Trust
3.950%, 11/15/25		443,831		403,135
United Airlines Pass-Through Trust
2.875%, 10/07/28		3,678,451		3,127,641
3.450%, 07/07/28		2,134,901		1,796,356
5.875%, 10/15/27		10,116,907		9,974,723
				18,781,369
Auto Manufacturers—2.6%
Ford Motor Credit Co. LLC 3.810%, 01/09/24		13,300,000		12,934,620
General Motors Financial Co., Inc. 5.360%, SOFR + 1.200%, 11/17/23 (a)		11,300,000		11,269,430
Hyundai Capital America 2.100%, 09/15/28 (144A)		13,500,000		11,080,005
Nissan Motor Acceptance Co. LLC 1.850%, 09/16/26 (144A)		13,500,000		11,270,316
Nissan Motor Co., Ltd. 3.522%, 09/17/25 (144A)		8,100,000		7,524,083

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Auto Manufacturers—(Continued)
Nissan Motor Co., Ltd.
4.345%, 09/17/27 (144A)		5,600,000	$	5,077,777
4.810%, 09/17/30 (144A)		14,700,000		12,475,475
Volkswagen Bank GmbH 1.875%, 01/31/24 (EUR)		3,400,000		3,563,171
2.500%, 07/31/26 (EUR)		2,000,000		1,996,363
Volkswagen Group of America Finance LLC 2.850%, 09/26/24 (144A)		13,300,000		12,728,218
4.625%, 11/13/25 (144A)		10,900,000		10,721,362
				100,640,820
Banks—8.1%
Banco Espirito Santo S.A. 2.625%, 05/08/17 (EUR) (k)		1,700,000		218,372
Bank of America Corp. 0.981%, SOFR + 0.910%, 09/25/25 (a)		4,800,000		4,417,803
4.125%, 01/22/24		2,130,000		2,111,657
Barclays plc 3.125%, 01/17/24 (GBP)		4,400,000		5,197,226
4.338%, 3M LIBOR + 1.356%, 05/16/24 (a)		700,000		695,127
4.972%, 3M LIBOR + 1.902%, 05/16/29 (a)		2,000,000		1,878,260
6.024%, 3M LIBOR + 1.380%, 05/16/24 (a)		100,000		99,983
BNP Paribas S.A. 4.625%, 5Y H15 + 3.340%, 02/25/31 (144A) (a)		12,500,000		9,657,506
BPCE S.A. 4.000%, 09/12/23 (144A)		17,000,000		16,780,700
Citigroup, Inc. 3.070%, SOFR + 1.280%, 02/24/28 (a)		8,100,000		7,302,383
Credit Agricole S.A. 1.247%, SOFR + 0.892%, 01/26/27 (144A) (a)		4,000,000		3,498,163
Credit Suisse Group AG
4.207%, 3M LIBOR + 1.240%, 06/12/24 (144A) (a)		15,700,000		15,307,359
5.975%, 3M LIBOR + 1.240%, 06/12/24 (144A) (a)		10,400,000		9,848,800
6.442%, SOFR + 3.700%, 08/11/28 (144A) (a)		7,000,000		6,374,873
6.537%, SOFR + 3.920%, 08/12/33 (144A) (a)		10,650,000		9,344,239
7.250%, 5Y USD ICE Swap + 4.332%, 09/12/25 (144A) (a)		5,500,000		3,953,721
Danske Bank A/S 4.298%, 1Y H15 + 1.750%, 04/01/28 (144A) (a)		12,000,000		11,034,271
Deutsche Bank AG 2.222%, SOFR + 2.159%, 09/18/24 (a)		13,200,000		12,748,875
3.547%, SOFR + 3.043%, 09/18/31 (a)		13,000,000		10,421,949
Goldman Sachs Group, Inc. (The)
3.000%, 03/15/24		12,300,000		11,994,036
3.750%, 05/22/25		1,675,000		1,619,987
5.700%, 11/01/24		300,000		303,571
6.124%, 3M LIBOR + 1.750%, 10/28/27 (a)		7,500,000		7,631,002
ING Groep NV 4.625%, 01/06/26 (144A)		7,900,000		7,714,740
JPMorgan Chase & Co. 1.578%, SOFR + 0.885%, 04/22/27 (a)		13,300,000		11,686,211
Lloyds Bank plc
Zero Coupon, 04/02/32 (l)		13,000,000		7,876,505
Mitsubishi UFJ Financial Group, Inc. 1.640%, 1Y H15 + 0.670%, 10/13/27 (a)		10,500,000		9,093,673
Banks—(Continued)
Mizuho Financial Group, Inc. 1.979%, SOFR + 1.532%, 09/08/31 (a)		9,800,000		7,494,414
2.201%, SOFR + 1.772%, 07/10/31 (a)		12,400,000		9,679,132
2.226%, 3M LIBOR + 0.830%, 05/25/26 (a)		5,900,000		5,418,998
Morgan Stanley 3.737%, 3M LIBOR + 0.847%, 04/24/24 (a)		9,400,000		9,349,185
4.210%, SOFR + 1.610%, 04/20/28 (a)		5,400,000		5,135,907
Nykredit Realkredit A/S 1.500%, 10/01/53 (DKK)		55,525,501		6,084,134
Santander Holdings U.S.A., Inc. 3.450%, 06/02/25		4,800,000		4,573,873
Standard Chartered plc 3.971%, 1Y H15 + 1.650%, 03/30/26 (144A) (a)		6,000,000		5,730,857
7.776%, 1Y H15 + 3.100%, 11/16/25 (144A) (a)		8,100,000		8,342,169
Sumitomo Mitsui Financial Group, Inc. 1.474%, 07/08/25		6,500,000		5,922,589
1.902%, 09/17/28		9,800,000		8,075,352
UBS Group AG 4.125%, 04/15/26 (144A)		10,200,000		9,784,035
UniCredit S.p.A. 7.830%, 12/04/23 (144A)		29,700,000		29,839,234
Virgin Money UK plc 4.000%, 1Y UKG + 3.750%, 09/03/27 (GBP) (a)		500,000		545,684
Wells Fargo & Co. 1.741%, 3M EURIBOR + 1.850%, 05/04/30 (EUR)(a)		2,600,000		2,356,642
2.393%, SOFR + 2.100%, 06/02/28 (a)		5,400,000		4,765,979
3.908%, SOFR + 1.320%, 04/25/26 (a)		5,500,000		5,345,490
				317,254,666
Biotechnology—0.1%
Royalty Pharma plc 1.200%, 09/02/25		3,000,000		2,684,824
Chemicals — 0.3%
International Flavors & Fragrances, Inc. 2.300%, 11/01/30 (144A)		12,800,000		10,155,165
Computers — 0.0%
Dell International LLC / EMC Corp. 4.900%, 10/01/26		900,000		885,869
Diversified Financial Services — 1.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.450%, 10/01/25		3,000,000		2,883,709
Aviation Capital Group LLC 4.125%, 08/01/25 (144A)		10,500,000		9,795,213
Blue Owl Finance LLC 3.125%, 06/10/31 (144A)		13,000,000		9,655,288
Capital One Financial Corp. 4.927%, SOFR + 2.057%, 05/10/28 (a)		11,500,000		11,133,233
Jyske Realkredit A/S 1.500%, 10/01/53 (DKK)		28,623,233		3,082,157
LeasePlan Corp. NV 2.875%, 10/24/24 (144A)		13,100,000		12,290,953
Mitsubishi HC Capital, Inc. 3.960%, 09/19/23 (144A)		5,045,000		4,985,419

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Nomura Holdings, Inc. 2.679%, 07/16/30		9,600,000	$	7,676,817
OneMain Finance Corp. 6.875%, 03/15/25		1,100,000		1,056,742
				62,559,531
Electric—2.6%
Adani Electricity Mumbai, Ltd. 3.949%, 02/12/30 (144A)		3,700,000		2,803,831
AES Corp. (The) 2.450%, 01/15/31		5,000,000		3,977,606
Duke Energy Progress LLC 2.000%, 08/15/31		13,800,000		10,904,508
Edison International 3.550%, 11/15/24		2,900,000		2,799,591
Evergy, Inc. 2.450%, 09/15/24		13,500,000		12,816,425
FirstEnergy Corp. 4.400%, 07/15/27		1,300,000		1,209,323
Pacific Gas and Electric Co. 3.150%, 01/01/26		10,900,000		10,128,361
3.250%, 02/16/24		12,600,000		12,298,259
3.300%, 12/01/27		1,600,000		1,412,051
3.400%, 08/15/24		4,500,000		4,317,807
3.450%, 07/01/25		3,600,000		3,407,963
3.500%, 06/15/25		2,700,000		2,547,295
4.250%, 08/01/23		3,000,000		2,984,706
4.550%, 07/01/30		5,000,000		4,531,993
5.450%, 06/15/27		5,000,000		4,930,544
ReNew Wind Energy AP2 / ReNew Power Pvt. Ltd. 4.500%, 07/14/28 (144A)		13,100,000		10,999,895
Southern California Edison Co. 5.850%, 11/01/27		3,000,000		3,087,861
WEC Energy Group, Inc.
1.375%, 10/15/27		5,000,000		4,241,059
1.800%, 10/15/30		5,000,000		3,898,621
				103,297,699
Electronics—0.2%
Flex, Ltd. 4.875%, 06/15/29		8,160,000		7,678,264
Engineering & Construction—0.1%
Sydney Airport Finance Co. Pty, Ltd. 3.900%, 03/22/23 (144A)		3,100,000		3,091,468
Gas—0.8%
Atmos Energy Corp. 1.500%, 01/15/31		12,900,000		10,047,032
Boston Gas Co. 3.757%, 03/16/32 (144A)		12,500,000		10,882,192
Southern California Gas Co. 2.950%, 04/15/27		12,500,000		11,526,842
				32,456,066
Healthcare-Services—0.5%
Fresenius Medical Care U.S. Finance III, Inc. 1.875%, 12/01/26 (144A)		12,100,000		10,260,653
HCA, Inc. 3.125%, 03/15/27 (144A)		7,300,000		6,637,002
3.375%, 03/15/29 (144A)		5,200,000		4,568,349
				21,466,004
Insurance—1.1%
GA Global Funding Trust 1.250%, 12/08/23 (144A)		14,000,000		13,432,580
Hanwha Life Insurance Co., Ltd. 3.379%, 5Y H15 + 1.850%, 02/04/32 (144A) (a)		13,000,000		10,796,946
Jackson National Life Global Funding 5.451%, SOFR + 1.150%, 06/28/24 (a)		8,300,000		8,301,650
MassMutual Global Funding II 5.050%, 12/07/27 (144A)		7,900,000		7,938,353
Reliance Standard Life Global Funding II 3.850%, 09/19/23 (144A)		600,000		592,189
Society of Lloyd’s 4.750%, 10/30/24 (GBP)		1,600,000		1,894,706
				42,956,424
Internet—0.2%
Booking Holdings, Inc. 2.750%, 03/15/23		4,600,000		4,578,525
Expedia Group, Inc. 2.950%, 03/15/31		2,561,000		2,059,380
				6,637,905
Lodging—0.5%
Choice Hotels International, Inc. 3.700%, 12/01/29		2,500,000		2,177,112
Hyatt Hotels Corp. 4.850%, 03/15/26		2,700,000		2,653,239
Marriott International, Inc. 3.600%, 04/15/24		2,600,000		2,547,927
4.150%, 12/01/23		10,000,000		9,893,203
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.250%, 05/30/23 (144A)		3,800,000		3,744,383
				21,015,864
Media—0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.500%, 06/01/41		13,300,000		8,666,208
CSC Holdings LLC 5.375%, 02/01/28 (144A)		3,800,000		3,063,750
				11,729,958
Oil & Gas—0.0%
Rio Oil Finance Trust 9.250%, 07/06/24 (144A)		1,068,327		1,079,010

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Packaging & Containers—0.4%
WRKCo, Inc. 4.650%, 03/15/26		14,700,000	$	14,419,696
Pharmaceuticals—0.7%
AbbVie, Inc. 2.850%, 05/14/23		3,000,000		2,978,283
3.200%, 05/14/26		1,300,000		1,230,877
3.600%, 05/14/25		700,000		678,403
Bayer U.S. Finance LLC 5.779%, 3M LIBOR + 1.010%, 12/15/23 (144A) (a)		6,600,000		6,585,110
CVS Health Corp. 2.125%, 09/15/31		14,000,000		11,100,196
3.750%, 04/01/30		3,900,000		3,535,985
CVS Pass-Through Trust 6.943%, 01/10/30		544,943		554,879
				26,663,733
Pipelines—0.3%
Cheniere Corpus Christi Holdings LLC 5.125%, 06/30/27		9,000,000		8,891,353
Energy Transfer L.P. 5.950%, 12/01/25		1,800,000		1,825,175
				10,716,528
Real Estate—0.2%
Logicor Financing Sarl 1.625%, 07/15/27 (EUR)		4,500,000		3,905,112
Ontario Teachers’ Cadillac Fairview Properties Trust 3.875%, 03/20/27 (144A)		1,700,000		1,566,591
Tesco Property Finance 6 plc 5.411%, 07/13/44 (GBP)		548,586		595,651
				6,067,354
Real Estate Investment Trusts—5.1%
American Homes 4 Rent L.P. 4.250%, 02/15/28		1,900,000		1,756,857
American Tower Corp. 3.375%, 05/15/24		12,000,000		11,677,179
3.500%, 01/31/23		1,807,000		1,804,826
Boston Properties L.P. 2.450%, 10/01/33		4,711,000		3,388,858
Brandywine Operating Partnership L.P. 4.100%, 10/01/24		7,500,000		7,136,355
Brixmor Operating Partnership L.P. 3.900%, 03/15/27		6,000,000		5,487,511
4.125%, 06/15/26		5,500,000		5,185,995
Crown Castle, Inc. 2.900%, 03/15/27		12,500,000		11,369,447
EPR Properties 3.750%, 08/15/29		2,500,000		1,957,379
Equinix, Inc. 1.000%, 09/15/25		2,900,000		2,593,384
Federal Realty Investment Trust 3.500%, 06/01/30		4,900,000		4,192,525
Real Estate Investment Trusts—(Continued)
GLP Capital L.P. / GLP Financing II, Inc. 5.250%, 06/01/25		5,000,000		4,915,073
Goodman U.S. Finance Three LLC 3.700%, 03/15/28 (144A)		10,800,000		9,744,018
Hudson Pacific Properties L.P. 4.650%, 04/01/29		2,400,000		2,050,444
Kilroy Realty L.P. 2.650%, 11/15/33		13,300,000		9,227,750
Life Storage L.P. 2.400%, 10/15/31		13,500,000		10,385,540
MPT Operating Partnership L.P. / MPT Finance Corp. 3.692%, 06/05/28 (GBP)		2,000,000		1,766,503
Omega Healthcare Investors, Inc. 4.750%, 01/15/28		8,900,000		8,200,752
Piedmont Operating Partnership L.P. 3.150%, 08/15/30		12,900,000		9,812,089
Prologis L.P. 2.250%, 01/15/32		13,500,000		10,700,527
Public Storage 3.094%, 09/15/27		15,500,000		14,416,447
Realty Income Corp. 3.875%, 04/15/25		10,700,000		10,482,835
SBA Tower Trust 2.328%, 07/15/52 (144A)		13,000,000		10,881,896
Simon Property Group L.P. 2.750%, 06/01/23		12,390,000		12,266,705
Starwood Property Trust, Inc. 4.375%, 01/15/27 (144A)		13,300,000		11,638,503
Sun Communities Operating L.P. 2.700%, 07/15/31		13,200,000		10,419,027
UDR, Inc. 3.500%, 07/01/27		1,900,000		1,766,266
4.400%, 01/26/29		3,400,000		3,177,791
Welltower, Inc. 4.250%, 04/01/26		1,102,000		1,065,630
				199,468,112
Retail—0.2%
7-Eleven, Inc. 1.800%, 02/10/31 (144A)		9,600,000		7,331,452
Savings & Loans—0.1%
Nationwide Building Society 4.363%, 3M LIBOR + 1.392%, 08/01/24 (144A) (a)		5,390,000		5,319,493
Semiconductors—0.9%
Broadcom, Inc. 3.137%, 11/15/35 (144A)		8,769,000		6,447,550
3.187%, 11/15/36 (144A)		10,800,000		7,757,509
3.500%, 02/15/41 (144A)		13,300,000		9,443,449
4.300%, 11/15/32		14,900,000		13,131,976
				36,780,484
Shipbuilding—0.3%
Huntington Ingalls Industries, Inc. 2.043%, 08/16/28		13,800,000		11,374,628

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—0.6%
Oracle Corp. 3.600%, 04/01/40		6,400,000	$	4,695,110
3.600%, 04/01/50		10,600,000		7,136,627
VMware, Inc. 1.400%, 08/15/26		13,500,000		11,768,848
				23,600,585
Telecommunications—0.8%
Level 3 Financing, Inc. 3.875%, 11/15/29 (144A)		12,330,000		9,730,039
Sprint LLC 7.125%, 06/15/24		1,000,000		1,019,540
7.875%, 09/15/23		2,800,000		2,839,161
T-Mobile USA, Inc. 2.550%, 02/15/31		8,900,000		7,270,589
Verizon Communications, Inc. 2.355%, 03/15/32		15,619,000		12,381,214
				33,240,543
Trucking & Leasing—0.3%
DAE Funding LLC 1.625%, 02/15/24 (144A)		11,200,000		10,631,264
Total Corporate Bonds & Notes (Cost $1,362,784,339)				1,194,046,088
Asset-Backed Securities—15.5%
Asset-Backed - Automobile—0.3%
Flagship Credit Auto Trust 4.030%, 12/15/26 (144A)		11,000,000		10,686,819
Asset-Backed - Home Equity—1.3%
Accredited Mortgage Loan Trust 4.969%, 1M LIBOR + 0.290%, 07/25/34 (a)		4,214,054		3,985,299
ACE Securities Corp. Home Equity Loan Trust 4.689%, 1M LIBOR + 0.300%, 04/25/36 (a)		2,298,104		2,205,130
4.689%, 1M LIBOR + 0.300%, 07/25/36 (a)		7,907,549		2,907,445
Asset-Backed Funding Certificates Trust 5.089%, 1M LIBOR + 0.700%, 06/25/34 (a)		1,147,831		1,072,138
5.214%, 1M LIBOR + 0.825%, 07/25/35 (a)		6,240,875		5,630,346
Asset-Backed Securities Corp. Home Equity Loan Trust 4.469%, 1M LIBOR + 0.080%, 05/25/37 (a)		18,721		12,882
Bear Stearns Asset-Backed Securities I Trust 4.432%, 1M LIBOR + 0.690%, 02/25/36 (a)		895,740		890,817
4.639%, 1M LIBOR + 0.250%, 04/25/37 (a)		5,790,414		7,851,036
5.189%, 1M LIBOR + 0.800%, 10/27/32 (a)		8,305		8,081
5.389%, 1M LIBOR + 1.000%, 10/25/37 (a)		91,299		91,129
5.394%, 1M LIBOR + 1.005%, 06/25/35 (a)		4,030,709		3,830,402
Citigroup Mortgage Loan Trust 4.549%, 1M LIBOR + 0.160%, 12/25/36 (144A) (a)		5,763,677		3,202,138
GSAA Home Equity Trust 5.049%, 1M LIBOR + 0.660%, 03/25/35 (a)		75,661		75,117
HSI Asset Securitization Corp. Trust 4.729%, 1M LIBOR + 0.340%, 12/25/36 (a)		8,625,912		2,278,391
IXIS Real Estate Capital Trust 5.334%, 1M LIBOR + 0.945%, 02/25/35 (a)		1,972,785		1,929,789
Asset-Backed - Home Equity—(Continued)
MASTR Asset-Backed Securities Trust 4.489%, 1M LIBOR + 0.100%, 08/25/36 (a)		4,790,097		1,659,279
4.559%, 1M LIBOR + 0.170%, 10/25/36 (a)		676,519		672,237
4.709%, 1M LIBOR + 0.320%, 08/25/36 (a)		3,101,401		1,086,296
Merrill Lynch Mortgage Investors Trust 4.889%, 1M LIBOR + 0.500%, 07/25/37 (a)		8,776,178		2,226,216
Morgan Stanley ABS Capital I, Inc. Trust 4.449%, 1M LIBOR + 0.060%, 05/25/37 (a)		99,733		86,721
NovaStar Mortgage Funding Trust 4.589%, 1M LIBOR + 0.200%, 09/25/37 (a)		3,207,940		3,087,356
Option One Mortgage Corp. Asset-Backed Certificates 5.029%, 1M LIBOR + 0.640%, 08/25/33 (a)		7,770		7,381
Option One Mortgage Loan Trust 4.529%, 1M LIBOR + 0.140%, 01/25/37 (a)		4,315,224		2,861,896
Renaissance Home Equity Loan Trust 3.894%, 1M LIBOR + 0.880%, 08/25/33 (a)		65,452		60,187
Residential Asset Securities Corp. Trust 4.809%, 1M LIBOR + 0.280%, 06/25/36 (a)		551,121		548,487
4.969%, 1M LIBOR + 0.290%, 06/25/33 (a)		522,783		480,615
				48,746,811
Asset-Backed - Other—13.9%
ACAS CLO, Ltd. 5.084%, 3M LIBOR + 0.890%, 10/18/28 (144A) (a)		24,482,681		24,014,695
Adagio CLO, Ltd. 2.098%, 3M EURIBOR + 0.720%, 10/15/31 (144A) (EUR) (a)		11,000,000		11,435,850
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates 5.169%, 1M LIBOR + 0.780%, 05/25/34 (a)		792,928		781,823
AMMC CLO, Ltd. 4.991%, 3M LIBOR + 0.980%, 04/14/29 (144A) (a)		6,172,557		6,134,935
Anchorage Capital CLO, Ltd. 5.465%, 3M LIBOR + 1.140%, 07/22/32 (144A) (a)		12,000,000		11,733,876
Ares European CLO X DAC 2.158%, 3M EURIBOR + 0.780%, 10/15/31 (144A) (EUR) (a)		11,000,000		11,394,861
Argent Securities, Inc. Asset-Backed Pass-Through Certificates 5.149%, 1M LIBOR + 0.760%, 02/25/36 (a)		3,837,055		2,903,756
BSPDF Issuer, Ltd. 5.518%, 1M LIBOR + 1.200%, 10/15/36 (144A) (a)		12,000,000		11,464,548
Carlyle Global Market Strategies CLO, Ltd. 5.405%, 3M LIBOR + 1.080%, 04/22/32 (144A) (a)		13,500,000		13,220,455
Catamaran CLO, Ltd. 5.425%, 3M LIBOR + 1.100%, 04/22/30 (144A) (a)		15,918,343		15,729,774
CWABS Asset-Backed Certificates Trust 4.332%, 10/25/46 (a)		746,110		743,165
4.483%, 10/25/32 (a)		2,319,812		2,230,911
4.529%, 1M LIBOR + 0.140%, 07/25/37 (a)		6,221,122		5,586,002
4.529%, 1M LIBOR + 0.140%, 04/25/47 (a)		1,954,253		1,857,497
4.539%, 1M LIBOR + 0.150%, 09/25/46 (a)		795,886		788,676
4.539%, 1M LIBOR + 0.150%, 06/25/47 (a)		4,636		4,624
4.609%, 1M LIBOR + 0.220%, 09/25/37 (a)		2,387,442		2,446,417
4.669%, 1M LIBOR + 0.280%, 02/25/37 (a)		2,343,289		2,192,431
4.689%, 1M LIBOR + 0.300%, 03/25/47 (a)		518,841		505,193
5.439%, 1M LIBOR + 1.050%, 11/25/35 (a)		551,974		550,028

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Dell Equipment Finance Trust 2.110%, 08/23/27 (144A)		5,526,421	$	5,453,145
Dryden 80 CLO, Ltd. 5.114%, 3M TSFR + 1.250%, 01/17/33 (144A) (a)		1,400,000		1,353,869
First Franklin Mortgage Loan Trust 4.669%, 1M LIBOR + 0.280%, 12/25/36 (a)		4,719,637		2,013,304
4.699%, 1M LIBOR + 0.310%, 10/25/36 (a)		16,312,000		12,817,537
5.109%, 1M LIBOR + 0.720%, 10/25/35 (a)		269,875		269,004
5.319%, 1M LIBOR + 0.930%, 10/25/34 (a)		5,896,701		5,747,766
5.814%, 1M LIBOR + 1.425%, 10/25/34 (a)		1,855,592		1,821,591
Gallatin CLO, Ltd. 5.328%, 3M LIBOR + 1.050%, 01/21/28 (144A) (a)		6,950,656		6,898,491
GoodLeap Sustainable Home Solutions Trust 4.000%, 04/20/49 (144A)		10,969,471		8,906,976
GSAMP Trust 4.559%, 1M LIBOR + 0.170%, 12/25/36 (a)		2,373,421		1,166,834
4.974%, 1M LIBOR + 0.585%, 01/25/36 (a)		2,155,407		2,157,429
5.709%, 1M LIBOR + 1.320%, 12/25/34 (a)		4,226,728		3,394,864
Harvest CLO XX 2.136%, 3M EURIBOR + 0.680%, 10/20/31 (144A) (EUR) (a)		10,900,000		11,287,549
Home Equity Loan Trust 4.619%, 1M LIBOR + 0.230%, 04/25/37 (a)		6,196,896		5,946,922
Home Equity Mortgage Loan Asset-Backed Trust 4.609%, 1M LIBOR + 0.220%, 04/25/37 (a)		2,239,843		1,723,691
JFIN CLO, Ltd. 5.736%, 3M LIBOR + 0.990%, 09/20/29 (144A) (a)		10,696,815		10,504,861
KREF, Ltd. 5.771%, 1M TSFR + 1.450%, 02/17/39 (144A) (a)		12,500,000		12,115,350
LCM XIII L.P. 5.097%, 3M LIBOR + 0.870%, 07/19/27 (144A) (a)		9,494,766		9,389,146
LCM XXV, Ltd. 5.063%, 3M TSFR + 1.100%, 07/20/30 (144A) (a)		12,860,769		12,602,627
Long Beach Mortgage Loan Trust 4.709%, 1M LIBOR + 0.320%, 05/25/36 (a)		28,107,241		8,686,183
4.909%, 1M LIBOR + 0.520%, 08/25/45 (a)		509,911		484,259
5.169%, 1M LIBOR + 0.780%, 08/25/35 (a)		9,074,845		8,831,854
Madison Park Funding, Ltd. 5.233%, 3M LIBOR + 0.990%, 04/20/32 (144A) (a)		7,300,000		7,140,444
Marathon CLO, Ltd. 5.229%, 3M LIBOR + 1.150%, 04/15/29 (144A) (a)		8,086,129		7,996,882
5.545%, 3M LIBOR + 0.870%, 11/21/27 (144A) (a)		244,027		243,501
Merrill Lynch First Franklin Mortgage Loan Trust 5.639%, 1M LIBOR + 1.250%, 10/25/37 (a)		9,586,955		8,156,465
MF1 LLC 6.956%, 1M TSFR + 2.635%, 09/17/37 (144A) (a)		10,700,000		10,635,586
MF1, Ltd. 6.150%, 1M TSFR + 1.814%, 11/15/35 (144A) (a)		9,413,632		9,226,436
MidOcean Credit CLO II 5.445%, 3M LIBOR + 1.030%, 01/29/30 (144A) (a)		10,582,718		10,440,179
Morgan Stanley ABS Capital I, Inc. Trust 4.639%, 1M LIBOR + 0.250%, 07/25/36 (a)		2,811,384		2,363,208
4.689%, 1M LIBOR + 0.300%, 06/25/36 (a)		164,583		142,454
5.009%, 1M LIBOR + 0.620%, 12/25/35 (a)		1,144,354		1,103,757
Neuberger Berman CLO XIV, Ltd. 5.404%, 3M LIBOR + 1.030%, 01/28/30 (144A) (a)		12,920,834		12,757,010
Asset-Backed - Other—(Continued)
OSD CLO, Ltd. 4.949%, 3M LIBOR + 0.870%, 04/17/31 (144A) (a)		13,449,460		13,179,503
OZLM XVI, Ltd. 5.674%, 3M LIBOR + 1.030%, 05/16/30 (144A) (a)		12,580,502		12,373,327
Palmer Square European Loan Funding DAC 2.158%, 3M EURIBOR + 0.780%, 04/15/31 (144A) (EUR) (a)		9,815,363		10,190,920
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 5.124%, 1M LIBOR + 0.735%, 09/25/35 (a)		5,000,000		4,859,534
5.439%, 1M LIBOR + 1.050%, 10/25/34 (a)		3,702,360		3,616,967
6.189%, 1M LIBOR + 1.800%, 12/25/34 (a)		4,636,570		4,492,101
Regatta XI Funding, Ltd. 5.149%, 3M LIBOR + 1.070%, 07/17/31 (144A) (a)		11,200,000		11,008,536
Saxon Asset Securities Trust 4.789%, 1M LIBOR + 0.400%, 09/25/47 (a)		1,897,472		1,717,882
Sculptor CLO XXV, Ltd. 5.349%, 3M LIBOR + 1.270%, 01/15/31 (144A) (a)		15,050,000		14,757,819
Securitized Asset Backed Receivables LLC Trust 4.889%, 1M LIBOR + 0.500%, 03/25/36 (a)		14,122,552		8,671,093
4.889%, 1M LIBOR + 0.500%, 05/25/36 (a)		6,779,685		3,633,976
Soundview Home Loan Trust 4.499%, 1M LIBOR + 0.110%, 02/25/37 (a)		2,104,975		589,477
Specialty Underwriting & Residential Finance Trust 4.659%, 1M LIBOR + 0.270%, 04/25/37 (a)		2,739,420		1,963,589
Starwood Commercial Mortgage Trust 5.157%, SOFR30A + 1.350%, 11/15/38 (144A) (a)		13,000,000		12,570,210
5.520%, 1M TSFR + 1.194%, 07/15/38 (144A) (a)		8,758,403		8,668,525
Structured Asset Investment Loan Trust 4.539%, 1M LIBOR + 0.150%, 09/25/36 (a)		1,055,960		1,009,356
5.019%, 1M LIBOR + 0.630%, 11/25/35 (a)		4,753,611		4,575,693
Structured Asset Securities Corp. Mortgage Loan Trust 5.289%, 1M LIBOR + 0.900%, 08/25/37 (a)		91,281		90,202
Sunrun Demeter Issuer Trust 2.270%, 01/30/57 (144A)		12,845,038		10,018,374
Symphony CLO XVII, Ltd. 4.959%, 3M LIBOR + 0.880%, 04/15/28 (144A) (a)		1,259,004		1,248,383
TCI-Symphony CLO, Ltd. 4.961%, 3M LIBOR + 1.020%, 10/13/32 (144A) (a)		13,000,000		12,719,122
TCW CLO, Ltd. 5.328%, 3M LIBOR + 0.970%, 04/25/31 (144A) (a)		13,000,000		12,814,035
THL Credit Wind River CLO, Ltd. 5.159%, 3M LIBOR + 1.080%, 04/15/31 (144A) (a)		4,000,000		3,892,892
TICP CLO III-2, Ltd. 5.083%, 3M LIBOR + 0.840%, 04/20/28 (144A) (a)		3,623,147		3,604,771
Toro European CLO 7 DAC 2.572%, 3M EURIBOR + 0.810%, 02/15/34 (144A) (EUR) (a)		15,000,000		15,733,119
U.S. Small Business Administration 6.220%, 12/01/28		490,216		500,940
Venture CLO, Ltd. 4.959%, 3M LIBOR + 0.880%, 04/15/27 (144A) (a)		10,593,129		10,493,003
5.233%, 3M LIBOR + 0.990%, 07/20/30 (144A) (a)		11,600,000		11,372,501
5.293%, 3M LIBOR + 1.050%, 07/20/30 (144A) (a)		13,390,580		13,108,065

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Wells Fargo Home Equity Asset-Backed Securities Trust 5.109%, 1M LIBOR + 0.720%, 12/25/35 (a)		2,510,079	$	2,498,760
			545,471,366
Asset-Backed - Student Loan—0.0%
SoFi Professional Loan Program LLC 3.020%, 02/25/40 (144A)		1,549,603		1,477,734
Total Asset-Backed Securities (Cost $624,371,918)				606,382,730
Mortgage-Backed Securities—14.8%
Collateralized Mortgage Obligations—8.0%
Adjustable Rate Mortgage Trust 3.611%, 11/25/35 (a)		131,654		100,767
Alternative Loan Trust 0.611%, -1x 1M LIBOR + 5.000%, 05/25/35 (a)(b)		406,283		16,383
3.528%, 12M MTA + 1.480%, 01/25/36 (a)		403,431		365,369
4.909%, 1M LIBOR + 0.520%, 06/25/46 (a)		4,859,474		4,001,686
5.500%, 02/25/36		1,504,036		1,073,510
6.000%, 03/25/35		7,657,639		6,065,403
6.000%, 1M LIBOR + 6.000%, 08/25/36 (a)		1,774,585		1,646,203
6.000%, 02/25/37		7,832,031		3,532,256
6.000%, 04/25/37		2,574,574		1,211,257
6.000%, 07/25/37		3,816,088		2,012,047
American Home Mortgage Investment Trust 4.749%, 1M LIBOR + 0.360%, 12/25/46 (a)		10,232,250		8,305,154
Banc of America Alternative Loan Trust 10.845%, -4x 1M LIBOR + 28.400%, 11/25/46 (a)		326,405		296,441
Banc of America Funding Trust 3.418%, 05/25/35 (a)		236,738		222,049
3.958%, 02/20/36 (a)		481,947		447,747
4.273%, 01/20/47 (a)		56,741		51,639
Banc of America Mortgage Trust 6.000%, 05/25/37		4,693,718		3,583,535
Bayview MSR Opportunity Master Fund Trust 3.000%, 11/25/51 (144A) (a)		12,434,484		10,394,942
BCAP LLC Trust 4.809%, 1M LIBOR + 0.420%, 05/25/47 (a)		3,991,230		3,575,357
5.250%, 02/26/36 (144A) (a)		1,904,143		834,498
Bear Stearns Adjustable Rate Mortgage Trust 3.250%, 02/25/33 (a)		1,964		1,535
3.857%, 10/25/35 (a)		544,691		513,484
Bear Stearns ALT-A Trust 3.115%, 05/25/35 (a)		393,018		363,693
3.341%, 05/25/36 (a)		1,173,911		672,029
3.586%, 11/25/36 (a)		1,390,814		736,369
3.602%, 11/25/36 (a)		1,545,685		871,749
3.729%, 09/25/35 (a)		401,793		247,425
Bear Stearns Structured Products, Inc. Trust 3.524%, 01/26/36 (a)		407,631		323,760
5.219%, 12/26/46 (a)		366,535		260,814
Chase Mortgage Finance Trust 3.393%, 03/25/37 (a)		529,180		480,358
3.707%, 09/25/36 (a)		974,092		802,119
3.824%, 12/25/35 (a)		301,734		272,191
Collateralized Mortgage Obligations—(Continued)
Chevy Chase Funding LLC Mortgage-Backed Certificate 4.639%, 1M LIBOR + 0.250%, 08/25/35 (144A) (a)		9,950		8,921
CHL Mortgage Pass-Through Trust 3.501%, 09/20/36 (a)		1,312,060		1,130,108
4.789%, 1M LIBOR + 0.400%, 04/25/46 (a)		1,262,050		1,088,565
5.029%, 1M LIBOR + 0.640%, 03/25/35 (a)		227,653		201,522
5.750%, 06/25/37		955,683		511,130
Citicorp Mortgage Securities Trust 6.000%, 05/25/37		731,549		629,357
Citigroup Mortgage Loan Trust 2.960%, 10/25/46 (a)		550,757		483,371
3.790%, 1Y H15 + 2.150%, 09/25/35 (a)		60,885		58,215
5.410%, 1Y H15 + 2.400%, 10/25/35 (a)		526,372		484,479
6.080%, 1Y H15 + 2.100%, 09/25/35 (a)		334,796		326,036
CitiMortgage Alternative Loan Trust 5.039%, 1M LIBOR + 0.650%, 10/25/36 (a)		4,017,204		3,363,969
Countrywide Home Reperforming Loan REMIC Trust 4.729%, 1M LIBOR + 0.340%, 06/25/35 (144A) (a)		641,756		603,973
Credit Suisse First Boston Mortgage Securities Corp. 3.792%, 03/25/32 (144A) (a)		23,320		21,151
6.000%, 11/25/35		761,966		564,570
Credit Suisse Mortgage Trust 4.194%, 10/27/36 (144A) (a)		9,378,868		8,305,698
Downey Savings & Loan Association Mortgage Loan Trust 3.728%, 07/19/44 (a)		175,730		156,410
First Horizon Mortgage Pass-Through Trust 3.875%, 08/25/35 (a)		57,505		39,391
GCAT LLC 2.981%, 09/25/25 (144A) (l)		4,261,872		4,114,959
Gemgarto plc 3.999%, 3M SONIA + 0.590%, 12/16/67 (144A) (GBP) (a)		6,464,391		7,694,758
GreenPoint Mortgage Funding Trust 4.829%, 1M LIBOR + 0.440%, 06/25/45 (a)		23,001		20,899
GS Mortgage-Backed Securities Trust 2.500%, 01/25/52 (144A) (a)		12,081,281		9,697,584
2.500%, 06/25/52 (144A) (a)		12,000,967		9,633,116
3.000%, 08/26/52 (144A) (a)		14,330,326		11,932,235
GSR Mortgage Loan Trust 3.161%, 04/25/36 (a)		942,212		648,909
3.767%, 09/25/35 (a)		7,814		7,303
3.796%, 01/25/36 (a)		1,404,995		1,345,613
6.000%, 03/25/32		47		44
HarborView Mortgage Loan Trust 4.779%, 1M LIBOR + 0.440%, 05/19/35 (a)		313,599		277,782
IndyMac ARM Trust 3.544%, 01/25/32 (a)		5,739		5,198
3.686%, 01/25/32 (a)		240		212
IndyMac INDX Mortgage Loan Trust 4.629%, 1M LIBOR + 0.240%, 07/25/36 (a)		2,133,147		1,886,535
4.809%, 1M LIBOR + 0.420%, 05/25/46 (a)		3,399,486		2,950,270
JPMorgan Alternative Loan Trust 4.749%, 1M LIBOR + 0.360%, 05/25/36 (a)		943,010		780,718
JPMorgan Mortgage Trust 3.000%, 03/25/52 (144A) (a)		11,990,713		9,993,983
3.708%, 07/25/35 (a)		179,855		178,978
3.760%, 12/26/37 (144A) (a)		4,923,072		4,170,188
5.750%, 01/25/36		183,604		90,300

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Legacy Mortgage Asset Trust 2.882%, 10/25/59 (144A) (l)		10,516,141	$	10,437,793
Lehman Mortgage Trust 4.989%, 1M LIBOR + 0.600%, 08/25/36 (a)		2,906,664		2,131,100
Lehman XS Trust 4.789%, 1M LIBOR + 0.400%, 03/25/47 (a)		10,263,984		8,372,936
MASTR Alternative Loan Trust 4.789%, 1M LIBOR + 0.400%, 03/25/36 (a)		611,761		67,663
6.500%, 02/25/35		2,754,639		2,711,167
MASTR Asset Securitization Trust 6.000%, 06/25/36		165,349		109,466
Metlife Securitization Trust 3.750%, 03/25/57 (144A) (a)		3,700,017		3,474,227
Mill City Mortgage Loan Trust 3.250%, 08/25/59 (144A) (a)		8,400,000		6,964,239
Morgan Stanley Re-REMIC Trust 2.666%, 03/26/37 (144A) (l)		1,375,722		1,282,392
MortgageIT Mortgage Loan Trust 4.849%, 1M LIBOR + 0.460%, 04/25/36 (a)		1,485,874		1,357,128
Nomura Asset Acceptance Corp. Alternative Loan Trust 5.476%, 05/25/35 (l)		602,480		310,742
OBX Trust 5.039%, 1M LIBOR + 0.650%, 06/25/57 (144A) (a)		5,963,461		5,608,465
RBSSP Resecuritization Trust 3.806%, 1M LIBOR + 0.240%, 06/27/36 (144A) (a)		3,290,160		3,162,769
Residential Asset Securitization Trust 6.000%, 06/25/36		2,834,281		1,202,210
Ripon Mortgages plc 4.011%, 3M SONIA + 0.700%, 08/28/56 (144A) (GBP) (a)		16,620,108		19,762,092
4.461%, 3M SONIA + 1.150%, 08/28/56 (144A) (GBP) (a)		5,777,000		6,620,058
4.811%, 3M SONIA + 1.500%, 08/28/56 (144A) (GBP) (a)		13,223,000		14,922,018
Sequoia Mortgage Trust 4.979%, 1M LIBOR + 0.640%, 04/19/27 (a)		141,041		133,024
5.053%, 1M LIBOR + 0.700%, 07/20/33 (a)		71,760		65,047
Structured Adjustable Rate Mortgage Loan Trust 3.565%, 01/25/35 (a)		174,228		171,676
3.678%, 08/25/35 (a)		45,313		38,426
3.745%, 10/25/36 (a)		5,663,151		3,000,072
4.138%, 04/25/35 (a)		1,605,894		1,456,732
Structured Asset Mortgage Investments II Trust 4.839%, 1M LIBOR + 0.500%, 07/19/35 (a)		236,468		210,915
Towd Point Mortgage Funding 3.826%, 3M SONIA + 0.900%, 07/20/45 (144A) (GBP) (a)		9,269,184		11,041,253
4.071%, 3M SONIA + 1.144%, 10/20/51 (144A) (GBP) (a)		13,425,069		16,179,665
4.171%, 3M SONIA + 0.900%, 05/20/45 (GBP) (a)		22,937,769		27,219,903
UWM Mortgage Trust 2.500%, 11/25/51 (144A) (a)		16,899,821		13,565,402
2.500%, 12/25/51 (144A) (a)		12,373,191		9,869,414
WaMu Mortgage Pass-Through Certificates Trust 3.227%, 06/25/37 (a)		3,215,223		2,775,246
3.448%, 12M MTA + 1.400%, 06/25/42 (a)		24,903		22,305
Collateralized Mortgage Obligations—(Continued)
WaMu Mortgage Pass-Through Certificates Trust 4.889%, 1M LIBOR + 0.500%, 02/25/45 (a)		4,021,462		3,628,221
Wells Fargo Mortgage-Backed Securities Trust 4.073%, 09/25/33 (a)		67,564		64,778
				314,626,763
Commercial Mortgage-Backed Securities—6.8%
1211 Avenue of the Americas Trust 3.901%, 08/10/35 (144A)		12,100,000		11,233,728
225 Liberty Street Trust 3.597%, 02/10/36 (144A)		11,600,000		10,564,467
Arbor Multifamily Mortgage Securities Trust 2.756%, 05/15/53 (144A)		7,500,000		6,385,822
AREIT Trust 5.076%, SOFR30A + 1.250%, 01/16/37 (144A) (a)		12,358,921		11,700,967
5.419%, 1M LIBOR + 1.080%, 11/17/38 (144A) (a)		9,629,884		9,263,105
6.567%, 1M TSFR + 2.242%, 06/17/39 (144A) (a)		11,500,000		11,331,364
Benchmark Mortgage Trust 2.955%, 01/15/55 (a)		12,646,000		11,099,513
3.458%, 03/15/55		13,000,000		11,501,785
4.016%, 03/15/52		13,000,000		12,244,647
4.445%, 05/15/55 (a)		11,000,000		10,510,914
Commercial Mortgage Trust 3.545%, 02/10/36 (144A)		11,600,000		10,601,929
CSAIL Commercial Mortgage Trust 3.314%, 11/15/49		1,876,515		1,806,695
DBGS Mortgage Trust 3.843%, 04/10/37 (144A)		12,550,000		10,698,824
DC Office Trust 2.965%, 09/15/45 (144A)		1,000,000		794,651
DOLP Trust 2.956%, 05/10/41 (144A)		13,200,000		10,484,006
Extended Stay America Trust 5.398%, 1M LIBOR + 1.080%, 07/15/38 (144A) (a)		13,666,691		13,272,396
GCT Commercial Mortgage Trust 5.118%, 1M LIBOR + 0.800%, 02/15/38 (144A) (a)		4,000,000		3,711,449
GS Mortgage Securities Corp. Trust 2.856%, 05/10/34 (144A)		8,900,000		8,277,000
GS Mortgage Securities Trust 3.278%, 11/10/49 (a)		1,943,192		1,864,267
3.602%, 10/10/49 (144A) (a)		13,346,000		11,304,637
JPMorgan Chase Commercial Mortgage Securities Trust 5.768%, 1M LIBOR + 1.450%, 12/15/31 (144A) (a)		6,599,745		6,273,772
LoanCore Issuer, Ltd. 4.722%, 1M TSFR + 0.914%, 07/15/35 (144A) (a)		4,359,447		4,318,994
LUXE Trust 5.368%, 1M LIBOR + 1.050%, 10/15/38 (144A) (a)		4,672,347		4,467,271
Manhattan West Mortgage Trust 2.130%, 09/10/39 (144A)		12,300,000		10,501,852
MF1 Multifamily Housing Mortgage Loan Trust 5.300%, 1M TSFR + 0.964%, 07/15/36 (144A) (a)		6,212,514		6,016,466
Morgan Stanley Bank of America Merrill Lynch Trust 2.952%, 11/15/49		7,531,710		7,218,278
Morgan Stanley Capital I Trust 2.428%, 04/05/42 (144A) (a)		7,500,000		5,708,200
Natixis Commercial Mortgage Securities Trust 6.159%, 1M TSFR + 1.824%, 03/15/35 (144A) (a)		12,000,000		11,657,989

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
NYO Commercial Mortgage Trust 5.413%, 1M LIBOR + 1.095%, 11/15/38 (144A) (a)		14,000,000	$	12,683,688
Ready Capital Mortgage Financing LLC 5.589%, 1M LIBOR + 1.200%, 11/25/36 (144A) (a)		9,628,451		9,219,112
6.875%, 1M TSFR + 2.552%, 10/25/39 (a)		9,286,796		9,235,616
				265,953,404
Total Mortgage-Backed Securities (Cost $658,986,616)				580,580,167
Foreign Government—3.7%
Regional Government—0.4%
Japan Finance Organization for Municipalities 3.375%, 09/27/23 (144A)		14,000,000		13,821,640
Sovereign—3.3%
Chile Government International Bond 4.340%, 03/07/42		12,500,000		10,561,133
Israel Government International Bond 2.750%, 07/03/30		14,500,000		13,155,125
Ivory Coast Government International Bond 5.875%, 10/17/31 (144A) (EUR)		4,900,000		4,384,570
Japan Bank for International Cooperation 2.875%, 07/21/27		11,200,000		10,400,007
Peruvian Government International Bonds 5.940%, 02/12/29 (PEN)		23,200,000		5,596,374
6.350%, 08/12/28 (PEN)		65,600,000		16,410,212
6.950%, 08/12/31 (PEN)		7,000,000		1,735,556
8.200%, 08/12/26 (PEN)		24,300,000		6,692,331
Qatar Government International Bond 5.103%, 04/23/48		1,500,000		1,506,198
Republic of South Africa Government Bond 10.500%, 12/21/26 (ZAR)		971,000,000		60,124,423
				130,565,929
Total Foreign Government (Cost $169,604,512)				144,387,569
Municipals—0.7%
City of Chicago General Obligation Unlimited 7.750%, 01/01/42		1,939,000		1,970,769
New York State Urban Development Corp. 1.346%, 03/15/26		8,100,000		7,267,946
Sales Tax Securitization Corp. 3.007%, 01/01/33		10,100,000		8,128,114
3.057%, 01/01/34		2,000,000		1,586,417
State of Illinois General Obligation Unlimited, Build America Bond 6.725%, 04/01/35		5,720,000		5,826,840
Tobacco Settlement Finance Authority 1.820%, 06/01/26		2,250,000		1,993,559
Total Municipals (Cost $30,467,670)				26,773,645
Floating Rate Loans (m)—0.3%
Security Description	Principal Amount*		Value
Investment Companies—0.2%
Castlelake L.P. First Lien Term Loan, 2.950%, 3M LIBOR + 2.950%, 05/13/31		7,552,286		6,834,819
Media—0.1%
CSC Holdings LLC Term Loan B5, 6.818%, 1M LIBOR + 2.500%, 04/15/27		5,185,856		4,641,341
Total Floating Rate Loans (Cost $12,713,454)				11,476,160
Short-Term Investments—10.2%
Commercial Paper—2.5%
Consolidated Edison Co. of New York, Inc. 4.800%, 01/20/23 (n)		11,300,000		11,269,316
Crown Castle, Inc. 5.150%, 01/10/23 (n)		5,900,000		5,891,190
Enbridge U.S., Inc. 4.700%, 01/04/23 (n)		9,250,000		9,243,903
Enel Finance America LLC 6.000%, 01/12/23 (n)		7,700,000		7,686,906
McCormick & Co., Inc. 4.750%, 01/27/23 (n)		8,000,000		7,970,768
Mercedes-Benz Finance North America LLC 4.800%, 01/30/23 (n)		8,000,000		7,967,519
Oracle Corp. 4.760%, 01/27/23 (n)		7,900,000		7,871,631
Republic Services, Inc. 4.650%, 01/12/23 (n)		8,000,000		7,986,722
Tampa Electric Co. 4.800%, 01/12/23 (n)		8,000,000		7,986,665
Targa Resources Corp. 5.250%, 01/13/23 (n)		8,000,000		7,986,582
Vodafone Group plc 4.600%, 01/05/23 (n)		8,000,000		7,993,838
Walgreens Boots Alliance, Inc. 4.900%, 01/11/23 (n)		8,000,000		7,987,584
				97,842,624
Federal Agencies—0.5%
Federal Home Loan Banks 4.320%, SOFR + 0.020%, 01/06/23 (a)		8,600,000		8,599,996
4.320%, SOFR + 0.020%, 01/10/23 (a)		9,900,000		9,900,033
				18,500,029
Repurchase Agreements—7.2%
Barclays Capital, Inc. Repurchase Agreement dated 12/30/22 at 4.270%, due on 01/04/23 with a maturity value of $43,105,112; collateralized by Ginnie Mae II 30 Yr. Pool at 3.000%, maturing 02/20/52, with a market value of $44,020,781.		43,100,000		43,100,000

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
Barclays Capital, Inc.
Repurchase Agreement dated 12/29/22 at 4.280%, due on 01/03/23 with a maturity value of $3,001,427; collateralized by U.S. Treasury Notes at 0.375%, maturing 01/31/26, with a market value of $3,050,872.		3,000,000	$	3,000,000
Repurchase Agreement dated 12/29/22 at 4.290%, due on 01/03/23 with a maturity value of $78,437,371; collateralized by Ginnie Mae II 30 Yr. Pool at 3.000%, maturing 02/20/52, with a market value of $80,467,159.		78,400,000		78,400,000
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $3,993,249; collateralized by U.S. Treasury Note at 2.750%, maturing 02/15/24, with a market value of $4,072,367.		3,992,451		3,992,451
Goldman Sachs & Co. LLC Repurchase Agreement dated 12/20/22 at 4.220%, due on 01/04/23 with a maturity value of $50,087,917; collateralized by U.S. Treasury Note at 0.375%, maturing 07/31/27, with a market value of $50,597,676.		50,000,000		50,000,000
JPMorgan Securities LLC Repurchase Agreement dated 12/29/22 at 4.350%, due on 01/03/23 with a maturity value of $40,719,672; collateralized by U.S. Treasury Bond at 2.000%, maturing 02/15/50, with a market value of $40,971,016.		40,700,000		40,700,000
Repurchase Agreement dated 12/30/22 at 4.310%, due on 01/04/23 with a maturity value of $63,807,638; collateralized by U.S. Treasury Obligations with rates ranging from 2.000% - 2.375%, maturity dates ranging from 02/15/50- 05/15/51, a with a market value of $65,335,380.		63,800,000		63,800,000
				282,992,451
Total Short-Term Investments (Cost $399,350,875)				399,335,104
Total Purchased Options—0.0% (o) (Cost $1,721,400)				1,840,290
Total Investments—133.1% (Cost $5,706,868,764)				5,210,616,716
Other assets and liabilities (net)—(33.1)%				(1,295,618,171	)
Net Assets — 100.0%			$	3,914,998,545

*	Principal and notional amounts stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale
	at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $1,144,158, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	Interest only security.
(c)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 0.1% of net assets.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	Principal amount of security is adjusted for inflation.
(g)	All or a portion of the security was pledged as collateral against open OTC option contracts, OTC swap contracts and forward foreign currency exchange contracts. As of December 31, 2022, the market value of securities pledged was $11,583,913.
(h)	All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2022, the market value of securities pledged was $34,275,805.
(i)	All or a portion of the security was pledged as collateral against TBA securities. As of December 31, 2022, the value of securities pledged amounted to $12,071,868.
(j)	All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2022, the market value of securities pledged was $5,513,827.
(k)	Non-income producing; security is in default and/or issuer is in bankruptcy.
(l)	Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.
(m)	Floating rate loans (“Senior Loans”) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will generally have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are determined periodically by reference to a base lending rate, plus a spread. These base rates are primarily the London Interbank Offered Rate and secondarily, the prime rate offered by one or more major United States banks. Base lending rates may be subject to a floor, or a minimum rate.
(n)	The rate shown represents current yield to maturity.
	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(o)	For a breakout of open positions, see details shown in the Purchased Options table that follows.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $1,327,117,679, which is 33.9% of net assets.

Restricted Securities	Acquisition Date		Principal Amount	Cost		Value
British Airways Pass-Through Trust, 4.125%, 09/20/31		10/01/19	$1,374,548	$	1,457,020	$	1,144,158

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Uniform Mortgage-Backed Securities 30 Yr. Pool		2.000	%		TBA	$	(34,300,000	)	$	(27,815,156	)	$	(27,901,687	)
Uniform Mortgage-Backed Securities 30 Yr. Pool		2.500	%		TBA		(85,800,000	)		(72,103,938	)		(72,630,928	)
Totals									$	(99,919,094	)	$	(100,532,615	)

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
BRL	131,000,018	JPMC		01/04/23		USD	24,721,182	$	90,602
BRL	131,000,018	GSBU		04/04/23		USD	24,149,917		236,471
CLP	6,441,253,715	BNP		02/02/23		USD	6,688,737		885,898
CLP	6,657,044,976	BNP		03/23/23		USD	6,893,849		872,464
CNY	405,872	JPMC		01/19/23		USD	58,315		137
CNY	724,530	JPMC		03/14/23		USD	104,731		63
EUR	1,263,000	BBP		02/16/23		USD	1,308,646		47,226
EUR	1,156,000	CBNA		02/16/23		USD	1,232,900		8,104
EUR	1,159,000	CBNA		02/16/23		USD	1,199,499		44,726
EUR	1,144,000	JPMC		02/16/23		USD	1,220,089		8,033
EUR	1,256,000	JPMC		02/16/23		USD	1,338,958		9,400
GBP	1,503,000	BBP		02/16/23		USD	1,838,346		(19,299	)
GBP	1,578,000	CBNA		02/16/23		USD	1,897,764		12,054
GBP	922,000	JPMC		02/16/23		USD	1,120,526		(4,651	)
GBP	857,000	SG		02/16/23		USD	1,017,930		19,278
JPY	259,900,000	BNP		02/16/23		USD	1,889,493		101,887
JPY	150,500,000	JPMC		02/16/23		USD	1,131,391		21,755
JPY	506,300,000	UBSA		02/16/23		USD	3,869,913		9,407
MXN	474,817,000	BNP		03/21/23		USD	23,559,251		470,566
MYR	1,437,265	BBP		01/18/23		USD	305,781		20,690
PEN	2,831,772	CBNA		03/14/23		USD	721,930		19,017
PEN	10,016,767	CBNA		04/10/23		USD	2,504,192		111,106
ZAR	50,978,000	GSBU		01/09/23		USD	2,930,175		68,840
Contracts to Deliver
AUD	2,623,000	JPMC		01/10/23		USD	1,786,563		252
BRL	131,000,018	GSBU		01/04/23		USD	24,580,170		(231,614	)
BRL	12,479,491	CBNA		02/02/23		USD	2,312,344		(38,430	)
CAD	485,000	UBSA		01/10/23		USD	361,555		3,345
CLP	13,089,876,517	GSBU		03/15/23		USD	14,368,690		(924,017	)
DKK	75,551,067	DBAG		01/10/23		USD	10,648,405		(232,363	)
EUR	74,270,724	BNP		02/16/23		USD	77,013,935		(2,718,147	)
EUR	992,000	BNP		02/16/23		USD	1,061,357		(3,588	)
EUR	959,000	BBP		02/16/23		USD	1,002,858		(26,660	)
EUR	813,000	JPMC		02/16/23		USD	851,166		(21,616	)
GBP	258,000	JPMC		02/16/23		USD	306,041		(6,211	)
GBP	99,940,000	SG		02/16/23		USD	117,845,031		(3,110,101	)
JPY	697,000,000	CBNA		02/16/23		USD	5,018,810		(321,672	)
KRW	166,812,292	CBNA		01/19/23		USD	126,440		(5,514	)
MXN	173,937,357	JPMC		02/21/23		USD	8,484,252		(364,733	)
MXN	306,679,000	CBNA		03/21/23		USD	15,632,335		111,744
NZD	1,606,000	CBNA		01/10/23		USD	1,021,171		1,453
NZD	483,000	CBNA		01/10/23		USD	307,413		736
PEN	21,528,747	CBNA		02/01/23		USD	5,398,382		(255,344	)
PEN	7,332,581	CBNA		02/01/23		USD	1,844,814		(80,816	)
PEN	43,078,227	CBNA		02/06/23		USD	10,733,332		(573,883	)
PEN	13,145,475	CBNA		02/10/23		USD	3,333,877		(115,332	)

See accompanying notes to financial statements.

BHFTI-19

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
PEN	46,639,618	GSBU		05/10/23		USD	11,721,442	$	(430,132	)
ZAR	118,195,995	SG		01/09/23		USD	6,662,567		(290,854	)
ZAR	77,380,085	GSBU		01/20/23		USD	4,328,641		(219,262	)
ZAR	254,752,096	CBNA		01/25/23		USD	14,540,064		(426,073	)
ZAR	66,530,569	DBAG		02/13/23		USD	3,983,747		81,633
ZAR	74,338,616	SG		02/17/23		USD	4,226,096		(132,495	)
ZAR	151,336,569	UBSA		03/27/23		USD	8,467,092		(377,843	)
ZAR	120,042,698	CBNA		04/13/23		USD	6,482,629		(523,606	)
ZAR	116,930,413	GSBU		05/12/23		USD	6,996,961		188,230
ZAR	93,920,790	UBSA		09/12/23		USD	5,357,015		(59,117	)
Net Unrealized Depreciation								$	(8,068,256	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
Euro-Bobl Futures		03/08/23		162			EUR	18,751,500		$	(739,573	)
U.S. Treasury Long Bond Futures		03/22/23		233			USD	29,205,094			(264,276	)
U.S. Treasury Note 10 Year Futures		03/22/23		850			USD	95,452,344			(737,258	)
U.S. Treasury Note Ultra 10 Year Futures		03/22/23		415			USD	49,086,719			(68,654	)
U.S. Treasury Ultra Long Bond Futures		03/22/23		109			USD	14,640,063			(154,293	)
Futures Contracts—Short
Euro-BTP Futures		03/08/23		(2	)		EUR	(217,840	)		17,296
Euro-Bund Futures		03/08/23		(755	)		EUR	(100,362,150	)		6,807,068
Euro-Buxl 30 Year Bond Futures		03/08/23		(46	)		EUR	(6,221,040	)		1,210,374
Euro-OAT Futures		03/08/23		(434	)		EUR	(55,248,200	)		4,403,278
Japanese Government 10 Year Bond Futures		03/13/23		(194	)		JPY	(28,219,240,000	)		3,946,115
U.S. Treasury Note 5 Year Futures		03/31/23		(675	)		USD	(72,852,539	)		204,773
Net Unrealized Appreciation										$	14,624,850

Purchased Options

Interest Rate Swaptions

Strike Rate

Counterparty

Floating Rate Index

Pay/ Receive Floating Rate

Expiration Date

Number of Contracts

Notional Amount

Premiums Paid

Market Value

Unrealized Appreciation/ (Depreciation)

Put - OTC - 1 Yr. IRS

3.750

%

MSCS

12M SOFR

Receive

09/11/23

226,500,000

USD

226,500,000

$

1,721,400

$

1,840,290

$

118,890

Written Options

Interest Rate Swaptions	Strike Rate			Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - OTC - 1 Yr. IRS		3.225	%	GSBU	12M SOFR	Receive		10/23/23		(1,500,000	)		USD	(1,500,000	)	$	(10,406	)	$	(2,367	)	$	8,039
Call - OTC - 1 Yr. IRS		3.140	%	GSBU	12M SOFR	Receive		10/23/23		(6,400,000	)		USD	(6,400,000	)		(44,960	)		(9,160	)		35,800
Call - OTC - 1 Yr. IRS		2.150	%	GSBU	12M SOFR	Receive		11/20/23		(15,600,000	)		USD	(15,600,000	)		(54,405	)		(9,804	)		44,601
Call - OTC - 1 Yr. IRS		3.190	%	GSBU	12M SOFR	Receive		10/23/23		(14,100,000	)		USD	(14,100,000	)		(97,995	)		(21,374	)		76,621
Call - OTC - 1 Yr. IRS		2.697	%	GSBU	12M SOFR	Receive		04/02/24		(34,500,000	)		USD	(34,500,000	)		(270,609	)		(432,313	)		(161,704	)
Call - OTC - 10 Yr. IRS		2.547	%	GSBU	6M EURIBOR	Receive		03/07/23		(7,100,000	)		EUR	(7,100,000	)		(156,152	)		(15,893	)		140,259
Call - OTC - 10 Yr. IRS		2.067	%	GSBU	6M EURIBOR	Receive		06/09/23		(8,800,000	)		EUR	(8,800,000	)		(103,034	)		(22,400	)		80,634

See accompanying notes to financial statements.

BHFTI-20

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Written Options—(Continued)

Interest Rate Swaptions	Strike Rate			Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Put - OTC - 1 Yr. IRS		3.225	%	GSBU	12M SOFR	Pay		10/23/23		(1,500,000	)		USD	(1,500,000	)	$	(10,406	)	$	(16,729	)	$	(6,323	)
Put - OTC - 1 Yr. IRS		3.140	%	GSBU	12M SOFR	Pay		10/23/23		(6,400,000	)		USD	(6,400,000	)		(44,960	)		(75,533	)		(30,573	)
Put - OTC - 1 Yr. IRS		3.650	%	GSBU	12M SOFR	Pay		11/20/23		(15,600,000	)		USD	(15,600,000	)		(54,405	)		(120,884	)		(66,479	)
Put - OTC - 1 Yr. IRS		3.190%		GSBU	12M SOFR	Pay		10/23/23		(14,100,000	)		USD	(14,100,000	)		(97,995	)		(160,999	)		(63,004	)
Put - OTC - 1 Yr. IRS		4.715%		MSCS	12M SOFR	Pay		09/11/23		(226,500,000	)		USD	(226,500,000	)		(634,200	)		(672,207	)		(38,007	)
Put - OTC - 1 Yr. IRS		2.697%		GSBU	12M SOFR	Pay		04/02/24		(34,500,000	)		USD	(34,500,000	)		(270,609	)		(760,652	)		(490,043	)
Put - OTC - 1 Yr. IRS		4.233%		MSCS	12M SOFR	Pay		09/11/23		(226,500,000	)		USD	(226,500,000	)		(1,087,200	)		(1,166,045	)		(78,845	)
Put - OTC - 10 Yr. IRS		3.140%		GSBU	6M EURIBOR	Pay		06/09/23		(8,800,000	)		EUR	(8,800,000	)		(121,478	)		(286,693	)		(165,215	)
Put - OTC - 10 Yr. IRS		2.547%		GSBU	6M EURIBOR	Pay		03/07/23		(7,100,000	)		EUR	(7,100,000	)		(156,152	)		(446,724	)		(290,572	)
Totals																$	(3,214,966	)	$	(4,219,777	)	$	(1,004,811	)

Credit Default Swaptions	Strike Spread			Counterparty	Reference Obligation	Buy/Sell Protection	Expiration Date		Number of Contracts			Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Put - OTC - 5 Yr. CDS		3.000	%	GSI	ITRX.EUR.37.V1	Sell		03/15/23		(6,200,000	)		EUR	(6,200,000	)	$	(10,976	)	$	(338	)	$	10,638

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts	Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - SOFR 3 Month Interest Rate Futures	USD	98.000		12/15/23	(76)		USD	(190,000	)	$	(61,688	)	$	(9,500	)	$	52,188
Put - Eurodollar 3 Month Interest Rate Futures	USD	96.500		12/18/23	(1,192)		USD	(2,980,000	)		(1,218,019)			(4,201,800	)		(2,983,781	)
Put - SOFR 3 Month Interest Rate Futures	USD	96.500		12/15/23	(76)		USD	(190,000	)		(71,088)			(227,525	)		(156,437	)
Totals										$	(1,350,795	)	$	(4,438,825	)	$	(3,088,030	)

Swap Agreements

OTC Total Return Swaps

Pay/Receive Floating Rate

Floating Rate Index

Payment Frequency

Maturity Date

Counterparty

Underlying Reference Instrument

Notional Amount

Market Value

Upfront Premium Paid

Unrealized Appreciation/ (Depreciation)(1)

Receive

12M FEDL

Monthly

09/13/23

JPMC

iShares iBoxx $ Investment Grade Corporate Bond ETF

USD

126,516,000

$

—

$

—

$

—

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	1 Day CDI	Maturity		10.120	%	Maturity		01/04/27		BRL	25,600,000	$	(349,151	)	$	—		$	(349,151	)
Pay	1 Day CDI	Maturity		10.206	%	Maturity		01/04/27		BRL	104,900,000		(1,375,227	)		—			(1,375,227	)
Pay	1 Day CDI	Maturity		10.665	%	Maturity		01/02/24		BRL	39,850,000		(268,870	)		—			(268,870	)
Pay	1 Day CDI	Maturity		10.755	%	Maturity		01/02/24		BRL	247,900,000		(1,600,620	)		—			(1,600,620	)
Pay	1 Day CDI	Maturity		10.833	%	Maturity		01/02/24		BRL	49,801,000		(310,065	)		—			(310,065	)
Pay	1 Day CDI	Maturity		10.990	%	Maturity		01/04/27		BRL	42,600,000		(368,732	)		(12,725	)		(356,007	)
Pay	1 Day CDI	Maturity		10.995	%	Maturity		01/02/24		BRL	238,800,000		(1,351,352	)		—			(1,351,352	)
Pay	1 Day CDI	Maturity		11.165	%	Maturity		01/02/25		BRL	28,700,000		(175,096	)		—			(175,096	)
Pay	1 Day CDI	Maturity		11.180	%	Maturity		01/02/25		BRL	42,900,000		(259,205	)		—			(259,205	)
Pay	1 Day CDI	Maturity		11.320	%	Maturity		01/02/25		BRL	72,900,000		(400,686	)		—			(400,686	)
Pay	1 Day CDI	Maturity		11.350	%	Maturity		01/02/25		BRL	71,700,000		(385,690	)		—			(385,690	)
Pay	1 Day CDI	Maturity		11.371	%	Maturity		01/02/25		BRL	157,900,000		(836,687	)		—			(836,687	)
Pay	1 Day CDI	Maturity		12.005	%	Maturity		01/02/25		BRL	218,800,000		(565,994	)		—			(565,994	)
Pay	1 Day CDI	Maturity		12.070	%	Maturity		01/02/25		BRL	259,900,000		(682,913	)		—			(682,913	)
Pay	1 Day CDI	Maturity		12.195	%	Maturity		01/02/25		BRL	70,100,000		(147,892	)		—			(147,892	)

See accompanying notes to financial statements.

BHFTI-21

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Centrally Cleared Interest Rate Swaps—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	1 Day CDI		Maturity		12.275	%		Maturity		01/02/25		BRL	32,600,000	$	(59,902	)	$	—		$	(59,902	)
Pay	1 Day CDI		Maturity		12.590	%		Maturity		01/02/25		BRL	54,600,000		(41,669	)		—			(41,669	)
Pay	1 Day CDI		Maturity		12.980	%		Maturity		01/04/27		BRL	67,200,000		138,940			—			138,940
Pay	1 Day CDI		Maturity		12.990	%		Maturity		01/04/27		BRL	33,600,000		70,923			—			70,923
Pay	1 Day CDI		Maturity		13.024	%		Maturity		01/04/27		BRL	33,600,000		75,860			—			75,860
Pay	12M SOFR		Annually		1.573	%		Annually		02/28/27		USD	6,100,000		(526,662	)		—			(526,662	)
Pay	12M SOFR		Annually		1.635	%		Annually		04/18/27		USD	30,000,000		(2,578,149	)		—			(2,578,149	)
Pay	12M SOFR		Annually		1.690	%		Annually		04/19/27		USD	30,000,000		(2,513,640	)		—			(2,513,640	)
Pay	12M SOFR		Annually		1.765	%		Annually		03/16/32		USD	18,300,000		(2,560,375	)		—			(2,560,375	)
Pay	12M SOFR		Annually		1.783	%		Annually		04/22/27		USD	22,900,000		(1,838,247	)		—			(1,838,247	)
Pay	12M SOFR		Annually		2.150	%		Annually		06/15/27		USD	86,400,000		(5,807,540	)		—			(5,807,540	)
Pay	12M SOFR		Annually		2.850	%		Annually		08/29/27		USD	16,900,000		(668,241	)		—			(668,241	)
Pay	12M SOFR		Annually		3.050	%		Annually		09/08/29		USD	7,300,000		(254,052	)		—			(254,052	)
Pay	12M TONA		Annually		0.000	%		Annually		03/17/24		JPY	10,670,000,000		(131,374	)		80,211			(211,585	)
Pay	3M NZDBB		Quarterly		3.750	%		Semi-Annually		06/15/27		NZD	41,800,000		(1,223,299	)		(527,108	)		(696,191	)
Pay	3M NZDBB		Quarterly		4.000	%		Semi-Annually		06/14/24		NZD	112,100,000		(1,095,612	)		(296,654	)		(798,958	)
Pay	3M NZDBB		Quarterly		4.250	%		Semi-Annually		12/21/27		NZD	2,900,000		(49,731	)		1,959			(51,690	)
Pay	6M EURIBOR		Annually		0.550	%		Annually		08/10/24		EUR	5,000,000		(228,476	)		—			(228,476	)
Pay	6M EURIBOR		Annually		0.650	%		Annually		04/12/27		EUR	27,000,000		(2,925,824	)		—			(2,925,824	)
Pay	6M EURIBOR		Annually		1.000	%		Annually		05/13/27		EUR	23,700,000		(2,265,951	)		(1,331	)		(2,264,620	)
Pay	6M EURIBOR		Annually		1.000	%		Annually		05/18/27		EUR	9,200,000		(881,079	)		(388,005	)		(493,074	)
Pay	6M EURIBOR		Semi-Annually		1.580	%		Annually		05/24/24		EUR	265,900,000		(5,793,695	)		(347,436	)		(5,446,259	)
Pay	6M EURIBOR		Semi-Annually		1.750	%		Annually		03/15/33		EUR	124,100,000		(16,538,594	)		(1,270,742	)		(15,267,852	)
Pay	6M TONA		Semi-Annually		0.380	%		Semi-Annually		06/18/28		JPY	8,640,000,000		(1,114,411	)		1,818,034			(2,932,445	)
Receive	1 Day CDI		Maturity		11.587	%		Maturity		01/02/25		BRL	213,300,000		735,855			—			735,855
Receive	1 Day CDI		Maturity		11.663	%		Maturity		01/02/25		BRL	218,300,000		663,717			—			663,717
Receive	1 Day CDI		Maturity		11.692	%		Maturity		01/02/25		BRL	134,700,000		399,522			—			399,522
Receive	1 Day CDI		Maturity		11.900	%		Maturity		01/02/24		BRL	62,400,000		229,866			—			229,866
Receive	1 Day CDI		Maturity		11.910	%		Maturity		01/02/24		BRL	62,200,000		227,452			—			227,452
Receive	1 Day CDI		Maturity		11.920	%		Maturity		01/02/24		BRL	41,600,000		151,002			—			151,002
Receive	1 Day CDI		Maturity		12.015	%		Maturity		01/02/24		BRL	104,700,000		353,045			—			353,045
Receive	1 Day CDI		Maturity		12.020	%		Maturity		01/02/24		BRL	103,900,000		348,948			—			348,948
Receive	1 Day CDI		Maturity		12.030	%		Maturity		01/02/24		BRL	221,100,000		736,097			—			736,097
Receive	1 Day CDI		Maturity		12.765	%		Maturity		01/02/24		BRL	247,900,000		309,939			—			309,939
Receive	1 Day CDI		Maturity		12.835	%		Maturity		01/02/24		BRL	242,200,000		267,987			—			267,987
Receive	1 Day CDI		Maturity		12.958	%		Maturity		01/02/24		BRL	485,000,000		400,921			—			400,921
Receive	1 Day CDI		Maturity		7.900	%		Maturity		01/02/24		BRL	9,400,000		136,615			64,238			72,377
Receive	12M SOFR		Annually		1.750	%		Annually		06/15/32		USD	74,900,000		10,590,524			10,924,276			(333,752	)
Receive	12M SOFR		Annually		1.750	%		Annually		12/21/52		USD	62,900,000		16,871,097			11,733,412			5,137,685
Receive	12M SOFR		Annually		4.270	%		Annually		09/13/24		USD	49,800,000		65,980			—			65,980
Receive	12M SONIA		Annually		0.900	%		Annually		03/15/52		GBP	8,400,000		4,665,254			133			4,665,121
Receive	12M SONIA		Annually		2.000	%		Annually		03/15/53		GBP	800,000		253,327			249,314			4,013
Receive	12M TONA		Annually		0.500	%		Annually		03/15/42		JPY	5,085,000,000		5,016,940			1,402,658			3,614,282
Receive	12M TONA		Annually		0.662	%		Annually		04/19/42		JPY	285,000,000		221,693			—			221,693
Receive	12M TONA		Annually		0.800	%		Annually		06/15/52		JPY	5,040,000,000		5,166,100			35,162			5,130,938
Receive	6M TONA		Semi-Annually		0.785	%		Semi-Annually		11/12/38		JPY	870,000,000		403,442			(619,601	)		1,023,043
Receive	6M TONA		Semi-Annually		0.800	%		Semi-Annually		10/22/38		JPY	570,000,000		252,565			(413,967	)		666,532
Totals														$	(9,421,092	)	$	22,431,828		$	(31,852,920	)

See accompanying notes to financial statements.

BHFTI-22

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Centrally Cleared Credit Default Swaps on Credit Indices—Buy Protection (a)

Reference Obligation	Fixed Deal (Pay) Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2022(b)			Notional Amount(c)			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
CDX.NA.HY.35.V1		(5.000	%)		Quarterly		12/20/25		3.938	%		USD	4,059,000	$	(111,895	)	$	(216,486	)	$	104,591
CDX.NA.HY.36 V1		(5.000	%)		Quarterly		06/20/26		4.013	%		USD	7,722,000		(225,567	)		(494,432	)		268,865
CDX.NA.IG.39.V1		(1.000	%)		Quarterly		12/20/27		0.819	%		USD	77,100,000		(616,492	)		(479,815	)		(136,677	)
ITRX.EUR.38.V1		(1.000	%)		Quarterly		12/20/27		0.902	%		EUR	17,900,000		(84,998	)		154,193			(239,191	)
Totals														$	(1,038,952	)	$	(1,036,540	)	$	(2,412	)

Centrally Cleared Credit Default Swaps on Corporate Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2022(b)			Notional Amount(c)			Market Value			Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Barclays Bank plc 1.500%, due 04/04/17		1.000	%		Quarterly		12/20/23		0.745	%		EUR	3,800,000	$	9,986		$	4,249		$	5,737
Boeing Co. 2.600%, due 10/30/25		1.000	%		Quarterly		12/20/27		1.407	%		USD	3,400,000		(59,588	)		(143,503	)		83,915
General Electric Co. 2.700%, due 10/09/22		1.000	%		Quarterly		12/20/23		0.443	%		USD	4,800,000		25,541			22,783			2,758
General Electric Co. 2.700%, due 10/09/22		1.000	%		Quarterly		06/20/24		0.490	%		USD	2,900,000		21,115			17,040			4,075
General Electric Co. 2.700%, due 10/09/22		1.000	%		Quarterly		06/20/26		0.783	%		USD	4,700,000		32,590			34,186			(1,596	)
General Electric Co. 2.700%, due 10/09/22		1.000	%		Quarterly		12/20/26		0.870	%		USD	500,000		2,330			4,395			(2,065	)
Rolls Royce plc 2.125%, due 06/18/21		1.000	%		Quarterly		06/20/24		1.741	%		EUR	6,200,000		(70,151	)		(194,341	)		124,190
Rolls Royce plc 2.125%, due 06/18/21		1.000	%		Quarterly		12/20/24		2.036	%		EUR	5,000,000		(103,871	)		(221,403	)		117,532
Stellantis NV 5.250%, due 04/15/23		5.000	%		Quarterly		12/20/26		1.478	%		EUR	3,200,000		435,527			556,156			(120,629	)
Verizon Communications, Inc. 4.125%, due 03/16/27		1.000	%		Quarterly		12/20/27		1.123	%		USD	6,600,000		(35,363	)		(113,970	)		78,607
Totals														$	258,116		$	(34,408	)	$	292,524

OTC Credit Default Swaps on Sovereign Issues—Sell Protection (d)

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2022(b)			Notional Amount(c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Colombia Government International Bond 10.375%, due 01/28/33		1.000	%		Quarterly		12/20/26	BBP		2.315	%		USD	2,400,000	$	(111,157	)	$	(89,993	)	$	(21,164	)
Colombia Government International Bond 10.375%, due 01/28/33		1.000	%		Quarterly		12/20/26	CBNA		2.315	%		USD	1,700,000		(78,736	)		(67,870	)		(10,866	)
Colombia Government International Bond 10.375%, due 01/28/33		1.000	%		Quarterly		12/20/26	JPMC		2.315	%		USD	3,200,000		(148,209	)		(65,925	)		(82,284	)
Colombia Government International Bond 10.375%, due 01/28/33		1.000	%		Quarterly		06/20/27	BNP		2.538	%		USD	2,400,000		(143,679	)		(98,114	)		(45,565	)

See accompanying notes to financial statements.

BHFTI-23

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

OTC Credit Default Swaps on Sovereign Issues—Sell Protection (d)—(Continued)

Reference Obligation	Fixed Deal Receive Rate			Payment Frequency		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2022(b)			Notional Amount(c)			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Colombia Government International Bond 10.375%, due 01/28/33		1.000	%		Quarterly		06/20/27	CBNA		2.538	%		USD	400,000	$	(23,947	)	$	(12,359	)	$	(11,588	)
Colombia Government International Bond 10.375%, due 01/28/33		1.000	%		Quarterly		06/20/27	GSI		2.538	%		USD	3,200,000		(191,572	)		(100,964	)		(90,608	)
Colombia Government International Bond 10.375%, due 01/28/33		1.000	%		Quarterly		06/20/27	JPMC		2.538	%		USD	1,300,000		(77,826	)		(42,887	)		(34,939	)
Colombia Government International Bond 10.375%, due 01/28/33		1.000	%		Quarterly		12/20/27	BNP		2.715	%		USD	500,000		(36,432	)		(42,567	)		6,135
Colombia Government International Bond 10.375%, due 01/28/33		1.000	%		Quarterly		12/20/27	GSI		2.715	%		USD	1,400,000		(102,009	)		(119,162	)		17,153
Republic of South Africa 5.500%, due 03/09/20		1.000	%		Quarterly		06/20/24	GSI		1.159	%		USD	14,280,000		(32,348	)		(166,980	)		134,632
Republic of South Africa 5.875%, due 09/16/25		1.000	%		Quarterly		12/20/26	CBNA		2.095	%		USD	3,100,000		(120,265	)		(121,040	)		775
Republic of South Africa 5.875%, due 09/16/25		1.000	%		Quarterly		12/20/26	MSCS		2.095	%		USD	36,100,000		(1,400,510	)		(1,390,235	)		(10,275	)
Totals															$	(2,466,690	)	$	(2,318,096	)	$	(148,594	)

(a)	If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(b)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or indices as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c)	The maximum potential amount of future undiscounted payments that the Portfolio could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Portfolio for the same referenced debt obligation.
(d)	If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(1)	There was no upfront premium paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

Glossary of Abbreviations

Counterparties

(BBP)—	Barclays Bank plc
(BNP)—	BNP Paribas S.A.
(CBNA)—	Citibank N.A.
(DBAG)—	Deutsche Bank AG
(GSBU)—	Goldman Sachs Bank USA
(GSI)—	Goldman Sachs International
(JPMC)—	JPMorgan Chase Bank N.A.
(MSCS)—	Morgan Stanley Capital Services LLC
(SG)—	Societe Generale Paris
(UBSA)—	UBS AG

Currencies

(AUD)—	Australian Dollar
(BRL)—	Brazilian Real
(CAD)—	Canadian Dollar
(CLP)—	Chilean Peso
(CNY)—	Chinese Yuan
(DKK)—	Danish Krone
(EUR)—	Euro
(GBP)—	British Pound
(JPY)—	Japanese Yen
(KRW)—	South Korean Won
(MXN)—	Mexican Peso
(MYR)—	Malaysian Ringgit
(NZD)—	New Zealand Dollar
(PEN)—	Peruvian Nuevo Sol
(USD)—	United States Dollar
(ZAR)—	South African Rand

See accompanying notes to financial statements.

BHFTI-24

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Glossary of Abbreviations—(Continued)

Index Abbreviations

(CDI)—	Brazil Interbank Deposit Rate
(CDX.NA.HY)—	Markit North America High Yield CDS Index
(CDX.NA.IG)—	Markit North America Investment Grade CDS Index
(ECOFC)—	Enterprise 11th District COFI Replacement Index
(EURIBOR)—	Euro InterBank Offered Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(ITRX.EUR)—	Markit iTraxx Europe CDS Index
(LIBOR)—	London Interbank Offered Rate
(NZDBB)—	New Zealand Dollar Bank Bill Index
(PRIME)—	U.S. Federal Reserve Prime Rate
(SOFR)—	Secured Overnight Financing Rate
(SOFR30A)—	Secured Overnight Financing Rate 30-Day Average
(SONIA)—	Sterling Overnight Index Average Deposit Rate
(TONA)—	Tokyo Overnight Average Rate
(TSFR)—	Term Secured Financing Rate
(UKG)—	U.K. Government Bond

Other Abbreviations

(ARM)—	Adjustable-Rate Mortgage
(CDS)—	Credit Default Swap
(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(DAC)—	Designated Activity Company
(ETF)—	Exchange-Traded Fund
(ICE)—	Intercontinental Exchange, Inc.
(IRS)—	Interest Rate Swap
(REMIC)—	Real Estate Mortgage Investment Conduit

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
U.S. Treasury & Government Agencies
Agency Sponsored Mortgage-Backed	$	—		$	1,465,532,397		$	5,400,990	$	1,470,933,387
U.S. Treasury		—			774,861,576			—		774,861,576
Total U.S. Treasury & Government Agencies		—			2,240,393,973			5,400,990		2,245,794,963
Total Corporate Bonds & Notes*		—			1,194,046,088			—		1,194,046,088
Total Asset-Backed Securities*		—			606,382,730			—		606,382,730
Total Mortgage-Backed Securities*		—			580,580,167			—		580,580,167
Total Foreign Government*		—			144,387,569			—		144,387,569
Total Municipals*		—			26,773,645			—		26,773,645
Total Floating Rate Loans*		—			11,476,160			—		11,476,160
Total Short-Term Investments*		—			399,335,104			—		399,335,104
Total Purchased Options at Value		—			1,840,290			—		1,840,290
Total Investments	$	—		$	5,205,215,726		$	5,400,990	$	5,210,616,716
TBA Forward Sales Commitments	$	—		$	(100,532,615	)	$	—	$	(100,532,615	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	3,445,117		$	—	$	3,445,117
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(11,513,373	)		—		(11,513,373	)
Total Forward Contracts	$	—		$	(8,068,256	)	$	—	$	(8,068,256	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	16,588,904		$	—		$	—	$	16,588,904
Futures Contracts (Unrealized Depreciation)		(1,964,054	)		—			—		(1,964,054	)
Total Futures Contracts	$	14,624,850		$	—		$	—	$	14,624,850

See accompanying notes to financial statements.

BHFTI-25

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Written Options
Credit Default Swaptions at Value	$	—		$	(338	)	$	—	$	(338	)
Interest Rate Swaptions at Value		—			(4,219,777	)		—		(4,219,777	)
Options on Exchange-Traded Futures Contracts at Value		(4,438,825	)		—			—		(4,438,825	)
Total Written Options	$	(4,438,825	)	$	(4,220,115	)	$	—	$	(8,658,940	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	26,502,008		$	—	$	26,502,008
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(58,064,816	)		—		(58,064,816	)
Total Centrally Cleared Swap Contracts	$	—		$	(31,562,808	)	$	—	$	(31,562,808	)
OTC Swap Contracts
OTC Swap Contracts at Value (Liabilities)		—			(2,466,690	)		—		(2,466,690	)
Total OTC Swap Contracts	$	—		$	(2,466,690	)	$	—	$	(2,466,690	)

* See Schedule of Investments for additional detailed categorizations.

During the year ended December 31, 2022, transfers out of Level 3 in the amount of $21,539,263 were due to the initiation of a vendor or broker providing prices based on market indications which have been determined to be a significant observable input.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as December 31, 2021		Realized Gain (Loss)			Purchases		Sales			Change in Unrealized Appreciation (Depreciation)		Transfer Out			Balance as of December 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Held at December 31, 2022
U.S. Treasury & Government Agencies
Agency Sponsored Mortgage - Backed	$	—	$	—		$	5,394,030	$	—		$	6,960		—		$	5,400,990	$	6,960
Mortgage-Backed Securities
Collateralized Mortgage Obligations		13,260,674		—			—		—			—		(13,260,674	)		—		—
Preferred Stocks
Wireless Telecommunication Services		42,858,168		(3,151,159	)		—		(41,317,861	)		1,610,852		—			—		—
Floating Rate Loans
Investment Companies		8,279,263		—			—		—			—		(8,279,263	)		—		—
	$	64,398,105	$	(3,151,159	)	$	5,394,030	$	(41,317,861	)	$	1,617,812	$	(21,539,937	)	$	5,400,990	$	6,960

See accompanying notes to financial statements.

BHFTI-26

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)	$	5,210,616,716
Cash		31,071
Cash denominated in foreign currencies (b)		6,187,363
Cash collateral (c)		33,058,000
Unrealized appreciation on forward foreign currency exchange contracts		3,445,117
Receivable for:
OTC swap contracts sold		2,796,001
TBA securities sold (d)		1,908,908,631
Premiums on written options		541,219
Fund shares sold		1,771,496
Interest		27,128,046
Variation margin on futures contracts		3,172,008
Interest on OTC swap contracts		416,682
Prepaid expenses		16,025
Total Assets		7,198,088,375
Liabilities
Written options at value (e)		8,658,940
TBA Forward sales commitments, at value		100,532,615
OTC swap contracts at market value (f)		2,466,690
Cash collateral (g)		18,689,000
Unrealized depreciation on forward foreign currency exchange contracts		11,513,373
Payables for:
Investments purchased		112,294,030
TBA securities purchased (d)		3,025,123,502
Fund shares redeemed		1,001,460
Variation margin on centrally cleared swap contracts		109,083
Accrued Expenses:
Management fees		1,514,897
Distribution and service fees		441,574
Deferred trustees’ fees		163,276
Other expenses		581,390
Total Liabilities		3,283,089,830
Net Assets	$	3,914,998,545
Net Assets Consist of:
Paid in surplus	$	4,679,684,895
Distributable earnings (Accumulated losses)		(764,686,350	)
Net Assets	$	3,914,998,545
Net Assets
Class A	$	1,857,100,644
Class B		2,038,455,068
Class E		19,442,833
Capital Shares Outstanding*
Class A		192,706,725
Class B		215,927,378
Class E		2,034,468
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.64
Class B		9.44
Class E		9.56

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $5,706,868,764.
(b)	Identified cost of cash denominated in foreign currencies was $6,129,913.
(c)	Includes collateral of $16,092,000 for futures contracts and $16,966,000 for centrally cleared swap contracts.
(d)	Included within TBA securities sold is $192,086,345 related to TBA forward sale commitments and included within TBA securities purchased is $91,562,897 related to TBA forward sale commitments.
(e)	Premiums received on written options were $4,576,737.
(f)	Net premium received on OTC swap contracts was $2,318,096.
(g)	Includes collateral of $1,828,000 for OTC swap contracts and forward foreign currency exchange contracts, and $16,861,000 for TBAs.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	2,728,171
Interest		138,256,283
Total investment income		140,984,454
Expenses
Management fees		21,247,980
Administration fees		182,243
Custodian and accounting fees		581,642
Distribution and service fees—Class B		5,726,090
Distribution and service fees—Class E		47,519
Interest expense		263,699
Audit and tax services		124,023
Legal		49,482
Trustees’ fees and expenses		9,574
Shareholder reporting		145,017
Insurance		37,538
Miscellaneous		36,516
Total expenses		28,451,323
Less management fee waiver		(1,617,073	)
Net expenses		26,834,250
Net Investment Income		114,150,204
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(192,233,060	)
Futures contracts		(36,343,906	)
Written options		1,748,497
Swap contracts		(21,025,813	)
Foreign currency transactions		2,195,620
Forward foreign currency transactions		18,328,514
Net realized gain (loss)		(227,330,148	)
Net change in unrealized appreciation (depreciation) on:
Investments		(588,820,568	)
Purchased options		1,006,596
Futures contracts		10,478,721
Written options		(4,887,932	)
Swap contracts		(27,816,745	)
Foreign currency transactions		(96,267	)
Forward foreign currency transactions		(7,793,040	)
Net change in unrealized appreciation (depreciation)		(617,929,235	)
Net realized and unrealized gain (loss)		(845,259,383	)
Net Increase (Decrease) in Net Assets From Operations	$	(731,109,179	)

(a) Net of foreign withholding taxes of $22,035.

See accompanying notes to financial statements.

BHFTI-27

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	114,150,204		$	102,950,668
Net realized gain (loss)		(227,330,148	)		1,424,761
Net change in unrealized appreciation (depreciation)		(617,929,235	)		(169,347,248	)
Increase (decrease) in net assets from operations		(731,109,179	)		(64,971,819	)
From Distributions to Shareholders
Class A		(66,219,580	)		(154,457,677	)
Class B		(67,116,890	)		(168,855,624	)
Class E		(627,519	)		(2,050,738	)
Total distributions		(133,963,989	)		(325,364,039	)
Increase (decrease) in net assets from capital share transactions		(523,548,780	)		468,596,495
Total increase (decrease) in net assets		(1,388,621,948	)		78,260,637
Net Assets
Beginning of period		5,303,620,493			5,225,359,856
End of period	$	3,914,998,545		$	5,303,620,493

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		783,465		$	8,063,608			14,312,843		$	176,734,373
Reinvestments		6,729,632			66,219,580			13,372,959			154,457,677
Redemptions		(28,749,544	)		(295,964,474	)		(7,257,444	)		(85,698,896	)
Net increase (decrease)		(21,236,447	)	$	(221,681,286	)		20,428,358		$	245,493,154
Class B
Sales		5,350,884		$	53,955,648			22,311,494		$	265,551,196
Reinvestments		6,955,118			67,116,890			14,903,409			168,855,624
Redemptions		(36,740,156	)		(372,231,128	)		(21,903,688	)		(255,481,991	)
Net increase (decrease)		(24,434,154	)	$	(251,158,590	)		15,311,215		$	178,924,829
Class E
Sales		33,221		$	334,828			3,973,314		$	45,857,464
Reinvestments		64,229			627,519			179,103			2,050,738
Redemptions		(4,768,591	)		(51,671,251	)		(315,329	)		(3,729,690	)
Net increase (decrease)		(4,671,141	)	$	(50,708,904	)		3,837,088		$	44,178,512
Increase (decrease) derived from capital shares transactions				$	(523,548,780	)				$	468,596,495

See accompanying notes to financial statements.

BHFTI-28

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.63		$	12.53		$	12.00		$	11.39		$	11.57
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.28			0.25			0.29			0.35			0.29
Net realized and unrealized gain (loss)		(1.94	)		(0.39	)		0.75			0.63			(0.29	)
Total income (loss) from investment operations		(1.66	)		(0.14	)		1.04			0.98			0.00
Less Distributions
Distributions from net investment income		(0.33	)		(0.25	)		(0.51	)		(0.37	)		(0.18	)
Distributions from net realized capital gains		0.00			(0.51	)		0.00			0.00			0.00
Total distributions		(0.33	)		(0.76	)		(0.51	)		(0.37	)		(0.18	)
Net Asset Value, End of Period	$	9.64		$	11.63		$	12.53		$	12.00		$	11.39
Total Return (%) (b)		(14.34	)		(1.13	)		8.82			8.69			0.03
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.52			0.50			0.59			0.86			0.74
Gross ratio of expenses to average net assets excluding interest expense (%)		0.51			0.50			0.51			0.51			0.51
Net ratio of expenses to average net assets (%)(c) (d)		0.48			0.46			0.55			0.82			0.70
Net ratio of expenses to average net assets excluding interest expense (%)(c) (d)		0.47			0.46			0.47			0.46			0.47
Ratio of net investment income (loss) to average net assets (%)		2.72			2.06			2.38			2.99			2.53
Portfolio turnover rate (%)		423	(e)		326	(e)		504	(e)		582	(e)		608	(e)
Net assets, end of period (in millions)	$	1,857.1		$	2,488.0		$	2,424.1		$	2,522.9		$	2,560.0
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.39		$	12.29		$	11.78		$	11.18		$	11.36
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.25			0.21			0.26			0.32			0.25
Net realized and unrealized gain (loss)		(1.90	)		(0.38	)		0.73			0.62			(0.28	)
Total income (loss) from investment operations		(1.65	)		(0.17	)		0.99			0.94			(0.03	)
Less Distributions
Distributions from net investment income		(0.30	)		(0.22	)		(0.48	)		(0.34	)		(0.15	)
Distributions from net realized capital gains		0.00			(0.51	)		0.00			0.00			0.00
Total distributions		(0.30	)		(0.73	)		(0.48	)		(0.34	)		(0.15	)
Net Asset Value, End of Period	$	9.44		$	11.39		$	12.29		$	11.78		$	11.18
Total Return (%) (b)		(14.56	)		(1.39	)		8.51			8.46			(0.23	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77			0.75			0.84			1.11			0.99
Gross ratio of expenses to average net assets excluding interest expense (%)		0.76			0.75			0.76			0.76			0.76
Net ratio of expenses to average net assets (%)(c) (d)		0.73			0.71			0.80			1.07			0.95
Net ratio of expenses to average net assets excluding interest expense (%)(c) (d)		0.72			0.71			0.72			0.71			0.72
Ratio of net investment income (loss) to average net assets (%)		2.47			1.81			2.13			2.74			2.28
Portfolio turnover rate (%)		423	(e)		326	(e)		504	(e)		582	(e)		608	(e)
Net assets, end of period (in millions)	$	2,038.5		$	2,738.3		$	2,765.6		$	2,657.6		$	2,723.8

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-29

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.52		$	12.42		$	11.90		$	11.29		$	11.47
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.25			0.23			0.27			0.33			0.27
Net realized and unrealized gain (loss)		(1.91	)		(0.39	)		0.74			0.63			(0.29	)
Total income (loss) from investment operations		(1.66	)		(0.16	)		1.01			0.96			(0.02	)
Less Distributions
Distributions from net investment income		(0.30	)		(0.23	)		(0.49	)		(0.35	)		(0.16	)
Distributions from net realized capital gains		0.00			(0.51	)		0.00			0.00			0.00
Total distributions		(0.30	)		(0.74	)		(0.49	)		(0.35	)		(0.16	)
Net Asset Value, End of Period	$	9.56		$	11.52		$	12.42		$	11.90		$	11.29
Total Return (%) (b)		(14.45	)		(1.30	)		8.63			8.59			(0.14	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.67			0.65			0.74			1.01			0.89
Gross ratio of expenses to average net assets excluding interest expense (%)		0.66			0.65			0.66			0.66			0.66
Net ratio of expenses to average net assets (%) (c )(d)		0.63			0.61			0.70			0.97			0.85
Net ratio of expenses to average net assets excluding interest expense (%) (c) (d)		0.62			0.61			0.62			0.61			0.62
Ratio of net investment income (loss) to average net assets (%)		2.39			1.92			2.23			2.84			2.38
Portfolio turnover rate (%)		423	(e)		326	(e)		504	(e)		582	(e)		608	(e)
Net assets, end of period (in millions)	$	19.4		$	77.2		$	35.6		$	35.2		$	35.7

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(d)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.01% for each of the years ended December 31, 2022, 2021, 2020, 2019 and 2018 (see Note 6 of the Notes to Financial Statements).
(e)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 23%, 28%, 34%, 26%, and 53% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

See accompanying notes to financial statements.

BHFTI-30

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is PIMCO Total Return Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded

BHFTI-31

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses

BHFTI-32

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

High-Yield Debt Securities - The Portfolio may invest in high-yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high-yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high-yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s subadviser may find it more difficult to value or sell lower-rated debt securities and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The purchase of assignments will typically result in the Portfolio having a direct contractual relationship with the borrower, and the Portfolio may enforce compliance by the borrower with the terms of the loan agreement. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments, it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity.

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Notes to Financial Statements—December 31, 2022—(Continued)

Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the

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Notes to Financial Statements—December 31, 2022—(Continued)

security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Short Sales - The Portfolio may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately.

The Portfolio may also make short sales of a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio then is obligated to replace the security borrowed by purchasing it at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold short by the Portfolio. Until the security is replaced, the Portfolio is required to pay to the lender any dividends or interest which accrue during the period of the loan. To borrow the security, the Portfolio also may be required to pay a premium, which would increase the cost of the security sold short. The proceeds received from a short sale are recorded as a liability. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. Conversely, the Portfolio will realize a gain if the security declines in price between those dates. The latter result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Portfolio may be required to pay in connection with a short sale. No more than one third of the Portfolio’s net assets will be deposited as collateral for the obligation to replace securities borrowed to effect short sales.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $282,992,451, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its Custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as reverse repurchase agreements on the Statement of Assets and Liabilities.

For the year ended December 31, 2022, the Portfolio had an outstanding reverse repurchase agreement balance for 1 day. The average amount of borrowings was $2,843,750 and the annualized weighted average interest rate was 3.903% during the 1 day period. There were no outstanding reverse repurchase agreements as of December 31, 2022.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales.

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PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the year ended December 31, 2022, the Portfolio entered into secured borrowing transactions involving U.S. Treasury and Federal Agency securities. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop,” is included in net investment income. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may also receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The cost of the secured borrowing transaction is recorded as interest expense over the term of the borrowing. The agreed-upon proceeds for securities to be reacquired by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities.

For the year ended December 31, 2022 the Portfolio had an outstanding secured borrowing transaction balance for 2 days. For the year ended December 31, 2022, the Portfolio’s average amount of borrowings was $2,231,603 and the weighted average interest rate was 4.121% during the 2 day period. There were no outstanding borrowings as of December 31, 2022.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

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Notes to Financial Statements—December 31, 2022—(Continued)

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tend to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

Purchases of put and call options are recorded as investments, the value of which are marked-to-market daily. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the premium initially paid for the option. When the Portfolio exercises a put option, it will realize a gain or loss from the sale of the underlying instrument and the proceeds from such sale will be decreased by the premium originally paid for the put option. When the Portfolio exercises a call option, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid for the call option.

The premium received by the Portfolio for a written option is recorded as an asset and an equivalent liability. The liability is subsequently marked-to-market to reflect the current value of the option written. When a written option expires without being exercised or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received by the Portfolio is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Swaptions are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement at any time before the expiration of the option.

An Option on Exchange-Traded Futures Contract (“Futures Option”) is an option contract in which the underlying instrument is a single futures contract.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

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Notes to Financial Statements—December 31, 2022—(Continued)

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (referred to as the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio will effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less

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PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.    

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2022, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

Total Return Swaps: The Portfolio may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specific period, in return for periodic payments based on a fixed or floating rate or the total return from other underlying assets. When the Portfolio pays interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may be required to pay the change in value to the counterparty in addition to the interest payment; conversely, when the Portfolio receives interest in exchange for the total return of an underlying asset and the value of the underlying asset decreases, the Portfolio may receive the change in value in addition to the interest payment. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swaps can also be structured without an interest payment, so that one party pays the other party if the value of the underlying asset increases and receives payment from the other party if the value of the underlying asset decreases.

BHFTI-39

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:    

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	25,711,738	Unrealized appreciation on centrally cleared swap contracts(a) (b)	$	57,564,658
	Unrealized appreciation on futures contracts (b) (c)		16,588,904	Unrealized appreciation on futures contracts (b) (c)		1,964,054
	Investments at market value (d)		1,840,290	Written options at value (e)		8,658,602
Credit	Unrealized appreciation on centrally cleared swap contracts (a) (b)		790,270	Unrealized appreciation on centrally cleared swap contracts (a) (b)		500,158
				OTC swap contracts at market value (f)		2,466,690
				Written options at value		338
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		3,445,117	Unrealized depreciation on forward foreign currency exchange contracts		11,513,373
Total		$	48,376,319		$	82,667,873

(a)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
(d)	Represents purchased options which are part of investments at value as shown in the Statement of Assets and Liabilities.
(e)	Includes exchange traded written options with a value of $4,438,825 that are not subject to a master netting agreement.
(f)	Excludes OTC swap interest receivable of $416,682.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Barclays Bank plc	$	67,916	$	(67,916	)	$	—	$	—
BNP Paribas S.A.		2,330,815		(2,330,815	)		—		—
Citibank N.A.		308,940		(308,940	)		—		—
Deutsche Bank AG		81,633		(81,633	)		—		—
Goldman Sachs Bank USA		493,541		(493,541	)		—		—
JPMorgan Chase Bank N.A.		130,242		(130,242	)		—		—
Morgan Stanley Capital Services LLC		1,840,290		(1,840,290	)		—		—
Societe Generale		19,278		(19,278	)		—		—
UBS AG		12,752		(12,752	)		—		—
	$	5,285,407	$	(5,285,407	)	$	—	$	—

BHFTI-40

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	157,116	$	(67,916	)	$	(89,200	)	$	—
BNP Paribas S.A.		2,901,846		(2,330,815	)		(571,031	)		—
Citibank N.A.		2,563,618		(308,940	)		(2,254,678	)		—
Deutsche Bank AG		232,363		(81,633	)		—			150,730
Goldman Sachs Bank USA		4,186,550		(493,541	)		(2,299,918	)		1,393,091
Goldman Sachs International		326,267		—			(326,267	)		—
JPMorgan Chase Bank N.A.		623,246		(130,242	)		—			493,004
Morgan Stanley Capital Services LLC		3,238,762		(1,840,290	)		(1,398,472	)		—
Societe Generale		3,533,450		(19,278	)		(3,418,119	)		96,053
UBS AG		436,960		(12,752	)		(282,780	)		141,428
	$	18,200,178	$	(5,285,407	)	$	(10,640,465	)	$	2,274,306

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location-Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Forward foreign currency transactions . . . . .	$	—		$	—		$	18,328,514		$	18,328,514
Swap contracts . . . . . . . . . . . . . . . .		(11,702,038	)		(9,323,775	)		—			(21,025,813	)
Futures contracts . . . . . . . . . . . . . . .		(36,343,906	)		—			—			(36,343,906	)
Written options . . . . . . . . . . . . . . . .		(2,949,812	)		3,073,759			1,624,550			1,748,497
	$	(50,995,756	)	$	(6,250,016	)	$	19,953,064		$	(37,292,708	)
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Purchased options . . . . . . . . . . . . . .	$	1,006,596		$	—		$	—		$	1,006,596
Forward foreign currency transactions . . . . .		—			—			(7,793,040	)		(7,793,040	)
Swap contracts . . . . . . . . . . . . . . . .		(26,743,645	)		(1,073,100	)		—			(27,816,745	)
Futures contracts . . . . . . . . . . . . . . .		10,478,721			—			—			10,478,721
Written options . . . . . . . . . . . . . . . .		(4,750,298	)		(137,634	)		—			(4,887,932	)
	$	(20,008,626	)	$	(1,210,734	)	$	(7,793,040	)	$	(29,012,400	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Purchased options . . . . . . . . . . . . . . . .		89,469,279
Forward foreign currency transactions . .		980,999,293
Futures contracts long . . . . . . . . . . . . .		538,820,429
Futures contracts short . . . . . . . . . . . . .		(584,093,741	)
Swap contracts . . . . . . . . . . . . . . . . . .		2,579,110,481
Written options . . . . . . . . . . . . . . . . .		(865,737,041	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

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Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master

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Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30,

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Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$21,448,285,838	$	665,780,731	$	20,822,348,636	$	1,082,930,240

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

Purchases	Sales
$21,136,861,815	$	20,455,829,657

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$21,247,980		0.500	%	First $1.2 billion
		0.475	%	Over $1.2 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Pacific Investment Management Company LLC (“the Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

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Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023 to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.025%	$1 billion to $3 billion
0.050%	Over $3 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 were $1,205,051 and are included in the total amount shown as management fee waiver in the Statement of Operations.

The Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $412,022 was waived in the aggregate for the year ended December 31, 2022 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-45

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	5,676,813,927
Gross unrealized appreciation		21,868,200
Gross unrealized (depreciation)		(618,986,939	)
Net unrealized appreciation (depreciation)	$	(597,118,739	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$133,963,989	$	249,480,878	$	—	$	75,883,161	$	133,963,989	$	325,364,039

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$117,035,096	$	—	$	(596,496,750	)	$	(285,061,419	)	$	(764,523,073	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $174,036,502 and accumulated long-term capital losses of $111,024,917.

9. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-46

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the PlMCO Total Return Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the PlMCO Total Return Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the PlMCO Total Return Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-47

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-48

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-49

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

BHFTI-50

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio

BHFTI-51

Brighthouse Funds Trust I

PIMCO Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

PIMCO Total Return Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Pacific Investment Management Company LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio performed equal to the median of its Performance Universe for the one-year period ended June 30, 2022 and outperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-52

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Managed By Schroder Investment Management North America Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B shares of the Schroders Global Multi-Asset Portfolio returned -20.17%. The Portfolio’s benchmark, the Dow Jones Moderate Portfolio Index¹, returned -14.97%.

MARKET ENVIRONMENT / CONDITIONS

It was a difficult start to 2022 as the widespread shock caused by the Russian invasion of Ukraine and its grave human implications fed through into markets just as markets had become increasingly concerned about broadening inflation. Markets around the world struggled as economic uncertainty surged with the war in Europe, high inflation, and several major central banks starting the most aggressive series of policy rate increases in decades.

In the first quarter, U.S. stocks declined as Russia’s invasion of Ukraine amplified existing concerns over inflation pressures, although economic data otherwise remained stable. As inflation pressures built, the Federal Reserve initiated a new monetary policy tightening cycle. Eurozone shares fell sharply as certain European countries had a large exposure to Russian gas and the quarter saw rising prices. Emerging markets (“EM”) equities were firmly down due to sanctions on Russia. In fixed income, government bond yields rose sharply. Elevated inflationary pressure was exacerbated by the war in Ukraine resulting in a more hawkish turn by central banks than the market expected. Corporate bonds underperformed government bonds as spreads widened. Commodities achieved a strong return in the first quarter of 2022, driven by sharply higher prices for energy and wheat.

The challenging market conditions deepened in the second quarter of 2022 with both equity and bond markets falling as investors eyed rising interest rates and economic growth risk. U.S. equities fell further in the second quarter as the Federal Reserve telegraphed interest rate hikes to tackle rising inflation. Eurozone shares also declined as the war in Ukraine continued and concerns mounted over energy shortages. EM equities experienced a correction in the second quarter, with U.S. dollar strength a key headwind. In fixed income, bonds continued to sell off sharply, with yields markedly higher amid still-elevated inflation data, hawkish central banks and rising interest rates. However, bonds rallied modestly at quarter-end, amid growth concerns. Corporate bonds suffered in the broad bond market sell-off, underperforming government bonds. Commodities continued to outperform in the second quarter with higher energy prices amid rising demand and supply constraints.

Both equity and bond markets continued to be under pressure in the third quarter 2022 as investors eyed inflation with caution. U.S. equities declined further as the Federal Reserve raised the federal funds rate. Eurozone shares experienced further sharp falls amid the ongoing energy crisis, rising inflation, and fears about the outlook for economic growth. EM equities posted negative returns. In bond markets, yields rose across the board. Sell-offs in both government and corporate bonds picked up speed during the period. Commodities declined in the third quarter with energy as the worst-performing component.

Most equities markets were stronger towards the end of the period, with U.S. equities posting robust gains. Bond yields were higher and credit spreads broadly tighter. The Federal Reserve raised the target range for the federal funds rate by 50 basis points, slowing the rate of tightening as expected. Eurozone shares also had a strong fourth quarter; the European Central Bank raised rates in October and December, taking the deposit rate to 2.0%. EM equities posted strong returns over the fourth quarter, helped by a weaker U.S. dollar. Bond yields were elevated towards the end of the final quarter, reflecting some market disappointment at the hawkish tone from some central banks. Credit spreads were largely tighter, with exceptions. The U.S. dollar’s rally continued to slow into the final quarter. Commodities gained in the fourth quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio aims to capture global growth opportunities while seeking to protect against market volatility. The Portfolio combines active strategies, for longer-term strategic exposures, and passive components, to facilitate rapid implementation of thematic and tactical views in a cost-effective way. The Portfolio managers seek to pre-emptively manage risk in its strategic exposures through forward-looking market views, complemented by a volatility management strategy aiming to cap Portfolio volatility at 10% over twelve-month periods. The Portfolio employs an interest rate overlay to improve diversification and balance the sources of risk through utilizing U.S. Treasury 10-year interest rate swaps.

The Portfolio underperformed the Dow Jones Moderate Portfolio Index over the twelve-month period ending December 31, 2022. The main headwind to performance over the one-year period was the interest rate swap overlay. The interest rate swap overlay weighed on performance as interest rates rose significantly over the year in response to higher inflation. On the other hand, the volatility cap was one of the largest positive contributors over the period, cushioning the Portfolio as the markets experienced significant volatility and several market downturns. Volatility in the Portfolio rose in the early parts of the year and the volatility cap re-activated for the first time in almost a year on February 4^th and remained in place through the end of the period.

Commodities were also a large contributor over the year in the Portfolio. The Portfolio started the period with an overweight allocation to commodities due to our concerns about rising inflation. The asset class performed extremely well in the first half of the year as heightened

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Managed By Schroder Investment Management North America Inc.

Portfolio Manager Commentary*—(Continued)

geopolitical risks and the imbalance between supply and demand drove prices higher. As the year progressed, we closed our long position in July, taking profit as concerns of slowing global growth and demand destruction due to surging prices began to weigh on commodities.

Overall equity performance was additive to performance; marginal negative relative performance in asset allocation was offset by positive relative performance in security selection. In terms of our equity positioning, the Portfolio started the period with an overweight allocation to equities, however, we reduced our equity exposure over the year as markets were caught between concerns about interest rate increases and worries about recessionary risks. An overweight allocation to U.S. equities over the year was the largest drag on performance as the U.S. equity market suffered its worst calendar year since 2008 due to rising interest rates, slowing economic growth, and inflation. An underweight allocation to EM equities offset some of the relative negative performance from our overweight allocation to U.S. equities. Overall, we ended the period with an underweight allocation to equities versus the Index. Positive relative contribution from equity security selection, which offset relative negative performance from asset allocation, was driven by strong selection in our Quantitative Equity Products Global Core Equity strategy as overweight allocations in Health Care, Consumer Staples, and Telecoms contributed positively.

Overall, fixed income weighed on performance; relative losses in security selection erased relative gains found in asset allocation. Fixed income asset allocation contributed driven by underweight allocations to U.S. and international bonds. Positive relative performance from an underweight allocation in U.S. bonds were driven by a short U.S. five-year position added in August, as we believed inflation was likely to linger in 2023 but bond markets had begun pricing the Federal Reserve getting inflation under control. Our underweight allocation to international bonds was helpful as we added short positions in German two-year and Italian ten-year to capitalize on the European Central Bank’s need to start raising rates earlier and longer than expected as a result of a strong labor market and high inflation. Overall, we ended the year neutral on duration, reducing our short positions in both international and U.S. bonds as the risk of recession started to offset the risk of persistent inflation. Turning to fixed income security selection, relative positive performance in international bonds could not offset selection within U.S. bonds.

Currency management was drag on performance over the period. We started the year adding long Australian dollar versus U.S. dollar as we believed this traditional risk-on currency trade was experiencing a break with the historical correlations. We continued to hold this trade at the end of the period adding another long Australian dollar position at the end of the December; this time paired with a short British sterling leg to capitalize on the differing outlook on interest rate hiking path for the Bank of England and Reserve Bank of Australia. We ended the year adding an Asian currency trade going long Chinese yuan versus South Korean won to hedge against global growth weakness. Losses in currencies were further compounded by an overweight allocation to cash versus the Dow Jones Moderate Portfolio Index, which hurt relative performance.

The Portfolio primarily used derivative instruments to adjust equity, fixed income, currency and interest rate exposures. The derivatives positions performed in line with expectations and facilitated the Portfolio’s overall performance by providing a cost-effective and liquid approach to gaining the desired market exposure versus implementation via physical instruments.

As of December 31, 2022, the Portfolio had an underweight allocation to equities and fixed income. The Portfolio’s allocation to developed equities was 57.0% and the allocation to investment grade bonds was 39.5%, with an additional underweight allocation to government bonds of -4.9%. We held approximately 2.7% in opportunistic asset classes, specifically, EM equities, high yield debt, and EM debt. The Portfolio’s cash level was 5.7% as of the end of December. The volatility cap was activated in February 2022 and was active at the end of the period. The volatility of the Portfolio’s positioning as of the end of the period was less than 10% per year.

Johanna Kyrklund

Michael Hodgson

Portfolio Managers

Schroder Investment Management North America Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Dow Jones Moderate Portfolio Index is a member of the Dow Jones Relative Risk Index Series and is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent an investor’s desired risk profile. The Dow Jones Moderate Portfolio Index level is set to 60% of the Dow Jones Global Stock CMAC Index’s downside risk over the past 36 months.

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE PORTFOLIO INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Schroders Global Multi-Asset Portfolio
Class B		–20.17		–0.01		3.56
Dow Jones Moderate Portfolio Index		–14.97		3.26		5.66

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Equity Sectors

	% of Net Assets
Information Technology		11.5
Health Care		8.4
Financials		6.9
Consumer Discretionary		5.3
Industrials		5.0

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		33.7

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Schroders Global Multi-Asset Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a)	Actual		0.95	%	$	1,000.00	$	986.30	$	4.76
	Hypothetical*		0.95	%	$	1,000.00	$	1,020.42	$	4.84

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 7 of the Notes to Consolidated Financial Statements.

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks — 51.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.6%
Airbus SE		3,413	$	405,814
BAE Systems plc		21,478		221,979
Boeing Co. (The) (a)(b)		2,968		565,374
General Dynamics Corp.		2,783		690,490
HEICO Corp.		822		126,292
Howmet Aerospace, Inc.		6,717		264,717
Huntington Ingalls Industries, Inc.		1,323		305,190
Lockheed Martin Corp. (b)		3,576		1,739,688
Raytheon Technologies Corp.		9,446		953,290
Safran S.A.		2,293		286,541
TransDigm Group, Inc.		803		505,609
				6,064,984
Air Freight & Logistics—0.2%
DSV A/S		2,520		399,687
FedEx Corp.		1,588		275,042
United Parcel Service, Inc. - Class B (b)		8,724		1,516,580
				2,191,309
Airlines—0.1%
Southwest Airlines Co.		20,701		697,003
Auto Components—0.1%
Aisin Corp.		3,600		95,888
Aptiv plc (a)		2,215		206,283
BorgWarner, Inc. (b)		5,810		233,852
NGK Spark Plug Co., Ltd.		5,900		108,865
				644,888
Automobiles—0.7%
Ferrari NV		4,054		867,378
Ford Motor Co.		19,103		222,168
General Motors Co.		7,472		251,358
Harley-Davidson, Inc.		2,130		88,608
Honda Motor Co., Ltd.		27,300		624,191
Isuzu Motors, Ltd.		15,800		184,543
Kia Corp. (a)		1,909		90,038
Mazda Motor Corp.		28,300		213,920
Mercedes-Benz Group AG		5,233		343,408
Mitsubishi Motors Corp. (a)		25,800		99,315
Stellantis NV (Milan-Traded Shares)		27,910		395,343
Subaru Corp.		7,400		113,549
Suzuki Motor Corp.		4,400		141,562
Tesla, Inc. (a)(b)		20,585		2,535,660
Toyota Motor Corp.		92,000		1,257,377
Yamaha Motor Co., Ltd.		7,300		165,893
				7,594,311
Banks—3.2%
ANZ Group Holdings, Ltd.		21,022		338,642
Banco Bilbao Vizcaya Argentaria S.A.		62,066		374,803
Banco Santander S.A.		124,950		374,204
Bank of America Corp.		71,444		2,366,225
Bank of Montreal (b)		13,413		1,215,095
Bank of Nova Scotia (The) (b)		7,123		348,995
Bank OZK		2,862		114,652
Banks—(Continued)
Barclays plc		234,184		450,239
BNP Paribas S.A.		14,956		851,106
Citigroup, Inc.		19,469		880,583
Commonwealth Bank of Australia		8,658		604,338
DBS Group Holdings, Ltd.		22,700		574,683
Erste Group Bank AG		9,095		290,018
Fifth Third Bancorp		9,148		300,146
HSBC Holdings plc		35,600		219,125
HSBC Holdings plc (Hong Kong-Traded Shares)		202,367		1,262,056
ING Groep NV		43,376		529,205
Intesa Sanpaolo S.p.A.		159,846		356,615
JPMorgan Chase & Co.		54,978		7,372,550
KBC Group NV		2,866		184,018
KeyCorp		19,413		338,174
Lloyds Banking Group plc		868,582		476,967
Mitsubishi UFJ Financial Group, Inc.		73,600		496,508
Mizuho Financial Group, Inc.		30,890		436,591
National Australia Bank, Ltd.		22,206		449,985
National Bank of Canada (b)		6,621		446,111
NatWest Group plc		90,012		287,331
Nordea Bank Abp		25,192		269,416
Oversea-Chinese Banking Corp., Ltd.		62,300		565,299
PNC Financial Services Group, Inc. (The)		4,076		643,763
Powszechna Kasa Oszczednosci Bank Polski S.A.		6,717		46,585
Regions Financial Corp.		13,116		282,781
Royal Bank of Canada		16,378		1,539,822
Skandinaviska Enskilda Banken AB - Class A		56,420		649,295
Societe Generale S.A.		12,461		312,648
Standard Chartered plc		67,013		502,981
Sumitomo Mitsui Financial Group, Inc.		11,000		443,237
Swedbank AB - A Shares		4,018		68,261
Toronto-Dominion Bank (The) (b)		23,974		1,552,290
Truist Financial Corp.		18,428		792,957
U.S. Bancorp (b)		58,202		2,538,189
UniCredit S.p.A.		14,998		213,275
Wells Fargo & Co.		40,028		1,652,756
Westpac Banking Corp.		21,978		345,670
				34,358,190
Beverages—1.3%
Anheuser-Busch InBev S.A.		6,322		380,067
Britvic plc		10,019		94,212
Brown-Forman Corp. - Class B		5,258		345,345
Coca-Cola Co. (The)		45,397		2,887,703
Diageo plc		39,634		1,750,209
Kirin Holdings Co., Ltd.		27,600		422,839
Monster Beverage Corp. (a)		9,018		915,598
PepsiCo, Inc.		36,183		6,536,821
Pernod Ricard S.A.		4,499		884,322
				14,217,116
Biotechnology—1.0%
AbbVie, Inc.		17,081		2,760,460
Alnylam Pharmaceuticals, Inc. (a)(b)		580		137,837
Amgen, Inc. (b)		6,733		1,768,355
Argenx SE (a)		512		192,934

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Biogen, Inc. (a)		750	$	207,690
CSL, Ltd.		2,568		500,736
Exact Sciences Corp. (a)(b)		1,397		69,165
Gilead Sciences, Inc.		14,463		1,241,649
Horizon Therapeutics plc (a)		2,350		267,430
Incyte Corp. (a)(b)		2,047		164,415
Moderna, Inc. (a)(b)		1,397		250,929
Regeneron Pharmaceuticals, Inc. (a)		1,957		1,411,956
United Therapeutics Corp. (a)		752		209,124
Vertex Pharmaceuticals, Inc. (a)		4,031		1,164,072
				10,346,752
Building Products—0.3%
AGC, Inc. (b)		2,500		82,818
Allegion plc		2,475		260,518
Assa Abloy AB - Class B		10,906		234,653
Carlisle Cos., Inc.		1,034		243,662
Cie de Saint-Gobain		7,065		346,848
Daikin Industries, Ltd.		2,400		369,191
Masco Corp. (b)		5,384		251,271
Owens Corning		2,150		183,395
Trane Technologies plc		7,524		1,264,709
				3,237,065
Capital Markets—1.9%
Affiliated Managers Group, Inc. (b)		1,888		299,116
Ameriprise Financial, Inc.		1,811		563,891
Bank of New York Mellon Corp. (The)		16,070		731,506
BlackRock, Inc. (b)		2,044		1,448,440
Blackstone, Inc. (b)		3,693		273,984
Brookfield Asset Management, Ltd. - Class A (a)		2,380		68,148
Brookfield Corp.		9,521		299,412
Charles Schwab Corp. (The)		36,853		3,068,381
CME Group, Inc.		1,915		322,026
Credit Suisse Group AG		36,337		109,173
Deutsche Bank AG		16,043		181,840
FactSet Research Systems, Inc.		1,386		556,077
Federated Hermes, Inc.		3,059		111,072
Franklin Resources, Inc. (b)		3,674		96,920
Goldman Sachs Group, Inc. (The)		1,953		670,621
Hong Kong Exchanges & Clearing, Ltd.		6,700		289,542
Houlihan Lokey, Inc.		2,019		175,976
IG Group Holdings plc		23,170		219,179
Intercontinental Exchange, Inc.		3,067		314,644
Julius Baer Group, Ltd.		2,864		166,473
London Stock Exchange Group plc		1,797		155,052
Macquarie Group, Ltd.		3,233		367,027
Man Group plc		41,198		106,456
Moody’s Corp.		3,213		895,206
Morgan Stanley		43,445		3,693,694
MSCI, Inc.		508		236,306
Nasdaq, Inc.		17,178		1,053,870
Nomura Holdings, Inc.		43,000		160,050
Northern Trust Corp.		2,285		202,200
Raymond James Financial, Inc.		4,085		436,482
S&P Global, Inc.		2,082		697,345
Capital Markets—(Continued)
State Street Corp. (b)		8,612		668,033
T. Rowe Price Group, Inc. (b)		1,736		189,328
UBS Group AG		56,966		1,061,823
				19,889,293
Chemicals—1.2%
Air Liquide S.A. (b)		6,665		948,025
Air Products & Chemicals, Inc. (b)		5,231		1,612,508
Albemarle Corp. (b)		2,985		647,327
BASF SE		5,381		267,136
Celanese Corp.		717		73,306
CF Industries Holdings, Inc.		823		70,120
Chemours Co. (The)		5,307		162,500
Chr Hansen Holding A/S		2,290		165,092
Corteva, Inc.		42,732		2,511,787
Dow, Inc.		5,165		260,264
DuPont de Nemours, Inc. (b)		4,135		283,785
Ecolab, Inc. (b)		1,840		267,831
Givaudan S.A.		74		225,606
Huntsman Corp.		3,289		90,382
ICL Group, Ltd.		9,461		68,226
International Flavors & Fragrances, Inc. (b)		5,848		613,104
Linde plc		2,500		815,450
Livent Corp. (a)(b)		8,717		173,207
Mitsubishi Gas Chemical Co., Inc.		5,400		74,222
Mosaic Co. (The)		3,869		169,733
Nutrien, Ltd. (b)		5,170		377,441
OCI NV		4,373		156,048
Sherwin-Williams Co. (The)		4,518		1,072,257
Shin-Etsu Chemical Co., Ltd.		2,900		353,323
Sika AG		1,289		311,022
Sociedad Quimica y Minera de Chile S.A. (ADR)		3,142		250,857
Solvay S.A.		990		100,347
Tosoh Corp.		5,600		66,446
Yara International ASA		4,076		179,214
				12,366,566
Commercial Services & Supplies—0.4%
Cintas Corp.		690		311,618
Republic Services, Inc.		8,740		1,127,372
Secom Co., Ltd.		1,600		91,273
Waste Management, Inc. (b)		15,080		2,365,750
				3,896,013
Communications Equipment—0.3%
Arista Networks, Inc. (a)(b)		4,900		594,615
Cisco Systems, Inc.		36,967		1,761,108
Nokia Oyj		44,074		204,785
Telefonaktiebolaget LM Ericsson - B Shares		17,417		102,001
				2,662,509
Construction & Engineering—0.1%
Kajima Corp.		3,600		41,877
Obayashi Corp.		13,200		99,795
Taisei Corp.		2,400		77,316

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Construction & Engineering—(Continued)
Vinci S.A.		4,877	$	487,090
				706,078
Construction Materials—0.1%
CRH plc		8,493		336,260
James Hardie Industries plc		6,639		118,909
Vulcan Materials Co.		5,789		1,013,712
				1,468,881
Consumer Finance—0.2%
American Express Co.		12,842		1,897,405
Capital One Financial Corp.		2,983		277,300
Discover Financial Services		3,843		375,961
				2,550,666
Containers & Packaging—0.2%
Graphic Packaging Holding Co.		5,685		126,491
International Paper Co. (b)		4,176		144,615
Packaging Corp. of America		1,963		251,087
Sealed Air Corp. (b)		23,186		1,156,518
Silgan Holdings, Inc.		4,421		229,185
Smurfit Kappa Group plc		6,514		241,346
Sonoco Products Co.		6,841		415,317
				2,564,559
Diversified Consumer Services—0.0%
H&R Block, Inc. (b)		12,295		448,890
Diversified Financial Services—0.2%
Berkshire Hathaway, Inc. - Class B (a)		7,987		2,467,184
Plus500, Ltd.		5,314		115,755
				2,582,939
Diversified Telecommunication Services —0.7%
AT&T, Inc.		104,314		1,920,421
BCE, Inc.		10,876		477,853
Cellnex Telecom S.A.		4,314		143,465
Deutsche Telekom AG		22,137		441,555
Elisa Oyj		2,530		134,104
Koninklijke KPN NV		137,806		426,366
KT Corp.		3,175		85,097
Liberty Global plc - Class A (a)		9,509		180,005
Nippon Telegraph & Telephone Corp.		25,200		719,311
Spark New Zealand, Ltd.		177,171		607,287
Telecom Italia S.p.A. (a)		257,269		59,776
Telkom Indonesia Persero Tbk PT		948,900		228,599
Verizon Communications, Inc.		44,930		1,770,242
				7,194,081
Electric Utilities—0.7%
CEZ A/S		2,485		84,621
Constellation Energy Corp.		1,962		169,144
Duke Energy Corp. (b)		5,891		606,714
Edison International		3,227		205,302
Electric Utilities—(Continued)
EDP - Energias de Portugal S.A.		38,707		192,830
Enel S.p.A.		49,642		266,989
Evergy, Inc.		6,966		438,370
Eversource Energy		3,588		300,818
Exelon Corp.		8,364		361,576
Iberdrola S.A.		35,906		420,010
NextEra Energy, Inc. (b)		33,705		2,817,738
Orsted A/S		2,000		181,453
Red Electrica Corp. S.A.		17,093		296,920
Southern Co. (The) (b)		7,299		521,222
Terna - Rete Elettrica Nazionale		43,420		321,385
Verbund AG		2,340		197,357
				7,382,449
Electrical Equipment—0.5%
ABB, Ltd.		16,707		508,858
Alfen Beheer B.V. (a)		550		49,667
AMETEK, Inc.		6,823		953,310
Array Technologies, Inc. (a)		4,892		94,562
Atkore, Inc. (a)		2,029		230,129
Bloom Energy Corp. - Class A (a)(b)		2,657		50,802
Eaton Corp. plc		3,472		544,930
Emerson Electric Co. (b)		19,971		1,918,414
Encore Wire Corp. (b)		1,361		187,219
Generac Holdings, Inc. (a)(b)		453		45,599
Nidec Corp.		4,000		208,308
Plug Power, Inc. (a)(b)		3,627		44,866
Rockwell Automation, Inc.		1,854		477,535
Siemens Energy AG (a)		2,798		52,645
Vestas Wind Systems A/S		10,747		313,986
				5,680,830
Electronic Equipment, Instruments & Components—0.3%
Amphenol Corp. - Class A		10,200		776,628
Corning, Inc.		7,244		231,373
Dexerials Corp.		2,700		52,428
E Ink Holdings, Inc.		36,000		188,390
Keyence Corp.		1,200		469,806
Keysight Technologies, Inc. (a)		1,272		217,601
Murata Manufacturing Co., Ltd.		4,200		210,711
Simplo Technology Co., Ltd.		3,000		27,802
Venture Corp., Ltd.		18,400		234,583
Vontier Corp. (b)		5,261		101,695
Yokogawa Electric Corp.		9,700		153,679
Zebra Technologies Corp. - Class A (a)		652		167,179
				2,831,875
Energy Equipment & Services—0.2%
Schlumberger, Ltd.		36,970		1,976,416
Entertainment—0.5%
Activision Blizzard, Inc.		3,553		271,982
Electronic Arts, Inc. (b)		4,036		493,118
International Games System Co., Ltd.		4,000		56,377
Koei Tecmo Holdings Co., Ltd.		5,100		91,920

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-7

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Entertainment—(Continued)
Liberty Media Corp.-Liberty Formula One - Class C (a)		5,062	$	302,606
Netflix, Inc. (a)		7,011		2,067,404
Nintendo Co., Ltd.		6,000		251,254
Roku, Inc. (a)(b)		1,023		41,636
Take-Two Interactive Software, Inc. (a)(b)		1,318		137,243
Walt Disney Co. (The) (a)(b)		14,685		1,275,833
Warner Bros Discovery, Inc. (a)(b)		17,385		164,810
				5,154,183
Equity Real Estate Investment Trusts—0.6%
American Tower Corp.		6,014		1,274,126
Crown Castle, Inc.		1,947		264,091
Daiwa House REIT Investment Corp.		143		319,167
Digital Realty Trust, Inc.		1,366		136,969
Equinix, Inc. (b)		410		268,562
Equity LifeStyle Properties, Inc. (b)		7,489		483,789
Extra Space Storage, Inc.		1,010		148,652
Nippon Building Fund, Inc. (b)		89		397,451
Nippon Prologis REIT, Inc.		120		281,037
Prologis, Inc.		4,714		531,409
Public Storage (b)		1,953		547,211
Sabra Health Care REIT, Inc. (b)		8,879		110,366
SBA Communications Corp.		694		194,535
Simon Property Group, Inc. (b)		2,826		331,999
Ventas, Inc.		4,609		207,635
Vicinity, Ltd.		56,867		77,374
Welltower, Inc.		3,841		251,778
Weyerhaeuser Co. (b)		8,863		274,753
				6,100,904
Food & Staples Retailing—0.5%
Costco Wholesale Corp.		6,796		3,102,374
Endeavour Group, Ltd.		22,011		95,590
George Weston, Ltd.		2,837		351,985
HelloFresh SE (a)		1,494		32,754
Kesko Oyj - B Shares		7,127		157,710
Koninklijke Ahold Delhaize NV		8,904		255,846
Kroger Co. (The)		3,963		176,671
Seven & i Holdings Co., Ltd.		6,100		260,948
Sysco Corp. (b)		3,314		253,355
Walgreens Boots Alliance, Inc. (b)		3,684		137,634
Walmart, Inc.		5,714		810,188
Woolworths Group, Ltd.		8,626		196,984
				5,832,039
Food Products—0.8%
Ajinomoto Co., Inc.		5,400		164,653
Archer-Daniels-Midland Co. (b)		8,873		823,858
Conagra Brands, Inc.		4,462		172,679
Danone S.A.		4,343		228,806
Darling Ingredients, Inc. (a)(b)		2,234		139,826
General Mills, Inc.		7,404		620,825
Hershey Co. (The)		3,621		838,515
Kellogg Co. (b)		12,599		897,553
Kraft Heinz Co. (The) (b)		3,484		141,834
Mondelez International, Inc. - Class A		22,292		1,485,762
Food Products—(Continued)
Nestle S.A.		23,423		2,705,016
				8,219,327
Gas Utilities—0.0%
Hong Kong & China Gas Co., Ltd. (b)		170,857		162,440
Italgas S.p.A.		15,999		88,716
				251,156
Health Care Equipment & Supplies—0.9%
Abbott Laboratories (b)		14,308		1,570,875
Align Technology, Inc. (a)		653		137,718
Baxter International, Inc.		2,739		139,607
Becton Dickinson & Co.		1,799		457,486
Boston Scientific Corp. (a)(b)		33,630		1,556,060
Coloplast A/S - Class B		1,633		191,336
DexCom, Inc. (a)		6,868		777,732
Edwards Lifesciences Corp. (a)		5,965		445,049
EssilorLuxottica S.A.		2,008		365,649
Hoya Corp.		2,000		193,510
IDEXX Laboratories, Inc. (a)		1,690		689,452
Intuitive Surgical, Inc. (a)		1,582		419,784
Koninklijke Philips NV		7,780		116,772
Medtronic plc		9,872		767,252
Olympus Corp.		9,600		169,687
ResMed, Inc.		1,664		346,328
Stryker Corp. (b)		3,884		949,599
Sysmex Corp.		2,400		146,185
Zimmer Biomet Holdings, Inc.		1,922		245,055
				9,685,136
Health Care Providers & Services—1.5%
Centene Corp. (a)		3,215		263,662
Cigna Corp.		7,009		2,322,362
CVS Health Corp.		12,650		1,178,854
Elevance Health, Inc.		1,249		640,700
HCA Healthcare, Inc. (b)		8,699		2,087,412
Humana, Inc.		965		494,263
McKesson Corp. (b)		1,743		653,834
UnitedHealth Group, Inc. (b)		15,312		8,118,116
				15,759,203
Health Care Technology—0.0%
GoodRx Holdings, Inc. - Class A (a)		16,632		77,505
Veeva Systems, Inc. - Class A (a)		801		129,266
				206,771
Hotels, Restaurants & Leisure—1.1%
Airbnb, Inc. - Class A (a)		3,701		316,435
Aristocrat Leisure, Ltd.		8,121		167,709
Booking Holdings, Inc. (a)		1,469		2,960,446
Caesars Entertainment, Inc. (a)		1,939		80,662
Chipotle Mexican Grill, Inc. (a)(b)		169		234,486
Choice Hotels International, Inc.		754		84,931
Compass Group plc		9,526		220,117
Evolution AB		6,397		624,755

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-8

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—(Continued)
Galaxy Entertainment Group, Ltd.		26,000	$	172,159
InterContinental Hotels Group plc		6,078		349,842
Las Vegas Sands Corp. (a)(b)		4,211		202,423
Marriott International, Inc. - Class A		1,958		291,527
McDonald’s Corp.		14,200		3,742,126
Oriental Land Co., Ltd.		1,600		233,100
Starbucks Corp.		5,606		556,115
Wyndham Hotels & Resorts, Inc.		17,600		1,255,056
Yum! Brands, Inc. (b)		2,330		298,426
				11,790,315
Household Durables—0.2%
DR Horton, Inc. (b)		3,430		305,750
Lennar Corp. - Class A (b)		3,212		290,686
NVR, Inc. (a)		171		788,751
Sekisui Chemical Co., Ltd.		22,900		318,656
Sony Group Corp.		6,000		457,535
				2,161,378
Household Products—0.8%
Clorox Co. (The) (b)		690		96,828
Colgate-Palmolive Co.		17,577		1,384,892
Essity AB - Class B		9,307		244,290
Kimberly-Clark Corp.		5,726		777,304
Procter & Gamble Co. (The)		31,058		4,707,150
Reckitt Benckiser Group plc		18,247		1,269,426
				8,479,890
Independent Power and Renewable Electricity Producers—0.0%
Drax Group plc		16,428		139,772
RWE AG		6,142		273,115
				412,887
Industrial Conglomerates—0.4%
3M Co.		11,946		1,432,564
General Electric Co.		6,328		530,223
Hitachi, Ltd.		7,200		362,339
Honeywell International, Inc.		5,075		1,087,573
Lifco AB - B Shares		10,456		174,044
Siemens AG		3,850		534,352
				4,121,095
Insurance—1.3%
Aegon NV		15,013		76,159
Aflac, Inc.		3,160		227,330
Ageas SA		1,974		87,827
AIA Group, Ltd.		65,600		722,715
Allianz SE		2,637		567,024
Allstate Corp. (The)		1,811		245,572
Aon plc - Class A		4,209		1,263,289
Arch Capital Group, Ltd. (a)		3,502		219,856
ASR Nederland NV		6,561		311,081
Assured Guaranty, Ltd.		1,603		99,803
Aviva plc		10,833		57,741
AXA S.A.		18,953		528,234
Insurance—(Continued)
Axis Capital Holdings, Ltd.		1,403		76,001
Chubb, Ltd.		6,628		1,462,137
Everest Re Group, Ltd.		1,000		331,270
Fairfax Financial Holdings, Ltd.		225		133,283
Hartford Financial Services Group, Inc. (The)		5,471		414,866
Loews Corp.		9,312		543,169
Manulife Financial Corp.		42,836		764,025
Markel Corp. (a)		306		403,152
Marsh & McLennan Cos., Inc.		13,113		2,169,939
Muenchener Rueckversicherungs-Gesellschaft AG		946		307,605
NN Group NV		3,829		156,381
Old Republic International Corp. (b)		4,038		97,518
Primerica, Inc.		1,423		201,810
Progressive Corp. (The)		3,149		408,457
Prudential Financial, Inc.		1,862		185,195
Prudential plc		14,866		201,176
Reinsurance Group of America, Inc.		1,127		160,135
RenaissanceRe Holdings, Ltd.		531		97,826
Unum Group		6,361		260,992
Willis Towers Watson plc (b)		1,392		340,455
Zurich Insurance Group AG		1,410		673,804
				13,795,827
Interactive Media & Services—1.7%
Alphabet, Inc. - Class A (a)(b)		102,062		9,004,930
Alphabet, Inc. - Class C (a)		71,748		6,366,200
Match Group, Inc. (a)		1,739		72,151
Meta Platforms, Inc. - Class A (a)		19,384		2,332,671
Pinterest, Inc. - Class A (a)		3,582		86,971
Snap, Inc. - Class A (a)(b)		7,369		65,953
ZoomInfo Technologies, Inc.-Class A (a)		8,666		260,933
				18,189,809
Internet & Direct Marketing Retail—1.0%
Amazon.com, Inc. (a)		106,484		8,944,656
Delivery Hero SE (a)		1,180		56,531
eBay, Inc.		10,877		451,069
Etsy, Inc. (a)(b)		837		100,256
Just Eat Takeaway.com NV (a)		3,704		78,874
MercadoLibre, Inc. (a)(b)		365		308,878
Prosus NV (a)		4,916		337,510
				10,277,774
IT Services—2.3%
Accenture plc - Class A (b)		10,209		2,724,170
Amadeus IT Group S.A. (a)		3,798		195,863
Amdocs, Ltd.		9,127		829,644
Automatic Data Processing, Inc. (b)		6,247		1,492,158
Block, Inc. (a)		2,283		143,464
Cloudflare, Inc. - Class A (a)(b)		5,206		235,363
Cognizant Technology Solutions Corp. - Class A		2,851		163,049
Edenred		10,117		550,508
EPAM Systems, Inc. (a)(b)		461		151,088
EVERTEC, Inc.		3,039		98,403
Fidelity National Information Services, Inc.		2,962		200,972

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-9

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
Fiserv, Inc. (a)		2,988	$	301,997
Fujitsu, Ltd.		1,400		185,399
Gartner, Inc. (a)		4,139		1,391,284
Global Payments, Inc.		1,839		182,650
Infosys, Ltd. (ADR)		7,211		129,870
International Business Machines Corp. (b)		4,053		571,027
Itochu Techno-Solutions Corp.		4,600		107,739
Jack Henry & Associates, Inc.		1,482		260,180
MasterCard, Inc. - Class A (b)		12,906		4,487,803
MongoDB, Inc. (a)		573		112,789
Nuvei Corp. (a)		2,914		74,055
Obic Co., Ltd.		1,000		147,841
Okta, Inc. (a)(b)		1,369		93,544
Paychex, Inc.		5,729		662,043
PayPal Holdings, Inc. (a)		9,982		710,918
Shift4 Payments, Inc. - Class A (a)(b)		2,208		123,493
Shopify, Inc. - Class A (a)		4,634		160,890
Snowflake, Inc. - Class A (a)		1,450		208,133
SS&C Technologies Holdings, Inc.		4,036		210,114
Twilio, Inc. - Class A (a)(b)		1,445		70,747
VeriSign, Inc. (a)		1,535		315,350
Visa, Inc. - Class A (b)		32,598		6,772,561
Wise plc - Class A (a)		8,665		58,612
				24,123,721
Leisure Products—0.0%
Shimano, Inc.		1,500		238,992
Life Sciences Tools & Services—0.8%
Agilent Technologies, Inc. (b)		3,456		517,190
Bachem Holding AG - Class B (b)		1,015		88,526
Bio-Techne Corp.		1,784		147,858
Danaher Corp.		11,877		3,152,393
Illumina, Inc. (a)		907		183,395
IQVIA Holdings, Inc. (a)		995		203,866
Lonza Group AG		400		196,871
Mettler-Toledo International, Inc. (a)		309		446,644
Sartorius Stedim Biotech		231		75,259
Thermo Fisher Scientific, Inc. (b)		5,268		2,901,035
Waters Corp. (a)		1,983		679,336
				8,592,373
Machinery—1.0%
AGCO Corp.		591		81,966
Allison Transmission Holdings, Inc.		3,390		141,024
Atlas Copco AB - A Shares		44,099		522,104
Caterpillar, Inc.		8,611		2,062,851
Daimler Truck Holding AG (a)		3,749		116,156
Deere & Co. (b)		5,120		2,195,251
Epiroc AB - A Shares		4,587		83,825
FANUC Corp.		1,200		179,090
Graco, Inc.		1,800		121,068
IDEX Corp.		552		126,038
Illinois Tool Works, Inc. (b)		4,270		940,681
Komatsu, Ltd.		12,400		269,020
Lincoln Electric Holdings, Inc.		673		97,242
Machinery—(Continued)
NGK Insulators, Ltd.		6,400		81,623
Otis Worldwide Corp.		6,609		517,551
Parker-Hannifin Corp.		4,856		1,413,096
SMC Corp.		600		253,938
Snap-on, Inc.		2,717		620,807
Sumitomo Heavy Industries, Ltd.		3,100		61,840
Techtronic Industries Co., Ltd.		13,500		150,323
Toro Co. (The)		890		100,748
Volvo AB - B Shares		16,501		298,778
				10,435,020
Marine—0.0%
AP Moller - Maersk A/S - Class B		50		112,303
Mitsui OSK Lines, Ltd.		2,000		50,121
Nippon Yusen KK (b)		7,100		168,201
				330,625
Media—0.3%
Charter Communications, Inc. - Class A (a)(b)		476		161,412
Comcast Corp. - Class A		48,070		1,681,008
Fox Corp. - Class A (b)		9,962		302,546
Liberty Broadband Corp. - Class C (a)		2,515		191,819
Nexstar Media Group, Inc. - Class A		1,448		253,443
Omnicom Group, Inc.		7,777		634,370
Trade Desk, Inc. (The) - Class A (a)		7,812		350,212
				3,574,810
Metals & Mining—1.0%
Agnico Eagle Mines, Ltd. (b)		3,210		166,806
Allkem Ltd. (a)		33,245		252,557
AMG Advanced Metallurgical Group NV		2,304		84,322
Anglo American plc		16,838		658,579
ATI, Inc. (a)		4,938		147,449
B2Gold Corp.		16,096		57,180
Barrick Gold Corp.		12,277		210,450
BHP Group, Ltd.		56,182		1,739,463
BHP Group, Ltd. (London-Traded Shares) - Class DI		7,783		239,980
Boliden AB		6,654		250,221
Dowa Holdings Co., Ltd.		1,300		40,759
Eramet S.A.		785		70,305
Fortescue Metals Group, Ltd.		21,623		301,453
Franco-Nevada Corp.		1,610		219,467
Freeport-McMoRan, Inc. (b)		37,735		1,433,930
Glencore plc		67,447		451,003
IGO, Ltd.		11,681		106,161
Iluka Resources, Ltd.		10,394		66,952
Impala Platinum Holdings, Ltd.		7,060		88,270
Lynas Rare Earths, Ltd. (a)		7,149		37,917
Mineral Resources, Ltd.		4,927		259,179
Newmont Corp.		3,557		167,890
Nucor Corp.		1,854		244,376
Pilbara Minerals, Ltd. (a)		42,893		109,300
Rio Tinto plc		18,010		1,263,693
Rio Tinto, Ltd.		6,618		521,566
Steel Dynamics, Inc. (b)		13,005		1,270,588
				10,459,816

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-10

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Multi-Utilities—0.2%
Centrica plc		264,681	$	308,230
Dominion Energy, Inc.		6,095		373,745
E.ON SE		17,416		173,819
Engie S.A.		35,372		506,670
National Grid plc		24,644		296,008
Sempra Energy		2,819		435,648
WEC Energy Group, Inc.		4,081		382,635
				2,476,755
Multiline Retail—0.4%
Dollar General Corp.		8,711		2,145,084
Dollar Tree, Inc. (a)(b)		1,488		210,463
Dollarama, Inc.		12,936		756,574
Target Corp. (b)		2,946		439,072
Wesfarmers, Ltd.		12,002		374,772
				3,925,965
Oil, Gas & Consumable Fuels —2.7%
Advantage Energy, Ltd. (a)		11,814		82,628
Aker BP ASA		5,756		179,421
ARC Resources, Ltd.		11,039		148,790
BP plc (b)		233,386		1,357,194
Canadian Natural Resources, Ltd. (b)		18,542		1,029,670
Chevron Corp. (b)		13,338		2,394,038
ConocoPhillips		41,981		4,953,758
Coterra Energy, Inc. (b)		84,915		2,086,362
Devon Energy Corp.		810		49,823
Enbridge, Inc. (b)		13,201		515,951
Eni S.p.A.		37,033		528,988
EOG Resources, Inc. (b)		7,024		909,749
EQT Corp. (b)		1,792		60,623
Equinor ASA		27,298		979,135
Exxon Mobil Corp. (b)		30,036		3,312,971
Hess Corp.		3,870		548,843
Inpex Corp. (b)		60,300		643,436
Keyera Corp. (b)		10,427		227,869
Kinder Morgan, Inc. (b)		23,902		432,148
Marathon Petroleum Corp.		4,344		505,598
Neste Oyj		2,990		138,102
OMV AG		2,974		153,566
Ovintiv, Inc.		2,750		139,453
Phillips 66		2,674		278,310
Pioneer Natural Resources Co.		742		169,465
Repsol S.A.		27,754		442,435
Shell plc		76,774		2,181,742
Shell plc (Euro-Listed Shares)		12,525		356,349
Suncor Energy, Inc.		21,485		681,522
TC Energy Corp.		8,559		341,222
TotalEnergies SE		26,288		1,640,770
Valero Energy Corp. (b)		2,436		309,031
Vermilion Energy, Inc.		2,435		43,107
Woodside Energy Group, Ltd.		27,575		667,180
				28,489,249
Paper & Forest Products —0.0%
UPM-Kymmene Oyj		8,491		318,293
Personal Products —0.4%
Estee Lauder Cos., Inc. (The) - Class A (b)		3,761		933,142
Haleon plc (a)		28,969		115,873
Kao Corp. (b)		5,400		216,165
L’Oreal S.A.		3,167		1,136,138
Rohto Pharmaceutical Co., Ltd.		6,000		106,423
Shiseido Co., Ltd.		4,000		197,122
Unilever plc		22,450		1,132,580
				3,837,443
Pharmaceuticals —4.2%
Astellas Pharma, Inc.		76,500		1,160,588
AstraZeneca plc		17,827		2,419,398
Bayer AG		4,513		233,017
Bristol-Myers Squibb Co.		61,093		4,395,641
Chugai Pharmaceutical Co., Ltd. (b)		5,400		137,215
Daiichi Sankyo Co., Ltd.		8,400		269,199
Eisai Co., Ltd.		2,100		137,548
Eli Lilly and Co.		16,870		6,171,721
GSK plc		49,129		854,344
Jazz Pharmaceuticals plc (a)		897		142,901
Johnson & Johnson		45,993		8,124,663
Merck & Co., Inc.		54,799		6,079,949
Novartis AG		22,821		2,067,156
Novo Nordisk A/S - Class B		18,223		2,467,393
Ono Pharmaceutical Co., Ltd.		25,500		596,514
Pfizer, Inc.		77,420		3,967,001
Recordati Industria Chimica e Farmaceutica S.p.A.		2,769		115,100
Roche Holding AG		7,363		2,313,910
Sanofi		18,055		1,747,013
Takeda Pharmaceutical Co., Ltd.		11,400		356,069
Viatris, Inc.		10,100		112,413
Zoetis, Inc.		3,205		469,693
				44,338,446
Professional Services —0.3%
CoStar Group, Inc. (a)(b)		2,699		208,578
Experian plc		5,023		171,001
Recruit Holdings Co., Ltd.		7,200		228,988
RELX plc		44,675		1,237,756
TechnoPro Holdings, Inc.		2,700		71,382
Verisk Analytics, Inc.		1,191		210,116
Visional, Inc. (a)		600		39,840
Wolters Kluwer NV		5,785		604,296
				2,771,957
Real Estate Management & Development —0.1%
CK Asset Holdings, Ltd.		52,500		323,232
Mitsui Fudosan Co., Ltd.		12,500		228,362
Sagax AB - Class B		6,665		151,799
Vonovia SE		4,443		104,710
				808,103
Road & Rail—0.6%
Canadian National Railway Co.		8,716		1,035,363
Canadian Pacific Railway, Ltd. (b)		8,422		627,918

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-11

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Road & Rail —(Continued)
CSX Corp.		20,490	$	634,780
GMexico Transportes S.A.B. de C.V.		30,000		58,348
Norfolk Southern Corp.		1,545		380,719
Odakyu Electric Railway Co., Ltd.		10,600		138,159
Old Dominion Freight Line, Inc. (b)		388		110,107
RXO, Inc. (a)		9,188		158,034
TFI International, Inc. (b)		1,190		119,185
Uber Technologies, Inc. (a)		8,039		198,804
Union Pacific Corp.		13,876		2,873,303
XPO, Inc. (a)(b)		9,188		305,868
				6,640,588
Semiconductors & Semiconductor Equipment—2.6%
Advanced Micro Devices, Inc. (a)		34,675		2,245,900
Analog Devices, Inc.		5,207		854,104
Applied Materials, Inc.		8,861		862,884
ASML Holding NV		3,370		1,824,191
Axcelis Technologies, Inc. (a)		829		65,789
BE Semiconductor Industries NV		1,324		80,430
Broadcom, Inc. (b)		4,253		2,377,980
Enphase Energy, Inc. (a)		5,944		1,574,922
First Solar, Inc. (a)		14,796		2,216,293
Infineon Technologies AG		5,980		182,137
Intel Corp.		16,972		448,570
KLA Corp. (b)		1,592		600,232
Lam Research Corp.		4,211		1,769,883
Lasertec Corp.		600		99,661
Marvell Technology, Inc.		7,785		288,356
Microchip Technology, Inc.		6,254		439,344
Micron Technology, Inc. (b)		7,908		395,242
NVIDIA Corp.		27,216		3,977,346
NXP Semiconductors NV		1,973		311,793
QUALCOMM, Inc.		11,146		1,225,391
Renesas Electronics Corp. (a)		8,500		76,819
Soitec (a)		225		37,073
SolarEdge Technologies, Inc. (a)		964		273,072
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		4,240		315,838
Texas Instruments, Inc. (b)		28,245		4,666,639
Tokyo Electron, Ltd.		1,300		386,183
Tokyo Seimitsu Co., Ltd.		1,700		55,232
				27,651,304
Software—4.0%
Adobe, Inc. (a)		7,202		2,423,689
Autodesk, Inc. (a)		1,170		218,638
Bill.com Holdings, Inc. (a)(b)		685		74,638
Cadence Design Systems, Inc. (a)		8,722		1,401,102
Check Point Software Technologies, Ltd. (a)		3,975		501,486
Constellation Software, Inc.		361		563,619
Crowdstrike Holdings, Inc. - Class A (a)		9,216		970,353
Datadog, Inc. - Class A (a)(b)		6,847		503,254
DocuSign, Inc. (a)(b)		1,737		96,264
DoubleVerify Holdings, Inc. (a)		2,771		60,851
Dropbox, Inc. - Class A (a)		10,191		228,075
Dynatrace, Inc. (a)		7,160		274,228
Fortinet, Inc. (a)(b)		14,375		702,794
Software—(Continued)
Gen Digital Inc		10,950		234,658
HubSpot, Inc. (a)		836		241,713
Intuit, Inc.		6,053		2,355,949
Microsoft Corp.		92,914		22,282,635
Nice, Ltd. (ADR) (a)		747		143,648
Oracle Corp.		32,290		2,639,385
Oracle Corp. Japan		1,500		97,596
Palantir Technologies, Inc. - Class A (a)(b)		10,555		67,763
Palo Alto Networks, Inc. (a)(b)		5,041		703,421
Paycom Software, Inc. (a)		812		251,972
Paylocity Holding Corp. (a)		1,009		196,008
Progress Software Corp. (b)		1,383		69,772
Qualys, Inc. (a)		1,298		145,674
RingCentral, Inc. - Class A (a)		1,936		68,534
Roper Technologies, Inc.		1,321		570,791
Salesforce, Inc. (a)		10,423		1,381,986
SAP SE		4,433		457,483
ServiceNow, Inc. (a)		2,230		865,842
Splunk, Inc. (a)(b)		1,455		125,261
Synopsys, Inc. (a)		1,199		382,829
Tenable Holdings, Inc. (a)		5,114		195,099
VMware, Inc. - Class A (a)		1,385		170,023
WiseTech Global, Ltd.		3,381		116,590
Workday, Inc. - Class A (a)		2,509		419,831
Zoom Video Communications, Inc. - Class A (a)(b)		1,311		88,807
Zscaler, Inc. (a)(b)		2,983		333,798
				42,626,059
Specialty Retail—1.0%
AutoZone, Inc. (a)		293		722,591
Fast Retailing Co., Ltd.		400		242,402
H & M Hennes & Mauritz AB - B Shares		6,358		68,632
Home Depot, Inc. (The)		13,255		4,186,724
Industria de Diseno Textil S.A.		19,473		518,530
Lowe’s Cos., Inc. (b)		3,080		613,659
O’Reilly Automotive, Inc. (a)(b)		2,771		2,338,807
Ross Stores, Inc.		2,370		275,086
TJX Cos., Inc. (The)		5,654		450,058
Tractor Supply Co. (b)		5,340		1,201,340
USS Co., Ltd.		6,300		99,840
				10,717,669
Technology Hardware, Storage & Peripherals—2.1%
Apple, Inc. (b)		162,673		21,136,103
HP, Inc. (b)		14,365		385,988
NetApp, Inc.		4,106		246,606
Pure Storage, Inc. - Class A (a)		5,017		134,255
				21,902,952
Textiles, Apparel & Luxury Goods—0.8%
Adidas AG		847		115,624
Burberry Group plc		9,561		233,623
Cie Financiere Richemont S.A. - Class A		3,294		426,262
Crocs, Inc. (a)		1,976		214,258
Deckers Outdoor Corp. (a)		2,331		930,442

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-12

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Textiles, Apparel & Luxury Goods—(Continued)
Hermes International		404	$	623,429
Kering S.A.		436		223,137
Lululemon Athletica, Inc. (a)		2,498		800,309
LVMH Moet Hennessy Louis Vuitton SE		2,755		2,001,356
Moncler S.p.A.		10,213		543,645
NIKE, Inc. - Class B		17,888		2,093,075
VF Corp. (b)		3,386		93,487
				8,298,647
Thrifts & Mortgage Finance—0.0%
Essent Group, Ltd. (b)		2,574		100,077
MGIC Investment Corp.		7,230		93,990
NMI Holdings, Inc. - Class A (a)		2,170		45,353
Radian Group, Inc.		7,200		137,304
				376,724
Tobacco—0.2%
Altria Group, Inc. (b)		8,644		395,117
British American Tobacco plc		10,695		424,321
Imperial Brands plc		8,097		202,300
Philip Morris International, Inc.		6,608		668,796
				1,690,534
Trading Companies & Distributors—0.6%
Ashtead Group plc		3,154		180,178
Boise Cascade Co. (b)		1,519		104,310
Brenntag SE		3,550		226,972
Bunzl plc		9,025		301,230
Fastenal Co.		10,897		515,646
Ferguson plc		2,063		260,646
ITOCHU Corp.		7,400		231,375
Marubeni Corp.		23,200		265,125
Mitsui & Co., Ltd.		25,300		735,655
MonotaRO Co., Ltd.		11,400		161,207
Rexel S.A. (a)		5,416		107,329
Sumitomo Corp.		31,000		514,046
Toromont Industries, Ltd.		5,393		389,180
Toyota Tsusho Corp.		3,700		135,632
Triton International, Ltd. (b)		882		60,664
United Rentals, Inc. (a)		791		281,137
Watsco, Inc. (b)		1,187		296,038
WESCO International, Inc. (a)		1,597		199,944
WW Grainger, Inc. (b)		1,616		898,900
				5,865,214
Transportation Infrastructure—0.0%
Grupo Aeroportuario del Pacifico S.A.B. de C.V. (ADR)		604		86,861
Water Utilities—0.1%
American Water Works Co., Inc. (b)		4,098		624,617
Wireless Telecommunication Services—0.2%
KDDI Corp.		44,300		1,338,929
SoftBank Group Corp.		7,100		300,671
Wireless Telecommunication Services—(Continued)
T-Mobile U.S., Inc. (a)		2,923		409,220
Vodafone Group plc		127,292		129,032
				2,177,852
Total Common Stocks (Cost $525,656,069)				547,371,946
Corporate Bonds & Notes—33.7%
Agriculture—0.3%
Altria Group, Inc. 5.800%, 02/14/39 (b)		1,171,000		1,079,741
BAT Capital Corp. 4.390%, 08/15/37 (b)		1,303,000		1,013,084
Bunge, Ltd. Finance Corp. 2.750%, 05/14/31 (b)		1,865,000		1,530,646
				3,623,471
Auto Manufacturers—0.2%
Ford Motor Credit Co. LLC 2.700%, 08/10/26 (b)		3,043,000		2,642,541
Auto Parts & Equipment—0.0%
Aptiv plc 3.250%, 03/01/32 (b)		609,000		498,137
Banks—10.4%
Banco Santander S.A. 2.749%, 12/03/30		2,200,000		1,684,982
Bank of America Corp. 2.884%, 3M LIBOR + 1.190%, 10/22/30 (c)		10,136,000		8,479,525
4.375%, 5Y H15 + 2.760%, 01/27/27 (c)		10,359,000		8,773,356
Bank of Ireland Group plc 2.029%, 1Y H15 + 1.100%, 09/30/27 (144A) (c)		5,646,000		4,764,140
Barclays plc 5.501%, 1Y H15 + 2.650%, 08/09/28 (b)(c)		2,026,000		1,962,256
BPCE S.A. 2.277%, SOFR + 1.312%, 01/20/32 (144A) (c)		2,741,000		2,049,163
Citigroup, Inc. 2.572%, SOFR + 2.107%, 06/03/31 (c)		3,567,000		2,884,955
2.666%, SOFR + 1.146%, 01/29/31 (b)(c)		5,457,000		4,475,740
6.270%, SOFR + 2.338%, 11/17/33 (b)(c)		1,813,000		1,870,367
Cooperatieve Rabobank UA 4.655%, 1Y H15 + 1.750%, 08/22/28 (144A) (c)		2,318,000		2,224,771
Credit Suisse Group AG 1.305%, SOFR + 0.980%, 02/02/27 (144A) (c)		1,000,000		798,683
2.593%, SOFR + 1.560%, 09/11/25 (144A) (c)		2,281,000		2,016,542
3.091%, SOFR + 1.730%, 05/14/32 (144A) (c)		2,800,000		1,934,650
4.550%, 04/17/26 (b)		545,000		480,675
Deutsche Bank AG 2.311%, SOFR + 1.219%, 11/16/27 (c)		2,642,000		2,240,105
Discover Bank 3.450%, 07/27/26		1,023,000		941,961
4.250%, 03/13/26 (b)		945,000		898,664

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-13

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
JPMorgan Chase & Co. 1.953%, SOFR + 1.065%, 02/04/32 (c)		5,587,000	$	4,273,631
3.650%, 5Y H15 + 2.850%, 06/01/26 (b)(c)		3,695,000		3,163,844
M&T Bank Corp. 5.125%, 3M LIBOR + 3.520%, 11/01/26 (b)(c)		1,654,000		1,421,486
Manufacturers & Traders Trust Co. 3.400%, 08/17/27 (b)		4,596,000		4,181,222
Morgan Stanley 1.928%, SOFR + 1.020%, 04/28/32 (c)		1,219,000		919,768
2.511%, SOFR + 1.200%, 10/20/32 (b)(c)		1,761,000		1,378,090
2.699%, SOFR + 1.143%, 01/22/31 (b)(c)		4,389,000		3,626,836
4.889%, SOFR + 2.076%, 07/20/33 (b)(c)		2,795,000		2,625,962
NatWest Group plc 3.073%, 1Y H15 + 2.550%, 05/22/28 (b)(c)		2,333,000		2,084,884
4.800%, 04/05/26 (b)		1,708,000		1,670,306
PNC Financial Services Group, Inc. (The) 6.200%, 5Y H15 + 3.238%, 09/15/27 (b)(c)		4,387,000		4,287,196
Santander Holdings USA, Inc. 3.500%, 06/07/24 (b)		1,742,000		1,692,384
Societe Generale S.A. 1.792%, 1Y H15 + 1.000%, 06/09/27 (144A) (b)(c)		1,538,000		1,323,311
2.797%, 1Y H15 + 1.300%, 01/19/28 (144A) (b)(c)		1,449,000		1,267,740
Truist Financial Corp. 4.800%, 5Y H15 + 3.003%, 09/01/24 (b)(c)		10,078,000		9,072,744
4.916%, SOFR + 2.240%, 07/28/33 (b)(c)		1,543,000		1,447,322
UBS Group AG 3.126%, 3M LIBOR + 1.468%, 08/13/30 (144A) (b)(c)		1,378,000		1,168,173
UniCredit S.p.A. 1.982%, 1Y H15 + 1.200%, 06/03/27 (144A) (c)		2,487,000		2,120,212
Wells Fargo & Co. 3.196%, 3M LIBOR + 1.170%, 06/17/27 (b)(c)		4,295,000		3,983,966
3.350%, SOFR + 1.500%, 03/02/33 (b)(c)		2,483,000		2,091,674
3.900%, 5Y H15 + 3.453%, 03/15/26 (b)(c)		7,368,000		6,448,953
4.897%, SOFR + 2.100%, 07/25/33 (b)(c)		1,722,000		1,635,096
				110,365,335
Beverages—0.9%
Anheuser-Busch InBev Worldwide, Inc. 4.439%, 10/06/48 (b)		9,294,000		7,937,327
JDE Peet’s NV 2.250%, 09/24/31 (144A) (b)		1,519,000		1,148,218
				9,085,545
Building Materials—0.0%
Masco Corp. 1.500%, 02/15/28 (b)		500,000		413,947
Chemicals—0.1%
Westlake Corp. 3.375%, 06/15/30 (b)		1,131,000		967,799
Commercial Services—0.4%
Quanta Services, Inc. 2.900%, 10/01/30 (b)		2,358,000		1,938,797
S&P Global, Inc. 2.500%, 12/01/29 (b)		1,098,000		938,677
Commercial Services—(Continued)
Transurban Finance Co. Pty, Ltd. 2.450%, 03/16/31 (144A) (b)		1,116,000		877,820
				3,755,294
Cosmetics/Personal Care—0.5%
GSK Consumer Healthcare Capital U.S. LLC 3.375%, 03/24/27		5,594,000		5,207,767
Diversified Financial Services—0.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 1.750%, 01/30/26 (b)		1,118,000		983,596
3.000%, 10/29/28		3,194,000		2,675,854
Discover Financial Services 4.500%, 01/30/26 (b)		659,000		636,994
6.700%, 11/29/32 (b)		602,000		611,919
				4,908,363
Electric—1.8%
AES Corp. (The) 1.375%, 01/15/26 (b)		928,000		824,054
3.300%, 07/15/25 (144A) (b)		2,086,000		1,966,891
Berkshire Hathaway Energy Co. 6.500%, 09/15/37		345,000		364,626
CenterPoint Energy Houston Electric LLC 2.900%, 07/01/50		2,897,000		1,947,808
Exelon Corp. 4.700%, 04/15/50 (b)		2,811,000		2,448,571
NextEra Energy Capital Holdings, Inc. 2.440%, 01/15/32 (b)		1,243,000		1,002,983
NRG Energy, Inc. 2.450%, 12/02/27 (144A) (b)		2,705,000		2,241,241
Pacific Gas and Electric Co. 3.150%, 01/01/26 (b)		1,000,000		929,207
3.300%, 08/01/40 (b)		3,059,000		2,071,150
PG&E Energy Recovery Funding LLC 2.280%, 01/15/38		1,624,000		1,224,978
2.822%, 07/15/48 (b)		2,151,000		1,499,931
Sempra Energy 3.800%, 02/01/38		2,000,000		1,640,087
Southern California Edison Co. 4.200%, 03/01/29 (b)		500,000		475,542
5.500%, 03/15/40		335,000		322,401
				18,959,470
Electronics—0.5%
Amphenol Corp. 2.800%, 02/15/30 (b)		5,764,000		4,919,944
Entertainment—0.3%
Warnermedia Holdings, Inc. 5.050%, 03/15/42 (144A) (b)		1,938,000		1,482,730
5.141%, 03/15/52 (144A)		1,124,000		817,110
5.391%, 03/15/62 (144A) (b)		1,468,000		1,071,660
				3,371,500

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-14

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Food—0.1%
Flowers Foods, Inc. 2.400%, 03/15/31 (b)		1,803,000	$	1,451,271
Gas—0.1%
NiSource, Inc. 1.700%, 02/15/31 (b)		1,231,000		938,421
Hand/Machine Tools—0.2%
Stanley Black & Decker, Inc. 4.000%, 5Y H15 + 2.657%, 03/15/60 (b)(c)		2,255,000		1,919,158
Healthcare-Services—0.5%
HCA, Inc. 2.375%, 07/15/31		3,007,000		2,340,734
4.625%, 03/15/52 (144A) (b)		1,220,000		949,521
UnitedHealth Group, Inc. 4.200%, 05/15/32 (b)		1,000,000		949,265
5.875%, 02/15/53 (b)		1,458,000		1,574,297
				5,813,817
Home Furnishings—0.1%
Whirlpool Corp. 4.500%, 06/01/46 (b)		1,605,000		1,236,973
Insurance—0.9%
Corebridge Financial, Inc. 6.875%, 5Y H15 + 3.846%, 12/15/52 (144A) (b)(c)		1,196,000		1,105,145
Hartford Financial Services Group, Inc. (The) 2.900%, 09/15/51		1,285,000		807,722
High Street Funding Trust II 4.682%, 02/15/48 (144A)		1,250,000		1,005,717
Prudential Financial, Inc. 4.500%, 3M LIBOR + 2.380%, 09/15/47 (b)(c)		1,870,000		1,685,955
Prudential plc 3.625%, 03/24/32 (b)		5,280,000		4,606,938
				9,211,477
Internet—0.1%
Expedia Group, Inc.
2.950%, 03/15/31 (b)		411,000		330,498
4.625%, 08/01/27 (b)		652,000		625,498
				955,996
Iron/Steel—0.3%
Nucor Corp. 3.125%, 04/01/32		3,902,000		3,307,447
Lodging—0.4%
Las Vegas Sands Corp. 3.200%, 08/08/24		4,495,000		4,248,633
Machinery-Diversified—0.1%
Xylem, Inc. 2.250%, 01/30/31 (b)		1,835,000		1,488,554
Media—1.1%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.700%, 04/01/51		6,000,000		3,648,406
Comcast Corp.
2.887%, 11/01/51		5,246,000		3,369,217
3.400%, 04/01/30 (b)		1,176,000		1,072,325
Discovery Communications LLC
3.625%, 05/15/30 (b)		1,525,000		1,256,736
4.125%, 05/15/29 (b)		2,621,000		2,271,267
				11,617,951
Mining—0.2%
Barrick North America Finance LLC 5.750%, 05/01/43 (b)		2,247,000		2,269,025
Oil & Gas—2.0%
BP Capital Markets plc 4.375%, 5Y H15 + 4.036%, 06/22/25 (b)(c)		982,000		937,810
Canadian Natural Resources, Ltd.
2.950%, 07/15/30 (b)		2,106,000		1,774,522
4.950%, 06/01/47 (b)		2,159,000		1,872,820
Cenovus Energy, Inc. 2.650%, 01/15/32 (b)		855,000		682,630
Continental Resources, Inc.
2.875%, 04/01/32 (144A) (b)		2,394,000		1,773,208
4.375%, 01/15/28 (b)		1,596,000		1,462,351
5.750%, 01/15/31 (144A) (b)		507,000		471,946
Diamondback Energy, Inc.
3.125%, 03/24/31 (b)		2,336,000		1,934,351
4.250%, 03/15/52 (b)		1,585,000		1,159,698
EQT Corp.
5.700%, 04/01/28		833,000		828,524
6.125%, 02/01/25 (b)		4,160,000		4,169,776
Marathon Petroleum Corp. 4.500%, 04/01/48		2,723,000		2,174,557
Valero Energy Corp. 4.000%, 04/01/29 (b)		1,705,000		1,604,401
				20,846,594
Packaging & Containers—0.3%
Berry Global, Inc. 1.650%, 01/15/27		1,986,000		1,698,569
CCL Industries, Inc. 3.050%, 06/01/30 (144A) (b)		1,885,000		1,550,677
				3,249,246
Pharmaceuticals—0.8%
AbbVie, Inc. 4.250%, 11/21/49 (b)		3,705,000		3,074,724
Becton Dickinson & Co. 2.823%, 05/20/30 (b)		1,581,000		1,356,907
CVS Health Corp. 2.700%, 08/21/40 (b)		5,167,000		3,569,724
				8,001,355

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-15

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—2.3%
Cheniere Corpus Christi Holdings LLC 3.700%, 11/15/29 (b)		8,126,000	$	7,345,263
Energy Transfer L.P.
4.050%, 03/15/25		1,531,000		1,482,918
4.400%, 03/15/27 (b)		744,000		706,744
4.950%, 05/15/28 (b)		1,098,000		1,053,138
Kinder Morgan Energy Partners L.P.
5.800%, 03/15/35 (b)		311,000		303,788
6.950%, 01/15/38		1,655,000		1,751,017
MPLX L.P.
4.500%, 04/15/38		2,817,000		2,372,950
4.950%, 03/14/52 (b)		4,864,000		3,973,129
ONEOK, Inc. 4.350%, 03/15/29 (b)		903,000		834,545
Plains All American Pipeline L.P. / PAA Finance Corp.
3.550%, 12/15/29		1,391,000		1,206,089
3.800%, 09/15/30 (b)		1,084,000		942,084
Targa Resources Corp. 4.200%, 02/01/33 (b)		2,537,000		2,182,742
				24,154,407
Real Estate Investment Trusts—3.9%
Alexandria Real Estate Equities, Inc. 1.875%, 02/01/33 (b)		2,419,000		1,798,648
American Tower Corp. 2.100%, 06/15/30 (b)		6,606,000		5,228,956
Boston Properties L.P.
3.250%, 01/30/31 (b)		2,182,000		1,803,813
3.400%, 06/21/29 (b)		1,000,000		861,209
4.500%, 12/01/28 (b)		2,671,000		2,476,118
Crown Castle, Inc.
2.250%, 01/15/31 (b)		6,806,000		5,459,990
3.700%, 06/15/26 (b)		1,312,000		1,247,496
Digital Realty Trust L.P.
3.600%, 07/01/29 (b)		2,306,000		2,059,685
3.700%, 08/15/27 (b)		2,492,000		2,312,454
Equinix, Inc. 2.150%, 07/15/30 (b)		6,801,000		5,410,462
Essex Portfolio L.P. 2.650%, 03/15/32 (b)		3,000,000		2,364,151
Highwoods Realty L.P. 4.200%, 04/15/29 (b)		1,424,000		1,240,897
Mid-America Apartments L.P.
2.750%, 03/15/30 (b)		2,000,000		1,700,620
4.200%, 06/15/28 (b)		360,000		341,322
Piedmont Operating Partnership L.P. 3.150%, 08/15/30 (b)		1,863,000		1,417,048
Prologis L.P. 1.750%, 07/01/30 (b)		2,484,000		1,956,442
Welltower, Inc. 2.050%, 01/15/29		4,419,000		3,589,066
				41,268,377
Retail—0.3%
McDonald’s Corp. 3.600%, 07/01/30 (b)		1,163,000		1,066,653
Retail—(Continued)
Ross Stores, Inc. 1.875%, 04/15/31 (b)		1,390,000		1,090,958
Tractor Supply Co. 1.750%, 11/01/30		1,350,000		1,036,589
				3,194,200
Semiconductors—0.9%
Broadcom, Inc. 2.600%, 02/15/33 (144A) (b)		3,032,000		2,275,811
NXP B.V. / NXP Funding LLC / NXP USA, Inc. 3.400%, 05/01/30 (b)		1,746,000		1,508,796
QUALCOMM, Inc.
1.650%, 05/20/32 (b)		4,150,000		3,196,373
5.400%, 05/20/33 (b)		2,285,000		2,378,958
				9,359,938
Software—0.4%
Oracle Corp. 3.600%, 04/01/50		1,087,000		731,841
VMware, Inc. 2.200%, 08/15/31 (b)		4,864,000		3,691,114
				4,422,955
Telecommunications—2.8%
AT&T, Inc.
3.500%, 06/01/41 (b)		9,197,000		6,858,517
4.850%, 03/01/39 (b)		2,000,000		1,789,178
Rogers Communications, Inc. 4.550%, 03/15/52 (144A) (b)		10,591,000		8,211,055
T-Mobile USA, Inc. 3.875%, 04/15/30		9,601,000		8,696,727
Telefonica Emisiones S.A. 5.213%, 03/08/47		1,000,000		802,994
Verizon Communications, Inc. 3.550%, 03/22/51 (b)		4,033,000		2,872,920
				29,231,391
Total Corporate Bonds & Notes (Cost $423,395,133)				356,906,299
Mutual Funds—5.6%
Investment Company Securities—5.6%
iShares iBoxx $ Investment Grade Corporate Bond ETF (b)		453,435		47,805,652
SPDR Bloomberg Emerging Markets Local Bond ETF		537,376		11,048,451
Total Mutual Funds (Cost $56,606,693)				58,854,103
Preferred Stocks—0.1%
Automobiles—0.0%
Volkswagen AG		1,878		234,072

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-16

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Preferred Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Household Products—0.1%
Henkel AG & Co. KGaA		3,846	$	267,735
Life Sciences Tools & Services—0.0%
Sartorius AG		441		174,396
Total Preferred Stocks (Cost $911,035)				676,203
Short-Term Investments—5.1%
Repurchase Agreement—4.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $47,876,373; collateralized by U.S. Treasury Notes with rates ranging from 0.250% - 2.750%, maturity dates ranging from 02/15/24 - 03/15/24, and an aggregate market value of 48,824,251.		47,866,800		47,866,800
U.S. Treasury—0.6%
U.S. Treasury Bill 3.684%, 03/09/23 (d)		6,501,800		6,451,987
Total Short-Term Investments (Cost $54,324,028)				54,318,787
Securities Lending Reinvestments (e)—21.0%
Certificates of Deposit—5.0%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (c)		4,000,000		4,005,403
Bank of Nova Scotia
4.710%, FEDEFF PRV + 0.380%, 01/06/23 (c)		5,000,000		5,000,089
4.810%, SOFR + 0.510%, 03/15/23 (c)		5,000,000		5,002,101
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (c)		4,000,000		4,000,284
Cooperatieve Rabobank UA
4.670%, SOFR + 0.370%, 03/20/23 (c)		5,000,000		5,000,000
4.830%, SOFR + 0.530%, 02/01/23 (c)		5,000,000		5,001,045
Mitsubishi UFJ Trust and Banking Corp. 4.860%, SOFR + 0.560%, 02/14/23 (c)		3,000,000		3,000,900
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (c)		5,000,000		5,001,973
Nordea Bank Abp (NY) 4.850%, SOFR + 0.550%, 02/21/23 (c)		2,000,000		2,000,670
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (c)		3,000,000		2,999,952
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (c)		4,000,000		4,006,072
Sumitomo Mitsui Banking Corp. 4.710%, SOFR + 0.410%, 03/06/23 (c)		3,000,000		3,000,330
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (c)		5,000,000		5,000,000
				53,018,819
Commercial Paper—0.6%
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (c)		6,000,000		6,001,620
Repurchase Agreements—13.0%
Citigroup Global Markets, Inc.
Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $10,250,264; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $10,200,001.		10,000,000		10,000,000
HSBC Bank plc
Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $31,221,904; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $31,858,815.		31,206,994		31,206,994
National Bank Financial, Inc.
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $20,009,600; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $20,477,385.		20,000,000		20,000,000
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $20,016,800; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $20,447,564.		20,000,000		20,000,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $15,012,979; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $16,332,428.		15,000,000		15,000,000
Royal Bank of Canada Toronto
Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $5,022,604; collateralized by various Common Stock with an aggregate market value of $5,556,273.		5,000,000		5,000,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,000,944; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $2,043,613.		2,000,000		2,000,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $2,000,976; collateralized by various Common Stock with an aggregate market value of $2,225,694.		2,000,000		2,000,000

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-17

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (e)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements —(Continued)
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $13,667,744; collateralized by various Common Stock with an aggregate market value of $15,203,922.		13,661,050	$	13,661,050
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $3,402,922; collateralized by various Common Stock with an aggregate market value of $3,784,853.		3,400,000		3,400,000
TD Prime Services LLC
Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $15,207,431; collateralized by various Common Stock with an aggregate market value of $16,967,937.		15,200,000		15,200,000
				137,468,044
Mutual Funds—2.4%
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (f)		2,000,000		2,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (f)		5,000,000		5,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (f)		4,000,000		4,000,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (f)		10,000,000		10,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (f)		5,000,000		5,000,000
				26,000,000
Total Securities Lending Reinvestments (Cost $222,468,044)				222,488,483
Total Investments— 117.2% (Cost $1,283,361,002)				1,240,615,821
Other assets and liabilities (net)—(17.2)%				(181,877,857	)
Net Assets—100.0%			$	1,058,737,964

*	Principalamount stated in U.S. dollars unless otherwise noted.
(a)	Non-incomeproducing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $240,661,710 and the collateral received consisted of cash in the amount of $222,468,044 and non-cash collateral with a value of $25,771,195. The cash collateral investments are disclosed in the Consolidated Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Consolidated Statement of Assets and Liabilities.
(c)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(d)	The rate shown represents current yield to maturity.
(e)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(f)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $46,616,135, which is 4.4% of net assets.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-18

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	15,832,000	MSIP		01/25/23		USD	10,572,405	$	215,907
CAD	9,882,000	JPMC		01/26/23		USD	7,397,343		(98,161	)
CHF	6,421,000	UBSA		01/26/23		USD	6,803,745		156,854
CLP	201,568,000	MSIP		01/19/23		USD	217,176		20,131
CLP	4,055,515,000	MSIP		01/19/23		USD	4,533,835		240,747
CNH	37,374,000	UBSA		01/19/23		USD	5,369,075		37,731
COP	6,336,758,000	GSI		01/19/23		USD	1,249,484		54,056
CZK	83,234,000	UBSA		01/26/23		USD	3,629,371		48,917
DKK	9,189,000	MSIP		01/26/23		USD	1,285,313		39,646
EUR	22,311,103	JPMC		01/26/23		USD	23,130,500		787,482
GBP	17,544,000	UBSA		01/26/23		USD	21,307,837		(85,779	)
HUF	1,621,043,000	UBSA		01/26/23		USD	4,213,127		104,746
IDR	57,665,420,000	GSI		01/19/23		USD	3,668,984		34,667
ILS	13,463,000	UBSA		01/26/23		USD	3,921,154		(87,808	)
INR	697,591,000	GSI		01/19/23		USD	8,503,060		(77,832	)
JPY	3,413,606,344	UBSA		01/26/23		USD	24,367,220		1,715,012
MXN	79,243,000	UBSA		01/26/23		USD	3,976,202		74,402
NOK	49,627,000	UBSA		01/26/23		USD	4,936,522		133,553
NZD	7,837,000	MSIP		01/26/23		USD	4,855,186		122,009
PHP	310,901,000	GSI		01/19/23		USD	5,408,385		167,565
PLN	14,740,000	UBSA		01/26/23		USD	3,314,420		44,029
SEK	101,468,000	UBSA		01/26/23		USD	9,766,371		(30,294	)
THB	296,603,000	JPMC		01/26/23		USD	8,235,916		346,509
TWD	27,025,000	UBSA		01/19/23		USD	876,254		4,302
ZAR	62,670,000	MSIP		01/26/23		USD	3,617,155		64,250
Contracts to Deliver
AUD	7,965,000	UBSA		01/25/23		USD	5,341,743		(85,803	)
BRL	3,280,000	MSIP		02/02/23		USD	600,612		(17,245	)
CLP	4,302,720,000	GSI		01/19/23		USD	4,517,766		(547,852	)
CNH	38,979,000	GSI		01/19/23		USD	5,455,653		(183,345	)
CNH	110,000	JPMC		01/19/23		USD	15,436		(478	)
CZK	87,304,000	UBSA		01/26/23		USD	3,695,911		(162,239	)
EUR	2,812,000	UBSA		01/26/23		USD	2,983,822		(30,703	)
GBP	2,112,100	UBSA		01/11/23		USD	2,548,804		(5,092	)
GBP	5,295,419	MSIP		01/26/23		USD	6,313,463		(92,128	)
GBP	2,647,710	MSIP		01/26/23		USD	3,163,066		(39,730	)
GBP	2,647,710	UBSA		01/26/23		USD	3,158,506		(44,290	)
HUF	1,604,350,000	MSIP		01/26/23		USD	4,034,755		(238,653	)
IDR	68,722,740,000	MSIP		01/19/23		USD	4,414,359		534
ILS	11,794,000	UBSA		01/26/23		USD	3,418,826		60,698
INR	400,094,000	MSIP		01/19/23		USD	4,829,603		(2,573	)
INR	364,627,000	MSIP		01/19/23		USD	4,451,258		47,437
JPY	1,614,625,000	UBSA		01/26/23		USD	11,844,043		(492,770	)
KRW	6,964,767,000	GSI		01/19/23		USD	5,349,283		(160,079	)
KRW	17,449,000	GSI		01/19/23		USD	13,063		(739	)
KRW	2,510,997,000	MSIP		01/19/23		USD	1,927,977		(58,306	)
MXN	90,741,000	JPMC		01/26/23		USD	4,617,445		(20,894	)
MYR	89,000	GSI		01/19/23		USD	19,584		(633	)
NOK	40,036,000	UBSA		01/26/23		USD	4,031,322		(58,901	)
NZD	8,084,000	UBSA		01/26/23		USD	5,131,998		(2,064	)
PHP	322,864,000	MSIP		01/19/23		USD	5,822,090		31,586
PLN	15,727,000	UBSA		01/26/23		USD	3,411,719		(171,615	)
SEK	79,970,000	MSIP		01/26/23		USD	7,562,780		(110,516	)
THB	317,077,000	MSIP		01/26/23		USD	9,123,770		(51,085	)
ZAR	71,431,000	UBSA		01/26/23		USD	4,103,253		(92,797	)
Cross Currency Contracts to Buy
AUD	15,895,000	UBSA		01/25/23		GBP	8,734,318		266,071
CAD	493,775	UBSA		01/25/23		AUD	553,000		(12,111	)
Net Unrealized Appreciation								$	1,756,326

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-19

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
Euro STOXX 50 Index Futures		03/17/23		807			EUR	30,544,950		$	(1,020,461	)
FTSE 100 Index Futures		03/17/23		223			GBP	16,649,180			3,055
MSCI Emerging Markets Index Mini Futures		03/17/23		111			USD	5,324,670			(21,505	)
Nikkei 225 Index Futures		03/09/23		25			JPY	652,000,000			(302,042	)
S&P 500 Index E-Mini Futures		03/17/23		45			USD	8,687,250			(268,739	)
S&P TSX 60 Index Futures		03/16/23		64			CAD	14,974,720			(399,046	)
TOPIX Index Futures		03/09/23		74			JPY	1,399,710,000			(270,883	)
U.S. Treasury Long Bond Futures		03/22/23		460			USD	57,658,125			(647,530	)
U.S. Treasury Note 2 Year Futures		03/31/23		263			USD	53,935,547			106,431
U.S. Treasury Note 5 Year Futures		03/31/23		287			USD	30,975,820			(11,676	)
U.S. Treasury Ultra Long Bond Futures		03/22/23		3			USD	402,938			(7,341	)
Futures Contracts—Short
Euro STOXX 50 Index Futures		03/17/23		(1,053	)		EUR	(39,856,050	)		1,643,717
Euro-Schatz Futures		03/08/23		(55	)		EUR	(5,798,100	)		65,150
FTSE 100 Index Futures		03/17/23		(86	)		GBP	(6,420,760	)		3,209
NASDAQ 100 Index E-Mini Futures		03/17/23		(46	)		USD	(10,140,470	)		552,678
S&P 500 Index E-Mini Futures		03/17/23		(739	)		USD	(142,663,950	)		3,607,331
SPI 200 Index Futures		03/16/23		(12	)		AUD	(2,097,600	)		24,900
TOPIX Index Futures		03/09/23		(136	)		JPY	(2,572,440,000	)		445,166
U.S. Treasury Note 10 Year Futures		03/22/23		(2,255	)		USD	(253,229,453	)		1,448,416
U.S. Treasury Note 2 Year Futures		03/31/23		(157	)		USD	(32,197,266	)		109,378
U.S. Treasury Note 5 Year Futures		03/31/23		(126	)		USD	(13,599,141	)		9,507
Net Unrealized Appreciation										$	5,069,715

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index		Payment Frequency	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)(1)
Pay		12M SOFR	Annually		3.525	%	Annually		01/24/33		USD	305,000,000	$	(816,272	)	$	—	$	(816,272	)

(1)  There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

Glossary of Abbreviations

Counterparties

(GSI)—	GoldmanSachs International
(JPMC)—	JPMorganChase Bank N.A.
(MSIP)—	MorganStanley & Co. International plc
(UBSA)—	UBS AG

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-20

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Currencies

(AUD)—	AustralianDollar
(BRL)—	BrazilianReal
(CAD)—	CanadianDollar
(CHF)—	Swiss  Franc
(CLP)—	ChileanPeso
(CNH)—	ChineseRenminbi
(COP)—	ColombianPeso
(CZK)—	Czech Koruna
(DKK)—	DanishKrone
(EUR)—	Euro
(GBP)—	British Pound
(HUF)—	HungarianForint
(IDR)—	IndonesianRupiah
(ILS)—	Israeli Shekel
(INR)—	Indian Rupee
(JPY)—	JapaneseYen
(KRW)—	South Korean Won
(MXN)—	MexicanPeso
(MYR)—	MalaysianRinggit
(NOK)—	NorwegianKrone
(NZD)—	New  Zealand Dollar
(PHP)—	PhilippinePeso
(PLN)—	Polish Zloty
(SEK)—	SwedishKrona
(THB)—	Thai  Baht
(TWD)—	TaiwaneseDollar
(USD)—	United States Dollar
(ZAR)—	South African Rand

Index Abbreviations

(FEDEFFPRV)—	EffectiveFederal Funds Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)—	AmericanDepositary Receipt
(DAC)—	DesignatedActivity Company
(ETF)—	Exchange-TradedFund
(REIT)—	Real Estate Investment Trust

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-21

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	5,150,650	$	914,334	$	—	$	6,064,984
Air Freight & Logistics		1,791,622		399,687		—		2,191,309
Airlines		697,003		—		—		697,003
Auto Components		440,135		204,753		—		644,888
Automobiles		3,097,794		4,496,517		—		7,594,311
Banks		22,723,731		11,634,459		—		34,358,190
Beverages		10,685,467		3,531,649		—		14,217,116
Biotechnology		9,653,082		693,670		—		10,346,752
Building Products		2,203,555		1,033,510		—		3,237,065
Capital Markets		17,072,678		2,816,615		—		19,889,293
Chemicals		9,451,859		2,914,707		—		12,366,566
Commercial Services & Supplies		3,804,740		91,273		—		3,896,013
Communications Equipment		2,355,723		306,786		—		2,662,509
Construction & Engineering		—		706,078		—		706,078
Construction Materials		1,013,712		455,169		—		1,468,881
Consumer Finance		2,550,666		—		—		2,550,666
Containers & Packaging		2,323,213		241,346		—		2,564,559
Diversified Consumer Services		448,890		—		—		448,890
Diversified Financial Services		2,467,184		115,755		—		2,582,939
Diversified Telecommunication Services		4,348,521		2,845,560		—		7,194,081
Electric Utilities		5,420,884		1,961,565		—		7,382,449
Electrical Equipment		4,547,366		1,133,464		—		5,680,830
Electronic Equipment, Instruments & Components		1,494,476		1,337,399		—		2,831,875
Energy Equipment & Services		1,976,416		—		—		1,976,416
Entertainment		4,754,632		399,551		—		5,154,183
Equity Real Estate Investment Trusts		5,025,875		1,075,029		—		6,100,904
Food & Staples Retailing		4,832,207		999,832		—		5,832,039
Food Products		5,120,852		3,098,475		—		8,219,327
Gas Utilities		—		251,156		—		251,156
Health Care Equipment & Supplies		8,501,997		1,183,139		—		9,685,136
Health Care Providers & Services		15,759,203		—		—		15,759,203
Health Care Technology		206,771		—		—		206,771
Hotels, Restaurants & Leisure		10,022,633		1,767,682		—		11,790,315
Household Durables		1,385,187		776,191		—		2,161,378
Household Products		6,966,174		1,513,716		—		8,479,890
Independent Power and Renewable Electricity Producers		—		412,887		—		412,887
Industrial Conglomerates		3,050,360		1,070,735		—		4,121,095
Insurance		10,106,080		3,689,747		—		13,795,827
Interactive Media & Services		18,189,809		—		—		18,189,809

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-22

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Internet & Direct Marketing Retail	$	9,804,859		$	472,915		$	—	$	10,277,774
IT Services		22,877,759			1,245,962			—		24,123,721
Leisure Products		—			238,992			—		238,992
Life Sciences Tools & Services		8,231,717			360,656			—		8,592,373
Machinery		8,418,323			2,016,697			—		10,435,020
Marine		—			330,625			—		330,625
Media		3,574,810			—			—		3,574,810
Metals & Mining		3,918,136			6,541,680			—		10,459,816
Multi-Utilities		1,192,028			1,284,727			—		2,476,755
Multiline Retail		3,551,193			374,772			—		3,925,965
Oil, Gas & Consumable Fuels		19,220,931			9,268,318			—		28,489,249
Paper & Forest Products		—			318,293			—		318,293
Personal Products		933,142			2,904,301			—		3,837,443
Pharmaceuticals		29,463,982			14,874,464			—		44,338,446
Professional Services		418,694			2,353,263			—		2,771,957
Real Estate Management & Development		—			808,103			—		808,103
Road & Rail		6,502,429			138,159			—		6,640,588
Semiconductors & Semiconductor Equipment		24,909,578			2,741,726			—		27,651,304
Software		41,954,390			671,669			—		42,626,059
Specialty Retail		9,788,265			929,404			—		10,717,669
Technology Hardware, Storage & Peripherals		21,902,952			—			—		21,902,952
Textiles, Apparel & Luxury Goods		4,131,571			4,167,076			—		8,298,647
Thrifts & Mortgage Finance		376,724			—			—		376,724
Tobacco		1,063,913			626,621			—		1,690,534
Trading Companies & Distributors		2,745,819			3,119,395			—		5,865,214
Transportation Infrastructure		86,861			—			—		86,861
Water Utilities		624,617			—			—		624,617
Wireless Telecommunication Services		409,220			1,768,632			—		2,177,852
Total Common Stocks		435,743,060			111,628,886			—		547,371,946
Total Corporate Bonds & Notes*		—			356,906,299			—		356,906,299
Total Mutual Funds*		58,854,103			—			—		58,854,103
Total Preferred Stocks*		—			676,203			—		676,203
Total Short-Term Investments*		—			54,318,787			—		54,318,787
Securities Lending Reinvestments
Certificates of Deposit		—			53,018,819			—		53,018,819
Commercial Paper		—			6,001,620			—		6,001,620
Repurchase Agreements		—			137,468,044			—		137,468,044
Mutual Funds		26,000,000			—			—		26,000,000
Total Securities Lending Reinvestments		26,000,000			196,488,483			—		222,488,483
Total Investments	$	520,597,163		$	720,018,658		$	—	$	1,240,615,821
Collateral for Securities Loaned (Liability)	$	—		$	(222,468,044	)	$	—	$	(222,468,044	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	4,818,841		$	—	$	4,818,841
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(3,062,515	)		—		(3,062,515	)
Total Forward Contracts	$	—		$	1,756,326		$	—	$	1,756,326
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	8,018,938		$	—		$	—	$	8,018,938
Futures Contracts (Unrealized Depreciation)		(2,949,223	)		—			—		(2,949,223	)
Total Futures Contracts	$	5,069,715		$	—		$	—	$	5,069,715
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Depreciation)	$	—		$	(816,272	)	$	—	$	(816,272	)

* See Consolidated Schedule of Investments for additional detailed categorizations.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-23

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Statement of Assets and Liabilities

December 31, 2022
Assets
Investments at value (a) (b)	$	1,240,615,821
Cash		481,672
Cash denominated in foreign currencies (c)		894,572
Cash collateral (d)		35,004,454
Unrealized appreciation on forward foreign currency exchange contracts		4,818,841
Receivable for:
Fund shares sold		63
Dividends and interest		4,681,454
Variation margin on futures contracts		398,247
Prepaid expenses		4,222
Total Assets		1,286,899,346
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		3,062,515
Collateral for securities loaned		222,468,044
Payables for:
Fund shares redeemed		293,092
Variation margin on centrally cleared swap contracts		960,248
Accrued Expenses:
Management fees		585,567
Distribution and service fees		229,852
Deferred trustees’ fees		223,391
Other expenses		338,673
Total Liabilities		228,161,382
Net Assets	$	1,058,737,964
Net Assets Consist of:
Paid in surplus	$	1,187,004,385
Distributable earnings (Accumulated losses)		(128,266,421	)
Net Assets	$	1,058,737,964
Net Assets
Class B	$	1,058,737,964
Capital Shares Outstanding*
Class B		104,912,928
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.09

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $1,283,361,002.
(b)	Includes securities loaned at value of $240,661,710.
(c)	Identified cost of cash denominated in foreign currencies was $912,225.
(d)	Includes collateral of $16,436,135 for futures contracts, $510,000 for forward foreign currency exchange contracts and $18,058,319 for centrally cleared swap contracts.

Consolidated§ Statement of Operations
Year Ended December 31, 2022
Investment Income
Dividends (a)	$	13,528,948
Interest		17,137,476
Securities lending income		425,949
Total investment income		31,092,373
Expenses
Management fees		7,693,819
Administration fees		83,244
Custodian and accounting fees		321,526
Distribution and service fees - Class B		3,013,651
Audit and tax services		98,528
Legal		50,711
Trustees’ fees and expenses		9,574
Shareholder reporting		44,369
Insurance		10,682
Miscellaneous		40,464
Total expenses		11,366,568
Less management fee waiver		(57,162	)
Net expenses		11,309,406
Net Investment Income		19,782,967
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments		(21,941,618	)
Futures contracts		(4,354,648	)
Swap contracts		(68,333,534	)
Foreign currency transactions		28,086
Forward foreign currency transactions		(10,104,326	)
Net realized gain (loss)		(104,706,040	)
Net change in unrealized appreciation (depreciation) on:
Investments		(210,475,359	)
Futures contracts		2,204,291
Swap contracts		(4,734,012	)
Foreign currency transactions		(49,201	)
Forward foreign currency transactions		1,717,513
Net change in unrealized appreciation (depreciation)		(211,336,768	)
Net realized and unrealized gain (loss)		(316,042,808	)
Net Increase (Decrease) in Net Assets From Operations	$	(296,259,841	)

(a) Net of foreign withholding taxes of $520,823.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-24

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	19,782,967		$	16,086,447
Net realized gain (loss)		(104,706,040	)		90,814,634
Net change in unrealized appreciation (depreciation)		(211,336,768	)		62,608,448
Increase (decrease) in net assets from operations		(296,259,841	)		169,509,529
From Distributions to Shareholders
Class B		(95,867,634	)		(7,937,442	)
Total distributions		(95,867,634	)		(7,937,442	)
Increase (decrease) in net assets from capital share transactions		(65,020,973	)		(252,406,351	)
Total increase (decrease) in net assets		(457,148,448	)		(90,834,264	)
Net Assets
Beginning of period		1,515,886,412			1,606,720,676
End of period	$	1,058,737,964		$	1,515,886,412

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		482,149		$	5,226,618			508,387		$	6,633,047
Reinvestments		9,362,074			95,867,634			608,233			7,937,442
Redemptions		(14,944,338	)		(166,115,225	)		(20,393,871	)		(266,976,840	)
Net increase (decrease)		(5,100,115	)	$	(65,020,973	)		(19,277,251	)	$	(252,406,351	)
Increase (decrease) derived from capital shares transactions				$	(65,020,973	)				$	(252,406,351	)

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-25

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.78		$	12.43		$	13.12		$	10.96		$	12.88
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.18			0.13			0.10			0.23			0.22
Net realized and unrealized gain (loss)		(2.95	)		1.28			0.10			2.11			(1.37	)
Total income (loss) from investment operations		(2.77	)		1.41			0.20			2.34			(1.15	)
Less Distributions
Distributions from net investment income		(0.16	)		(0.04	)		(0.22	)		(0.18	)		(0.18	)
Distributions from net realized capital gains		(0.76	)		(0.02	)		(0.67	)		0.00			(0.59	)
Total distributions		(0.92	)		(0.06	)		(0.89	)		(0.18	)		(0.77	)
Net Asset Value, End of Period	$	10.09		$	13.78		$	12.43		$	13.12		$	10.96
Total Return (%) (b)		(20.17	)		11.42			2.11			21.49			(9.42	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.94			0.93			0.94			0.92			0.93
Net ratio of expenses to average net assets (%) (c)		0.94			0.92			0.93			0.91			0.91	(d)
Ratio of net investment income (loss) to average net assets (%)		1.64			1.03			0.83			1.85			1.86
Portfolio turnover rate (%)		45			35			138			90			77
Net assets, end of period (in millions)	$	1,058.7		$	1,515.9		$	1,606.7		$	1,785.0		$	1,693.8

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 7 of the Notes to Consolidated Financial Statements).

(d) The effect of the voluntary portion of the waivers on the net ratio of expenses to average net asset was 0.01% for the year ended December 31, 2018.

§See Note 2 of the notes to consolidated financial statements.

See accompanying notes to consolidated financial statements.

BHFTI-26

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Schroders Global Multi-Asset Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered one class of shares: Class B shares. Class B shares are currently offered by the Portfolio.

2. Consolidation of Subsidiary—Schroders Global Multi-Asset Portfolio, Ltd.

The Portfolio may invest up to 10% of its total assets in the Schroders Global Multi-Asset Portfolio, Ltd., which is a wholly-owned and controlled subsidiary of the Portfolio that is organized under the laws of the Cayman Islands as an exempted company (the “Subsidiary”). The Portfolio invests in the Subsidiary in order to gain exposure to the commodities market within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Under Treasury regulations, subpart F income, if any, realized by a wholly-owned non-U.S. subsidiary (such as the Subsidiary) of the Portfolio and included in the Portfolio’s annual income for U.S. federal income purposes, will constitute qualifying income to the extent it is either (i) timely and currently repatriated or (ii) derived with respect to the Portfolio’s business of investing in stock, securities or currencies.

The Subsidiary invests primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity related instruments and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Portfolio, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Portfolio’s transactions in derivatives. In addition, the Portfolio and the Subsidiary will be subject to the Portfolio’s fundamental investment restrictions and compliance policies and procedures on a consolidated basis.

By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are subject to commodities risk. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. The Portfolio, however, wholly owns and controls the Subsidiary, and the Portfolio and Subsidiary are both managed by Schroder Investment Management North America Inc. (the “Subadviser”), making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Portfolio and/or the Subsidiary to operate as described in the Portfolio’s prospectus and could adversely affect the Portfolio. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Portfolio shareholders would likely suffer decreased investment returns.

The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights of the Portfolio include the accounts of the Subsidiary. As of December 31, 2022, the Portfolio held $10,164 in the Subsidiary, representing 0.0% of the Portfolio’s total assets. All inter-company accounts and transactions have been eliminated in consolidation for the Portfolio. The Subsidiary has a fiscal year end of December 31st for financial statement consolidation purposes and a nonconforming tax year end of November 30th.

3. Significant Accounting Policies

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the consolidated financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification distributable earnings (accumulated losses) and paid-in surplus. Book-tax differences are primarily due to controlled foreign corporation adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Consolidated Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Consolidated Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $47,866,800. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $137,468,044. The

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

combined value of all repurchase agreements is included as part of investments at value on the Consolidated Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Consolidated Schedule of Investments and the valuation techniques are described in Note 3. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(73,878,367	)	$	—	$	—	$	—	$	(73,878,367	)
Corporate Bonds & Notes		(99,505,447	)		—		—		—		(99,505,447	)
Mutual Funds		(49,084,230	)		—		—		—		(49,084,230	)
Total Borrowings	$	(222,468,044	)	$	—	$	—	$	—	$	(222,468,044	)
Gross amount of recognized liabilities for securities lending transactions										$	(222,468,044	)

4. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Consolidated Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio may also experience losses even when such contracts are used for hedging purposes. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. During the period, the Portfolio’s investment in equity and interest rate futures were used investment exposure purposes. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Consolidated Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Consolidated Schedule of Investments and restricted cash, if any, is reflected on the Consolidated Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Consolidated Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Consolidated Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Consolidated Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these

BHFTI-32

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a) (c)	$	1,738,882	Unrealized depreciation on futures contracts (a) (c)	$	666,547
				Unrealized depreciation on centrally cleared swap contracts (a) (b)		816,272
Equity	Unrealized appreciation on futures contracts (a) (c)		6,280,056	Unrealized depreciation on futures contracts (a) (c)		2,282,676
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		4,818,841	Unrealized depreciation on forward foreign currency exchange contracts		3,062,515
Total		$	12,837,779		$	6,828,010

(a)	Financial instrument not subject to a master netting agreement.
(b)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the variation margin is reported within the Consolidated Statement of Assets and Liabilities.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only the current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Consolidated Statement of Assets and Liabilities to enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its consolidated financial position for recognized assets and liabilities.

BHFTI-33

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2022.

Counterparty	Derivative Assets subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Goldman Sachs International	$	256,288	$	(256,288)		$	—	$	—
JPMorgan Chase Bank N.A.		1,133,991		(119,533	)		—		1,014,458
Morgan Stanley & Co. International plc		782,247		(610,236	)		—		172,011
UBS AG		2,646,315		(1,362,266	)		—		1,284,049
	$	4,818,841	$	(2,348,323	)	$	—	$	2,470,518

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under an MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2022.

Counterparty	Derivative Liabilities subject to an MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Goldman Sachs International	$	970,480	$	(256,288)		$	(510,000)	$	204,192
JPMorgan Chase Bank N.A.		119,533		(119,533	)		—		—
Morgan Stanley & Co. International plc		610,236		(610,236	)		—		—
UBS AG		1,362,266		(1,362,266	)		—		—
	$	3,062,515	$	(2,348,323)		$	(510,000)	$	204,192

*	Net amount represents the net amount receivable from the counterparty in the event of default.
**	Net amount represents the net amount payable due to the counterparty in the event of default.
†	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

The following tables summarize the effect of derivative instruments on the Consolidated Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Foreign Exchange		Total
Forward foreign currency transactions . . . . .	$	—		$	—		$	(10,104,326)	$	(10,104,326)
Futures contracts . . . . . . . . . . . . . . .		13,334,468			(17,689,116	)		—		(4,354,648	)
Swap contracts . . . . . . . . . . . . . . . .		(68,333,534	)		—			—		(68,333,534	)
	$	(54,999,066)		$	(17,689,116)		$	(10,104,326)	$	(82,792,508)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Foreign Exchange		Total
Forward foreign currency transactions . . . . .	$	—		$	—		$	1,717,513	$	1,717,513
Futures contracts . . . . . . . . . . . . . . .		1,977,094			227,197			—		2,204,291
Swap contracts . . . . . . . . . . . . . . . .		(4,734,012	)		—			—		(4,734,012	)
	$	(2,756,918)		$	227,197		$	1,717,513	$	(812,208)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions . .		277,670,372
Futures contracts long . . . . . . . . . . . . .		248,775,814
Futures contracts short . . . . . . . . . . . . .		(612,892,978	)
Swap contracts . . . . . . . . . . . . . . . . . .		435,083,333

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

BHFTI-34

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

5. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Commodities Risk: Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the consolidated financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain

BHFTI-35

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Consolidated Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Consolidated Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Consolidated Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered

BHFTI-36

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$ 0	$	496,817,532	$	0	$	648,808,813

7. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum	Average Daily Net Assets
$7,693,819	0.680%	First $100 million
	0.660%	$100 million to $250 million
	0.640%	$250 million to $750 million
	0.620%	$750 million to $1.5 billion
	0.600%	Over $1.5 billion

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. The Subadviser is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

BHFTI-37

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.010%	First $100 million
(0.010)%	$100 million to $200 million
0.010%	$750 million to $1.25 billion
0.040%	$1.25 billion to $1.5 billion
0.020%	$1.5 billion to $1.75 billion
0.050%	Over $1.75 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as management fee waiver in the Consolidated Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Consolidated Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Consolidated Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Consolidated Statement of Assets and Liabilities.

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,290,592,957
Gross unrealized appreciation		71,160,928
Gross unrealized (depreciation)		(121,868,739	)
Net unrealized appreciation (depreciation)	$	(50,707,811	)

BHFTI-38

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2022—(Continued)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$38,387,605	$	7,937,442	$	57,480,029	$	—	$	95,867,634	$	7,937,442

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$19,957,664	$	—	$	(50,731,066	)	$	(97,269,627	)	$	(128,043,029	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $97,269,627.

10. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-39

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Schroders Global Multi-Asset Portfolio and subsidiary:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Schroders Global Multi-Asset Portfolio and subsidiary (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the consolidated financial position of the Schroders Global Multi-Asset Portfolio and subsidiary as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements and consolidated financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and consolidated financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

xl

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-41

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-42

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-43

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-44

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Schroders Global Multi-Asset Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Schroder Investment Management North America Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Portfolio Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted that the Portfolio outperformed its blended benchmark for the one-year period ended October 31, 2022 and underperformed the same benchmark for the three- and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

BHFTI-45

Brighthouse Funds Trust I

Schroders Global Multi-Asset Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the average of the Sub-advised Expense Group and above the Sub-advised Expense Universe, each at the Portfolio’s current size.

BHFTI-46

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Managed By SSGA Funds Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the SSGA Emerging Markets Enhanced Index Portfolio returned -20.13% and -20.32%, respectively. The Portfolio’s benchmark, MSCI Emerging Markets Index¹, returned -20.09%.

MARKET ENVIRONMENT / CONDITIONS

The period ended December 31, 2022, proved to be a very challenging period for emerging markets (“EM”) large cap equities, finishing the year -22.4%, modestly underperforming their developed counterparts (-19.5%). Headwinds for the asset class included rising global bond yields and a rising U.S. dollar; the Russian invasion of Ukraine, which resulted in Russia’s exclusion from the MSCI EM Index; and, of course, the persistent concerns in China related to a weak property market and COVID-19 lockdowns.

From a regional perspective, European markets bore the brunt of the poor equity returns, as markets such as Hungary (-33.7%) and Poland (-29.3%) were most directly impacted by the Ukraine crisis. Europe, Middle East, and Africa as a whole were down -30.4%, although Turkey (+83.9%) bears mentioning as the stand-out performer on the year despite its ongoing unorthodox central bank policies. EM Asia fared a bit better but was still down -22.9%, driven lower by index heavyweights China (-23.6%), South Korea (-30.8%), and Taiwan (-32.2%). China stole most of the headlines throughout 2022. The severe COVID-19 lockdowns instituted across the country were a persistent drag on growth throughout most of the year, but the re-opening story that emerged in the fourth quarter was a welcome relief and Chinese equities outperformed the broader EM universe by almost 4% in the fourth quarter. Latin American markets were the best performing group regionally in 2022, falling only -0.10% on the year as they benefitted from relatively high commodity prices. This was despite a turbulent December (-4.7% for the region) that wiped out previous gains as Brazil elected a new president, and Peru saw the impeachment of their president.

All sectors saw negative returns in 2022, with Information Technology (-33.4%) and Communication Services (-27.0%) enduring the most pain. Utilities (-4.5%) and Financials (-7.9%) were the best performing EM sectors for the year.

EM equity flows in 2022 were basically flat, with a heavy spread between Exchange-Traded Funds (“ETFs”) and other funds. ETFs continued to see substantial inflows, whereas non-ETFs were beset with outflows. Most of the activity was in global emerging market funds, as regional asset allocation has fallen out of favor with investors.

Earnings expectations were mixed. 2022 saw a modest bump with the change of sentiment as all regions saw positive earnings revisions.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark by 0.04%, net of fees and expenses, in 2022.

In selecting stocks, the portfolio management team looks for EM companies that are cheap relative to peers across several valuation metrics, have a tailwind of positive investor sentiment and exhibit the quality characteristics of a well-managed company, among other attributes. We have often found many attractive investments in the small cap part of the universe and so the Portfolio has a limited tilt to small cap companies.

For the period, relative performance was mostly flat for the Portfolio. One of the key contributors to the strategy’s positive relative performance was the outperformance of less expensive stocks relative to more expensive stocks as we purposely tilt towards names that are lower priced. In 2022, value stocks outperformed growth by 8.13% (measured by the MSCI EM Value Index and MSCI EM Growth Index). Additionally, stocks with high quality outperformed those with poor quality, this adding an additional contribution to positive relative performance as quality metrics are one of the core factors in the Portfolio’s stock selection model. Our quality theme can be summarized into asset quality measures, balance sheet strength and earnings quality. We make use of income and balance sheet statements to develop a keen sense of what the firm is proactively doing. For earnings quality, we favor companies where bottom-line earnings are well supported by top-line numbers. To assess asset quality, we examine the firm’s history of asset growth and whether there are any undesirable characteristics.

The other key characteristic of EM during the period that contributed to the Portfolio’s relative performance was lower risk stocks outperformance over higher risk names throughout the year. Our process tends to have a small tilt to lower risk names, driven by our desire to invest in well-managed companies that tend to be less volatile. The return to a more typical paradigm where lower risk companies tend to outperform in volatile markets added an additional tailwind to the strategy. Finally stocks with high sentiment underperformed those with poor sentiment, detracting from relative performance as sentiment metrics are one of the core factors in our stock selection model. Our sentiment theme looks at market trends, analyst earnings and hedge fund data amongst other variables to assess stock sentiment.

By country, the Portfolio had strong performance in China and Mexico. In China, an overweight allocation to Shaanxi Coal (+48.46%) and China Shenhua Energy (+37.78%), two coal companies that benefited from increased petroleum prices, added the most to relative performance. In Mexico, an overweight allocation to Grupo Bimbo

BHFTI-1

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Managed By SSGA Funds Management, Inc.

Portfolio Manager Commentary*—(Continued)

(+39.65%) and Arca Continental (+32.44%) were the largest positive contributors, as both consumer staples companies benefited from high quality balance sheets and cash flows. The strategy’s weakest performance was in India and Saudi Arabia. In India, an underweight allocation to Adani Enterprises (+102.87%) and Axis Bank (+23.79%) detracted the most. In Saudi Arabia, an underweight allocation to Saudi Arabian Mining (+64.68%) and Saudi Arabian Oil (+1.74%) had the largest negative impact on relative performance.

At the end of the period the Portfolio’s positioning favored Korea, Turkey and Mexico with underweights to Kuwait (a newcomer to the benchmark index), Malaysia, and United Arab Emirates. The Portfolio’s sector positioning at period end were overweight allocations to the Information Technology, Health Care, and Real Estate sectors, while the largest underweight allocations were in the Financials, Consumer Discretionary and Consumer Staples sectors.

Robert Luiso

Jay Siegrist

Portfolio Managers

Managed By SSGA Funds Management, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging markets.

BHFTI-2

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EMERGING MARKETS INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		Since Inception1
SSGA Emerging Markets Enhanced Index Portfolio
Class A		–20.13		–1.15
Class B		–20.32		–1.38
MSCI Emerging Markets Index		–20.09		–0.73

¹ Inception date of the Class A and Class B shares was 04/29/19. The since inception return of the index is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		5.9
Tencent Holdings, Ltd.		4.1
Samsung Electronics Co., Ltd.		3.6
Alibaba Group Holding, Ltd.		2.8
Meituan- Class B		1.6
Reliance Industries, Ltd.		1.3
Infosys, Ltd.(ADR)		1.2
China Construction Bank Corp.- Class H		0.9
JD.com, Inc.- Class A		0.9
Hon Hai Precision Industry Co., Ltd.		0.8

Top Countries

	% of Net Assets
China		31.6
India		14.4
Taiwan		13.7
South Korea		11.7
Brazil		5.5
Saudi Arabia		4.0
South Africa		3.9
Mexico		2.5
Thailand		2.3
Indonesia		2.1

BHFTI-3

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

SSGA Emerging Markets Enhanced Index Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A	Actual		0.76	%	$	1,000.00	$	960.30	$	3.76
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.37	$	3.87
Class B	Actual		1.00	%	$	1,000.00	$	959.10	$	4.94
	Hypothetical*		1.00	%	$	1,000.00	$	1,020.16	$	5.09

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

BHFTI-4

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—97.2% of Net Assets

Security Description	Shares		Value
Brazil—3.8%
Ambev S.A. (ADR)		421,900	$	1,147,568
B3 S.A. - Brasil Bolsa Balcao		392,300		980,985
Banco Bradesco S.A.		84,876		216,759
Banco Bradesco S.A. (ADR)		205,945		593,122
Banco do Brasil S.A.		130,000		853,378
CCR S.A.		114,800		235,139
Cia Brasileira de Distribuicao		105,000		329,538
Cia Paranaense de Energia		26,200		190,346
CPFL Energia S.A.		76,200		478,637
Energisa S.A.		37,300		311,865
Itau Unibanco Holding S.A. (ADR)		207,000		974,970
JBS S.A.		165,500		698,314
JHSF Participacoes S.A.		99,800		94,844
Kepler Weber S.A.		39,900		154,199
Mahle-Metal Leve S.A.		3,418		19,926
Mills Estruturas e Servicos de Engenharia S.A.		49,700		108,069
Minerva S.A.		50,400		123,979
Petroleo Brasileiro S.A.		130,800		696,919
Petroleo Brasileiro S.A. (ADR)		49,000		521,850
Sao Martinho S.A.		4,476		22,469
Telefonica Brasil S.A.		43,400		312,254
TIM S.A. (ADR) (a)		7,600		88,540
Vale S.A.		110,000		1,868,318
Vale S.A. (ADR)		124,500		2,112,765
Vibra Energia S.A.		103,000		303,360
				13,438,113
Chile—0.6%
Cencosud S.A.		558,997		919,305
Cia Cervecerias Unidas S.A.		26,735		178,549
Empresas CMPC S.A.		200,494		334,665
Sociedad Quimica y Minera de Chile S.A. (ADR)		8,200		654,688
				2,087,207
China—31.6%
3SBio, Inc.		747,500		792,667
AIMA Technology Group Co., Ltd. - Class A		10,800		71,420
AK Medical Holdings, Ltd.		200,000		250,909
Akeso, Inc. (b)		28,000		154,285
Alibaba Group Holding, Ltd. (b)		903,300		9,973,484
Alibaba Health Information Technology, Ltd. (b)		334,000		280,582
Anhui Conch Cement Co., Ltd. - Class A		5,100		20,093
Anhui Conch Cement Co., Ltd. - Class H		132,000		457,716
Anhui Expressway Co., Ltd. - Class H		78,000		62,725
Anhui Gujing Distillery Co., Ltd. - Class A		2,600		99,773
Anhui Yingjia Distillery Co., Ltd. - Class A		22,900		206,164
ANTA Sports Products, Ltd.		29,200		382,830
Asymchem Laboratories Tianjin Co., Ltd. - Class A		2,800		59,644
Autohome, Inc. (ADR)		15,400		471,240
Baidu, Inc. - Class A (b)		169,850		2,441,309
Bank of Chengdu Co., Ltd. - Class A		77,100		169,728
Bank of China, Ltd. - Class H		2,592,000		943,166
Bank of Hangzhou Co., Ltd. - Class A		164,400		309,387
Bank of Jiangsu Co., Ltd. - Class A		529,980		555,905
Bank of Nanjing Co., Ltd. - Class A		142,100		213,015
China—(Continued)
Bank of Ningbo Co., Ltd. - Class A		41,700		194,708
BeiGene, Ltd. (b)		18,600		317,725
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. - Class A		2,175		39,559
Beijing Yanjing Brewery Co., Ltd. - Class A		38,700		59,138
Bilibili, Inc. - Class Z (b)		9,040		215,231
BOE Varitronix, Ltd.		45,000		84,758
BYD Co., Ltd. - Class A		11,900		440,168
BYD Co., Ltd. - Class H		60,000		1,475,479
BYD Electronic International Co., Ltd.		149,500		480,891
CGN Power Co., Ltd. - Class H		2,642,000		627,436
China BlueChemical, Ltd. - Class H		118,781		27,996
China Coal Energy Co., Ltd. - Class H		157,000		127,075
China Communications Services Corp., Ltd. - Class H		95,303		34,601
China Construction Bank Corp. - Class A		260,600		210,910
China Construction Bank Corp. - Class H		5,424,000		3,398,460
China Galaxy Securities Co., Ltd. - Class H		504,500		246,299
China International Marine Containers Group Co., Ltd. - Class A		201,450		203,475
China International Marine Containers Group Co., Ltd. - Class H		197,250		149,555
China Lesso Group Holdings, Ltd.		434,000		452,288
China Medical System Holdings, Ltd.		426,000		670,327
China Meidong Auto Holdings, Ltd.		26,000		53,234
China Mengniu Dairy Co., Ltd.		8,515		38,301
China Merchants Bank Co., Ltd. - Class A		117,900		632,177
China Merchants Bank Co., Ltd. - Class H		334,000		1,851,499
China Overseas Land & Investment, Ltd.		240,000		633,511
China Pacific Insurance Group Co., Ltd. - Class A		81,200		286,494
China Petroleum & Chemical Corp. - Class A		171,800		107,815
China Petroleum & Chemical Corp. - Class H		1,518,000		733,641
China Resources Beer Holdings Co., Ltd.		88,000		615,123
China Resources Land, Ltd.		302,000		1,371,681
China Resources Medical Holdings Co., Ltd.		140,500		103,137
China Resources Pharmaceutical Group, Ltd.		171,000		138,475
China Resources Power Holdings Co., Ltd.		206,000		421,282
China Shenhua Energy Co., Ltd. - Class A		61,811		244,787
China Shenhua Energy Co., Ltd. - Class H		407,000		1,171,642
China State Construction Engineering Corp., Ltd. - Class A		370,100		288,454
China Tower Corp., Ltd. - Class H		4,092,000		440,430
China Traditional Chinese Medicine Holdings Co., Ltd.		324,000		147,370
China United Network Communications, Ltd. - Class A		443,400		285,589
China Vanke Co., Ltd. - Class H		272,700		546,584
China Yangtze Power Co., Ltd. - Class A		71,900		216,874
China Yongda Automobiles Services Holdings, Ltd.		305,000		224,788
Chlitina Holding, Ltd.		17,000		109,746
Chongqing Brewery Co., Ltd. - Class A		13,100		240,158
Chongqing Zhifei Biological Products Co., Ltd. - Class A		11,200		141,549
Chow Tai Fook Jewellery Group, Ltd. (a)		94,000		191,761
CITIC Telecom International Holdings, Ltd.		635,000		215,188
CITIC, Ltd.		550,000		580,698
Contemporary Amperex Technology Co., Ltd. - Class A		10,800		611,512
COSCO SHIPPING Holdings Co., Ltd. - Class A		114,120		168,778
COSCO SHIPPING Holdings Co., Ltd. - Class H		303,200		309,263
Country Garden Services Holdings Co., Ltd.		311		770
CRRC Corp., Ltd. - Class H		375,000		150,788
CSPC Pharmaceutical Group, Ltd.		1,156,240		1,214,933
Da An Gene Co., Ltd. of Sun Yat-Sen University - Class A		69,380		154,822
Dali Foods Group Co., Ltd. (a)		564,500		256,738

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
China—(Continued)
Daqin Railway Co., Ltd. - Class A		345,500	$	332,029
Daqo New Energy Corp. (ADR) (b)		6,300		243,243
Dian Diagnostics Group Co., Ltd. - Class A		11,200		40,358
Dongfang Electric Corp., Ltd. - Class A		28,300		85,597
Dongyue Group, Ltd.		173,000		190,434
EEKA Fashion Holdings, Ltd.		63,500		91,045
ENN Energy Holdings, Ltd.		10,500		146,484
ENN Natural Gas Co., Ltd. - Class A		108,800		251,604
Fuyao Glass Industry Group Co., Ltd. - Class H		70,800		297,129
G-bits Network Technology Xiamen Co., Ltd. - Class A		3,244		145,669
GD Power Development Co., Ltd. - Class A		564,000		346,053
GDS Holdings, Ltd. - Class A (b)		67,700		175,371
Geely Automobile Holdings, Ltd.		199,000		287,840
Genscript Biotech Corp. (b)		108,000		343,947
Great Wall Motor Co., Ltd. - Class H		167,000		217,464
Guangdong Provincial Expressway Development Co., Ltd. - Class A		88,320		99,366
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class A		30,600		131,017
Guangzhou Kingmed Diagnostics Group Co., Ltd. - Class A		5,200		58,348
H World Group, Ltd. (ADR)		11,500		487,830
Haier Smart Home Co., Ltd. - Class A		65,800		231,662
Haier Smart Home Co., Ltd. - Class H		101,400		345,672
Haitian International Holdings, Ltd. (a)		150,000		401,179
Hangzhou Binjiang Real Estate Group Co., Ltd. - Class A		93,100		117,856
Hangzhou Tigermed Consulting Co., Ltd. - Class A		2,338		35,266
Harbin Electric Co., Ltd. - Class H (b)		402,000		161,225
Health & Happiness H&H International Holdings, Ltd.		51,000		108,233
Hengan International Group Co., Ltd. (a)		114,000		604,122
Hongfa Technology Co., Ltd. - Class A		22,640		108,847
Huadong Medicine Co., Ltd. - Class A		39,300		264,638
Huaibei Mining Holdings Co., Ltd. - Class A		28,700		52,785
Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A		29,300		114,753
Hubei Xingfa Chemicals Group Co., Ltd. - Class A		22,900		95,578
Hygeia Healthcare Holdings Co., Ltd. (a) (b)		38,600		277,002
Imeik Technology Development Co., Ltd. - Class A		2,420		197,238
Industrial & Commercial Bank of China, Ltd. - Class H		2,186,000		1,125,972
Industrial Bank Co., Ltd. - Class A		181,100		458,391
Inner Mongolia ERDOS Resources Co., Ltd. - Class A		69,440		151,584
JD Health International, Inc. (b)		102,415		936,609
JD.com, Inc. - Class A		117,804		3,311,511
Jiangsu Expressway Co., Ltd. - Class H (a)		256,000		233,080
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. - Class A		4,700		108,197
Jiumaojiu International Holdings, Ltd.		59,000		155,652
JNBY Design, Ltd.		92,500		110,486
Joincare Pharmaceutical Group Industry Co., Ltd. - Class A		109,499		177,877
Jointown Pharmaceutical Group Co., Ltd. - Class A		64,800		121,434
JOYY, Inc. (ADR)		8,000		252,720
Kuaishou Technology (b)		136,300		1,222,221
Kunlun Energy Co., Ltd.		1,166,000		826,977
Kweichow Moutai Co., Ltd. - Class A		3,400		841,348
Lenovo Group, Ltd.		1,206,000		990,634
Li Ning Co., Ltd.		113,000		969,681
Livzon Pharmaceutical Group, Inc. - Class H		48,000		161,454
Longfor Group Holdings, Ltd.		178,500		547,045
Lonking Holdings, Ltd.		235,000		41,022
Luxi Chemical Group Co., Ltd. - Class A		43,700		77,829
Luzhou Laojiao Co., Ltd. - Class A		4,000		128,540
China—(Continued)
Meituan - Class B (b)		262,900		5,813,082
MINISO Group Holding, Ltd. (ADR)		18,700		200,651
NARI Technology Co., Ltd. - Class A		49,944		174,670
NetDragon Websoft Holdings, Ltd.		86,000		183,731
NetEase, Inc.		152,300		2,220,007
New Oriental Education & Technology Group, Inc. (b)		93,900		331,771
Newland Digital Technology Co., Ltd. - Class A		81,400		152,377
Ningbo Tuopu Group Co., Ltd. - Class A		18,000		151,744
NIO, Inc. (ADR) (b)		56,100		546,975
Nongfu Spring Co., Ltd. - Class H (a)		98,600		557,186
PetroChina Co., Ltd. - Class H		2,514,000		1,150,843
Pharmaron Beijing Co., Ltd. - Class H		65,400		447,660
PICC Property & Casualty Co., Ltd. - Class H		1,008,000		954,100
Pinduoduo, Inc. (ADR) (b)		26,900		2,193,695
Ping An Insurance Group Co. of China, Ltd. - Class A		33,800		228,599
Ping An Insurance Group Co. of China, Ltd. - Class H		411,000		2,712,679
Poly Developments and Holdings Group Co., Ltd. - Class A		53,700		116,889
Power Construction Corp. of China, Ltd. - Class A		177,400		180,447
Proya Cosmetics Co., Ltd. - Class A		14,003		337,435
Remegen Co., Ltd. - Class H (b)		42,000		311,664
Shaanxi Coal Industry Co., Ltd. - Class A		172,600		461,482
Shan Xi Hua Yang Group New Energy Co., Ltd. - Class A		44,800		91,912
Shandong Chenming Paper Holdings, Ltd. - Class A		46,800		33,532
Shandong Sinocera Functional Material Co., Ltd. - Class A		6,600		26,183
Shandong Weigao Group Medical Polymer Co., Ltd. - Class H		75,200		123,166
Shanghai Fosun Pharmaceutical Group Co., Ltd. - Class H		31,000		99,317
Shanghai International Port Group Co., Ltd. - Class A		219,000		168,261
Shanxi Lu’an Environmental Energy Development Co., Ltd. - Class A		46,300		112,257
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. - Class A		9,060		371,536
Shenzhen Expressway Corp., Ltd. - Class H (a)		156,000		134,221
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A		7,400		335,882
Shougang Fushan Resources Group, Ltd.		358,000		114,222
Sichuan Kelun Pharmaceutical Co., Ltd. - Class A		64,600		247,301
Sihuan Pharmaceutical Holdings Group, Ltd.		603,000		73,231
Silergy Corp.		4,000		56,721
Sinopharm Group Co., Ltd. - Class H		200,400		508,218
Sinotrans, Ltd. - Class H		1,032,000		335,860
Sunny Optical Technology Group Co., Ltd.		40,300		479,584
Sunwoda Electronic Co., Ltd. - Class A		18,600		56,616
Suzhou Dongshan Precision Manufacturing Co., Ltd. - Class A		53,400		190,133
TangShan Port Group Co., Ltd. - Class A		323,600		127,558
TBEA Co., Ltd. - Class A		125,656		363,104
Tencent Holdings, Ltd. (a)		344,100		14,625,009
Tencent Music Entertainment Group (ADR) (b)		33,800		279,864
Tian Di Science & Technology Co., Ltd. - Class A		108,500		80,964
Tian Ge Interactive Holdings, Ltd.		66,231		4,580
Tianneng Power International, Ltd.		46,000		48,568
Tingyi Cayman Islands Holding Corp.		125,876		221,691
Tongcheng Travel Holdings, Ltd. (b)		9,614		23,138
Tongwei Co., Ltd. - Class A		73,200		406,427
Topsports International Holdings, Ltd.		323,000		253,444
Trina Solar Co., Ltd. - Class A		9,399		86,243
Trip.com Group, Ltd. (ADR) (b)		30,200		1,038,880
Tsingtao Brewery Co., Ltd. - Class A		8,400		129,947
Tsingtao Brewery Co., Ltd. - Class H		58,000		573,029
Uni-President China Holdings, Ltd.		205,000		204,260

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
China—(Continued)
Vipshop Holdings, Ltd. (ADR) (b)		25,600	$	349,184
Wangfujing Group Co., Ltd. - Class A		10,000		40,238
Want Want China Holdings, Ltd.		75,000		50,082
Weibo Corp. (ADR) (b)		17,100		326,952
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. - Class A		56,300		146,260
Wuliangye Yibin Co., Ltd. - Class A		9,800		253,747
WuXi AppTec Co., Ltd. - Class A		10,991		127,222
WuXi AppTec Co., Ltd. - Class H		67,500		713,250
Wuxi Biologics Cayman, Inc. (b)		211,500		1,623,700
XD, Inc. (a) (b)		14,000		38,258
Xiamen C & D, Inc. - Class A		154,600		302,834
Xiaomi Corp. - Class B (b)		374,800		521,628
Xinhua Winshare Publishing & Media Co., Ltd. - Class A		56,400		80,233
Xinte Energy Co., Ltd. - Class H (a)		70,000		129,536
XPeng, Inc. (ADR) (a) (b)		16,000		159,040
Yadea Group Holdings, Ltd. (144A)		486,000		809,462
YongXing Special Materials Technology Co., Ltd. - Class A		8,900		118,058
YuanShengTai Dairy Farm, Ltd. (b)		953,000		27,423
Yuexiu Property Co., Ltd.		131,000		157,293
Yum China Holdings, Inc.		23,200		1,267,880
Zai Lab, Ltd. (ADR) (b)		217		6,662
Zangge Mining Co., Ltd. - Class A		25,400		94,833
Zhejiang Century Huatong Group Co., Ltd. - Class A		11,850		6,496
Zhejiang Expressway Co., Ltd. - Class H (a)		158,000		121,423
Zhejiang Jiahua Energy Chemical Industry Co., Ltd. - Class A		172,000		207,146
Zhejiang Xinan Chemical Industrial Group Co., Ltd. - Class A		70,600		153,816
Zhihu, Inc. (ADR) (a) (b)		46,500		60,450
Zhuzhou CRRC Times Electric Co., Ltd.		21,400		106,260
Zijin Mining Group Co., Ltd. - Class H		108,000		145,352
ZTE Corp. - Class A		34,600		128,746
ZTE Corp. - Class H		302,200		666,020
ZTO Express Cayman, Inc. (ADR)		18,200		489,034
				113,189,925
Czech Republic—0.3%
Komercni Banka A/S		20,560		594,505
Moneta Money Bank AS		133,141		447,847
Philip Morris CR A/S		106		78,337
				1,120,689
Egypt—0.1%
Eastern Co. S.A.E.		179,207		103,593
ElSewedy Electric Co.		254,173		122,699
Telecom Egypt Co.		129,900		131,710
				358,002
Greece—0.5%
Danaos Corp.		558		29,384
JUMBO S.A.		24,605		420,027
Motor Oil Hellas Corinth Refineries S.A.		9,085		212,234
Mytilineos S.A.		28,379		615,899
OPAP S.A.		38,281		542,709
Piraeus Financial Holdings S.A. (b)		68,760		105,442
				1,925,695
Hong Kong—0.4%
Bosideng International Holdings, Ltd. (a)		1,260,000		599,057
China High Speed Transmission Equipment Group Co., Ltd. (a) (b)		189,000		84,579
Orient Overseas International, Ltd.		6,000		108,198
Sino Biopharmaceutical, Ltd.		147,000		86,083
Skyworth Group, Ltd.		246,000		105,596
United Laboratories International Holdings, Ltd. (The)		276,000		172,297
Vinda International Holdings, Ltd. (a)		112,000		328,873
				1,484,683
Hungary—0.1%
Magyar Telekom Telecommunications plc		42,755		38,762
MOL Hungarian Oil & Gas plc		51,279		358,181
				396,943
India—14.4%
Adani Enterprises, Ltd.		1,167		54,141
Adani Power, Ltd. (b)		114,285		414,184
Adani Transmission, Ltd. (b)		1,910		59,040
Alkem Laboratories, Ltd.		599		21,655
Allcargo Logistics, Ltd.		29,629		144,168
Ambuja Cements, Ltd.		17,851		113,096
Apollo Hospitals Enterprise, Ltd.		4,213		227,349
Apollo Tyres, Ltd.		24,674		96,689
Asahi India Glass, Ltd.		11,155		70,444
Asian Paints, Ltd.		9,122		340,451
Aster DM Healthcare, Ltd. (b)		46,157		129,054
Axis Bank, Ltd.		160,958		1,811,372
Bajaj Auto, Ltd.		1,894		82,905
Bajaj Finance, Ltd.		8,355		661,454
Bajaj Finserv, Ltd.		35,992		670,300
Bandhan Bank, Ltd. (b)		124,136		350,150
Bank of Baroda		128,930		287,759
Bharat Electronics, Ltd.		718,416		869,376
Bharat Petroleum Corp., Ltd.		56,639		226,216
Bharti Airtel, Ltd.		68,775		670,453
Bombay Burmah Trading Co.		6,950		76,215
CESC, Ltd.		123,023		113,294
Cipla, Ltd.		13,734		178,815
Cochin Shipyard, Ltd.		44,208		283,413
Cyient, Ltd.		11,704		114,679
Dabur India, Ltd.		20,262		137,219
DCM Shriram, Ltd.		20,916		227,252
Dr Reddy’s Laboratories, Ltd.		1,546		78,989
Eicher Motors, Ltd.		3,291		127,727
EID Parry India, Ltd.		51,984		357,426
Emami, Ltd.		40,962		210,810
Engineers India, Ltd.		45,586		43,501
Finolex Cables, Ltd.		22,810		151,335
Finolex Industries, Ltd.		20,842		46,789
GAIL India, Ltd.		566,244		656,820
Glenmark Pharmaceuticals, Ltd.		44,332		227,201
Grasim Industries, Ltd.		47,003		975,150
Gujarat Ambuja Exports, Ltd.		23,404		72,182
Gujarat Pipavav Port, Ltd.		115,327		140,975
Gujarat State Fertilizers & Chemicals, Ltd.		42,606		71,625
Gujarat State Petronet, Ltd.		106,922		340,389
HCL Technologies, Ltd.		115,132		1,437,106

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
India—(Continued)
Hindalco Industries, Ltd.		207,527	$	1,181,972
Hindustan Aeronautics, Ltd.		10,913		333,542
Hindustan Unilever, Ltd.		26,348		814,540
Housing Development Finance Corp., Ltd.		76,251		2,431,948
ICICI Bank, Ltd.		233,445		2,508,078
IIFL Wealth Management, Ltd.		7,720		166,595
Indian Oil Corp., Ltd.		966,046		891,909
Indraprastha Gas, Ltd.		18,679		93,374
Indus Towers, Ltd.		107,206		246,803
Infosys, Ltd.		3,819		69,204
Infosys, Ltd. (ADR)		232,100		4,180,121
ITC, Ltd.		217,434		870,103
JB Chemicals & Pharmaceuticals, Ltd.		14,445		336,776
Jindal Steel & Power, Ltd.		141,337		992,815
JK Lakshmi Cement, Ltd.		39,177		388,396
JSW Steel, Ltd.		91,410		849,003
Kalpataru Power Transmission, Ltd.		33,854		227,202
Kotak Mahindra Bank, Ltd.		15,118		332,401
LT Foods, Ltd.		128,969		180,413
Mahindra & Mahindra, Ltd.		98,169		1,479,577
Mahindra CIE Automotive, Ltd.		16,972		70,875
MakeMyTrip, Ltd. (b)		2,300		63,411
Manappuram Finance, Ltd.		276,128		386,827
Maruti Suzuki India, Ltd.		769		77,946
Motilal Oswal Financial Services, Ltd.		10,632		88,121
Muthoot Finance, Ltd.		13,796		176,691
NCC, Ltd.		39,746		40,048
NHPC, Ltd.		670,375		324,183
NIIT, Ltd.		25,672		97,156
NTPC, Ltd.		580,759		1,168,103
Orient Cement, Ltd.		55,756		82,957
Page Industries, Ltd.		1,370		709,478
Polyplex Corp., Ltd.		11,988		230,754
Power Finance Corp., Ltd.		229,588		392,033
Power Grid Corp. of India, Ltd.		431,682		1,112,539
Raymond, Ltd.		17,500		310,824
REC, Ltd.		287,610		404,670
Redington, Ltd.		160,473		350,191
Reliance Industries, Ltd.		150,228		4,608,052
RITES, Ltd.		36,885		150,206
Shriram Finance, Ltd.		41,138		685,472
Sonata Software, Ltd.		9,583		65,450
State Bank of India		200,272		1,481,152
Sun Pharmaceutical Industries, Ltd.		76,889		929,543
Sun TV Network, Ltd.		25,982		152,849
Tata Chemicals, Ltd.		23,147		263,051
Tata Steel, Ltd.		168,697		229,255
Tech Mahindra, Ltd.		76,826		937,821
Torrent Power, Ltd.		58,076		344,732
Triveni Turbine, Ltd.		40,705		127,948
Tube Investments of India, Ltd.		6,797		226,399
Uflex, Ltd.		8,654		58,544
UltraTech Cement, Ltd.		914		76,722
Union Bank of India, Ltd.		65,467		63,701
UPL, Ltd.		105,427		914,109
Varun Beverages, Ltd.		30,626		487,925
Vedanta, Ltd.		218,112		809,808
India—(Continued)
Voltamp Transformers, Ltd.		1,800		60,370
Welspun India, Ltd.		151,719		141,745
Wipro, Ltd.		135,089		641,515
				51,487,116
Indonesia—2.1%
Astra International Tbk PT		2,290,700		834,548
Bank Central Asia Tbk PT		2,942,200		1,613,062
Bank Mandiri Persero Tbk PT		2,224,000		1,413,357
Bank Rakyat Indonesia Persero Tbk PT		6,042,100		1,915,413
Indo Tambangraya Megah Tbk PT		121,000		303,155
Indofood Sukses Makmur Tbk PT		1,488,500		643,051
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		463,878		30,231
Sumber Alfaria Trijaya Tbk PT		656,600		111,775
United Tractors Tbk PT		420,900		704,780
				7,569,372
Malaysia—1.3%
Alliance Bank Malaysia Bhd		386,200		321,670
AMMB Holdings Bhd		29,554		27,791
Astro Malaysia Holdings Bhd		110,422		16,253
Bermaz Auto Bhd		234,300		113,314
Bumi Armada Bhd (b)		3,077,300		333,964
CIMB Group Holdings Bhd		486,723		641,124
Hartalega Holdings Bhd		50,800		19,620
Heineken Malaysia Bhd		10,900		62,365
Hong Leong Financial Group Bhd		31,400		132,565
IJM Corp. Bhd		157,700		57,307
IOI Corp. Bhd		259,300		238,401
Malayan Banking Bhd		44,367		87,488
Petronas Chemicals Group Bhd		278,900		544,711
Petronas Gas Bhd		35,400		137,459
Public Bank Bhd		209,000		204,725
RHB Bank Bhd		529,580		695,519
Sime Darby Bhd		137,500		71,639
Sime Darby Plantation Bhd		400,500		422,894
Ta Ann Holdings Bhd		86,500		74,103
Telekom Malaysia Bhd		369,064		452,672
TSH Resources Bhd		345,000		83,790
				4,739,374
Mexico—2.5%
Alfa S.A.B. de C.V. — Class A		720,900		459,846
Alpek S.A.B. de C.V.		72,900		106,620
Alsea S.A.B. de C.V. (b)		67,000		126,460
America Movil S.A.B. de C.V. - Series L		2,358,373		2,130,057
Arca Continental S.A.B. de C.V.		97,800		793,180
Cemex S.A.B. de C.V. (ADR) (b)		116,900		473,445
Fibra Uno Administracion S.A. de C.V. (a)		733,700		865,989
Fomento Economico Mexicano S.A.B. de C.V.		17,000		132,910
GMexico Transportes S.A.B. de C.V.		42,500		82,660
Grupo Bimbo S.A.B. de C.V. -Series A		244,800		1,033,897
Grupo Comercial Chedraui S.A. de C.V.		87,300		371,932
Grupo Financiero Banorte S.A.B. de C.V. - Class O		150,500		1,083,115
Grupo Mexico S.A.B. de C.V. - Series B		34,600		121,983
Orbia Advance Corp. S.A.B. de C.V.		274,000		485,808

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Mexico—(Continued)
TF Administradora Industrial S de RL de C.V.		27,200	$	38,972
Wal-Mart de Mexico S.A.B. de C.V.		200,000		706,951
				9,013,825
Peru—0.1%
Credicorp, Ltd.		2,800		379,848
Sociedad Minera Cerro Verde SAA		2,082		62,044
				441,892
Philippines—0.7%
DMCI Holdings, Inc.		703,000		151,835
Filinvest Land, Inc.		2,072,000		33,419
First Gen Corp.		70,600		21,485
Globe Telecom, Inc.		9,841		385,963
International Container Terminal Services, Inc.		171,860		618,544
Manila Electric Co.		58,980		315,619
Metropolitan Bank & Trust Co.		186,980		181,187
Nickel Asia Corp.		749,500		78,872
PLDT, Inc.		26,395		625,636
Semirara Mining & Power Corp.		195,600		121,454
				2,534,014
Poland—0.5%
Asseco Poland S.A.		17,977		297,945
Bank Polska Kasa Opieki S.A.		29,043		575,353
Dino Polska S.A. (b)		1,730		148,342
KRUK S.A.		5,344		377,826
Powszechna Kasa Oszczednosci Bank Polski S.A.		50,295		348,816
Powszechny Zaklad Ubezpieczen S.A.		12,840		104,005
XTB S.A.		13,118		92,891
				1,945,178
Qatar—0.9%
Commercial Bank PSQC (The)		189,071		259,533
Industries Qatar QSC		45,058		158,692
Ooredoo QPSC		299,157		755,641
Qatar Gas Transport Co., Ltd.		301,507		303,308
Qatar International Islamic Bank QSC		112,534		321,820
Qatar Islamic Bank SAQ		105,474		537,970
Qatar National Bank QPSC		144,912		716,319
Vodafone Qatar QSC		106,310		46,204
				3,099,487
Russia—0.0%
Gazprom PJSC (b) (c) (d)		595,658		0
Lukoil PJSC (c) (d)		28,706		0
Magnit PJSC (c) (d)		5,721		0
MMC Norilsk Nickel PJSC (ADR) (c) (d)		9,141		0
Mobile TeleSystems PJSC (c) (d)		253,200		0
Novatek PJSC (GDR) (b) (c) (d)		1,686		0
Novolipetsk Steel PJSC (GDR) (c) (d)		19,696		0
PhosAgro PAO (c) (d)		287		0
PhosAgro PJSC (GDR) (c) (d)		44,560		0
Rosneft Oil Co. PJSC (c) (d)		77,745		0
Sberbank of Russia PJSC† (b) (c) (d)		879,480		0
Russia—(Continued)
Severstal PAO (GDR) (b) (c) (d)		30,364		0
Tatneft PJSC (ADR) (c) (d)		7,842		0
X5 Retail Group NV (GDR) (c) (d)		23,631		0
				0
Saudi Arabia—4.0%
Al Rajhi Bank (b)		74,530		1,495,043
Alinma Bank		115,489		1,002,313
Almarai Co. JSC		18,748		267,278
Arab National Bank		126,832		1,082,881
Arriyadh Development Co.		14,702		70,841
Astra Industrial Group		9,151		126,157
Bank Al-Jazira		115,203		586,279
Banque Saudi Fransi		74,362		804,800
Etihad Etisalat Co.		52,400		485,224
Leejam Sports Co. JSC		5,269		117,999
Mouwasat Medical Services Co.		8		445
National Industrialization Co. (b)		114,561		377,793
National Medical Care Co.		3,401		66,615
Riyad Bank		145,638		1,234,967
SABIC Agri-Nutrients Co.		29,921		1,163,882
Sahara International Petrochemical Co.		81,222		735,792
Saudi Arabian Mining Co. (b)		17,514		302,371
Saudi Arabian Oil Co.		70,609		603,557
Saudi Basic Industries Corp.		55,880		1,329,509
Saudi British Bank (The)		31,121		323,245
Saudi Electricity Co.		139,929		859,655
Saudi National Bank (The)		65,787		885,613
Saudi Telecom Co.		23,051		224,895
United Electronics Co.		244		4,496
				14,151,650
Singapore—0.1%
BOC Aviation, Ltd.		45,900		381,539
South Africa—3.9%
Absa Group, Ltd.		57,173		652,605
African Rainbow Minerals, Ltd.		28,347		480,440
Anglo American Platinum, Ltd.		5,622		471,647
Astral Foods, Ltd.		23,786		227,882
Capitec Bank Holdings, Ltd.		4,028		440,603
Exxaro Resources, Ltd.		6,056		77,200
FirstRand, Ltd.		121,796		444,855
Fortress REIT, Ltd. (REIT) - Class A		92,373		57,141
Foschini Group, Ltd. (The)		8,327		49,663
Gold Fields, Ltd.		54,394		562,964
Impala Platinum Holdings, Ltd.		74,256		928,407
Investec, Ltd.		64,485		407,924
KAP Industrial Holdings, Ltd.		192,476		50,191
Kumba Iron Ore, Ltd.		17,155		493,157
Motus Holdings, Ltd.		50,551		329,185
Mr. Price Group, Ltd.		6,680		62,526
MTN Group, Ltd.		56,118		420,362
MultiChoice Group		31,197		214,984
Naspers, Ltd. - N Shares		11,013		1,815,501
Ninety One, Ltd.		8,867		19,716

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
South Africa—(Continued)
Northam Platinum Holdings, Ltd. (b)		30,339	$	334,063
Old Mutual, Ltd.		483,946		297,489
Omnia Holdings, Ltd.		37,943		139,634
OUTsurance Group, Ltd.		214,955		399,103
Reunert, Ltd.		45,892		140,806
Sappi, Ltd.		99,191		287,051
Sasol, Ltd.		22,281		352,424
Shoprite Holdings, Ltd.		81,135		1,079,396
Sibanye Stillwater, Ltd.		332,199		882,002
Standard Bank Group, Ltd.		60,681		599,280
Truworths International, Ltd.		121,292		390,342
Vodacom Group, Ltd.		9,242		66,299
Vukile Property Fund, Ltd.		137,437		107,037
Woolworths Holdings, Ltd.		168,480		657,772
Zeda, Ltd. (b)		30,680		24,593
				13,964,244
South Korea—11.2%
BGF retail Co., Ltd.		4,881		814,033
Celltrion, Inc.		473		60,513
Cheil Worldwide, Inc.		28,959		529,861
Chong Kun Dang Pharmaceutical Corp.		2,633		171,760
CJ CheilJedang Corp.		887		267,695
Daewoong Pharmaceutical Co., Ltd.		1,055		132,949
Daishin Securities Co., Ltd.		13,315		136,348
DB Insurance Co., Ltd.		18,426		955,643
Doosan Bobcat, Inc.		20,794		573,367
Green Cross Holdings Corp.		3,469		46,937
GS Holdings Corp.		5,723		199,104
Hana Financial Group, Inc.		37,926		1,269,034
Hankook Tire & Technology Co., Ltd.		24,403		604,889
HD Hyundai Co., Ltd.		8,713		395,206
Humasis Co., Ltd.		7,234		81,170
Hyundai Glovis Co., Ltd.		6,268		815,030
Hyundai Mobis Co., Ltd.		3,225		514,128
Hyundai Motor Co.		13,111		1,575,802
i-SENS, Inc.		2,515		65,162
INTOPS Co., Ltd.		1,860		41,160
ISU Chemical Co., Ltd.		17,593		256,077
Kakao Corp.		1,363		58,001
KB Financial Group, Inc.		39,495		1,504,324
Kia Corp.		3,870		182,529
Korea Investment Holdings Co., Ltd.		2,864		121,693
Korean Air Lines Co., Ltd. (b)		36,669		670,874
Korean Reinsurance Co.		6,614		35,701
KT&G Corp.		14,023		1,013,978
Kumho Petrochemical Co., Ltd.		4,984		499,794
LG Chem, Ltd.		1,492		713,729
LG Corp.		3,484		216,374
LG Electronics, Inc.		1,414		97,600
LG Energy Solution, Ltd. (b)		150		51,973
LG Innotek Co., Ltd.		4,211		851,041
LS Corp.		1,163		64,504
LS Electric Co., Ltd.		909		40,801
MegaStudyEdu Co., Ltd.		4,555		288,509
Mirae Asset Securities Co., Ltd.		129,734		627,469
South Korea—(Continued)
NAVER Corp.		2,609		370,553
NCSoft Corp.		1,189		425,159
Neowiz (b)		3,640		107,242
NH Investment & Securities Co., Ltd.		25,346		176,576
Orion Corp.		798		81,053
POSCO Holdings, Inc.		4,327		952,415
PSK, Inc.		11,592		143,101
Samsung C&T Corp.		5,454		492,587
Samsung Electro-Mechanics Co., Ltd.		5,893		614,094
Samsung Electronics Co., Ltd.		290,339		12,803,395
Samsung Engineering Co., Ltd. (b)		4,708		83,377
Samsung Fire & Marine Insurance Co., Ltd.		3,837		608,286
Samsung Life Insurance Co., Ltd.		1,929		108,686
Samsung SDI Co., Ltd.		2,015		949,475
Samsung Securities Co., Ltd.		17,194		430,453
SD Biosensor, Inc.		25,787		619,104
Shinhan Financial Group Co., Ltd.		51,576		1,437,179
SK Hynix, Inc.		38,507		2,317,808
SK Inc.		5,754		866,141
Woori Financial Group, Inc.		8,764		80,508
Youngone Corp.		2,029		74,869
				40,286,823
Taiwan—13.7%
Advanced International Multitech Co., Ltd.		82,000		253,043
ASE Technology Holding Co., Ltd.		359,000		1,095,795
Asia Vital Components Co., Ltd.		73,000		265,774
Cathay Financial Holding Co., Ltd.		883,953		1,149,756
Chicony Power Technology Co., Ltd.		19,000		45,109
Chunghwa Telecom Co., Ltd.		296,000		1,087,988
Compeq Manufacturing Co., Ltd.		248,000		358,769
CTBC Financial Holding Co., Ltd.		1,873,000		1,346,169
Delta Electronics, Inc.		33,000		307,421
Eva Airways Corp.		63,000		57,658
Evergreen Marine Corp. Taiwan, Ltd.		116,800		609,282
Far Eastern Department Stores, Ltd.		144,000		100,703
Far Eastern New Century Corp.		121,000		125,535
Farglory Land Development Co., Ltd.		84,000		155,210
First Financial Holding Co., Ltd.		814,332		701,855
Fubon Financial Holding Co., Ltd.		782,434		1,432,505
Fusheng Precision Co., Ltd.		20,000		136,918
Gamania Digital Entertainment Co., Ltd.		133,000		302,198
Gigabyte Technology Co., Ltd.		61,000		211,188
Global Mixed Mode Technology, Inc.		12,000		55,589
Goldsun Building Materials Co., Ltd.		240,000		197,090
Holtek Semiconductor, Inc.		73,000		161,889
Hon Hai Precision Industry Co., Ltd.		922,000		2,995,467
Huaku Development Co., Ltd.		46,000		133,180
International Games System Co., Ltd.		21,000		295,980
Kindom Development Co., Ltd.		155,100		147,298
King’s Town Bank Co., Ltd.		120,000		132,323
Kung Long Batteries Industrial Co., Ltd.		7,000		31,193
Largan Precision Co., Ltd.		16,000		1,061,122
Lite-On Technology Corp.		437,000		906,746
Makalot Industrial Co., Ltd.		38,000		287,925
MediaTek, Inc.		112,000		2,274,953

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Taiwan—(Continued)
Micro-Star International Co., Ltd.		31,000	$	120,444
Novatek Microelectronics Corp.		51,000		523,049
Parade Technologies, Ltd.		6,000		150,734
Pou Chen Corp.		785,000		873,018
Primax Electronics, Ltd.		136,000		245,443
Quanta Computer, Inc.		191,000		449,094
Realtek Semiconductor Corp.		53,000		484,146
Sanyang Motor Co., Ltd.		305,000		335,737
Shinkong Insurance Co., Ltd.		61,000		96,792
Simplo Technology Co., Ltd.		37,000		342,891
Sinon Corp.		83,000		98,378
SinoPac Financial Holdings Co., Ltd.		1,877,210		1,016,013
Taiwan Hon Chuan Enterprise Co., Ltd.		108,000		305,525
Taiwan Semiconductor Manufacturing Co., Ltd.		1,449,000		21,118,666
Teco Electric and Machinery Co., Ltd.		214,000		191,731
Test Research, Inc.		28,000		57,995
Tong Hsing Electronic Industries, Ltd.		10,800		67,043
Uni-President Enterprises Corp.		45,000		97,477
Unimicron Technology Corp.		148,000		576,985
United Integrated Services Co., Ltd.		42,000		249,885
United Microelectronics Corp.		609,000		800,106
Voltronic Power Technology Corp.		11,000		551,966
Walsin Lihwa Corp.		63,000		96,655
Wan Hai Lines, Ltd.		138,805		361,407
Winbond Electronics Corp.		348,000		221,708
Yang Ming Marine Transport Corp.		123		262
Yuanta Financial Holding Co., Ltd.		1,605,954		1,133,443
Zhen Ding Technology Holding, Ltd.		27,000		92,172
				49,082,396
Thailand—2.3%
AP Thailand PCL (NVDR)		2,569,100		860,571
Bangkok Bank PCL		70,800		302,538
Bangkok Dusit Medical Services PCL (NVDR)		534,900		447,959
Chularat Hospital PCL - Class F		4,358,900		463,137
Delta Electronics Thailand PCL		30,100		721,322
Ichitan Group PCL		699,000		228,055
Indorama Ventures PCL		172,400		202,838
Indorama Ventures PCL (NVDR)		550,700		645,936
Kasikornbank PCL (NVDR)		27,700		117,966
Kiatnakin Phatra Bank PCL (NVDR)		369,700		785,229
PTT Exploration & Production PCL (NVDR)		240,400		1,226,197
Siam Cement PCL (The)		605		5,974
SPCG PCL		70,100		29,348
Supalai PCL		654,500		459,199
Supalai PCL (NVDR)		435,200		305,365
Thai Vegetable Oil PCL		139,200		114,543
Thanachart Capital PCL		137,200		168,356
Tisco Financial Group PCL (NVDR)		279,200		798,424
TMBThanachart Bank PCL		11,144,200		453,683
				8,336,640
Turkey—0.9%
AG Anadolu Grubu Holding A/S		12,415		73,056
Haci Omer Sabanci Holding A/S		258,961		624,391
KOC Holding A/S		235,731		1,054,873
Turk Hava Yollari (b)		32,297		243,056
Turkey—(Continued)
Turkcell Iletisim Hizmetleri A/S		304,590		617,415
Turkiye Is Bankasi - Class C		784,693		536,167
Yapi ve Kredi Bankasi		255,100		159,905
				3,308,863
United Arab Emirates—1.2%
Abu Dhabi Commercial Bank PJSC		239,845		587,306
Abu Dhabi Islamic Bank PJSC		226,078		560,176
Air Arabia PJSC		271,633		158,904
Aldar Properties PJSC		232,716		280,005
Dubai Islamic Bank PJSC		519,113		805,801
Emaar Properties PJSC		80,679		128,421
Emirates NBD Bank PJSC		150,305		531,218
Emirates Telecommunications Group Co. PJSC		83,556		519,545
Fertiglobe plc		117,656		135,401
First Abu Dhabi Bank PJSC		88,021		409,391
				4,116,168
Total Common Stocks (Cost $392,120,705)				348,459,838
Preferred Stocks—2.2%
Brazil—1.7%
Banco Bradesco S.A.		164,536		477,127
Braskem S.A. - Class A		53,400		244,310
Cia Energetica de Minas Gerais		385,450		810,371
Cia Paranaense de Energia		262,200		392,257
Gerdau S.A.		188,100		1,039,597
Itausa S.A.		630,674		1,016,101
Petroleo Brasileiro S.A.		366,100		1,713,611
Randon S.A. Implementos e Participacoes		55,900		86,886
Unipar Carbocloro S.A. - Class B		15,880		264,550
				6,044,810
Chile—0.0%
Sociedad Quimica y Minera de Chile S.A. - Class B		500		40,436
Colombia—0.0%
Bancolombia S.A.		14,973		106,757
South Korea—0.5%
Samsung Electronics Co., Ltd.		45,266		1,821,407
Taiwan—0.0%
China Development Financial Holding Corp.		5,460		1,375
Total Preferred Stocks (Cost $8,113,333)				8,014,785
Short-Term Investment—0.6%
Mutual Funds—0.6%
Invesco STIC Prime Portfolio, Institutional Class 4.240% (f)		2,026,434		2,026,434
Total Short-Term Investments (Cost $2,026,434)				2,026,434

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (e)—0.6%

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—0.3%
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $400,191; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $408,000.		400,000	$	400,000
HSBC Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $69,940; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $71,339.		69,907		69,907
Societe Generale Repurchase Agreement dated 12/30/22 at 4.260%, due on 01/03/23 with a maturity value of $173,817; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.250%, maturity dates ranging from 12/31/23 - 02/15/30, and an aggregate market value of $177,210.		173,735		173,735
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $400,196; collateralized by various Common Stock with an aggregate market value of $447,874.		400,000		400,000
				1,043,642
Mutual Funds—0.3%
Allspring Government Money Market Fund, Select Class 4.090% (f)		200,000		200,000
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (f)		200,000		200,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (f)		200,000		200,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (f)		153,219		153,219
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (f)		200,000		200,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (f)		200,000		200,000
U.S. Government Money Market Fund, Institutional Share 4.110% (f)		2,000		2,000
				1,155,219
Total Securities Lending Reinvestments (Cost $2,198,861)				2,198,861
Total Investments—100.6% (Cost $404,459,333)				360,699,918
Other assets and liabilities (net)—(0.6)%				(2,299,313	)
Net Assets—100.0%			$	358,400,605

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $0, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $2,461,428 and the collateral received consisted of cash in the amount of $2,198,861 and non-cash collateral with a value of $415,878. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third- party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Non-income producing security.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent less than 0.05% of net assets.
(e)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(f)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $809,462, which is 0.2% of net assets.

Ten Largest Industries as of December 31, 2022 (Unaudited)	% of Net Assets
Banks		16.0
Semiconductors & Semiconductor Equipment		8.3
Internet & Direct Marketing Retail		7.1
Interactive Media & Services		5.4
Technology Hardware, Storage & Peripherals		5.1
Oil, Gas & Consumable Fuels		4.8
Metals & Mining		4.5
Chemicals		3.4
Electronic Equipment, Instruments & Components		2.8
Insurance		2.6

Restricted Securities	Acquisition Date		Shares		Cost		Value
Sberbank of Russia PJSC		04/29/19-05/10/21		879,480	$	3,157,857	$	0

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Schedule of Investments as of December 31, 2022

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Value/ Unrealized Appreciation/ (Depreciation)
MSCI Emerging Markets Index Mini Futures		03/17/23		68		USD	3,261,960	$	(91,001	)

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Other Abbreviations

(NVDR)—	Non-Voting Depository Receipts
(ADR)—	American Depositary Receipt
(GDR)—	Global Depositary Receipt
(REIT)—	Real Estate Investment Trust

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Brazil	$	5,438,815	$	7,999,298	$	—	$	13,438,113
Chile		2,087,207		—		—		2,087,207
China		8,374,300		104,815,625		—		113,189,925
Czech Republic		—		1,120,689		—		1,120,689
Egypt		—		358,002		—		358,002
Greece		29,384		1,896,311		—		1,925,695
Hong Kong		—		1,484,683		—		1,484,683
Hungary		—		396,943		—		396,943
India		4,243,532		47,243,584		—		51,487,116
Indonesia		—		7,569,372		—		7,569,372
Malaysia		—		4,739,374		—		4,739,374
Mexico		9,013,825		—		—		9,013,825
Peru		441,892		—		—		441,892
Philippines		—		2,534,014		—		2,534,014
Poland		—		1,945,178		—		1,945,178
Qatar		—		3,099,487		—		3,099,487
Russia		—		—		0		0
Saudi Arabia		—		14,151,650		—		14,151,650
Singapore		—		381,539		—		381,539
South Africa		74,256		13,889,988		—		13,964,244
South Korea		—		40,286,823		—		40,286,823
Taiwan		—		49,082,396		—		49,082,396
Thailand		3,148,993		5,187,647		—		8,336,640

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Turkey	$	—		$	3,308,863		$	—	$	3,308,863
United Arab Emirates		—			4,116,168			—		4,116,168
Total Common Stocks		32,852,204			315,607,634			0		348,459,838
Preferred Stocks
Brazil		—			6,044,810			—		6,044,810
Chile		40,436			—			—		40,436
Colombia		—			106,757			—		106,757
South Korea		—			1,821,407			—		1,821,407
Taiwan		—			1,375			—		1,375
Total Preferred Stocks		40,436			7,974,349			—		8,014,785
Total Short-Term Investment*		2,026,434			—			—		2,026,434
Securities Lending Reinvestments
Repurchase Agreements		—			1,043,642			—		1,043,642
Mutual Funds		1,155,219			—			—		1,155,219
Total Securities Lending Reinvestments		1,155,219			1,043,642			—		2,198,861
Total Investments	$	36,074,293		$	324,625,625		$	0	$	360,699,918
Collateral for Securities Loaned (Liability)	$	—		$	(2,198,861	)	$	—	$	(2,198,861	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(91,001	)	$	—		$	—	$	(91,001	)

* See Schedule of Investments for additional detailed categorizations.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months year ended December 31, 2022 is not presented.

During the year ended December 31, 2022, transfers into Level 3 in the amount of $14,597,946 were due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

During the year ended December 31, 2022, transfers out of Level 3 in the amount of $416,862 were due to the resumption of trading activity which resulted in the availability of significant observable inputs.

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	360,699,918
Cash		29,639
Cash denominated in foreign currencies (c)		592,951
Cash collateral for futures contracts		161,461
Receivable for:
Dividends and interest		566,263
Prepaid expenses		1,443
Total Assets		362,051,675
Liabilities
Collateral for securities loaned		2,198,861
Payables for:
Fund shares redeemed		63,879
Foreign taxes		850,827
Variation margin on futures contracts		50,255
Accrued Expenses:
Management fees		164,510
Administration fees		18,568
Custudian fees		211,876
Distribution and service fees		1,319
Deferred trustees’ fees		39,411
Other expenses		51,564
Total Liabilities		3,651,070
Net Assets	$	358,400,605
Net Assets Consist of:
Paid in surplus	$	408,458,541
Distributed earnings (Accumulated losses) (d)		(50,057,936	)
Net Assets	$	358,400,605
Net Assets
Class A	$	352,353,221
Class B		6,047,384
Capital Shares Outstanding*
Class A		39,383,693
Class B		679,602
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.95
Class B		8.90

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $404,459,333.
(b)	Includes securities loaned at value of $2,461,428.
(c)	Identified cost of cash denominated in foreign currencies was $588,425.
(d)	Includes foreign capital gains tax of $851,660.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	14,422,297
Securities lending income		28,341
Total investment income		14,450,638
Expenses
Management fees		2,056,375
Administration fees		31,381
Custodian and accounting fees		435,172
Distribution and service fees—Class B		15,649
Audit and tax services		75,280
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		23,117
Insurance		3,429
Miscellaneous		65,775
Total expenses		2,760,833
Net Investment Income		11,689,805
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Investments (b)		(12,234,064	)
Futures contracts		(3,372,421	)
Foreign currency transactions		(352,813	)
Net realized gain (loss)		(15,959,298	)
Net change in unrealized appreciation (depreciation) on:
Investments (c)		(86,399,950	)
Futures contracts		12,029
Foreign currency transactions		(2,741	)
Net change in unrealized appreciation (depreciation)		(86,390,662	)
Net realized and unrealized gain (loss)		(102,349,960	)
Net Increase (Decrease) in Net Assets From Operations	$	(90,660,155	)

(a)	Net of foreign withholding taxes of $1,898,021.
(b)	Net of foreign capital gains tax of $72,637.
(c)	Includes change in foreign capital gains tax of $34,813.

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	11,689,805		$	10,429,279
Net realized gain (loss)		(15,959,298	)		20,557,948
Net change in unrealized appreciation (depreciation)		(86,390,662	)		(32,824,692	)
Increase (decrease) in net assets from operations		(90,660,155	)		(1,837,465	)
From Distributions to Shareholders
Class A		(9,714,538	)		(7,077,960	)
Class B		(148,392	)		(85,562	)
Total distributions		(9,862,930	)		(7,163,522	)
Increase (decrease) in net assets from capital share transactions		5,595,091			69,046,807
Total increase (decrease) in net assets		(94,927,994	)		60,045,820
Net Assets
Beginning of period		453,328,599			393,282,779
End of period	$	358,400,605		$	453,328,599

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		216,109		$	1,815,196			7,471,225		$	93,001,263
Reinvestments		1,014,044			9,714,538			568,511			7,077,960
Redemptions		(663,465	)		(6,566,503	)		(2,904,558	)		(35,905,042	)
Net increase (decrease)		566,688		$	4,963,231			5,135,178		$	64,174,181
Class B
Sales		145,413		$	1,386,869			434,454		$	5,269,665
Reinvestments		15,555			148,392			6,900			85,562
Redemptions		(93,745	)		(903,401	)		(40,081	)		(482,601	)
Net increase (decrease)		67,223		$	631,860			401,273		$	4,872,626
Increase (decrease) derived from capital shares transactions				$	5,595,091					$	69,046,807

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019 (a)
Net Asset Value, Beginning of Period	$	11.50		$	11.60		$	10.38		$	10.00
Income (Loss) from Investment Operations
Net investment income (loss) (b)		0.29			0.29			0.18			0.24	(c)
Net realized and unrealized gain (loss)		(2.59	)		(0.20	)		1.29			0.14
Total income (loss) from investment operations		(2.30	)		0.09			1.47			0.38
Less Distributions
Distributions from net investment income		(0.25	)		(0.19	)		(0.25	)		0.00
Total distributions		(0.25	)		(0.19	)		(0.25	)		0.00
Net Asset Value, End of Period	$	8.95		$	11.50		$	11.60		$	10.38
Total Return (%) (d)		(20.13	)		0.64			14.86			3.80	(e)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.71			0.67			0.68			0.74	(f)(g)
Ratio of net investment income (loss) to average net assets (%)		3.03			2.37			1.91			3.69	(c)(f)
Portfolio turnover rate (%)		23			45			42			41	(e)
Net assets, end of period (in millions)	$	352.4		$	446.3		$	390.8		$	369.1
	Class B
	Year Ended December 31,
	2022			2021			2020			2019 (a)
Net Asset Value, Beginning of Period	$	11.44		$	11.57		$	10.37		$	10.00
Income (Loss) from Investment Operations
Net investment income (loss) (b)		0.27			0.26			0.15			0.14	(c)
Net realized and unrealized gain (loss)		(2.58	)		(0.21	)		1.29			0.23
Total income (loss) from investment operations		(2.31	)		0.05			1.44			0.37
Less Distributions
Distributions from net investment income		(0.23	)		(0.18	)		(0.24	)		0.00
Total distributions		(0.23	)		(0.18	)		(0.24	)		0.00
Net Asset Value, End of Period	$	8.90		$	11.44		$	11.57		$	10.37
Total Return (%) (d)		(20.32	)		0.31			14.64			3.70	(e)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.96			0.92			0.93			0.99	(f)(g)
Ratio of net investment income (loss) to average net assets (%)		2.78			2.21			1.56			2.10	(c)(f)
Portfolio turnover rate (%)		23			45			42			41	(e)
Net assets, end of period (in millions)	$	6.0		$	7.0		$	2.4		$	1.0

(a)	Commencement of operations was April 29, 2019.
(b)	Per share amounts based on average shares outstanding during the period.
(c)	Net investment income per share and ratio of net investment income to average net assets for Class A shares may be less than Class B or significantly more than Class B because of the timing of income received in the Portfolio.
(d)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(e)	Periods less than one year are not computed on an annualized basis.
(f)	Computed on an annualized basis.
(g)	Non-recurring expenses, associated with the launch of the Portfolio, are included in the ratio on a non-annualized basis.

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is SSGA Emerging Markets Enhanced Index Portfolio (the “Portfolio”), which is non-diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

BHFTI-18

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”) as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-19

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $1,043,642, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending

BHFTI-20

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts (a)	$	91,001

(a)
Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	(3,372,421	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	12,029

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	10,553,552

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and

BHFTI-21

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities, whether direct or indirect, involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to

BHFTI-22

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

foreign government exchange restrictions, expropriation, taxation, unexpected market closures or other political, social or economic developments, such as the imposition of economic sanctions against one or more countries, organizations, entities and/or individuals, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

China Investment Risk: On June 2, 2021, an Executive Order (the “Order”) was issued prohibiting investment activity by U.S. persons, which includes the Portfolio, in relation to certain companies determined by the U.S. Secretary of the Treasury and the U.S. Secretary of Defense to (i) be operating or have been previously operating in the defense and related material sector or the surveillance technology sector (collectively, “Defense Sectors”) of the economy of China; or (ii) own or control, or to be owned or controlled by, directly or indirectly, a person or entity who operates or has operated in any of the Defense Sectors (each, a “Chinese Military Company, ” and together, the “Chinese Military Companies”). Each Chinese Military Company is included on the Non-SDN Chinese Military-Industrial Complex Companies List (“Non-SDN CMIC List”) administered by the Office of Foreign Assets Control within the U.S. Department of the Treasury. The Order supersedes similar executive orders previously issued on November 12, 2020 and January 13, 2021 related to investments in “Communist Chinese Military Companies.” Beginning August 2, 2021 for Chinese Military Companies designated to the Non-SDN CMIC List in connection with the Order (or 60 days after an entity is newly-designated as a Chinese Military Company), all transactions in public securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any of the Chinese Military Companies (the “Sanctioned Securities”) are prohibited. The Order contained a limited exception for transactions made solely for the purpose of divestment through June 3, 2022 for securities designated in connection with the Order, and 365 days after designation for other companies. The Portfolio’s holdings in the Sanctioned Securities may adversely impact the Portfolio’s performance. The extent of the impact will depend on future developments, including the Portfolio’s ability to sell the Sanctioned Securities, uncertainties on valuation of the Sanctioned Securities, modifications to the Order and/or interpretations thereof (including which companies are considered Chinese Military Companies), and the duration of the Order, all of which are highly uncertain and cannot be predicted.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	107,517,749	$	0	$	87,497,037

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$2,056,375		0.550	%	First $250 million
		0.500	%	Next $250 million
		0.450	%	Over $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. SSGA Funds Management, Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

BHFTI-23

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	405,651,781
Gross unrealized appreciation		26,429,516
Gross unrealized (depreciation)		(71,381,379	)
Net unrealized appreciation (depreciation)	$	(44,951,863	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$9,862,930	$	7,163,522	$	—	$	—	$	9,862,930	$	7,163,522

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$11,963,702	$	—	$	(45,799,108	)	$	(16,183,118	)	$	(50,018,524	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $7,695,624 and accumulated long-term capital losses of $8,487,494.

BHFTI-24

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-25

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the SSGA Emerging Markets Enhanced Index Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the SSGA Emerging Markets Enhanced Index Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years then ended, the financial highlights for each of the three years in the period then ended and for the period from April 29, 2019 (commencement of operations) to December 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the SSGA Emerging Markets Enhanced Index Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from April 29, 2019 (commencement of operations) to December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-26

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-27

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-28

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs

BHFTI-29

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such

BHFTI-30

Brighthouse Funds Trust I

SSGA Emerging Markets Enhanced Index Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

SSGA Emerging Markets Enhanced Index Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and SSGA Funds Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-year and since-inception (beginning April 29, 2019) periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the MSCI Emerging Markets Index, for the one- and three-year periods ended October 31, 2022 and underperformed its benchmark for the since-inception period ended October 31, 2022.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-31

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Managed By State Street Global Advisors Funds Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the SSGA Growth and Income ETF Portfolio returned -15.09%, -15.38%, and -15.26%, respectively. The Portfolio’s benchmarks, the MSCI All Country World Index¹ and the SSGA Growth and Income Composite Index², returned -18.36% and -15.11%, respectively.

MARKET ENVIRONMENT / CONDITIONS

Global economic growth and equity markets faced multiple headwinds in the first quarter of 2022. Commodity prices accelerated the trend as western countries imposed strict sanctions on Russia’s economy. Hawkish pivots by western central banks amid rising inflation also weighed on stocks and bonds. The Russia-Ukraine War further exacerbated the supply chain and inflation problems at the end of February. Chinese economic activity surprised on the downside in March, with both manufacturing and services contracting simultaneously after beating expectations in January and February. The surge in COVID-19 Omicron outbreaks coupled with geopolitical instability impacted growth recovery toward the end of the quarter.

By the end of the second quarter, incoming data from key developed markets pointed toward broad-based deceleration in economic activities. Geopolitical risks remained elevated amid the ongoing Russia-Ukraine War and continued escalations between the U.S. and China over Taiwan. As a result, markets remained volatile in the second quarter and equities and bonds posted sharp declines. Central banks remained in tightening mode with 54 rate-hiking actions globally in June – an all-time high. Unsurprisingly, the actions followed elevated inflation rates around the world. Home sales were the first domino to fall prodded by the tightening monetary policy as first-time homebuyers were increasingly being priced out of the market. With consumer spending data coming in weak, the U.S. was vulnerable to further financial tightening. Even outside of the U.S., recession probabilities were moving upward. These fears were more pronounced in the euro area with the common currency falling to a 20-year low against the U.S. dollar and Germany reporting its first deficit since 1991.

Inflation expectations in the U.S. trended downward in the beginning of the third quarter, setting up a market rally that was short-lived. By mid-August, a myriad of economic data confirmed that inflation was more entrenched and investors became less confident that the central banks were able to engineer an economic soft-landing and began selling risky assets. Bond markets followed a similar pattern and sold off sharply in August and September. The market was also spooked by the unorthodox policy adopted by the new United Kingdom (“U.K.”) administration in September. The call for an unfunded 45 billion pound sterling mini-budget to ease the impact of inflation on the U.K. economy was later rescinded and brought down with it the Chancellor of the Exchequer. However, the irrevocable damage reverberated beyond Downing Street with subsequent days that saw yields on 10-year Gilts hitting a high of 4.3% and the pound falling to its lowest level of 1.03 against the U.S. dollar. These events resulted in the Bank of England intervening with a 65 billion pound sterling bond buying program to restore stability as pension funds came under heavy pressure. The economic tremor also spread to the other side of the continent where Japan’s finance ministry intervened in the foreign exchange market to prop up the yen as the currency came under renewed pressure after the Bank of Japan (the “BoJ”) left its monetary policy unchanged while global central banks tightened to record levels, leaving the yen trading at close to a 30-year low.

If there was one enduring theme in the 2022, that would be the constant downward economic trajectory throughout the year. The global economy decelerated further in the fourth quarter, albeit with inflation showing signs of slowing down in the U.S. and peaking in the eurozone and Japan. However, key central banks continued with their hawkish tone, which further dented market sentiment toward the end of the fourth quarter. In the final month of 2022, 48 countries saw higher interest rates as policy rates were hiked by all major central banks. After four consecutive 75 basis point (“bps”) hikes, the U.S. Federal Reserve slowed hiking to 50 bps in December but still directed that the rates will remain elevated through 2023. Elsewhere in the globe, central banks continued to lift the policy rates with even the BoJ carefully expanding the target band of its Yield Curve Control program by 50 bps on either side of its 0% target in order to combat the weakening yen. The COVID-19 vaccines that saved millions of lives were not the panacea that cured the unconventional economic conditions and impediment that the modern market has experienced since it remerged in 2021. Economic uncertainty and fear of uncontrolled inflation dominated the investment narrative in 2022, leading the MSCI All Country World Index to post a 18.36% loss and giving up all the prior year’s gain. The bond market was in no position to be a defensive asset class contender as the negative return for the Bloomberg U.S. Aggregate Bond Index was -13.01%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio delivered absolute returns of -15.09% in 2022, modestly outperforming its composite benchmark. The positive relative return was driven primarily by asset allocation decisions, with defensive positioning and allocations to commodities contributing to the relative results.

A mostly defensive posture for the Portfolio during a turbulent year contributed to favorable benchmark-relative performance. For most of the year, a neutral or underweight position was maintained across equity markets in total as our quantitative tools raised flags from an investor sentiment, or risk, perspective, as well as from a more fundamental standpoint with respect to weakening earnings and sales expectations. In addition to limiting exposure to equities, an overweight allocation to commodities was a large driver of positive relative results. The allocation, which was driven by a combination of quantitative and discretionary views, bolstered results as the Russian

BHFTI-1

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Managed By State Street Global Advisors Funds Management Inc.

Portfolio Manager Commentary*—(Continued)

invasion of Ukraine negatively impacted the supply of commodities and drove prices higher. An allocation to cash also contributed favorably to results. With short-term interest rates rising steadily throughout the year, cash provided a relatively remunerative way to position the Portfolio defensively throughout the period. Equity sector allocations also contributed positively with a persistent overweight allocation to the Energy sector accounting for much of the benefit.

The largest detractor to performance in 2022 was a steady overweight allocation to longer term government bonds. Though our fixed income models correctly anticipated the overall change in the shape of the yield curve (towards a flattening, or inverting, curve—which is when longer term rates fall relative to shorter term rates), from a directional perspective our expectations for steady to, at times, lower long-term interest rates, led to relative underperformance as rising inflation and sharply tighter monetary policy consistently pushed interest rates higher across the curve.

At period end, the Portfolio was positioned with small overweight allocations to equities, commodities and cash. At the time, information on the economic front was mixed with growth indicators decelerating but inflation pressures also easing. From a markets perspective, the easing of inflation alongside some weakness in the U.S. dollar helped some of our proprietary sentiment models to start to suggest a healthier environment for stock markets. Within equities, improved momentum, relatively attractive valuations as well as superior expectations around earnings and sales supported an overweight allocation to non-U.S. developed equity markets such as Europe and Asia-Pacific and a corresponding underweight position in U.S. equities and emerging market equities. In fixed income, the Portfolio maintained exposure to the long end of the Treasury yield curve but also held an overweight to cash to balance out the total interest rate risk, or duration, of the Portfolio.

Jerry Holly

Mike Martel

Portfolio Managers

State Street Global Advisors Funds Management Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed and 24 emerging market indices. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

² The SSGA Growth and Income Composite Index is computed by SSGA, consisting of 30% S&P 500 Index, 2% S&P MidCap 400 Index, 3% S&P 600 Index, 13% MSCI World ex-U.S. Index, 2% S&P/Citigroup World ex-U.S. Range < 2 Billion USD Index, 5% MSCI Emerging Markets Index, 3% MSCI U.S. REIT Index, 2% Dow Jones Global ex-U.S. Select Real Estate Securities Index, 23% Bloomberg U.S. Aggregate Bond Index, 10% Bloomberg High Yield Very Liquid Index, 5% Bloomberg U.S. TIPS Index, and 2% Bloomberg 1-3 Month U.S. T-Bill Index.

BHFTI-2

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD INDEX

AND THE SSGA GROWTH AND INCOME COMPOSITE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
SSGA Growth and Income ETF Portfolio
Class A		-15.09		3.60		5.67
Class B		-15.38		3.33		5.40
Class E		-15.26		3.45		5.52
MSCI All Country World Index		-18.36		5.23		7.98
SSGA Growth and Income Composite Index		-15.11		3.99		6.14

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
SPDR S&P 500 ETF Trust		21.8
Vanguard Total Bond Market ETF		18.0
iShares MSCI EAFE ETF		11.5
SPDR Bloomberg High Yield Bond ETF		7.1
Vanguard FTSE Pacific ETF		5.0
iShares TIPS Bond ETF		5.0
Vanguard FTSE Europe ETF		4.0
iShares 20+ Year Treasury Bond ETF		3.3
iShares Core MSCI Emerging Markets ETF		3.0
SPDR Dow Jones International Real Estate ETF		2.0

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		27.9
Investment Grade Fixed Income		26.3
International Developed Market Equities		24.2
High Yield Fixed Income		7.1
Money Market		4.6
Emerging Market Equities		3.0
Real Estate Equities		2.0
U.S. Mid Cap Equities		2.0
U.S. Small Cap Equities		2.0
Commodities		0.9

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Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

SSGA Growth and Income ETF Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.32	%	$	1,000.00	$	1,006.70	$	1.62
	Hypothetical*		0.32	%	$	1,000.00	$	1,023.59	$	1.63
Class B (a)	Actual		0.57	%	$	1,000.00	$	1,004.50	$	2.88
	Hypothetical*		0.57	%	$	1,000.00	$	1,022.33	$	2.91
Class E (a)	Actual		0.47	%	$	1,000.00	$	1,005.60	$	2.38
	Hypothetical*		0.47	%	$	1,000.00	$	1,022.79	$	2.40

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

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Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Schedule of Investments as of December 31, 2022

Mutual Funds—95.3% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—95.3%
Consumer Staples Select Sector SPDR Fund (a) (b)		461,639	$	34,415,187
Energy Select Sector SPDR Fund (b)		207,132		18,117,836
Financial Select Sector SPDR Fund (a) (b)		1,019,009		34,850,108
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF (a)		1,091,986		16,139,553
iShares 20+ Year Treasury Bond ETF (a)		564,551		56,206,698
iShares Core MSCI Emerging Markets ETF		1,094,546		51,115,298
iShares Core S&P Mid-Cap ETF (a)		141,258		34,168,898
iShares Core S&P Small-Cap ETF (a)		358,339		33,913,203
iShares MSCI Canada ETF (a)		824,834		26,996,817
iShares MSCI EAFE ETF (a)		3,008,372		197,469,538
iShares TIPS Bond ETF (a)		804,061		85,584,253
Materials Select Sector SPDR Fund (a) (b)		215,264		16,721,707
SPDR Bloomberg High Yield Bond ETF (a) (b)		1,344,054		120,964,860
SPDR Dow Jones International Real Estate ETF (a) (b)		1,304,367		34,917,905
SPDR S&P 500 ETF Trust (a)(b)		979,455		374,572,976
SPDR S&P International Small Cap ETF (b)		1,183,671		34,811,764
Vanguard FTSE Europe ETF (a)		1,245,208		69,034,331
Vanguard FTSE Pacific ETF (a)		1,339,875		86,220,956
Vanguard Total Bond Market ETF		4,299,478		308,874,499
Total Mutual Funds (Cost $1,713,896,351)				1,635,096,387
Short-Term Investment—4.6%
Mutual Funds—4.6%
Invesco STIC Prime Portfolio, Institutional Class  4.240% (c)		79,141,211		79,141,211
Total Short-Term Investments (Cost $79,141,211)				79,141,211
Securities Lending Reinvestments (d)—29.7%
Certificates of Deposit—8.5%
Bank of Montreal 4.710%, SOFR + 0.410%, 04/04/23 (e)		5,000,000		4,999,922
5.090%, SOFR + 0.790%, 11/08/23 (e)		5,000,000		5,006,754
Bank of Montreal (Chicago) 4.790%, FEDEFF PRV + 0.460%, 03/02/23 (e)		10,000,000		10,000,000
Bank of Nova Scotia 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (e)		4,000,000		4,000,071
4.810%, SOFR + 0.510%, 03/15/23 (e)		14,000,000		14,005,884
Canadian Imperial Bank of Commerce (NY) 4.550%, SOFR + 0.250%, 02/03/23 (e)		7,000,000		7,000,463
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (e)		8,000,000		8,000,568
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (e)		10,000,000		10,000,000
Credit Agricole S.A. 4.700%, 02/03/23		6,000,000		6,001,500
Credit Industriel et Commercial 4.730%, SOFR + 0.430%, 01/06/23 (e)		6,000,000		6,000,168
Credit Industriel et Commercial (NY) 4.710%, FEDEFF PRV + 0.380%, 01/09/23 (e)		5,000,000		5,000,145
Certificates of Deposit—(Continued)
Mitsubishi UFJ Trust and Banking Corp. 4.860%, SOFR + 0.560%, 02/14/23 (e)		5,000,000		5,001,500
MUFG Bank Ltd. (NY) 4.810%, SOFR + 0.510%, 02/17/23 (e)		6,000,000		6,001,524
Nordea Bank Abp (NY) 4.760%, SOFR + 0.460%, 02/13/23 (e)		3,000,000		3,000,513
4.800%, SOFR + 0.500%, 02/27/23 (e)		5,000,000		5,001,385
4.850%, SOFR + 0.550%, 02/21/23 (e)		4,000,000		4,001,340
Rabobank (London) 4.830%, SOFR + 0.530%, 05/16/23 (e)		4,000,000		4,000,000
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (e)		15,000,000		14,999,760
Sumitomo Mitsui Trust Bank, Ltd. 4.750%, SOFR + 0.450%, 02/24/23 (e)		11,000,000		11,003,608
4.850%, SOFR + 0.550%, 03/07/23 (e)		2,000,000		2,000,556
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (e)		5,000,000		5,000,000
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (e)		5,000,000		4,999,450
				145,025,111
Commercial Paper—1.4%
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (e)		5,000,000		5,006,810
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (e)		8,000,000		8,002,160
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (e)		6,000,000		6,000,000
United Overseas Bank, Ltd. 4.850%, SOFR + 0.550%, 02/03/23 (e)		5,000,000		5,001,205
				24,010,175
Master Demand Notes—0.7%
Natixis Financial Products LLC 4.550%, OBFR + 0.230%, 01/03/23 (e)		12,000,000		12,000,000
Repurchase Agreements—13.4%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $5,022,458; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $5,100,000.		5,000,000		5,000,000
Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $10,250,264; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $10,200,001.		10,000,000		10,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $56,177,774; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $57,323,771.		56,150,946		56,150,946

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $24,026,023; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $24,587,703.		24,014,496	$	24,014,496
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $31,926,796; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $32,613,865.		31,900,000		31,900,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $40,034,611; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $43,553,141.		40,000,000		40,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $10,045,208; collateralized by various Common Stock with an aggregate market value of $11,112,546.		10,000,000		10,000,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $4,702,219; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $4,802,490.		4,700,000		4,700,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $20,409,996; collateralized by various Common Stock with an aggregate market value of $22,705,667.		20,400,000		20,400,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $11,710,056; collateralized by various Common Stock with an aggregate market value of $13,024,345.		11,700,000		11,700,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $16,652,883; collateralized by various Common Stock with an aggregate market value of $18,534,308.		16,644,745		16,644,745
				230,510,187
Time Deposits—0.6%
Canadian Imperial Bank London 4.250%, 01/03/23		5,000,000		5,000,000
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (e)		5,000,000		5,000,000
				10,000,000
Mutual Funds—5.1%
AB Government Money Market Portfolio, Institutional Class  4.110% (c)		10,000,000		10,000,000
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (c)		10,000,000		10,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (c)		2,000,000		2,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.060% (c)		15,000,000		15,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (c)		19,800,000		19,800,000
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (c)		10,000,000		10,000,000
STIT-Government & Agency Portfolio, Institutional Class  4.220% (c)		15,000,000		15,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (c)		5,000,000		5,000,000
				86,800,000
Total Securities Lending Reinvestments (Cost $508,310,251)				508,345,473
Total Investments—129.6% (Cost $2,301,347,813)				2,222,583,071
Other assets and liabilities (net)—(29.6)%				(507,516,550	)
Net Assets—100.0%			$	1,715,066,521

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $496,275,624 and the collateral received consisted of cash in the amount of $508,310,517 and non-cash collateral with a value of $77,720. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(c)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(d)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(e)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Schedule of Investments as of December 31, 2022

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ETF)— Exchange-Traded Fund

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	1,635,096,387	$	—		$	—	$	1,635,096,387
Total Short-Term Investment*		79,141,211		—			—		79,141,211
Securities Lending Reinvestments
Certificates of Deposit		—		145,025,111			—		145,025,111
Commercial Paper		—		24,010,175			—		24,010,175
Master Demand Notes		—		12,000,000			—		12,000,000
Repurchase Agreements		—		230,510,187			—		230,510,187
Time Deposits		—		10,000,000			—		10,000,000
Mutual Funds		86,800,000		—			—		86,800,000
Total Securities Lending Reinvestments		86,800,000		421,545,473			—		508,345,473
Total Investments	$	1,801,037,598	$	421,545,473		$	—	$	2,222,583,071
Collateral for Securities Loaned (Liability)	$	—	$	(508,310,517	)	$	—	$	(508,310,517	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,553,210,728
Affiliated investments at value (c) (d)		669,372,343
Receivable for:
Fund shares sold		23,566
Dividends		401,810
Dividends on affiliated investments		1,744,801
Prepaid expenses		6,949
Total Assets		2,224,760,197
Liabilities
Collateral for securities loaned		508,310,517
Payables for:
Fund shares redeemed		304,645
Accrued Expenses:
Management fees		457,933
Administration fees		21,875
Custodian and accounting fees		19,696
Distribution and service fees		365,116
Deferred trustees’ fees		163,275
Other expenses		50,619
Total Liabilities		509,693,676
Net Assets	$	1,715,066,521
Net Assets Consist of:
Paid in surplus	$	1,828,381,916
Distributable earnings (Accumulated losses)		(113,315,395	)
Net Assets	$	1,715,066,521
Net Assets
Class A	$	24,474,297
Class B		1,683,855,407
Class E		6,736,817
Capital Shares Outstanding*
Class A		2,729,068
Class B		189,740,224
Class E		756,174
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.97
Class B		8.87
Class E		8.91

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $1,585,340,956.
(b)	Includes securities loaned at value of $67,335,066.
(c)	Identified cost of affiliated investments was $716,006,857.
(d)	Includes securities loaned at value of $428,940,558.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from Underlying ETFs	$	29,177,456
Dividends from affiliated investments		18,577,152
Securities lending income		3,751,585
Total investment income		51,506,193
Expenses
Management fees		5,828,611
Administration fees		37,500
Custodian and accounting fees		38,799
Distribution and service fees—Class B		4,647,504
Distribution and service fees—Class E		11,179
Audit and tax services		48,382
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		41,467
Insurance		16,130
Miscellaneous		22,188
Total expenses		10,746,415
Net Investment Income		40,759,778
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(116,672,381	)
Affiliated investments		48,783,179
Net realized gain (loss)		(67,889,202	)
Net change in unrealized appreciation (depreciation) on:
Investments		(99,998,905	)
Affiliated investments		(209,102,660	)
Net change in unrealized appreciation (depreciation)		(309,101,565	)
Net realized and unrealized gain (loss)		(376,990,767	)
Net Increase (Decrease) in Net Assets From Operations	$	(336,230,989	)

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	40,759,778		$	57,777,115
Net realized gain (loss)		(67,889,202	)		311,770,889
Net change in unrealized appreciation (depreciation)		(309,101,565	)		(84,914,991	)
Increase (decrease) in net assets from operations		(336,230,989	)		284,633,013
From Distributions to Shareholders
Class A		(5,135,426	)		(1,945,395	)
Class B		(361,953,101	)		(140,262,345	)
Class E		(1,440,231	)		(545,548	)
Total distributions		(368,528,758	)		(142,753,288	)
Increase (decrease) in net assets from capital share transactions		168,700,698			(131,580,105	)
Total increase (decrease) in net assets		(536,059,049	)		10,299,620
Net Assets
Beginning of period		2,251,125,570			2,240,825,950
End of period	$	1,715,066,521		$	2,251,125,570

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		100,401		$	1,046,539			147,611		$	1,917,968
Reinvestments		572,511			5,135,426			153,422			1,945,395
Redemptions		(289,557	)		(3,124,301	)		(232,942	)		(3,045,991	)
Net increase (decrease)		383,355		$	3,057,664			68,091		$	817,372
Class B
Sales		1,639,285		$	17,955,994			1,740,557		$	22,363,163
Reinvestments		40,714,635			361,953,101			11,149,630			140,262,345
Redemptions		(20,783,723	)		(214,988,779	)		(22,885,246	)		(294,939,631	)
Net increase (decrease)		21,570,197		$	164,920,316			(9,995,059	)	$	(132,314,123	)
Class E
Sales		60,421		$	663,670			49,065		$	635,457
Reinvestments		161,461			1,440,231			43,229			545,548
Redemptions		(130,980	)		(1,381,183	)		(98,346	)		(1,264,359	)
Net increase (decrease)		90,902		$	722,718			(6,052	)	$	(83,354	)
Increase (decrease) derived from capital shares transactions				$	168,700,698					$	(131,580,105	)

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.27		$	12.48		$	12.12		$	10.93		$	12.52
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.25			0.37			0.25			0.32			0.29
Net realized and unrealized gain (loss)		(2.25	)		1.29			0.85			1.78			(1.01	)
Total income (loss) from investment operations		(2.00	)		1.66			1.10			2.10			(0.72	)
Less Distributions
Distributions from net investment income		(0.39	)		(0.27	)		(0.34	)		(0.31	)		(0.32	)
Distributions from net realized capital gains		(1.91	)		(0.60	)		(0.40	)		(0.60	)		(0.55	)
Total distributions		(2.30	)		(0.87	)		(0.74	)		(0.91	)		(0.87	)
Net Asset Value, End of Period	$	8.97		$	13.27		$	12.48		$	12.12		$	10.93
Total Return (%) (b)		(15.09	)		13.61			10.14			19.88			(6.29	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.32			0.32			0.32			0.32			0.32
Ratio of net investment income (loss) to average net assets (%) (d)		2.41			2.83			2.20			2.77			2.39
Portfolio turnover rate (%)		148			91			72			57			34
Net assets, end of period (in millions)	$	24.5		$	31.1		$	28.4		$	27.9		$	26.7
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.15		$	12.37		$	12.02		$	10.84		$	12.42
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.22			0.33			0.22			0.29			0.25
Net realized and unrealized gain (loss)		(2.24	)		1.29			0.84			1.77			(0.99	)
Total income (loss) from investment operations		(2.02	)		1.62			1.06			2.06			(0.74	)
Less Distributions
Distributions from net investment income		(0.35	)		(0.24	)		(0.31	)		(0.28	)		(0.29	)
Distributions from net realized capital gains		(1.91	)		(0.60	)		(0.40	)		(0.60	)		(0.55	)
Total distributions		(2.26	)		(0.84	)		(0.71	)		(0.88	)		(0.84	)
Net Asset Value, End of Period	$	8.87		$	13.15		$	12.37		$	12.02		$	10.84
Total Return (%) (b)		(15.38	)		13.38			9.83			19.61			(6.52	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.57			0.57			0.57			0.57			0.57
Ratio of net investment income (loss) to average net assets (%) (d)		2.15			2.54			1.94			2.52			2.13
Portfolio turnover rate (%)		148			91			72			57			34
Net assets, end of period (in millions)	$	1,683.9		$	2,211.2		$	2,204.1		$	2,232.3		$	2,118.1

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.20		$	12.41		$	12.05		$	10.88		$	12.46
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.23			0.35			0.23			0.30			0.27
Net realized and unrealized gain (loss)		(2.24	)		1.29			0.85			1.76			(1.00	)
Total income (loss) from investment operations		(2.01	)		1.64			1.08			2.06			(0.73	)
Less Distributions
Distributions from net investment income		(0.37	)		(0.25	)		(0.32	)		(0.29	)		(0.30	)
Distributions from net realized capital gains		(1.91	)		(0.60	)		(0.40	)		(0.60	)		(0.55	)
Total distributions		(2.28	)		(0.85	)		(0.72	)		(0.89	)		(0.85	)
Net Asset Value, End of Period	$	8.91		$	13.20		$	12.41		$	12.05		$	10.88
Total Return (%) (b)		(15.26	)		13.52			10.01			19.57			(6.39	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (c)		0.47			0.47			0.47			0.47			0.47
Ratio of net investment income (loss) to average net assets (%) (d)		2.24			2.68			2.03			2.62			2.25
Portfolio turnover rate (%)		148			91			72			57			34
Net assets, end of period (in millions)	$	6.7		$	8.8		$	8.3		$	9.0		$	8.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.
(d)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is SSGA Growth and Income ETF Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

The Portfolio was designed on established principles of asset allocation. The Portfolio will primarily invest its assets in other investment companies known as exchange-traded funds (“Underlying ETFs”), including, but not limited to, Standard and Poors Depositary Receipts (SPDRs^®) of the S&P 500^® ETF Trust, series of the Select Sector SPDR Trust, SPDR Series Trust, SPDR Index Shares Funds, iShares^® Trust, iShares^®, Inc., and Vanguard ETFs^TM of the Vanguard^® Index Funds.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. The NAV of the Portfolio is calculated based on the market values of the Underlying ETFs in which the Portfolio invests. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy

Investments in registered open-end management investment companies are valued at reported NAV per share and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees

BHFTI-12

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

(the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying ETFs are recorded as Net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $230,510,187. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper,

BHFTI-13

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Mutual Funds in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The

BHFTI-14

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio and the Underlying ETFs may be exposed to counterparty risk, or the risk that an entity with which the Portfolio and the Underlying ETFs have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio and the Underlying ETFs to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio and the Underlying ETFs manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio and the Underlying ETFs restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Portfolio and the Underlying ETFs undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio and the Underlying ETFs in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	2,607,197,783	$	0	$	2,712,386,172

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$5,828,611		0.330	%	First $500 million
		0.300	%	Over $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. SSGA Funds Management, Inc. is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares

BHFTI-15

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2022
Consumer Staples Select Sector SPDR Fund	$	—	$	35,215,993	$	—		$	—		$	(800,806	)	$	34,415,187
Energy Select Sector SPDR Fund		46,374,246		52,059,897		(92,970,267	)		9,819,427			2,834,533			18,117,836
Financial Select Sector SPDR Fund		22,816,954		80,755,645		(64,895,957	)		(4,885,163	)		1,058,629			34,850,108
Health Care Select Sector SPDR Fund		—		18,674,223		(18,184,520	)		(489,703	)		—			—
Industrial Select Sector SPDR Fund		—		22,029,256		(21,496,197	)		(533,059	)		—			—
Materials Select Sector SPDR Fund		23,341,861		61,754,290		(60,895,235	)		(6,206,927	)		(1,272,282	)		16,721,707
SPDR Bloomberg High Yield Bond ETF		154,400,546		231,870,358		(236,483,923	)		(20,598,913	)		(8,223,208	)		120,964,860
SPDR Dow Jones International Real Estate ETF		22,640,140		27,427,637		(5,858,483	)		(2,079,261	)		(7,212,128	)		34,917,905
SPDR Gold Shares		—		104,310,813		(94,805,979	)		(9,504,834	)		—			—
SPDR S&P 500 ETF Trust		525,808,743		314,230,801		(369,551,152	)		78,876,358			(174,791,774	)		374,572,976
SPDR S&P International Small Cap ETF		45,668,122		6,894,451		(7,910,784	)		483,937			(10,323,962	)		34,811,764
Technology Select Sector SPDR Fund		46,069,986		3,486,400		(42,983,362	)		3,798,638			(10,371,662	)		—
Utilities Select Sector SPDR Fund		—		43,116,168		(43,218,847	)		102,679			—			—
	$	887,120,598	$	1,001,825,932	$	(1,059,254,706	)	$	48,783,179		$	(209,102,660	)	$	669,372,343

Security Description	Income earned from affiliates during the period		Number of shares held at December 31, 2022
Consumer Staples Select Sector SPDR Fund	$	246,061		461,639
Energy Select Sector SPDR Fund		1,070,174		207,132
Financial Select Sector SPDR Fund		479,663		1,019,009
Health Care Select Sector SPDR Fund		—		—
Industrial Select Sector SPDR Fund		—		—
Materials Select Sector SPDR Fund		421,326		215,264
SPDR Bloomberg High Yield Bond ETF		7,057,675		1,344,054
SPDR Dow Jones International Real Estate ETF		1,290,634		1,304,367
SPDR Gold Shares		—		—
SPDR S&P 500 ETF Trust		6,525,261		979,455
SPDR S&P International Small Cap ETF		943,777		1,183,671
Technology Select Sector SPDR Fund		40,271		—
Utilities Select Sector SPDR Fund		502,310		—
	$	18,577,152

BHFTI-16

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,361,348,480
Gross unrealized appreciation		14,307,598
Gross unrealized (depreciation)		(153,073,007	)
Net unrealized appreciation (depreciation)	$	(138,765,409	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$103,052,628	$	51,215,575	$	265,476,130	$	91,537,713	$	368,528,758	$	142,753,288

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$39,821,651	$	—	$	(138,765,410	)	$	(14,208,360	)	$	(113,152,119	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $14,208,360.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-17

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the SSGA Growth and Income ETF Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the SSGA Growth and Income ETF Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the SSGA Growth and Income ETF Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and transfer agents; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-18

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-19

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-20

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-21

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-22

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

SSGA Growth and Income ETF Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and SSGA Funds Management, Inc. regarding the Portfolio:

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the MSCI ACWI (All Country World Index), for the one-year period ended October 31, 2022 and underperformed the same benchmark for the three- and five-year periods ended

BHFTI-23

Brighthouse Funds Trust I

SSGA Growth and Income ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

October 31, 2022. The Board also noted that the Portfolio underperformed its other benchmark, the SSGA Growth & Income Composite Index, for theone-, three-, and five-year periods ended October 31, 2022.

The Board also considered that the Portfolio’s actual management fees were below the Expense Group median and the Sub-advised Expense Universe median and above the Expense Universe median. The Board also considered that the Portfolio’s total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were above the Expense Group median, below the Expense Universe median, and equal to the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-24

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Managed By State Street Global Advisors Funds Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the SSGA Growth ETF Portfolio returned -15.67%, -15.87%, and -15.78%, respectively. The Portfolio’s benchmarks, the MSCI All Country World Index¹ and the SSGA Growth Composite Index², returned -18.36% and -15.83%, respectively.

MARKET ENVIRONMENT / CONDITIONS

Global economic growth and equity markets faced multiple headwinds in the first quarter of 2022. Commodity prices accelerated the trend as western countries imposed strict sanctions on Russia’s economy. Hawkish pivots by western central banks amid rising inflation also weighed on stocks and bonds. The Russia-Ukraine War further exacerbated the supply chain and inflation problems at the end of February. Chinese economic activity surprised on the downside in March, with both manufacturing and services contracting simultaneously after beating expectations in January and February. The surge in COVID-19 Omicron outbreaks coupled with geopolitical instability impacted growth recovery toward the end of the quarter.

By the end of the second quarter, incoming data from key developed markets pointed toward broad-based deceleration in economic activities. Geopolitical risks remained elevated amid the ongoing Russia-Ukraine War and continued escalations between the U.S. and China over Taiwan. As a result, markets remained volatile in the second quarter and equities and bonds posted sharp declines. Central banks remained in tightening mode with 54 rate-hiking actions globally in June – an all-time high. Unsurprisingly, the actions followed elevated inflation rates around the world. Home sales were the first domino to fall prodded by the tightening monetary policy as first-time homebuyers were increasingly being priced out of the market. With consumer spending data coming in weak, the U.S. was vulnerable to further financial tightening. Even outside of the U.S., recession probabilities were moving upward. These fears were more pronounced in the euro area with the common currency falling to a 20-year low against the U.S. dollar and Germany reporting its first deficit since 1991.

Inflation expectations in the U.S. trended downward in the beginning of the third quarter, setting up a market rally that was short-lived. By mid-August, a myriad of economic data confirmed that inflation was more entrenched and investors became less confident that the central banks were able to engineer an economic soft-landing and began selling risky assets. Bond markets followed a similar pattern and sold off sharply in August and September. The market was also spooked by the unorthodox policy adopted by the new United Kingdom (“U.K.”) administration in September. The call for an unfunded 45 billion pound sterling mini-budget to ease the impact of inflation on the U.K. economy was later rescinded and brought down with it the Chancellor of the Exchequer. However, the irrevocable damage reverberated beyond Downing Street with subsequent days that saw yields on 10-year Gilts hitting a high of 4.3% and the pound falling to its lowest level of 1.03 against the U.S. dollar. These events resulted in the Bank of England intervening with a 65 billion pound sterling bond buying program to restore stability as pension funds came under heavy pressure. The economic tremor also spread to the other side of the continent where Japan’s finance ministry intervened in the foreign exchange market to prop up the yen as the currency came under renewed pressure after the Bank of Japan (the “BoJ”) left its monetary policy unchanged while global central banks tightened to record levels, leaving the yen trading at close to a 30-year low.

If there was one enduring theme in the 2022, that would be the constant downward economic trajectory throughout the year. The global economy decelerated further in the fourth quarter, albeit with inflation showing signs of slowing down in the U.S. and peaking in the eurozone and Japan. However, key central banks continued with their hawkish tone, which further dented market sentiment toward the end of the fourth quarter. In the final month of 2022, 48 countries saw higher interest rates as policy rates were hiked by all major central banks. After four consecutive 75 basis point (“bps”) hikes, the U.S. Federal Reserve slowed hiking to 50 bps in December but still directed that the rates will remain elevated through 2023. Elsewhere in the globe, central banks continued to lift the policy rates with even the BoJ carefully expanding the target band of its Yield Curve Control program by 50 bps on either side of its 0% target in order to combat the weakening yen. The COVID-19 vaccines that saved millions of lives were not the panacea that cured the unconventional economic conditions and impediment that the modern market has experienced since it remerged in 2021. Economic uncertainty and fear of uncontrolled inflation dominated the investment narrative in 2022, leading the MSCI All Country World Index to post a 18.36% loss and giving up all the prior year’s gain. The bond market was in no position to be a defensive asset class contender as the negative return for the Bloomberg U.S. Aggregate Bond Index was -13.01%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio delivered absolute returns of -15.67% in 2022, modestly outperforming its composite benchmark. The positive relative return was driven primarily by asset allocation decisions, with defensive positioning and allocations to commodities contributing to the relative results.

A mostly defensive posture for the Portfolio during a turbulent year contributed to favorable benchmark-relative performance. For most of the year, a neutral or underweight position was maintained across equity markets in total as our quantitative tools raised flags from an investor sentiment, or risk, perspective, as well as from a more fundamental standpoint with respect to weakening earnings and sales expectations. In addition to limiting exposure to equities, an overweight allocation to commodities was a large driver of positive relative results. The allocation, which was driven by a combination of quantitative and discretionary views, bolstered results as the Russian invasion of Ukraine negatively impacted the supply of commodities

BHFTI-1

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Managed By State Street Global Advisors Funds Management Inc.

Portfolio Manager Commentary*—(Continued)

and drove prices higher. An allocation to cash also contributed favorably to results. With short-term interest rates rising steadily throughout the year, cash provided a relatively remunerative way to position the Portfolio defensively throughout the period. Equity sector allocations also contributed positively with a persistent overweight allocation to the Energy sector accounting for much of the benefit.

The largest detractor to performance in 2022 was a steady overweight allocation to longer term government bonds. Though our fixed income models correctly anticipated the overall change in the shape of the yield curve (towards a flattening, or inverting, curve—which is when longer term rates fall relative to shorter term rates), from a directional perspective our expectations for steady to, at times, lower long-term interest rates, led to relative underperformance as rising inflation and sharply tighter monetary policy consistently pushed interest rates higher across the curve.

At period end, the Portfolio was positioned with small overweight allocations to equities, commodities and cash. At the time, information on the economic front was mixed with growth indicators decelerating but inflation pressures also easing. From a markets perspective, the easing of inflation alongside some weakness in the U.S. dollar helped some of our proprietary sentiment models to start to suggest a healthier environment for stock markets. Within equities, improved momentum, relatively attractive valuations as well as superior expectations around earnings and sales supported an overweight allocation to non-U.S. developed equity markets such as Europe and Asia-Pacific and a corresponding underweight position in U.S. equities and emerging market equities. In fixed income, the Portfolio maintained exposure to the long end of the Treasury yield curve but also held an overweight to cash to balance out the total interest rate risk, or duration, of the Portfolio.

Jerry Holly

Mike Martel

Portfolio Managers

State Street Global Advisors Funds Management Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed and 24 emerging market indices. The index returns shown above were calculated with net dividends: they reflect the reinvestment of dividends after the deduction of the maximum possible withholding taxes.

² The SSGA Growth Composite Index is computed by SSGA, consisting of 35% S&P 500 Index, 5% S&P MidCap 400 Index, 5% S&P 600 Index, 20% MSCI World ex-U.S. Index, 3% S&P/Citigroup World ex-U.S. Range < 2 Billion USD Index, 7% MSCI Emerging Markets Index, 3% MSCI U.S. REIT Index, 2% Dow Jones Global ex-U.S. Select Real Estate Securities Index, 10% Bloomberg U.S. Aggregate Bond Index, 5% Bloomberg High Yield Very Liquid Index, 3% Bloomberg Barclays U.S. TIPS Index, and 2% Bloomberg 1-3 Month U.S. T-Bill Index.

BHFTI-2

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ALL COUNTRY WORLD INDEX

AND THE SSGA GROWTH COMPOSITE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
SSGA Growth ETF Portfolio
Class A		-15.67		4.38		6.91
Class B		-15.87		4.13		6.64
Class E		-15.78		4.24		6.75
MSCI All Country World Index		-18.36		5.23		7.98
SSGA Growth Composite Index		-15.83		4.68		7.35

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
SPDR S&P 500 ETF Trust		26.8
iShares MSCI EAFE ETF		17.8
Vanguard FTSE Pacific ETF		5.0
Vanguard Total Bond Market ETF		5.0
iShares Core S&P Mid-Cap ETF		5.0
iShares Core MSCI Emerging Markets ETF		5.0
Vanguard FTSE Europe ETF		4.0
iShares Core S&P Small-Cap ETF		4.0
iShares 20+ Year Treasury Bond ETF		3.3
SPDR S&P International Small Cap ETF		3.0

Asset Allocation

	% of Net Assets
U.S. Large Cap Equities		32.9
International Developed Market Equities		32.2
Investment Grade Fixed Income		11.3
Emerging Market Equities		5.0
U.S. Mid Cap Equities		5.0
Money Market		4.7
U.S. Small Cap Equities		4.0
High Yield Fixed Income		2.0
Real Estate Equities		2.0
Commodities		0.9

BHFTI-3

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

SSGA Growth ETF Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.36	%	$	1,000.00	$	1,017.60	$	1.83
	Hypothetical*		0.36	%	$	1,000.00	$	1,023.39	$	1.84
Class B (a)	Actual		0.61	%	$	1,000.00	$	1,016.60	$	3.10
	Hypothetical*		0.61	%	$	1,000.00	$	1,022.13	$	3.11
Class E (a)	Actual		0.51	%	$	1,000.00	$	1,016.60	$	2.59
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.64	$	2.60

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

BHFTI-4

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Schedule of Investments as of December 31, 2022

Mutual Funds—95.3% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Investment Company Securities—95.3%
Consumer Staples Select Sector SPDR Fund (a) (b)		189,770	$	14,147,353
Energy Select Sector SPDR Fund (b)		85,100		7,443,697
Financial Select Sector SPDR Fund (a) (b)		418,740		14,320,908
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF		446,710		6,602,374
iShares 20+ Year Treasury Bond ETF (a)		232,090		23,106,880
iShares Core MSCI Emerging Markets ETF		749,557		35,004,312
iShares Core S&P Mid-Cap ETF (a)		145,113		35,101,384
iShares Core S&P Small-Cap ETF (a)		294,223		27,845,265
iShares MSCI Canada ETF (a)		509,581		16,678,586
iShares MSCI EAFE ETF (a)		1,909,550		125,342,862
iShares TIPS Bond ETF (a)		198,358		21,113,226
Materials Select Sector SPDR Fund (a) (b)		88,430		6,869,242
SPDR Bloomberg High Yield Bond ETF (a) (b)		157,825		14,204,250
SPDR Dow Jones International Real Estate ETF (a) (b)		536,629		14,365,558
SPDR S&P 500 ETF Trust (a) (b)		494,013		188,925,392
SPDR S&P International Small Cap ETF (b)		730,423		21,481,740
Vanguard FTSE Europe ETF (a)		512,074		28,389,383
Vanguard FTSE Pacific ETF		551,030		35,458,780
Vanguard Total Bond Market ETF		490,939		35,269,058
Total Mutual Funds (Cost $699,912,637)				671,670,250
Short-Term Investment—4.7%
Mutual Funds—4.7%
Invesco STIC Prime Portfolio, Institutional Class 4.240% (c)		32,999,400		32,999,400
Total Short-Term Investments (Cost $32,999,400)				32,999,400
Securities Lending Reinvestments (d)—30.5%
Certificates of Deposit — 6.7%
Bank of Montreal (Chicago) 4.790%, FEDEFF PRV + 0.460%, 03/02/23 (e)		6,000,000		6,000,000
Bank of Nova Scotia 4.810%, SOFR + 0.510%, 03/15/23 (e)		5,000,000		5,002,101
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (e)		4,000,000		4,000,284
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (e)		5,000,000		5,000,000
Mitsubishi UFJ Trust and Banking Corp. 4.860%, SOFR + 0.560%, 02/14/23 (e)		3,000,000		3,000,900
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (e)		6,000,000		6,002,367
Nordea Bank Abp (NY) 4.850%, SOFR + 0.550%, 02/21/23 (e)		2,000,000		2,000,670
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (e)		5,000,000		4,999,920
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (e)		3,000,000		3,004,554
Sumitomo Mitsui Trust Bank, Ltd. 4.750%, SOFR + 0.450%, 02/24/23 (e)		4,000,000		4,001,312
Certificates of Deposit—(Continued)
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (e)		4,000,000		3,999,560
				47,011,668
Commercial Paper—2.1%
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (e)		4,000,000		4,005,448
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (e)		5,000,000		5,001,350
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (e)		6,000,000		6,000,000
				15,006,798
Repurchase Agreements—14.4%
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $10,004,778; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $10,200,000.		10,000,000		10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $4,017,967; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $4,080,000.		4,000,000		4,000,000
Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $5,125,132; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $5,100,001..		5,000,000		5,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $25,083,762; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $25,595,458		25,071,783		25,071,783
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $5,002,400; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 - 03/31/27, and an aggregate market value of $5,119,346.		5,000,000		5,000,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $10,008,400; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $10,223,782.		10,000,000		10,000,000

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (d)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $10,008,653; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $10,888,285.		10,000,000	$	10,000,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $2,201,039; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $2,247,974.		2,200,000		2,200,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $18,308,967; collateralized by various Common Stock with an aggregate market value of $20,367,964.		18,300,000		18,300,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $12,005,867; collateralized by various Common Stock with an aggregate market value of $13,333,652.		12,000,000		12,000,000
				101,571,783
Time Deposits—1.1%
First Abu Dhabi Bank USA NV 4.300%, 01/03/23		3,000,000		3,000,000
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (e)		5,000,000		5,000,000
				8,000,000
Mutual Funds—6.2%
AB Government Money Market Portfolio, Institutional Class 4.110% (c)		10,000,000		10,000,000
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (c)		10,000,000		10,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (c)		2,000,000		2,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (c)		5,000,000		5,000,000
Mutual Funds—(Continued)
Morgan Stanley Liquidity Funds Government Portfolio, Institutional Shares 4.110% (c)		5,000,000		5,000,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (c)		10,000,000		10,000,000
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (c)		2,000,000		2,000,000
				44,000,000
Total Securities Lending Reinvestments (Cost $215,571,783)				215,590,249
Total Investments—130.5% (Cost $948,483,820)				920,259,899
Other assets and liabilities (net)—(30.5)%				(215,333,353	)
Net Assets—100.0%			$	704,926,546

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $210,574,450 and the collateral received consisted of cash in the amount of $215,571,783 and non-cash collateral with a value of $13,824. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(b)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(c)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(d)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(e)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ETF)— Exchange-Traded Fund

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Mutual Funds
Investment Company Securities	$	671,670,250	$	—		$	—	$	671,670,250
Total Short-Term Investment*		32,999,400		—			—		32,999,400
Securities Lending Reinvestments
Certificates of Deposit		—		47,011,668			—		47,011,668
Commercial Paper		—		15,006,798			—		15,006,798
Repurchase Agreements		—		101,571,783			—		101,571,783
Time Deposits		—		8,000,000			—		8,000,000
Mutual Funds		44,000,000		—			—		44,000,000
Total Securities Lending Reinvestments		44,000,000		171,590,249			—		215,590,249
Total Investments	$	748,669,650	$	171,590,249		$	—	$	920,259,899
Collateral for Securities Loaned (Liability)	$	—	$	(215,571,783	)	$	—	$	(215,571,783	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	638,501,759
Affiliated investments at value (c) (d)		281,758,140
Receivable for:
Fund shares sold		4,396
Dividends		166,615
Dividends on affiliated investments		880,035
Prepaid expenses		2,853
Total Assets		921,313,798
Liabilities
Collateral for securities loaned		215,571,783
Payables for:
Fund shares redeemed		228,115
Accrued Expenses:
Management fees		195,681
Administration fees		21,875
Custodian and accounting fees		19,625
Distribution and service fees		144,618
Deferred trustees’ fees		163,275
Other expenses		42,280
Total Liabilities		216,387,252
Net Assets	$	704,926,546
Net Assets Consist of:
Paid in surplus	$	698,874,688
Distributable earnings (Accumulated losses)		6,051,858
Net Assets	$	704,926,546
Net Assets
Class A	$	33,810,296
Class B		664,706,270
Class E		6,409,980
Capital Shares Outstanding*
Class A		3,653,216
Class B		72,557,890
Class E		697,301
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.25
Class B		9.16
Class E		9.19

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $652,388,971.
(b)	Includes securities loaned at value of $22,944,728.
(c)	Identified cost of affiliated investments was $296,094,849.
(d)	Includes securities loaned at value of $187,629,722.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from Underlying ETFs	$	10,990,682
Dividends from affiliated investments		6,216,670
Securities lending income		955,520
Total investment income		18,162,872
Expenses
Management fees		2,456,377
Administration fees		37,500
Custodian and accounting fees		38,478
Distribution and service fees—Class B		1,815,382
Distribution and service fees—Class E		10,661
Audit and tax services		48,382
Legal		45,080
Trustees’ fees and expenses		9,574
Shareholder reporting		28,085
Insurance		6,549
Miscellaneous		15,467
Total expenses		4,511,535
Net Investment Income		13,651,337
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(18,985,704	)
Affiliated investments		42,182,883
Net realized gain (loss)		23,197,179
Net change in unrealized appreciation (depreciation) on:
Investments		(69,277,643	)
Affiliated investments		(109,541,386	)
Net change in unrealized appreciation (depreciation)		(178,819,029	)
Net realized and unrealized gain (loss)		(155,621,850	)
Net Increase (Decrease) in Net Assets From Operations	$	(141,970,513	)

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	13,651,337		$	21,386,416
Net realized gain (loss)		23,197,179			131,166,567
Net change in unrealized appreciation (depreciation)		(178,819,029	)		(5,676,963	)
Increase (decrease) in net assets from operations		(141,970,513	)		146,876,020
From Distributions to Shareholders
Class A		(7,057,572	)		(2,671,933	)
Class B		(143,623,872	)		(57,744,054	)
Class E		(1,436,124	)		(538,194	)
Total distributions		(152,117,568	)		(60,954,181	)
Increase (decrease) in net assets from capital share transactions		81,269,459			(41,389,318	)
Total increase (decrease) in net assets		(212,818,622	)		44,532,521
Net Assets
Beginning of period		917,745,168			873,212,647
End of period	$	704,926,546		$	917,745,168

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		142,121		$	1,483,016			126,229		$	1,701,069
Reinvestments		767,962			7,057,572			202,419			2,671,933
Redemptions		(208,173	)		(2,216,472	)		(231,180	)		(3,125,517	)
Net increase (decrease)		701,910		$	6,324,116			97,468		$	1,247,485
Class B
Sales		1,026,716		$	10,893,746			1,270,474		$	16,973,787
Reinvestments		15,765,518			143,623,872			4,407,943			57,744,054
Redemptions		(7,449,884	)		(80,425,114	)		(8,789,579	)		(117,181,691	)
Net increase (decrease)		9,342,350		$	74,092,504			(3,111,162	)	$	(42,463,850	)
Class E
Sales		77,296		$	893,204			46,062		$	613,778
Reinvestments		157,125			1,436,124			40,990			538,194
Redemptions		(139,576	)		(1,476,489	)		(98,482	)		(1,324,925	)
Net increase (decrease)		94,845		$	852,839			(11,430	)	$	(172,953	)
Increase (decrease) derived from capital shares transactions				$	81,269,459					$	(41,389,318	)

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.86		$	12.61		$	12.18		$	10.86		$	12.87
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.22			0.36			0.22			0.30			0.25
Net realized and unrealized gain (loss)		(2.41	)		1.85			0.97			2.07			(1.24	)
Total income (loss) from investment operations		(2.19	)		2.21			1.19			2.37			(0.99	)
Less Distributions
Distributions from net investment income		(0.37	)		(0.23	)		(0.31	)		(0.27	)		(0.29	)
Distributions from net realized capital gains		(2.05	)		(0.73	)		(0.45	)		(0.78	)		(0.73	)
Total distributions		(2.42	)		(0.96	)		(0.76	)		(1.05	)		(1.02	)
Net Asset Value, End of Period	$	9.25		$	13.86		$	12.61		$	12.18		$	10.86
Total Return (%) (b) (c)		(15.67	)		17.88			11.06			22.71	(d)		(8.44	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (e)		0.35			0.34			0.35			0.35			0.34
Ratio of net investment income (loss) to average net assets (%) (f)		2.04			2.64			1.95			2.58			2.06
Portfolio turnover rate (%)		123			80			73			57			32
Net assets, end of period (in millions)	$	33.8		$	40.9		$	36.0		$	34.8		$	29.9
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.74		$	12.51		$	12.09		$	10.78		$	12.78
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.19			0.31			0.19			0.27			0.22
Net realized and unrealized gain (loss)		(2.39	)		1.85			0.96			2.06			(1.23	)
Total income (loss) from investment operations		(2.20	)		2.16			1.15			2.33			(1.01	)
Less Distributions
Distributions from net investment income		(0.33	)		(0.20	)		(0.28	)		(0.24	)		(0.26	)
Distributions from net realized capital gains		(2.05	)		(0.73	)		(0.45	)		(0.78	)		(0.73	)
Total distributions		(2.38	)		(0.93	)		(0.73	)		(1.02	)		(0.99	)
Net Asset Value, End of Period	$	9.16		$	13.74		$	12.51		$	12.09		$	10.78
Total Return (%) (b) (c)		(15.87	)		17.60			10.75			22.44			(8.75	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (e)		0.60			0.59			0.60			0.60			0.59
Ratio of net investment income (loss) to average net assets (%) (f)		1.76			2.33			1.69			2.30			1.79
Portfolio turnover rate (%)		123			80			73			57			32
Net assets, end of period (in millions)	$	664.7		$	868.5		$	829.5		$	830.6		$	755.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.78		$	12.54		$	12.12		$	10.81		$	12.81
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.20			0.33			0.20			0.28			0.24
Net realized and unrealized gain (loss)		(2.39	)		1.85			0.96			2.06			(1.24	)
Total income (loss) from investment operations		(2.19	)		2.18			1.16			2.34			(1.00	)
Less Distributions
Distributions from net investment income		(0.35	)		(0.21	)		(0.29	)		(0.25	)		(0.27	)
Distributions from net realized capital gains		(2.05	)		(0.73	)		(0.45	)		(0.78	)		(0.73	)
Total distributions		(2.40	)		(0.94	)		(0.74	)		(1.03	)		(1.00	)
Net Asset Value, End of Period	$	9.19		$	13.78		$	12.54		$	12.12		$	10.81
Total Return (%) (b) (c)		(15.78	)		17.75			10.84			22.53			(8.63	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (e)		0.50			0.49			0.50			0.50			0.49
Ratio of net investment income (loss) to average net assets (%) (f)		1.86			2.46			1.79			2.42			1.91
Portfolio turnover rate (%)		123			80			73			57			32
Net assets, end of period (in millions)	$	6.4		$	8.3		$	7.7		$	7.6		$	6.8

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	During 2021, 0.08% of the Portfolio’s total return for Class A, Class B and Class E, respectively, consists of a voluntary reimbursement by the subadviser (See Note 5 of the Notes to Financial Statements) Excluding this item, total return would have been 17.80%, 17.52.%, and 17.67% for Class A, Class B and Class E, respectively.
(d)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.
(e)	The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.
(f)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying ETFs in which it invests.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is SSGA Growth ETF Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

The Portfolio was designed on established principles of asset allocation. The Portfolio will primarily invest its assets in other investment companies known as exchange-traded funds (“Underlying ETFs”), including, but not limited to, Standard and Poors Depositary Receipts (SPDRs^®) of the S&P 500^® ETF Trust, series of the Select Sector SPDR Trust, SPDR Series Trust, SPDR Index Shares Funds, iShares^® Trust, iShares^®, Inc., and Vanguard ETFs^TM of the Vanguard^® Index Funds.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Underlying ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. The NAV of the Portfolio is calculated based on the market values of the Underlying ETFs in which the Portfolio invests. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy

Investments in registered open-end management investment companies are valued at reported NAV per share and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

BHFTI-12

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Capital gains distributions received from the Underlying ETFs are recorded as Net realized gain in the Statement of Operations.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $101,571,783, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional

BHFTI-13

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Mutual Funds in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia

BHFTI-14

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Portfolio undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio and the Underlying ETFs in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	887,515,182	$	0	$	932,094,619

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$2,456,377		0.330	%	First $500 million
		0.300	%	Over $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. SSGA Funds Management, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

During the year ended December 31, 2021, the Subadviser voluntarily reimbursed the Portfolio for under performance that occurred as a result of an operational error. The error did not result in a breach of regulatory or investment guidelines for the Portfolio.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an

BHFTI-15

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Realized Gain			Change in Unrealized Appreciation/ (Depreciation)			Ending Value as of December 31, 2022
Consumer Staples Select Sector SPDR Fund	$	—	$	14,476,548	$	—		$	—		$	(329,195	)	$	14,147,353
Energy Select Sector SPDR Fund		18,743,183		21,120,756		(37,472,371	)		3,912,541			1,139,588			7,443,697
Financial Select Sector SPDR Fund		9,203,616		32,797,967		(26,086,258	)		(2,015,401	)		420,984			14,320,908
Health Care Select Sector SPDR Fund		—		7,604,736		(7,405,318	)		(199,418	)		—			—
Industrial Select Sector SPDR Fund		—		8,999,639		(8,781,868	)		(217,771	)		—			—
Materials Select Sector SPDR Fund		9,404,684		25,173,369		(24,623,542	)		(2,568,035	)		(517,234	)		6,869,242
SPDR Bloomberg High Yield Bond ETF		17,777,360		70,549,065		(70,356,315	)		(2,958,567	)		(807,293	)		14,204,250
SPDR Dow Jones International Real Estate ETF		9,132,717		10,771,743		(1,722,026	)		(651,160	)		(3,165,716	)		14,365,558
SPDR Gold Shares		—		27,311,197		(24,296,694	)		(3,014,503	)		—			—
SPDR S&P 500 ETF Trust		258,949,142		123,791,526		(146,109,880	)		48,162,032			(95,867,428	)		188,925,392
SPDR S&P International Small Cap ETF		27,626,036		3,546,050		(3,680,678	)		202,596			(6,212,264	)		21,481,740
Technology Select Sector SPDR Fund		18,578,531		1,327,522		(17,224,840	)		1,521,615			(4,202,828	)		—
Utilities Select Sector SPDR Fund		—		17,040,420		(17,049,374	)		8,954			—			—
	$	369,415,269	$	364,510,538	$	(384,809,164	)	$	42,182,883		$	(109,541,386	)	$	281,758,140

Security Description	Income earned from affiliates during the period		Number of shares held at December 31, 2022
Consumer Staples Select Sector SPDR Fund	$	101,150		189,770
Energy Select Sector SPDR Fund		435,841		85,100
Financial Select Sector SPDR Fund		195,584		418,740
Health Care Select Sector SPDR Fund		—		—
Industrial Select Sector SPDR Fund		—		—
Materials Select Sector SPDR Fund		171,175		88,430
SPDR Bloomberg High Yield Bond ETF		756,252		157,825
SPDR Dow Jones International Real Estate ETF		525,962		536,629
SPDR Gold Shares		—		—
SPDR S&P 500 ETF Trust		3,231,386		494,013
SPDR S&P International Small Cap ETF		578,542		730,423
Technology Select Sector SPDR Fund		16,139		—
Utilities Select Sector SPDR Fund		204,639		—
	$	6,216,670

BHFTI-16

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	965,561,517
Gross unrealized appreciation		11,185,419
Gross unrealized (depreciation)		(56,487,037	)
Net unrealized appreciation (depreciation)	$	(45,301,618	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$35,140,682	$	18,605,761	$	116,976,886	$	42,348,420	$	152,117,568	$	60,954,181

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$13,521,899	$	37,994,855	$	(45,301,618	)	$	—	$	6,215,136

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-17

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the SSGA Growth ETF Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the SSGA Growth ETF Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the SSGA Growth ETF Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers, and transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-18

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-19

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-20

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-21

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-22

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

SSGA Growth ETF Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and SSGA Funds Management, Inc. regarding the Portfolio:

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying funds in which the Portfolio invests.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio outperformed its benchmark, the MSCI ACWI (All Country World Index), for the one-year period ended October 31, 2022 and underperformed the same benchmark for the three- and five-year periods ended October 31, 2022. The Board also noted that the Portfolio outperformed its other benchmark, the SSGA Growth Composite Index, for

BHFTI-23

Brighthouse Funds Trust I

SSGA Growth ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

the one- and three-year periods ended October 31, 2022 and underperformed the same benchmark for the five-year period ended October 31, 2022.

The Board also considered that the Portfolio’s actual management fees and total expenses (inclusive of underlying fund expenses and exclusive of 12b-l fees) were below the Expense Group median, Expense Universe Median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-24

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the T. Rowe Price Large Cap Value Portfolio returned -4.89%, -5.15%, and -5.07%, respectively. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned -7.54%.

MARKET ENVIRONMENT / CONDITIONS

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia’s invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, tightening financial conditions, and slowing economic and corporate earnings growth. The U.S. Federal Reserve’s (the “Fed”) aggressive short-term interest rate hikes that began in March, as well as comments that it would be willing to risk causing a recession by raising rates and keeping them at a higher level in order to bring inflation down, also weighed on the market. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

Domestic investment grade and high yield bond prices tumbled in 2022. U.S. Treasury yields rose sharply, and the U.S. Treasury yield curve inverted during the year as short- and intermediate-term yields rose above longer-term yields. Historically, this has often signaled an approaching recession. In the investment grade universe, corporate bonds fell sharply as interest rates rose and credit spreads—the yield difference between higher- and lower-quality issues—widened amid concerns that Fed rate hikes would weaken the economy and corporate earnings.

Stocks in developed non-U.S. markets declined in 2022, as elevated inflation prompted many central banks to tighten their monetary policies. Developed European markets fell broadly in U.S. dollar terms. Stocks in Sweden, the Netherlands, Ireland, and Austria were among the worst performers, while Norway, Denmark, and the U.K. held up well. Developed markets in Asia also fell broadly. Stocks in Hong Kong and Australia held up best, while Japanese shares performed the worst. Stocks in emerging markets fared worse than developed non-U.S. markets in 2022. Emerging Asian markets were mostly lower in U.S. dollar terms. Shares in China, South Korea and Taiwan fell, while shares in Thailand and Indonesia rose.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio posted negative results yet outperformed its benchmark, the Russell 1000 Value Index (the “Index”), during the reporting period. Broadly speaking, both sector allocation and stock selection drove relative outperformance.

Stock selection in Financials was a notable contributor, led by American International Group. Shares benefited from a strong property and casualty pricing cycle that allowed the company to focus on pushing price, in addition to improved underwriting. The company’s life and retirement business line, which was spun off in September 2022, had a mixed impact on the stock as capital markets pressure impacted earnings and a declining investment portfolio impacted book value.

Stock selection and an underweight position in Consumer Discretionary also aided relative returns. Shares of Las Vegas Sands have lagged reopening peers as China’s increased lockdowns throughout the year delayed reopening in Macau. Shares benefited during the third and fourth quarter due to a strong recovery in its Singapore operations, which helped offset some of the costs associated with Macau.

Stock choices in the Consumer Staples sector further added to relative performance. Shares of Conagra Brands aided relative performance over the period as shares outperformed the Consumer Staples sector. Early in the year, shares faced pressure following Russia’s invasion of Ukraine, as the company’s margins were negatively impacted due to rising input costs, particularly grain.

Conversely, the Energy sector was a significant relative detractor, primarily due to stock choices, such as TC Energy. Shares of TC Energy detracted from relative performance over the calendar-year period. Shares were lifted early in the year as global natural gas prices dramatically rose following Russia’s invasion of Ukraine. In the third quarter, shares were pressured as capital markets risk and a higher interest rate environment weighed on performance. In early December, shares were again pressured as the company’s Keystone pipeline was shut down following a leak of 14,000 barrels.

Weak stock choices in the Industrials sector also weighed on relative performance.

BHFTI-1

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

At the end of the period, the Portfolio was overweight relative to the benchmark in the Health Care, Utilities, Consumer Staples, Real Estate, and Materials sectors. The Portfolio was underweight relative to the benchmark in the Financials, Consumer Discretionary, Information Technology, Communication Services, Industrials, and Energy sectors. Portfolio positioning decisions are driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

Gabriel Solomon

John D. Linehan

Mark S. Finn^

Portfolio Managers

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

^ Mark S. Finn relinquished his portfolio management duties for the Portfolio effective December 31, 2022.

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

BHFTI-2

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year		Since Inception1
T. Rowe Price Large Cap Value Portfolio
Class A		-4.89		7.42		11.12		—
Class B		-5.15		7.15		10.84		—
Class E		-5.07		7.26		—		8.58
Russell 1000 Value Index		-7.54		6.67		10.29		—

¹ Inception dates of the Class A, Class B and Class E shares are 12/11/1989, 3/22/2001 and 4/23/2014, respectively.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Southern Co. (The)		3.2
TotalEnergies SE(ADR)		3.1
Johnson & Johnson		3.0
Wells Fargo & Co.		2.9
Chubb, Ltd.		2.6
Philip Morris International, Inc.		2.3
Fiserv, Inc.		2.3
Walmart, Inc.		2.3
AvalonBay Communities, Inc.		2.2
American International Group, Inc.		2.2

Top Sectors

	% of Net Assets
Health Care		20.6
Financials		17.1
Industrials		9.7
Consumer Staples		8.9
Energy		8.2
Utilities		7.9
Information Technology		7.9
Communication Services		5.4
Real Estate		4.8
Materials		4.4

BHFTI-3

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Large Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.51	%	$	1,000.00	$	1,058.10	$	2.65
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.64	$	2.60
Class B (a)	Actual		0.76	%	$	1,000.00	$	1,056.50	$	3.94
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.37	$	3.87
Class E (a)	Actual		0.66	%	$	1,000.00	$	1,057.00	$	3.42
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.88	$	3.36

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—97.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense — 1.6%
L3Harris Technologies, Inc.		201,031	$	41,856,665
Air Freight & Logistics — 1.6%
United Parcel Service, Inc. - Class B		242,597		42,173,063
Airlines — 0.4%
Southwest Airlines Co. (a)		321,505		10,825,073
Auto Components — 0.4%
Magna International, Inc. (b)		212,008		11,910,609
Banks — 8.8%
Bank of America Corp.		1,400,408		46,381,513
Citigroup, Inc.		537,197		24,297,420
Fifth Third Bancorp (b)		649,586		21,312,917
Huntington Bancshares, Inc.		2,392,352		33,732,163
U.S. Bancorp		693,374		30,238,040
Wells Fargo & Co.		1,857,972		76,715,664
				232,677,717
Beverages — 0.8%
Coca-Cola Co. (The)		338,322		21,520,662
Biotechnology — 1.4%
AbbVie, Inc.		230,787		37,297,487
Capital Markets — 0.6%
Goldman Sachs Group, Inc. (The)		47,561		16,331,496
Chemicals — 2.8%
CF Industries Holdings, Inc.		238,533		20,323,011
International Flavors & Fragrances, Inc.		340,983		35,748,658
RPM International, Inc. (b)		184,186		17,948,926
				74,020,595
Commercial Services & Supplies — 0.2%
Stericycle, Inc. (a) (b)		93,177		4,648,601
Communications Equipment — 0.6%
Cisco Systems, Inc.		319,933		15,241,608
Containers & Packaging — 1.6%
International Paper Co. (b)		1,254,122		43,430,245
Diversified Financial Services — 1.4%
Equitable Holdings, Inc.		1,266,262		36,341,719
Diversified Telecommunication Services — 0.3%
Verizon Communications, Inc.		191,000		7,525,400
Electric Utilities — 3.6%
Entergy Corp.		96,413		10,846,462
Southern Co. (The) (b)		1,190,024		84,979,614
				95,826,076
Electronic Equipment, Instruments & Components — 0.3%
TE Connectivity, Ltd.		75,128		8,624,694
Entertainment — 1.6%
Walt Disney Co. (The) (a)		491,224		42,677,541
Equity Real Estate Investment Trusts — 4.8%
AvalonBay Communities, Inc. (b)		365,892		59,098,876
Equinix, Inc.		37,974		24,874,109
Weyerhaeuser Co.		1,353,778		41,967,118
				125,940,103
Food & Staples Retailing — 2.3%
Walmart, Inc.		422,522		59,909,394
Food Products — 1.9%
Conagra Brands, Inc.		1,321,460		51,140,502
Health Care Equipment & Supplies — 6.4%
Becton Dickinson & Co. (b)		228,172		58,024,140
Hologic, Inc. (a)		208,964		15,632,597
Medtronic plc		534,049		41,506,288
Zimmer Biomet Holdings, Inc.		418,693		53,383,357
				168,546,382
Health Care Providers & Services — 4.9%
Cigna Corp.		155,461		51,510,448
CVS Health Corp.		245,907		22,916,073
Elevance Health, Inc.		108,346		55,578,248
				130,004,769
Hotels, Restaurants & Leisure — 0.5%
Las Vegas Sands Corp. (a) (b)		303,835		14,605,349
Household Products — 1.6%
Kimberly-Clark Corp.		305,181		41,428,321
Industrial Conglomerates — 3.2%
General Electric Co.		547,595		45,882,985
Siemens AG (ADR)		579,568		39,868,483
				85,751,468
Insurance — 6.4%
American International Group, Inc.		925,955		58,557,394
Chubb, Ltd.		307,910		67,924,946
Hartford Financial Services Group, Inc. (The)		550,820		41,768,681
				168,251,021
Interactive Media & Services — 1.3%
Alphabet, Inc. - Class C (a)		151,060		13,403,554
Meta Platforms, Inc. - Class A (a)		180,000		21,661,200
				35,064,754
IT Services — 2.3%
Fiserv, Inc. (a)		603,143		60,959,663

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services — 0.8%
Thermo Fisher Scientific, Inc.		38,139	$	21,002,766
Machinery — 2.7%
Cummins, Inc.		175,858		42,608,635
Stanley Black & Decker, Inc. (b)		382,836		28,758,640
				71,367,275
Media — 2.2%
Comcast Corp. - Class A		537,219		18,786,548
News Corp. - Class A		2,114,105		38,476,711
				57,263,259
Multi-Utilities — 4.3%
Ameren Corp. (b)		343,863		30,576,298
Dominion Energy, Inc.		475,383		29,150,486
Sempra Energy		344,064		53,171,650
				112,898,434
Multiline Retail — 0.4%
Kohl’s Corp. (b)		447,456		11,298,264
Oil, Gas & Consumable Fuels — 8.2%
ConocoPhillips		373,893		44,119,374
Exxon Mobil Corp.		409,125		45,126,488
TC Energy Corp. (b)		1,121,077		44,686,129
TotalEnergies SE (ADR) (b)		1,339,527		83,157,836
				217,089,827
Pharmaceuticals — 6.9%
Bristol-Myers Squibb Co.		295,340		21,249,713
Elanco Animal Health, Inc. (a)		1,353,195		16,536,043
Johnson & Johnson		452,716		79,972,281
Merck & Co., Inc.		316,863		35,155,950
Pfizer, Inc.		570,172		29,215,613
				182,129,600
Semiconductors & Semiconductor Equipment — 3.0%
Applied Materials, Inc.		70,336		6,849,320
QUALCOMM, Inc.		511,773		56,264,323
Texas Instruments, Inc.		99,905		16,506,304
				79,619,947
Software — 0.7%
Microsoft Corp.		75,686		18,151,017
Specialty Retail — 1.6%
Best Buy Co., Inc.		335,000		26,870,350
TJX Cos., Inc. (The)		198,686		15,815,406
				42,685,756
Technology Hardware, Storage & Peripherals — 1.0%
Western Digital Corp. (a)		827,000		26,091,850
Tobacco — 2.3%
Philip Morris International, Inc.		607,913		61,526,875
Total Common Stocks (Cost $2,275,812,880)				2,585,655,847
Convertible Preferred Stocks — 0.2%
Health Care Equipment & Supplies — 0.2%
Becton Dickinson and Co. 6.000%, 06/01/23 (b)		114,664		5,742,373
Pharmaceuticals — 0.0%
Elanco Animal Health, Inc. 5.000%, 02/01/23		19,833		387,339
Total Convertible Preferred Stocks (Cost $6,724,850)				6,129,712
Short-Term Investments — 1.8%
Mutual Funds — 1.8%
T. Rowe Price Treasury Reserve Fund (c)		47,062,725		47,062,725
Total Short-Term Investments (Cost $47,062,725)				47,062,725
Securities Lending Reinvestments (d) — 8.9%
Certificates of Deposit — 0.8%
Bank of Montreal (Chicago) 4.790%, FEDEFF PRV + 0.460%, 03/02/23 (e)		3,000,000		3,000,000
Bank of Nova Scotia 4.710%, FEDEFF PRV + 0.380%, 01/06/23 (e)		2,000,000		2,000,036
4.810%, SOFR + 0.510%, 03/15/23 (e)		2,000,000		2,000,840
Canadian Imperial Bank of Commerce (NY) 4.800%, SOFR + 0.500%, 03/03/23 (e)		3,000,000		3,001,148
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (e)		1,000,000		1,000,071
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (e)		2,000,000		2,000,000
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (e)		2,000,000		2,000,789
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (e)		2,000,000		1,999,968
Sumitomo Mitsui Banking Corp. 4.710%, SOFR + 0.410%, 03/06/23 (e)		1,000,000		1,000,110
Sumitomo Mitsui Trust Bank, Ltd. 4.750%, SOFR + 0.450%, 02/24/23 (e)		1,000,000		1,000,328
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (e)		3,000,000		2,999,670
				22,002,960

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (d)—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper — 0.2%
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (e)		1,000,000	$	1,001,362
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (e)		3,000,000		3,000,810
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (e)		2,000,000		2,000,000
				6,002,172
Repurchase Agreements — 2.9%
BofA Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $27,941,385; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $28,486,918.		27,928,351		27,928,351
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $10,004,778; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $10,200,000.		10,000,000		10,000,000
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $5,022,458; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $5,100,000.		5,000,000		5,000,000
Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $2,050,053; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $2,040,000.		2,000,000		2,000,000
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $4,503,780; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $4,600,702.		4,500,000		4,500,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $1,700,803; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $1,737,071.		1,700,000		1,700,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $5,002,439; collateralized by various Common Stock with an aggregate market value of $5,564,235.		5,000,000		5,000,000
Repurchase Agreements —(Continued)
Societe Generale Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $10,004,900; collateralized by various Common Stock with an aggregate market value of $11,128,471.		10,000,000		10,000,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $9,006,965; collateralized by various Common Stock with an aggregate market value of $6,578,908.		9,002,564		9,002,564
				75,130,915
Time Deposits — 0.6%
Canadian Imperial Bank London 4.250%, 01/03/23		5,000,000		5,000,000
First Abu Dhabi Bank USA NV 4.300%, 01/03/23		8,000,000		8,000,000
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (e)		3,000,000		3,000,000
				16,000,000
Mutual Funds — 4.4%
AB Government Money Market Portfolio, Institutional Class 4.110% (f)		5,000,000		5,000,000
Allspring Government Money Market Fund, Select Classs 4.090% (f)		7,000,000		7,000,000
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (f)		10,000,000		10,000,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (f)		30,000,000		30,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (f)		25,000,000		25,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (f)		5,000,000		5,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (f)		8,000,000		8,000,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (f)		15,000,000		15,000,000
Western Asset Institutional Government Reserves Fund, Institutional Shares 4.220% (f)		11,000,000		11,000,000
				116,000,000
Total Securities Lending Reinvestments (Cost $235,130,915)				235,136,047
Total Investments—108.6% (Cost $2,564,731,370)				2,873,984,331
Other assets and liabilities (net)—(8.6)%				(227,952,944	)
Net Assets—100.0%			$	2,646,031,387

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $229,956,248 and the collateral received consisted of cash in the amount of $235,130,915. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of December 31, 2022

(c)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(d)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(e)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(f)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

Glossary of Abbreviations    

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)— American Depositary Receipt

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	2,585,655,847	$	—		$	—	$	2,585,655,847
Total Convertible Preferred Stocks*		6,129,712		—			—		6,129,712
Total Short-Term Investments*		47,062,725		—			—		47,062,725
Securities Lending Reinvestments
Certificates of Deposit		—		22,002,960			—		22,002,960
Commercial Paper		—		6,002,172			—		6,002,172
Repurchase Agreements		—		75,130,915			—		75,130,915
Time Deposits		—		16,000,000			—		16,000,000
Mutual Funds		116,000,000		—			—		116,000,000
Total Securities Lending Reinvestments		116,000,000		119,136,047			—		235,136,047
Total Investments	$	2,754,848,284	$	119,136,047		$	—	$	2,873,984,331
Collateral for Securities Loaned (Liability)	$	—	$	(235,130,915	)	$	—	$	(235,130,915	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	2,826,921,606
Affiliated investments at value (c)		47,062,725
Cash		3,737,796
Receivable for:
Investments sold		372,239
Fund shares sold		18,627
Dividends		7,001,767
Dividends on affiliated investments		160,389
Prepaid expenses		10,827
Total Assets		2,885,285,976
Liabilities
Collateral for securities loaned		235,130,915
Payables for:
Investments purchased		1,610,394
Fund shares redeemed		755,172
Accrued Expenses:
Management fees		1,131,135
Distribution and service fees		240,192
Deferred trustees’ fees		163,275
Other expenses		223,506
Total Liabilities		239,254,589
Net Assets	$	2,646,031,387
Net Assets Consist of:
Paid in surplus	$	1,914,155,383
Distributable earnings (Accumulated losses)		731,876,004
Net Assets	$	2,646,031,387
Net Assets
Class A	$	1,409,098,921
Class B		928,922,116
Class E		308,010,350
Capital Shares Outstanding*
Class A		48,986,148
Class B		32,706,080
Class E		10,780,228
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	28.77
Class B		28.40
Class E		28.57

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments, excluding affiliated investments, was $2,517,668,645.
(b)	Includes securities loaned at value of $229,956,248.
(c)	Identified cost of affiliated investments was $47,062,725.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	71,963,888
Dividends from affiliated investments		771,111
Securities lending income		229,107
Total investment income		72,964,106
Expenses
Management fees		16,379,260
Administration fees		116,616
Custodian and accounting fees		140,276
Distribution and service fees—Class B		2,457,634
Distribution and service fees—Class E		498,579
Audit and tax services		46,352
Legal		45,080
Trustees’ fees and expenses		9,574
Shareholder reporting		91,273
Insurance		24,398
Miscellaneous		24,579
Total expenses		19,833,621
Less management fee waiver		(2,191,700	)
Net expenses		17,641,921
Net Investment Income		55,322,185
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		378,256,322
Foreign currency transactions		(5,909	)
Net realized gain (loss)		378,250,413
Net change in unrealized appreciation (depreciation) on:
Investments		(589,529,019	)
Foreign currency transactions		(2,714	)
Net change in unrealized appreciation (depreciation)		(589,531,733	)
Net realized and unrealized gain (loss)		(211,281,320	)
Net Increase (Decrease) in Net Assets From Operations	$	(155,959,135	)

(a) Net of foreign withholding taxes of $1,357,800.

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	55,322,185		$	52,395,998
Net realized gain (loss)		378,250,413			353,453,836
Net change in unrealized appreciation (depreciation)		(589,531,733	)		362,908,583
Increase (decrease) in net assets from operations		(155,959,135	)		768,758,417
From Distributions to Shareholders
Class A		(218,363,299	)		(39,677,794	)
Class B		(136,983,911	)		(20,601,813	)
Class E		(46,504,521	)		(7,578,725	)
Total distributions		(401,851,731	)		(67,858,332	)
Increase (decrease) in net assets from capital share transactions		(88,417,509	)		(563,235,165	)
Total increase (decrease) in net assets		(646,228,375	)		137,664,920
Net Assets
Beginning of period		3,292,259,762			3,154,594,842
End of period	$	2,646,031,387		$	3,292,259,762

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		169,567		$	5,309,331			278,785		$	9,364,420
Reinvestments		8,048,776			218,363,299			1,182,647			39,677,794
Redemptions		(10,940,146	)		(352,560,980	)		(14,812,338	)		(490,457,931	)
Net increase (decrease)		(2,721,803	)	$	(128,888,350	)		(13,350,906	)	$	(441,415,717	)
Class B
Sales		2,172,353		$	68,545,859			2,679,471		$	88,367,794
Reinvestments		5,107,528			136,983,911			620,163			20,601,813
Redemptions		(5,238,148	)		(163,722,356	)		(5,625,338	)		(184,237,002	)
Net increase (decrease)		2,041,733		$	41,807,414			(2,325,704	)	$	(75,267,395	)
Class E
Sales		199,673		$	5,937,047			721,438		$	24,272,999
Reinvestments		1,724,306			46,504,521			227,112			7,578,725
Redemptions		(1,730,543	)		(53,778,141	)		(2,363,712	)		(78,403,777	)
Net increase (decrease)		193,436		$	(1,336,573	)		(1,415,162	)	$	(46,552,053	)
Increase (decrease) derived from capital shares transactions				$	(88,417,509	)				$	(563,235,165	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	35.57		$	28.77		$	31.29		$	28.64		$	35.45
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.63			0.56			0.64			0.74			0.71
Net realized and unrealized gain (loss)		(2.66	)		6.96			(0.35	)		6.42			(3.50	)
Total income (loss) from investment operations		(2.03	)		7.52			0.29			7.16			(2.79	)
Less Distributions
Distributions from net investment income		(0.62	)		(0.68	)		(0.71	)		(0.75	)		(0.71	)
Distributions from net realized capital gains		(4.15	)		(0.04	)		(2.10	)		(3.76	)		(3.31	)
Total distributions		(4.77	)		(0.72	)		(2.81	)		(4.51	)		(4.02	)
Net Asset Value, End of Period	$	28.77		$	35.57		$	28.77		$	31.29		$	28.64
Total Return (%) (b)		(4.89	)		26.30			3.15			26.81			(8.95	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.59			0.59			0.59			0.59			0.59
Net ratio of expenses to average net assets (%) (c) (d)		0.51			0.51			0.52			0.52			0.54
Ratio of net investment income (loss) to average net assets (%)		2.02			1.68			2.48			2.44			2.12
Portfolio turnover rate (%)		30			16			30			19			20
Net assets, end of period (in millions)	$	1,409.1		$	1,839.4		$	1,871.9		$	1,829.4		$	1,654.3
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	35.17		$	28.47		$	30.99		$	28.39		$	35.16
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.55			0.47			0.57			0.66			0.62
Net realized and unrealized gain (loss)		(2.63	)		6.89			(0.35	)		6.37			(3.46	)
Total income (loss) from investment operations		(2.08	)		7.36			0.22			7.03			(2.84	)
Less Distributions
Distributions from net investment income		(0.54	)		(0.62	)		(0.64	)		(0.67	)		(0.62	)
Distributions from net realized capital gains		(4.15	)		(0.04	)		(2.10	)		(3.76	)		(3.31	)
Total distributions		(4.69	)		(0.66	)		(2.74	)		(4.43	)		(3.93	)
Net Asset Value, End of Period	$	28.40		$	35.17		$	28.47		$	30.99		$	28.39
Total Return (%) (b)		(5.15	)		25.98			2.87			26.52			(9.16	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84			0.84			0.84			0.84			0.84
Net ratio of expenses to average net assets (%) (c) (d)		0.76			0.76			0.77			0.77			0.79
Ratio of net investment income (loss) to average net assets (%)		1.79			1.44			2.23			2.19			1.89
Portfolio turnover rate (%)		30			16			30			19			20
Net assets, end of period (in millions)	$	928.9		$	1,078.6		$	939.3		$	940.1		$	819.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	35.36		$	28.61		$	31.12		$	28.50		$	35.28
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.58			0.51			0.60			0.69			0.66
Net realized and unrealized gain (loss)		(2.65	)		6.92			(0.35	)		6.39			(3.48	)
Total income (loss) from investment operations		(2.07	)		7.43			0.25			7.08			(2.82	)
Less Distributions
Distributions from net investment income		(0.57	)		(0.64	)		(0.66	)		(0.70	)		(0.65	)
Distributions from net realized capital gains		(4.15	)		(0.04	)		(2.10	)		(3.76	)		(3.31	)
Total distributions		(4.72	)		(0.68	)		(2.76	)		(4.46	)		(3.96	)
Net Asset Value, End of Period	$	28.57		$	35.36		$	28.61		$	31.12		$	28.50
Total Return (%) (b)		(5.07	)		26.12			3.00			26.62			(9.06	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74			0.74			0.74			0.74			0.74
Net ratio of expenses to average net assets (%) (c) (d)		0.66			0.66			0.67			0.67			0.69
Ratio of net investment income (loss) to average net assets (%)		1.88			1.53			2.33			2.29			1.98
Portfolio turnover rate (%)		30			16			30			19			20
Net assets, end of period (in millions)	$	308.0		$	374.3		$	343.4		$	366.7		$	334.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(d)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.02% for each of the years ended December 31, 2022 through 2018. (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Large Cap Value Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-13

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

BHFTI-14

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $75,130,915, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Common Stocks	$	(229,818,896	)	$	—	$	—	$	—	$	(229,818,896	)
Convertible Preferred Stocks		(5,312,019	)		—		—		—		(5,312,019	)
Total Borrowings	$	(235,130,915	)	$	—	$	—	$	—	$	(235,130,915	)
Gross amount of recognized liabilities for securities lending transactions										$	(235,130,915	)

BHFTI-15

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with

BHFTI-16

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	849,981,011	$	0	$	1,296,241,454

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.570% of average daily net assets, provided the assets exceed $1 billion. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022, were $16,379,260.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio at the annual rate of 0.055% on all assets when average daily net assets exceed $2 billion to below $3 billion. When average daily net assets exceed $3 billion to below $4 billion, the advisory fees are reduced at the annual rate of 0.060% on all assets.

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year December 31, 2022 amounted to $1,631,744 and are included in the total amount shown as management fee waivers in the Statement of Operations.

The Subadviser has agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by the Subadviser for the Trust and Brighthouse Funds Trust II (“BHFTII”) in the aggregate exceed $750 million (ii) the Subadviser subadvises three or more portfolios of the Trust and BHFTII in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, the Subadviser will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTII average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts voluntarily waived for the year ended December 31, 2022 amounted to $559,956 and are included in the total amount shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E

BHFTI-17

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Ending Value as of December 31, 2022		Income earned from affiliates during the period		Number of shares held at December 31, 2022
T. Rowe Price Treasury Reserve Fund	$	47,144,467	$	404,030,715	$	(404,112,457	)	$	47,062,725	$	771,111		47,062,725

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,573,001,435
Gross unrealized appreciation		429,557,999
Gross unrealized (depreciation)		(128,575,103	)
Net unrealized appreciation (depreciation)	$	300,982,896

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$77,642,188	$	64,155,551	$	324,209,543	$	3,702,781	$	401,851,731	$	67,858,332

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$51,644,742	$	379,411,362	$	300,983,177	$	—	$	732,039,281

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTI-18

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-19

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the T. Rowe Price Large Cap Value Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the T. Rowe Price Large Cap Value Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the T. Rowe Price Large Cap Value Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-20

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-21

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-22

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-23

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-24

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

T. Rowe Price Large Cap Value Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed its benchmark, the Russell 1000 Value Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category

BHFTI-25

Brighthouse Funds Trust I

T. Rowe Price Large Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the average of the Sub-advised Expense Group and equal to the average of the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-26

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the T. Rowe Price Mid Cap Growth Portfolio returned -22.33%, -22.53%, and -22.50%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned -26.72%.

MARKET ENVIRONMENT / CONDITIONS

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia’s invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, tightening financial conditions, and slowing economic and corporate earnings growth. The U.S. Federal Reserve’s (the “Fed”) aggressive short-term interest rate hikes that began in March, as well as comments that it would be willing to risk causing a recession by raising rates and keeping them at a higher level in order to bring inflation down, also weighed on the market. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

Domestic investment grade and high yield bond prices tumbled in 2022. U.S. Treasury yields rose sharply, and the U.S. Treasury yield curve inverted during the year as short- and intermediate-term yields rose above longer-term yields. Historically, this has often signaled an approaching recession. In the investment grade universe, corporate bonds fell sharply as interest rates rose and credit spreads—the yield difference between higher- and lower-quality issues—widened amid concerns that Fed rate hikes would weaken the economy and corporate earnings.

Stocks in developed non-U.S. markets declined in 2022, as elevated inflation prompted many central banks to tighten their monetary policies. Developed European markets fell broadly in U.S. dollar terms. Stocks in Sweden, the Netherlands, Ireland, and Austria were among the worst performers, while Norway, Denmark, and the U.K. held up well. Developed markets in Asia also fell broadly. Stocks in Hong Kong and Australia held up best, while Japanese shares performed the worst. Stocks in emerging markets fared worse than developed non-U.S. markets in 2022. Emerging Asian markets were mostly lower in U.S. dollar terms. Shares in China, South Korea and Taiwan fell, while shares in Thailand and Indonesia rose.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio posted negative results but outperformed its benchmark, the Russell Midcap Growth Index (the “Index”), during the reporting period. Broadly speaking, security selection and sector allocation contributed to relative performance.

The Information Technology (“IT”) sector was the largest relative contributor, aided by favorable stock selection coupled with an underweight allocation. Shares of KLA Corp., a capital equipment company that provides control systems for the semiconductor industry, held up better than industry peers. The company executed well during the year, despite supply chain and pandemic-related headwinds.

The Health Care sector also boosted relative performance due to strong stock choices. Shares of Hologic ended slightly up in a volatile year for the stock. Hologic is a medical technology company focused on women’s health and makes screening, detection, and treatment products. COVID-19 testing accelerated the placement of Hologic’s diagnostic testing machines in many medical facilities, but as a result, the stock has traded on news related to COVID-19 testing volumes.

An underweight allocation coupled with favorable stock selection in the Communication Services sector further contributed to relative performance. The Communication Services sector tends to be a small area of investment in the Portfolio.

Conversely, an underweight allocation in the Energy sector notably detracted from relative performance. Within the Energy sector, we seek selective exposure to low-cost producers that can use advanced drilling technology to access vast new oil and gas reserves. The Financials sector also hampered relative performance due to detrimental stock choices, although an overweight position partially offset the losses.

BHFTI-1

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Managed by T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*—(Continued)

At the end of the period, the Portfolio was overweight relative to the benchmark in the Health Care, Materials, Industrials, and Financials sectors. The Portfolio was underweight against the benchmark in the IT, Real Estate, Consumer Discretionary, Energy, Communication Services, Consumer Staples, and Utilities sectors. Portfolio positioning decisions are driven primarily by bottom-up stock selection informed by rigorous internal research at the individual company level.

Brian W. H. Berghuis

Portfolio Manager

T. Rowe Price Associates, Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and higher forecasted growth values.

BHFTI-2

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
T. Rowe Price Mid Cap Growth Portfolio
Class A		-22.33		7.44		12.18
Class B		-22.53		7.19		11.91
Class E		-22.50		7.28		12.01
Russell Midcap Growth Index		-26.72		7.64		11.41

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Hologic, Inc.		3.1
Microchip Technology, Inc.		2.9
Agilent Technologies, Inc.		2.5
Textron, Inc.		2.4
Teleflex, Inc.		2.4
Ingersoll Rand, Inc.		2.3
Burlington Stores, Inc.		2.0
Bruker Corp.		1.7
Marvell Technology, Inc.		1.7
Keysight Technologies, Inc.		1.6

Top Sectors

	% of Net Assets
Health Care		24.9
Information Technology		21.6
Industrials		16.1
Consumer Discretionary		13.3
Financials		6.5
Materials		5.4
Energy		3.3
Communication Services		2.7
Consumer Staples		2.5

BHFTI-3

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.67	%	$	1,000.00	$	1,041.30	$	3.45
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.83	$	3.41
Class B (a)	Actual		0.92	%	$	1,000.00	$	1,040.30	$	4.73
	Hypothetical*		0.92	%	$	1,000.00	$	1,020.57	$	4.69
Class E (a)	Actual		0.82	%	$	1,000.00	$	1,040.20	$	4.22
	Hypothetical*		0.82	%	$	1,000.00	$	1,021.07	$	4.18

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—95.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense — 2.8%
BWX Technologies, Inc.		79,400	$	4,611,552
Textron, Inc.		415,500		29,417,400
				34,028,952
Airlines — 1.1%
Southwest Airlines Co. (a)		404,000		13,602,680
Auto Components — 0.1%
Mobileye Global, Inc. - Class A (a) (b)		22,437		786,641
Automobiles — 0.2%
Rivian Automotive, Inc. - Class A (a) (b)		102,105		1,881,795
Beverages — 0.4%
Boston Beer Co., Inc. (The) - Class A (a) (b)		16,287		5,366,892
Biotechnology — 4.7%
Alnylam Pharmaceuticals, Inc. (a) (b)		71,300		16,944,445
Apellis Pharmaceuticals, Inc. (a) (b)		45,140		2,334,189
Argenx SE (ADR) (a)		15,845		6,002,561
Ascendis Pharma A/S (ADR) (a) (b)		27,200		3,321,936
CRISPR Therapeutics AG (a) (b)		42,883		1,743,194
Exact Sciences Corp. (a) (b)		65,900		3,262,709
Horizon Therapeutics plc (a)		90,400		10,287,520
Ionis Pharmaceuticals, Inc. (a) (b)		190,900		7,210,293
Karuna Therapeutics, Inc. (a) (b)		11,289		2,218,289
Seagen, Inc. (a)		36,400		4,677,764
				58,002,900
Capital Markets — 4.4%
Cboe Global Markets, Inc.		31,600		3,964,852
Intercontinental Exchange, Inc.		89,700		9,202,323
KKR & Co., Inc.		293,900		13,642,838
MarketAxess Holdings, Inc.		45,100		12,577,939
Raymond James Financial, Inc. (b)		44,900		4,797,565
Tradeweb Markets, Inc. - Class A		163,300		10,603,069
				54,788,586
Chemicals — 0.7%
RPM International, Inc.		89,700		8,741,265
Commercial Services & Supplies — 0.4%
Waste Connections, Inc.		36,100		4,785,416
Construction Materials — 1.1%
Martin Marietta Materials, Inc.		39,138		13,227,470
Containers & Packaging — 3.6%
Avery Dennison Corp.		84,900		15,366,900
Ball Corp. (b)		335,986		17,182,324
Sealed Air Corp.		238,700		11,906,356
				44,455,580
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions, Inc. (a)		76,600		4,833,460
Electrical Equipment — 0.2%
Shoals Technologies Group, Inc. - Class A (a) (b)		114,800		2,832,116
Electronic Equipment, Instruments & Components — 3.8%
Amphenol Corp. - Class A		123,000		9,365,220
Cognex Corp. (b)		112,000		5,276,320
Corning, Inc. (b)		113,200		3,615,608
Keysight Technologies, Inc. (a)		116,000		19,844,120
Littelfuse, Inc.		9,400		2,069,880
National Instruments Corp. (b)		179,500		6,623,550
				46,794,698
Entertainment — 1.4%
Liberty Media Corp.-Liberty Formula One - Class C (a)		212,800		12,721,184
Spotify Technology S.A. (a)		61,100		4,823,845
				17,545,029
Food & Staples Retailing — 1.0%
Casey’s General Stores, Inc.		56,500		12,675,775
Food Products — 0.5%
TreeHouse Foods, Inc. (a) (b)		124,649		6,155,168
Health Care Equipment & Supplies — 9.7%
Alcon, Inc. (b)		141,800		9,720,390
Cooper Cos., Inc. (The)		53,600		17,723,912
Dentsply Sirona, Inc.		112,900		3,594,736
Enovis Corp. (a)		134,200		7,182,384
Hologic, Inc. (a)		517,800		38,736,618
ICU Medical, Inc. (a) (b)		38,600		6,078,728
QuidelOrtho Corp. (a) (b)		89,774		7,690,939
Teleflex, Inc. (b)		116,523		29,087,636
				119,815,343
Health Care Providers & Services — 1.9%
Acadia Healthcare Co., Inc. (a) (b)		180,700		14,875,224
Agilon Health, Inc. (a) (b)		58,451		943,399
Molina Healthcare, Inc. (a)		22,800		7,529,016
				23,347,639
Health Care Technology — 1.4%
Doximity, Inc. - Class A (a) (b)		90,700		3,043,892
Veeva Systems, Inc. - Class A (a)		90,461		14,598,596
				17,642,488
Hotels, Restaurants & Leisure — 5.1%
Chipotle Mexican Grill, Inc. (a) (b)		4,500		6,243,705
Domino’s Pizza, Inc.		33,900		11,742,960
Hilton Worldwide Holdings, Inc.		150,800		19,055,088
MGM Resorts International (b)		474,220		15,900,597
Vail Resorts, Inc. (b)		24,800		5,911,080
Yum! Brands, Inc.		34,000		4,354,720
				63,208,150

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
Household Products — 0.4%
Reynolds Consumer Products, Inc. (b)		179,100	$	5,369,418
Insurance — 1.9%
Assurant, Inc.		99,600		12,455,976
Axis Capital Holdings, Ltd.		160,300		8,683,451
Kemper Corp. (b)		54,400		2,676,480
				23,815,907
Interactive Media & Services — 0.2%
Match Group, Inc. (a)		56,700		2,352,483
IT Services — 1.9%
Broadridge Financial Solutions, Inc. (b)		49,700		6,666,261
FleetCor Technologies, Inc. (a)		78,400		14,400,512
MongoDB, Inc. (a) (b)		11,300		2,224,292
				23,291,065
Life Sciences Tools & Services — 6.3%
Agilent Technologies, Inc.		207,100		30,992,515
Avantor, Inc. (a)		803,000		16,935,270
Bruker Corp. (b)		307,700		21,031,295
West Pharmaceutical Services, Inc.		36,218		8,523,907
				77,482,987
Machinery — 5.1%
Esab Corp.		140,564		6,595,263
Fortive Corp.		268,800		17,270,400
IDEX Corp. (b)		45,000		10,274,850
Ingersoll Rand, Inc.		543,000		28,371,750
				62,512,263
Multiline Retail — 2.3%
Dollar General Corp.		64,900		15,981,625
Dollar Tree, Inc. (a)		90,471		12,796,218
				28,777,843
Oil, Gas & Consumable Fuels — 3.3%
Cheniere Energy, Inc.		53,800		8,067,848
Coterra Energy, Inc. (b)		204,000		5,012,280
Devon Energy Corp.		67,813		4,171,178
Pioneer Natural Resources Co.		63,301		14,457,315
Venture Global LNG, Inc. - Series B† (a) (c) (d)		78		1,154,029
Venture Global LNG, Inc. - Series C† (a) (c) (d)		540		7,989,430
				40,852,080
Pharmaceuticals — 0.8%
Catalent, Inc. (a)		232,922		10,483,819
Professional Services — 4.4%
CoStar Group, Inc. (a) (b)		165,783		12,811,710
Equifax, Inc. (b)		89,700		17,434,092
Leidos Holdings, Inc.		33,900		3,565,941
TransUnion		158,800		9,011,900
Verisk Analytics, Inc.		63,000		11,114,460
				53,938,103
Road & Rail — 1.6%
J.B. Hunt Transport Services, Inc.		112,500		19,615,500
Semiconductors & Semiconductor Equipment — 6.8%
KLA Corp.		49,639		18,715,392
Lattice Semiconductor Corp. (a)		107,700		6,987,576
Marvell Technology, Inc. (b)		553,369		20,496,788
Microchip Technology, Inc. (b)		503,700		35,384,925
NXP Semiconductors NV		11,400		1,801,542
				83,386,223
Software — 10.3%
Atlassian Corp. - Class A (a) (b)		36,100		4,645,348
Bill.com Holdings, Inc. (a) (b)		33,900		3,693,744
Black Knight, Inc. (a)		172,322		10,640,883
CCC Intelligent Solutions Holdings, Inc. (a) (b)		668,625		5,817,038
Clear Secure, Inc. - Class A (b)		77,027		2,112,851
Confluent, Inc. - Class A (a) (b)		45,200		1,005,248
Crowdstrike Holdings, Inc. - Class A (a)		83,677		8,810,351
Fair Isaac Corp. (a) (b)		20,200		12,091,316
Fortinet, Inc. (a) (b)		358,100		17,507,509
Hashicorp, Inc. - Class A (a) (b)		22,700		620,618
Palo Alto Networks, Inc. (a)		13,600		1,897,744
Paylocity Holding Corp. (a)		38,400		7,459,584
PTC, Inc. (a)		78,400		9,411,136
Roper Technologies, Inc.		29,000		12,530,610
Synopsys, Inc. (a)		48,183		15,384,350
Trade Desk, Inc. (The) - Class A (a)		298,100		13,363,823
				126,992,153
Specialty Retail — 4.8%
Bath & Body Works, Inc.		179,200		7,551,488
Burlington Stores, Inc. (a) (b)		123,700		25,081,412
Five Below, Inc. (a) (b)		49,700		8,790,439
O’Reilly Automotive, Inc. (a)		13,500		11,394,405
Ross Stores, Inc.		58,600		6,801,702
				59,619,446
Textiles, Apparel & Luxury Goods — 0.3%
Lululemon Athletica, Inc. (a)		8,400		2,691,192
ON Holding AG - Class A (a) (b)		68,000		1,166,880
				3,858,072
Trading Companies & Distributors — 0.5%
United Rentals, Inc. (a) (b)		18,100		6,433,102
Total Common Stocks (Cost $913,932,491)				1,183,298,507
Convertible Preferred Stocks — 0.5%
Automobiles — 0.1%
Nuro, Inc. - Series D† (a) (c) (d)		37,838		525,191
Sila Nano, Inc. - Series F† (a) (c) (d)		43,934		1,369,423
				1,894,614

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Convertible Preferred Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Commercial Services & Supplies — 0.1%
Redwood Materials, Inc. - Series C† (a) (c) (d)		18,350	$	1,431,300
Health Care Providers & Services — 0.1%
Caris Life Sciences, Inc. - Series D† (a) (c) (d)		156,199		1,027,789
Internet & Direct Marketing Retail — 0.1%
Maplebear, Inc. - Series E† (a) (c) (d)		21,660		1,050,077
Maplebear, Inc. - Series I† (a) (c) (d)		3,514		170,359
				1,220,436
Software — 0.1%
Databricks, Inc. - Series H† (a) (c) (d)		11,738		704,280
Total Convertible Preferred Stocks (Cost $8,643,188)				6,278,419
Short-Term Investments — 3.7%
Mutual Funds — 3.7%
T. Rowe Price Treasury Reserve Fund (e)		45,169,678		45,169,678
Total Short-Term Investments (Cost $45,169,678)				45,169,678
Securities Lending Reinvestments (f) — 16.9%
Certificates of Deposit — 7.3%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (g)		1,000,000		1,001,351
Bank of Montreal (Chicago) 4.790%, FEDEFF PRV + 0.460%, 03/02/23 (g)		3,000,000		3,000,000
Bank of Nova Scotia 4.550%, SOFR + 0.250%, 02/17/23 (g)		2,000,000		1,999,909
4.710%, FEDEFF PRV + 0.380%, 01/06/23 (g)		5,000,000		5,000,089
4.810%, SOFR + 0.510%, 03/15/23 (g)		4,000,000		4,001,681
4.980%, SOFR + 0.680%, 08/16/23 (g)		2,000,000		2,002,338
Canadian Imperial Bank of Commerce (NY) 4.550%, SOFR + 0.250%, 02/03/23 (g)		4,000,000		4,000,265
4.800%, SOFR + 0.500%, 03/03/23 (g)		4,000,000		4,001,531
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (g)		4,000,000		4,000,284
Commonwealth Bank of Australia 4.680%, SOFR + 0.380%, 03/30/23 (g)		1,000,000		1,000,074
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (g)		6,000,000		6,000,000
4.830%, SOFR + 0.530%, 02/01/23 (g)		5,000,000		5,001,045
Mizuho Bank, Ltd. 4.850%, SOFR + 0.550%, 01/26/23 (g)		3,000,000		3,000,901
Natixis S.A. 4.750%, SOFR + 0.450%, 06/21/23 (g)		1,000,000		1,000,324
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (g)		4,000,000		4,001,578
Certificates of Deposit —(Continued)
Nordea Bank Abp (NY) 4.760%, SOFR + 0.460%, 02/13/23 (g)		3,000,000		3,000,513
4.800%, SOFR + 0.500%, 02/27/23 (g)		3,000,000		3,000,831
4.850%, SOFR + 0.550%, 02/21/23 (g)		5,000,000		5,001,675
Rabobank (London) 4.830%, SOFR + 0.530%, 05/16/23 (g)		3,000,000		3,000,000
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (g)		5,000,000		4,999,920
Standard Chartered Bank (NY) 4.860%, FEDEFF PRV + 0.530%, 01/17/23 (g)		2,000,000		2,000,246
5.040%, SOFR + 0.740%, 05/02/23 (g)		3,000,000		3,004,554
Sumitomo Mitsui Banking Corp. 4.710%, SOFR + 0.410%, 03/06/23 (g)		3,000,000		3,000,330
Sumitomo Mitsui Trust Bank, Ltd. 4.750%, SOFR + 0.450%, 02/24/23 (g)		4,000,000		4,001,312
4.850%, SOFR + 0.550%, 03/07/23 (g)		5,000,000		5,001,390
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (g)		3,000,000		2,999,670
4.850%, SOFR + 0.550%, 02/22/23 (g)		2,000,000		2,000,682
				90,022,493
Commercial Paper — 0.9%
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (g)		5,000,000		5,006,810
Macquarie Bank Ltd. 4.880%, SOFR + 0.580%, 02/03/23 (g)		4,000,000		4,001,080
Skandinaviska Enskilda Banken AB 4.980%, SOFR + 0.680%, 05/03/23 (g)		2,000,000		2,001,976
				11,009,866
Master Demand Notes — 0.6%
Bank of America N.A. 4.880%, SOFR + 0.580%, 05/15/23 (g)		7,000,000		6,999,921
Repurchase Agreements — 5.5%
BofA Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $20,901,070; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $21,309,147.		20,891,320		20,891,320
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $5,022,458; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $5,100,000.		5,000,000		5,000,000
Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $8,200,211; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $8,160,001.		8,000,000		8,000,000

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (f)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements —(Continued)
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $7,607,879; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $7,763,076.		7,604,246	$	7,604,246
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $6,305,292; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $6,440,983.		6,300,000		6,300,000
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $16,614,364; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $18,074,554.		16,600,000		16,600,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $1,000,488; collateralized by various Common Stock with an aggregate market value of $1,112,847.		1,000,000		1,000,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $1,000,490; collateralized by various Common Stock with an aggregate market value of $1,113,192.		1,000,000		1,000,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of 20,03,192; collateralized by various Common Stock with an aggregate market value of $2,226,384.		2,000,000		2,000,000
				68,395,566
Time Deposits — 0.7%
First Abu Dhabi Bank USA NV 4.300%, 01/03/23		3,000,000		3,000,000
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (g)		5,000,000		5,000,000
				8,000,000
Mutual Funds — 1.9%
AB Government Money Market Portfolio, Institutional Class 4.110% (h)		5,000,000		5,000,000
Fidelity Investments Money Market Government Portfolio, Class I 4.060% (h)		5,000,000		5,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (h)		10,000,000		10,000,000
HSBC U.S. Government Money Market Fund, Class I 4.130% (h)		1,000,000		1,000,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (h)		1,000,000		1,000,000
Mutual Funds —(Continued)
Western Asset Institutional Government Reserves Fund, Institutional Class 4.220% (h)		2,000,000		2,000,000
				24,000,000
Total Securities Lending Reinvestments (Cost $208,395,568)				208,427,846
Total Investments—116.9% (Cost $1,176,140,925)				1,443,174,450
Other assets and liabilities (net)—(16.9)%				(208,458,703	)
Net Assets—100.0%			$	1,234,715,747

*	Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $15,421,878, which is 1.2% of net assets. See details shown in the Restricted Securities table that follows.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $204,976,423 and the collateral received consisted of cash in the amount of $208,395,566 and non-cash collateral with a value of $2,151,422. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Security was valued in good faith under procedures subject to oversight by the Board of Trustees. As of December 31, 2022, these securities represent 1.2% of net assets.
(e)	Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)
(f)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(g)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(h)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Restricted Securities	Acquisition Date		Shares		Cost		Value
Caris Life Sciences, Inc. - Series D		05/11/21		156,199	$	1,265,212	$	1,027,789
Databricks, Inc. - Series H		08/31/21		11,738		862,557		704,280
Maplebear, Inc. - Series E		11/19/21		21,660		2,604,276		1,050,077
Maplebear, Inc. - Series I		02/26/21		3,514		439,250		170,359
Nuro, Inc. - Series D		10/29/21		37,838		788,760		525,191
Redwood Materials, Inc. - Series C		05/28/21		18,350		869,854		1,431,300
Sila Nano, Inc. - Series F		01/07/21		43,934		1,813,279		1,369,423
Venture Global LNG, Inc. - Series B		03/08/18		78		235,560		1,154,029
Venture Global LNG, Inc. - Series C		10/16/17-03/08/18		540		1,987,525		7,989,430
							$	15,421,878

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

Other Abbreviations

(ADR)— American Depositary Receipt

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	34,028,952	$	—	$	—	$	34,028,952
Airlines		13,602,680		—		—		13,602,680
Auto Components		786,641		—		—		786,641
Automobiles		1,881,795		—		—		1,881,795
Beverages		5,366,892		—		—		5,366,892
Biotechnology		58,002,900		—		—		58,002,900
Capital Markets		54,788,586		—		—		54,788,586
Chemicals		8,741,265		—		—		8,741,265
Commercial Services & Supplies		4,785,416		—		—		4,785,416
Construction Materials		13,227,470		—		—		13,227,470
Containers & Packaging		44,455,580		—		—		44,455,580
Diversified Consumer Services		4,833,460		—		—		4,833,460
Electrical Equipment		2,832,116		—		—		2,832,116
Electronic Equipment, Instruments & Components		46,794,698		—		—		46,794,698

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Entertainment	$	17,545,029	$	—		$	—	$	17,545,029
Food & Staples Retailing		12,675,775		—			—		12,675,775
Food Products		6,155,168		—			—		6,155,168
Health Care Equipment & Supplies		119,815,343		—			—		119,815,343
Health Care Providers & Services		23,347,639		—			—		23,347,639
Health Care Technology		17,642,488		—			—		17,642,488
Hotels, Restaurants & Leisure		63,208,150		—			—		63,208,150
Household Products		5,369,418		—			—		5,369,418
Insurance		23,815,907		—			—		23,815,907
Interactive Media & Services		2,352,483		—			—		2,352,483
IT Services		23,291,065		—			—		23,291,065
Life Sciences Tools & Services		77,482,987		—			—		77,482,987
Machinery		62,512,263		—			—		62,512,263
Media		13,363,823		—			—		13,363,823
Multiline Retail		28,777,843		—			—		28,777,843
Oil, Gas & Consumable Fuels		31,708,621		—			9,143,459		40,852,080
Pharmaceuticals		10,483,819		—			—		10,483,819
Professional Services		53,938,103		—			—		53,938,103
Road & Rail		19,615,500		—			—		19,615,500
Semiconductors & Semiconductor Equipment		83,386,223		—			—		83,386,223
Software		113,628,330		—			—		113,628,330
Specialty Retail		59,619,446		—			—		59,619,446
Textiles, Apparel & Luxury Goods		3,858,072		—			—		3,858,072
Trading Companies & Distributors		6,433,102		—			—		6,433,102
Total Common Stocks		1,174,155,048		—			9,143,459		1,183,298,507
Total Convertible Preferred Stocks*		—		—			6,278,419		6,278,419
Total Short-Term Investments*		45,169,678		—			—		45,169,678
Securities Lending Reinvestments
Certificates of Deposit		—		90,022,493			—		90,022,493
Commercial Paper		—		11,009,866			—		11,009,866
Master Demand Notes		—		6,999,921			—		6,999,921
Repurchase Agreements		—		68,395,566			—		68,395,566
Time Deposits		—		8,000,000			—		8,000,000
Mutual Funds		24,000,000		—			—		24,000,000
Total Securities Lending Reinvestments		24,000,000		184,427,846			—		208,427,846
Total Investments	$	1,243,324,726	$	184,427,846		$	15,421,878	$	1,443,174,450
Collateral for Securities Loaned (Liability)	$	—	$	(208,395,566	)	$	—	$	(208,395,566	)

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2021		Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Balance as of December 31, 2022		Change in Unrealized Appreciation (Depreciation) from Investments Held at December 31, 2022
Common Stocks
Oil, Gas & Consumable Fuels	$	3,677,205	$	—		$	—		$	5,466,254		$	9,143,459	$	5,466,254
Convertible Preferred Stocks
Automobiles		2,602,039		—			—			(707,425	)		1,894,614		(707,425	)
Commercial Services & Supplies		869,854		—			—			561,446			1,431,300		561,446
Health Care Providers & Services		1,265,212		—			—			(237,423	)		1,027,789		(237,423	)
Internet & Direct Marketing Retail		2,989,413		—			—			(1,768,977	)		1,220,436		(1,768,977	)
Software		1,677,710		(621,516	)		(9,843	)		(342,071	)		704,280		(178,496	)
	$	13,081,433	$	(621,516	)	$	(9,843	)	$	2,971,804		$	15,421,878	$	3,135,379

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

	Fair Value at December 31, 2022			Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Common Stock
Oil, Gas & Consumable Fuels	$	9,143,459		Discounted Projected Multiple	5 Yr. Average Enterprise Value/EBITDA		14.0x			14.0x			14.0x			Increase
					Discount Rate		12.50	%		12.50	%		12.50	%		Decrease
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
				Comparable Company Analysis	Forward Enterprise Value/EBITDA		10.1x			10.1x			10.1x			Increase
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
Convertible Preferred Stocks
Automobiles		1,369,423	(a)	Market Transaction Method	Precedent Transaction	$	41.27		$	41.27		$	41.27			Increase
				Comparable Company Analysis	Enterprise Value/Revenue		6.2x			6.2x			6.2x			Increase
					Enterprise Value/EBITDA		4.3x			4.3x			4.3x			Increase
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
		525,191	(b)	Discounted Cash Flow	Discount Rate		25.00	%		25.00	%		25.00	%		Decrease
Commercial Services & Supplies		1,431,300		Market Transaction Method	Precedent Transaction	$	78.00		$	78.00		$	78.00			Increase
Health Care Providers & Services		1,027,789	(a)	Market Transaction Method	Precedent Transaction	$	8.10		$	8.10		$	8.10			Increase
				Comparable Company Analysis	Enterprise Value/Sales		5.3x			5.3x			5.3x			Increase
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
Internet & Direct Marketing Retail		1,220,436	(a)	Market Transaction Method	Precedent Transaction	$	118.75		$	125.00		$	121.88			Increase
				Comparable Company Analysis	Enterprise Value/GMV		0.29x			0.41x			0.33x			Increase
					Discount for Lack of Marketability		10.00	%		10.00	%		10.00	%		Decrease
Software		704,280	(c)	Market Transaction Method	Secondary Market Transaction	$	60.00		$	60.00		$	60.00			Increase

(a) For the year ended December 31, 2022, the valuation technique for investments amounting to $3,617,648 changed to a multi-tiered approach. The investments were previously valued utilizing only the precedent transaction price. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

(b) For the year ended December 31, 2022, the valuation technique for investments amounting to $525,191 changed to a discounted cash flow method. The investments were previously valued utilizing a precedent transaction price. The change was due to the consideration of the most recent financial information that was available at the time the investments were valued.

(c) For the year ended December 31, 2022, the valuation technique for investments amounting to $1,233,483 changed to a market transaction method. The investments were previously valued utilizing a multi-tiered approach. The change was due to the consideration of the most recent information available at the time the investments were valued.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,398,004,772
Affiliated investments at value (c)		45,169,678
Cash		1,338,815
Receivable for:
Fund shares sold		34,957
Dividends		316,512
Dividends on affiliated investments		164,686
Prepaid expenses		4,758
Total Assets		1,445,034,178
Liabilities
Collateral for securities loaned		208,395,566
Payables for:
Fund shares redeemed		704,200
Accrued Expenses:
Management fees		689,956
Distribution and service fees		185,800
Deferred trustees’ fees		163,275
Other expenses		179,634
Total Liabilities		210,318,431
Net Assets	$	1,234,715,747
Net Assets Consist of:
Paid in surplus	$	898,554,842
Distributable earnings (Accumulated losses)		336,160,905
Net Assets	$	1,234,715,747
Net Assets
Class A	$	375,828,543
Class B		843,450,782
Class E		15,436,422
Capital Shares Outstanding*
Class A		45,174,724
Class B		121,065,762
Class E		2,054,721
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.32
Class B		6.97
Class E		7.51

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Includes securities loaned at value of $204,976,423.
(b)	Identified cost of investments, excluding affiliated investments, was $1,130,971,247.
(c)	Identified cost of affiliated investments was $45,169,678.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends (a)	$	7,930,110
Dividends from affiliated investments		868,834
Securities lending income		514,723
Total investment income		9,313,667
Expenses
Management fees		10,222,375
Administration fees		63,434
Custodian and accounting fees		106,591
Distribution and service fees—Class B		2,332,497
Distribution and service fees—Class E		26,744
Audit and tax services		54,672
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		76,841
Insurance		11,712
Miscellaneous		18,517
Total expenses		12,968,038
Less management fee waiver		(1,486,545	)
Net expenses		11,481,493
Net Investment Loss		(2,167,826	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		72,980,040
Foreign currency transactions		2,256
Net realized gain (loss)		72,982,296
Net change in unrealized appreciation (depreciation) on:
Investments		(456,752,574	)
Foreign currency transactions		152
Net change in unrealized appreciation (depreciation)		(456,752,422	)
Net realized and unrealized gain (loss)		(383,770,126	)
Net Increase (Decrease) in Net Assets From Operations	$	(385,937,952	)

(a) Net of foreign withholding taxes of $19,523.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	(2,167,826	)	$	(7,773,454	)
Net realized gain (loss)		72,982,296			262,853,426
Net change in unrealized appreciation (depreciation)		(456,752,422	)		(5,051,647	)
Increase (decrease) in net assets from operations		(385,937,952	)		250,028,325
From Distributions to Shareholders
Class A		(70,062,648	)		(45,207,080	)
Class B		(182,004,988	)		(117,698,260	)
Class E		(3,225,603	)		(2,378,152	)
Total distributions		(255,293,239	)		(165,283,492	)
Increase (decrease) in net assets from capital share transactions		140,504,690			(172,515,958	)
Total increase (decrease) in net assets		(500,726,501	)		(87,771,125	)
Net Assets
Beginning of period		1,735,442,248			1,823,213,373
End of period	$	1,234,715,747		$	1,735,442,248

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		1,027,883		$	10,186,623			1,300,823		$	16,906,708
Reinvestments		8,725,112			70,062,648			3,714,633			45,207,080
Redemptions		(4,485,913	)		(41,881,778	)		(16,458,155	)		(216,953,995	)
Net increase (decrease)		5,267,082		$	38,367,493			(11,442,699	)	$	(154,840,207	)
Class B
Sales		4,117,792		$	36,469,353			4,308,723		$	48,768,512
Reinvestments		27,043,832			182,004,988			11,114,094			117,698,260
Redemptions		(14,424,394	)		(115,580,239	)		(16,189,549	)		(182,910,405	)
Net increase (decrease)		16,737,230		$	102,894,102			(766,732	)	$	(16,443,633	)
Class E
Sales		34,438		$	315,053			118,602		$	1,415,341
Reinvestments		444,298			3,225,603			211,768			2,378,152
Redemptions		(472,654	)		(4,297,561	)		(421,276	)		(5,025,611	)
Net increase (decrease)		6,082		$	(756,905	)		(90,906	)	$	(1,232,118	)
Increase (decrease) derived from capital shares transactions				$	140,504,690					$	(172,515,958	)

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.10		$	12.48		$	11.24		$	10.19		$	11.92
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.00	(b)		(0.04	)		(0.00	)(b)		0.03			0.03
Net realized and unrealized gain (loss)		(2.99	)		1.84			2.40			3.00			(0.12	)
Total income (loss) from investment operations		(2.99	)		1.80			2.40			3.03			(0.09	)
Less Distributions
Distributions from net investment income		0.00			0.00			(0.03	)		(0.03	)		0.00
Distributions from net realized capital gains		(1.79	)		(1.18	)		(1.13	)		(1.95	)		(1.64	)
Total distributions		(1.79	)		(1.18	)		(1.16	)		(1.98	)		(1.64	)
Net Asset Value, End of Period	$	8.32		$	13.10		$	12.48		$	11.24		$	10.19
Total Return (%) (c)		(22.33	)		15.15			24.30			31.42			(2.01	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78			0.78			0.78			0.78			0.78
Net ratio of expenses to average net assets (%) (d)(e)		0.67			0.73			0.74			0.74			0.74
Ratio of net investment income (loss) to average net assets (%)		0.01			(0.27	)		(0.04	)		0.27			0.26
Portfolio turnover rate (%)		23			15			24			21			24
Net assets, end of period (in millions)	$	375.8		$	522.8		$	640.8		$	601.8		$	527.7
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	11.39		$	11.02		$	10.06		$	9.29		$	11.02
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.02	)		(0.06	)		(0.03	)		0.00	(b)		0.00	(b)
Net realized and unrealized gain (loss)		(2.61	)		1.61			2.12			2.72			(0.09	)
Total income (loss) from investment operations		(2.63	)		1.55			2.09			2.72			(0.09	)
Less Distributions
Distributions from net investment income		0.00			0.00			(0.00	)(e)		(0.00	)(f)		0.00
Distributions from net realized capital gains		(1.79	)		(1.18	)		(1.13	)		(1.95	)		(1.64	)
Total distributions		(1.79	)		(1.18	)		(1.13	)		(1.95	)		(1.64	)
Net Asset Value, End of Period	$	6.97		$	11.39		$	11.02		$	10.06		$	9.29
Total Return (%)(c)		(22.53	)		14.87	(g)		24.03	(g)		31.07			(2.19	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.03			1.03			1.03			1.03			1.03
Net ratio of expenses to average net assets (%) (d)(e)		0.92			0.98			0.99			0.99			0.99
Ratio of net investment income (loss) to average net assets (%)		(0.24	)		(0.52	)		(0.29	)		0.02			0.01
Portfolio turnover rate (%)		23			15			24			21			24
Net assets, end of period (in millions)	$	843.5		$	1,187.9		$	1,157.6		$	1,057.5		$	920.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.08		$	11.61		$	10.54		$	9.65		$	11.38
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.05	)		(0.02	)		0.01			0.01
Net realized and unrealized gain (loss)		(2.77	)		1.70			2.23			2.84			(0.10	)
Total income (loss) from investment operations		(2.78	)		1.65			2.21			2.85			(0.09	)
Less Distributions
Distributions from net investment income		0.00			0.00			(0.01	)		(0.01	)		0.00
Distributions from net realized capital gains		(1.79	)		(1.18	)		(1.13	)		(1.95	)		(1.64	)
Total distributions		(1.79	)		(1.18	)		(1.14	)		(1.96	)		(1.64	)
Net Asset Value, End of Period	$	7.51		$	12.08		$	11.61		$	10.54		$	9.65
Total Return (%) (c)		(22.50	)		14.98			24.09			31.30			(2.11	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93			0.93			0.93			0.93			0.93
Net ratio of expenses to average net assets (%) (d)(e)		0.82			0.88			0.89			0.89			0.89
Ratio of net investment income (loss) to average net assets (%)		(0.14	)		(0.42	)		(0.19	)		0.12			0.11
Portfolio turnover rate (%)		23			15			24			21			24
Net assets, end of period (in millions)	$	15.4		$	24.7		$	24.8		$	23.7		$	20.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).
(e)	The effect of the voluntary portion of the waivers on the net ratio of expenses to average net assets was 0.03% for the year ended December 31, 2022. (see Note 5 of the Notes to Financial Statements).
(f)	Distributions from net investment income were less than $0.01.
(g)	Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the returns reported in the portfolio manager commentary section of this report.

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is T. Rowe Price Mid Cap Growth Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair

BHFTI-16

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. Book-tax differences are primarily due to net operating losses. These adjustments have no impact on net assets or the results of operations.

BHFTI-17

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Special Purpose Acquisition Companies - The Portfolio may invest in Special Purpose Acquisition Companies (“SPAC”). A SPAC is typically a publicly traded company that raises investment capital via an initial public offering (an “IPO”) for the purpose of acquiring one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transaction (each a “Transaction”). If the Portfolio purchases shares of a SPAC in an IPO it will generally bear a sales commission, which may be significant. The shares of a SPAC are often issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. In some cases, the rights and warrants may be separated from the common stock at the election of the holder, after which they may become freely tradeable. After going public and until a Transaction is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses) in U.S. Government securities, money market securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact the Portfolio’s ability to meet its investment objective(s). If a SPAC does not complete a Transaction within a specified period of time after going public, the SPAC is typically dissolved, at which point the invested funds are returned to the SPAC’s shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting a Transaction. In some cases, the Portfolio may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with a Transaction. Because SPACs often do not have an operating history or ongoing business other than seeking a Transaction, the value of their securities may be particularly dependent on the quality of its management and on the ability of the SPAC’s management to identify and complete a profitable Transaction. Some SPACs may pursue Transactions only within certain industries or regions, which may increase the volatility of an investment in them. In addition, the securities issued by a SPAC, which may be traded in the OTC market, may become illiquid and/or may be subject to restrictions on resale. Other risks of investing in SPACs include that: a significant portion of the monies raised by the SPAC may be expended during the search for a target Transaction; an attractive Transaction may not be identified at all (or any requisite approvals may not be obtained) and the SPAC may be required to return any remaining monies to shareholders; a Transaction once identified or effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Portfolio may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $68,395,566, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper,

BHFTI-18

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against

BHFTI-19

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	301,531,813	$	0	$	403,800,505

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc., the subadviser to the Portfolio, that amounted to $638,691 in purchases and $1,917,007 in sales of investments, which are included above, and resulted in net realized losses of $1,340,717.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.750% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $10,222,375.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. T. Rowe Price Associates, Inc. (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, Brighthouse Investment Advisers has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.075%	All Assets

An identical agreement was in place for the period January 1, 2022 to April 29, 2022. Amounts waived for the year ended December 31, 2022 amounted to $1,022,237 and are included in the total amount shown as management fee waivers in the Statement of Operations.

BHFTI-20

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The Subadviser has agreed to a voluntary subadvisory fee waiver that applies if (i) assets under management by the Subadviser for the Trust and Brighthouse Funds Trust II (“BHFTII”) in the aggregate exceed $750 million, (ii) the Subadviser subadvises three or more portfolios of the Trust and BHFTII in the aggregate, and (iii) at least one of those portfolios is a large cap domestic equity portfolio.

If the aforementioned conditions are met, the Subadviser will waive its subadvisory fee paid by Brighthouse Investment Advisers by 5% for combined Trust and BHFTII average daily net assets over $750 million, 7.5% for the next $1.5 billion of combined assets, and 10% for amounts over $3 billion. Brighthouse Investment Advisers has voluntarily agreed to reduce its advisory fee for the Portfolio by the amount waived (if any) by T. Rowe Price for the Portfolio pursuant to this voluntary subadvisory fee waiver. Because these fee waivers are voluntary, and not contractual, they may be discontinued by T. Rowe Price and Brighthouse Investment Advisers at any time. Amounts voluntarily waived for the year ended December 31, 2022 amounted to $464,308 and are included in the total amount shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2022 is as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales			Ending Value as of December 31, 2022		Income earned from affiliates during the period		Number of shares held at December 31, 2022
T. Rowe Price Treasury Reserve Fund	$	56,020,730	$	124,407,935	$	(135,258,987	)	$	45,169,678	$	868,834		45,169,678

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-21

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,177,926,484
Gross unrealized appreciation		334,105,894
Gross unrealized (depreciation)		(68,857,927	)
Net unrealized appreciation (depreciation)	$	265,247,967

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$4,484,531	$	6,863,467	$	250,808,708	$	158,420,025	$	255,293,239	$	165,283,492

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$—	$	71,076,215	$	265,247,967	$	—	$	336,324,182

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

9. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-22

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the T. Rowe Price Mid Cap Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the T. Rowe Price Mid Cap Growth Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the T. Rowe Price Mid Cap Growth Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-23

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-24

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-25

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on February 10, 16-17, 2022 (the “February Meeting”), the Board of Trustees (the “Board”) of Brighthouse Funds Trust I (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved an amendment (the “Amendment”) to the existing Investment Advisory Agreement (the “Subadvisory Agreement”) between Brighthouse Investment Advisers, LLC (the “Adviser”) and T. Rowe Price Associates, Inc. (“TRPA”) and a new Sub-Subadvisory Agreement (the “Sub-Subadvisory Agreement” and, together with the Amendment, the “Agreements”) between BIA, TRPA, and T. Rowe Price Investment Management, Inc. (“TRPIM”), each on behalf of the T. Rowe Price Mid Cap Growth Portfolio, a series of the Trust (the “Portfolio”). The Agreements were proposed by the Adviser for the Board’s approval in order to reflect an internal restructuring within T. Rowe Price Group, Inc., the parent company of TRPA and TRPIM, which established TRPIM as a separate U.S.-based SEC-registered investment adviser (the “Restructuring”). The Amendment permits TRPA, as the existing subadviser to the Portfolio, to delegate to any affiliate of TRPA, including TRPIM, any or all responsibilities under the Subadvisory Agreement. The Sub-Subadvisory Agreement sets forth the obligations of TRPIM in managing the Portfolio to the extent that TRPA delegates such responsibilities to TRPIM.

In assessing the Adviser’s recommendation to approve the Agreements, the Board reviewed a variety of materials provided by the Adviser and TRPA and TRPIM, at the February Meeting and at prior meetings of the Board, related to the Restructuring, including the material terms of the Agreements and the Restructuring and the nature, extent and quality of services to be provided by TRPA and TRPIM under the Agreements. During the February Meeting and at prior meetings of the Board, representatives of the Adviser had responded to questions from the Independent Trustees and, at prior meetings of the Board, the Board had received presentations from senior executives of TRPA and TRPIM and other information with regard to the Restructuring. The Independent Trustees were separately advised by independent legal counsel throughout the process and met with independent legal counsel in executive session outside the presence of management.

The Adviser provided a representation to the Board that, after a review of the scope and terms of the Restructuring and its potential implications for the Portfolio, the Adviser had concluded that the Portfolio could expect to continue to receive subadvisory services of the same nature, extent and quality from TRPA and TRPIM following the Restructuring as it received from TRPA prior to the Restructuring. In particular, the Board considered the Adviser’s representations that, after the Restructuring, TRPA and TRPIM expect that: (i) there will be no planned portfolio management changes associated with the Portfolio; (ii) there will be no changes in the day to day management of the Portfolio; (iii) the Portfolio will not experience any increase in aggregate fees paid as a result of the Agreements; and (iii) as a wholly-owned subsidiary of TRPA, TRPIM will retain at least the same level of financial resources in order to support the management of the Portfolio.

In approving the Agreements, the Board also considered its prior conclusions with respect to its approval of the Subadvisory Agreement with respect to the Portfolio, including the Board’s general satisfaction with the nature, extent and quality of the services being provided by the TRPA to the Portfolio. In making that approval at a Board meeting held on November 18, 30 and December 1, 2021, the Board considered a variety of factors, including, for example, the experience and qualifications of the portfolio management team and the Portfolio’s performance.

Based on the foregoing and other relevant considerations, at the February Meeting, the Board, including a majority of the Independent Trustees, voted to approve the Agreements. The Board concluded that, in light of all factors considered, the terms of the Agreements, including fee rates, were fair and reasonable.

*  *  *  *

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the

BHFTI-26

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the

Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

BHFTI-27

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser

BHFTI-28

Brighthouse Funds Trust I

T. Rowe Price Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

T. Rowe Price Mid Cap Growth Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. and Agreements with the Adviser, T. Rowe Price Associates, Inc., and T. Rowe Price Investment Management, Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2022 and underperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed the average of its Morningstar Category for the one- and three-year periods ended June 30, 2022 and underperformed the average of its Morningstar Category for the five-year period ended June 30, 2022. The Board also considered that the Portfolio outperformed its benchmark, the Russell Midcap Growth Index, for the one-year period ended October 31, 2022 and underperformed its benchmark for the three- and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median and the Expense Universe median and above the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. In addition, the Board considered that the Adviser had negotiated reductions to the Portfolio’s sub-advisory fee schedule and that the Adviser agreed to waive a portion of its advisory fee in order for contract holders to benefit from the lower sub-advisory fee effective January 1, 2022.

BHFTI-29

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Managed by TCW Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A and B shares of the TCW Core Fixed Income Portfolio returned -14.12% and -14.37%, respectively. The Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, returned -13.01%.

MARKET ENVIRONMENT / CONDITIONS

Much as any year brings its share of the unexpected, possibly the biggest surprise of 2022 was the U.S. Federal Reserve (the “Fed”) finding a long-lost resolve in the face of a capital markets-wide selloff precipitated by a rooted and flowered inflation. As for the markets, the tumult of the year would be hard to overstate. Pricing weakness was felt across asset classes with broad stock and bond measures dropping at record levels. Compounding the deleterious effect of one of the most hawkish and synchronized central bank tightening campaigns in history, low bond yields and relatively lofty stock valuations to start the year set the stage for such disappointing results. What periodic relief there was in 2022 manifested itself as a pattern of sporadic bear market rallies though optimism proved unsustainable. Although late to take action to combat inflation, central banks around the world turned from accommodative to tighter monetary policy in 2022. The initiated its aggressive tightening measures in March to eventually get through four consecutive 75 basis point (‘bps”) increases to the Fed Funds rate, followed by an additional 50 bps bump in December, bringing the target range to 4.25% to 4.50% by year-end. The Fed was not alone as nearly all other major central banks hiked rates considerably in 2022. Bank of Japan (the “BoJ”) was the exception as it reiterated its commitment to easy monetary policy throughout the year. As the Fed neared the anticipated end of its hiking cycle, and with Japanese investors likely moving to the sidelines, and the European Central Bank (the “ECB”) still facing higher inflation, the U.S. dollar weakened into the end of the year, though it remained significantly stronger over the full year.

Notwithstanding rates peaking in October, rate volatility eased in the fourth quarter as the pace of central bank rate hikes began to slow. Fixed income remediated into the fourth quarter, with the Bloomberg Global Aggregate Bond Index gaining 4.5%, but year-to-date losses were too steep to overcome, falling 16%. Credit markets lagged in 2022 as spreads widened in both the investment grade and high yield markets. Despite widening, U.S. investment grade spreads around 130 bps are still moderately tighter than their long-term averages and substantially narrower than they have been in recessions, suggesting there is room for them to widen further in 2023 if the economy endures a more significant downturn. For leveraged finance, despite a fourth quarter rally of 4.2%, U.S. high yield bonds were down 11.2% for the year and the amount of distressed debt in the U.S. alone jumped more than 300% in 12 months.

Even more affected than the corporate market, Agency Mortgage-Backed Securities (“MBS”) spreads reached levels similar to where they were in 2008 and delivered an 11.8% loss for 2022 despite clawing back 2.1% in the fourth quarter. Similarly, non-Agency MBS spreads reflected weaker economic expectations than those priced by credit markets, resulting in deeply negative year-to-date returns (though better than the Agency MBS market). Commercial real estate remained vulnerable as the work from home dynamic has weighed on office properties, adding to stress in brick-and-mortar retailers and translating to lagging results and an increasing percentage of Commercial Mortgage-Backed Securities (“CMBS”) collateral loans going to special servicing. Both Agency and Non-Agency CMBS tumbled approximately 11% on the year, with the Agency market dragged down mostly on duration while non-Agency CMBS experienced more pronounced spread widening. On the Asset-Backed Securities (“ABS”) front, early signs of stress are emerging despite a modest current annual loss of 4.3%, with delinquencies and write-offs picking up, especially among the highest risk borrowers.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index (the “Index”), during the reporting period. The underperformance was driven primarily by issue selection within residential MBS, particularly non-Agency MBS. Non-Agency MBS tightened into year-end, but underperformed for the year given increased volatility, money manager outflows, and overall financial market stress, with a notable bifurcation between higher quality issues that traded more frequently and less liquid issues. Ultimately, non-Agency MBS spreads reflect much more dire economic conditions than are indicated by credit markets. An additional drag came from the overweight to Agency MBS, which experienced its best and worst monthly performance in history during 2022 but was ultimately weakened by sustained interest rate volatility. ABS and CMBS also detracted, but to a lesser extent, with spreads widening in both sectors as cracks in consumer strength held back ABS, while slowing retail activity and the popularization of away-from-the-office work arrangements weighed on CMBS collateral. Among corporates, additions made during the year benefited returns in periods when the sector rallied (first quarter and November in particular), though a drag came from the overweight to communications, which was one of the worst performing sectors. Finally, duration positioning benefited relative returns for the year given the shorter-than-Index position in the first quarter when rates rose, and the longer-than-Index position in November when rates fell considerably. The curve steepening bias (overweight to 2- and 5-year parts of the curve) detracted for the year as Treasury yields marched higher, led by short interest rates.

The impact of derivatives—used largely to manage the duration and curve exposure—was minimal for the year; futures produced a minor headwind given the increased funding costs brought forth by rising short maturities, while interest rate swap positions largely offset each other as the benefit from pay fixed rate positions was partially negated by the receive fixed positions.

With the bellwether Treasury yield above the team’s estimate of sustainable levels, the duration of the Portfolio was extended throughout 2022 to approximately 0.6 years long versus the Index. Sector

BHFTI-1

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Managed by TCW Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

allocations dictated caution given that corporate spread levels remained insufficient. As such, the Portfolio emphasized more resilient sectors and issues subject to less would-be volatility, with the expectation that as recession unfolds, the non-linear move in spreads should allow for de-risking as valuations improve, while maintaining room to increase exposure during larger corrections. Unlike credit markets, both Agency and non-Agency MBS prices reflected economic pressure and represented what we viewed as attractive value at that point. As for non-Agency MBS, especially long-seasoned legacy issues, these continued to exhibit good collateral performance, i.e., low delinquencies and improving loan-to-value ratios. The team remained selective in these sectors and, like credit, looked to reduce higher quality holdings, using proceeds to migrate down the quality spectrum as valuations cheapened to improve the return outlook. Finally, exposure to other securitized issues was higher quality, particularly in the CMBS market. ABS at the top of the capital structure provided what we believe to be fair compensation given robust structures, with an ongoing focus on off-the-run sectors that offered more attractive yields than more traditional credit cards and auto receivables.

Stephen Kane

Laird Landman

Bryan Whalen

Portfolio Managers

TCW Investment Management Company LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities.

BHFTI-2

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		Since Inception1
TCW Core Fixed Income Portfolio
Class A		-14.12		0.24		0.80
Class B		-14.37		0.00		0.58
Bloomberg U.S. Aggregate Bond Index		-13.01		0.02		0.72

¹ Inception date of the Class A and Class B shares is 5/1/2015. The since inception return of the index is based on the Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		65.4
Corporate Bonds & Notes		29.9
Asset-Backed Securities		11.2
Mortgage-Backed Securities		7.6
Municipals		0.5

BHFTI-3

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

TCW Core Fixed Income Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.46	%	$	1,000.00	$	964.40	$	2.28
	Hypothetical*		0.46	%	$	1,000.00	$	1,022.89	$	2.35
Class B (a)	Actual		0.71	%	$	1,000.00	$	962.30	$	3.51
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.63	$	3.62

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—65.4% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—37.0%
Fannie Mae 15 Yr. Pool
3.000%, 06/01/32		473,655	$	450,761
Fannie Mae 20 Yr. Pool
2.000%, 08/01/40		2,351,179		2,002,385
2.000%, 10/01/40		6,006,942		5,115,815
2.000%, 11/01/40		3,503,152		2,983,452
2.000%, 07/01/41		3,831,082		3,229,411
Fannie Mae 30 Yr. Pool
2.000%, 12/01/51		14,732,899		12,010,378
2.000%, 02/01/52		14,164,549		11,542,782
2.000%, 04/01/52		20,545,765		16,769,053
2.500%, 12/01/51		9,089,979		7,712,991
2.500%, 01/01/52		709,888		602,293
2.500%, 02/01/52		9,068,832		7,688,252
2.500%, 03/01/52		6,933,967		5,876,606
3.000%, 07/01/45		7,742,681		6,976,940
3.000%, 09/01/49		4,057,595		3,613,519
3.500%, 01/01/48		2,669,902		2,475,520
3.500%, 02/01/48		1,357,449		1,261,490
4.000%, 06/01/47		673,558		642,968
4.500%, 02/01/46		1,233,627		1,211,865
4.500%, 05/01/48		3,604,043		3,526,279
4.500%, 08/01/48		621,310		608,809
Fannie Mae Pool
2.455%, 04/01/40		2,790,000		1,930,334
3.000%, 10/01/49		1,019,274		887,353
3.500%, 01/01/44		2,408,606		2,249,650
4.000%, 08/01/42		347,152		332,617
Fannie Mae REMICS (CMO)
3.000%, 06/25/48		1,660,271		1,464,430
3.500%, 01/25/47		1,937,575		1,865,016
3.500%, 06/25/47		1,073,106		1,024,141
Freddie Mac 15 Yr. Gold Pool
3.000%, 03/01/31		729,356		698,479
3.000%, 06/01/33		208,748		196,289
3.500%, 11/01/33		1,029,850		991,453
3.500%, 01/01/34		1,795,846		1,729,101
Freddie Mac 30 Yr. Gold Pool
3.000%, 09/01/46		915,618		820,706
3.000%, 10/01/46		2,451,988		2,202,369
3.000%, 11/01/46		3,819,925		3,411,729
3.000%, 01/01/47		4,707,066		4,211,842
3.500%, 01/01/44		1,835,876		1,720,049
3.500%, 04/01/45		2,886,132		2,700,324
3.500%, 11/01/45		287,634		267,847
3.500%, 06/01/46		1,040,501		961,821
3.500%, 08/01/46		1,223,913		1,141,296
3.500%, 04/01/47		6,363,608		5,913,939
3.500%, 12/01/47		10,039,279		9,331,528
3.500%, 01/01/48		11,830,300		11,088,754
3.500%, 03/01/48		8,403,309		7,851,554
4.000%, 01/01/45		1,968,650		1,899,050
4.000%, 12/01/45		4,422,427		4,248,231
4.000%, 03/01/48		374,815		359,562
4.000%, 06/01/48		25,579		24,449
4.000%, 11/01/48		607,633		582,903
Agency Sponsored Mortgage-Backed —(Continued)
Freddie Mac 30 Yr. Gold Pool
4.500%, 10/01/48		1,268,358		1,244,408
5.000%, 06/01/48		347,565		348,965
5.000%, 08/01/48		58,041		58,158
5.000%, 10/01/48		698,076		699,593
Freddie Mac 30 Yr. Pool 2.000%, 04/01/52		6,691,442		5,450,696
2.500%, 01/01/52		7,540,873		6,398,559
2.500%, 02/01/52		8,579,331		7,273,270
2.500%, 04/01/52		2,234,565		1,893,019
2.500%, 05/01/52		8,878,784		7,519,414
3.000%, 01/01/50		5,443,402		4,847,464
Freddie Mac Multifamily Structured Pass-Through Certificates 3.750%, 04/25/33		5,465,000		5,120,756
Freddie Mac REMICS (CMO) 3.000%, 04/15/48		705,415		611,949
Ginnie Mae II 30 Yr. Pool 2.500%, TBA (a)		26,700,000		23,131,760
3.000%, 10/20/46		781,507		706,903
3.000%, 12/20/46		2,460,544		2,222,872
3.000%, 04/20/47		501,375		452,005
3.000%, 11/20/47		886,222		801,646
3.500%, 04/20/46		1,770,893		1,651,595
3.500%, 05/20/46		787,250		735,003
3.500%, 06/20/46		173,569		161,962
3.500%, 11/20/46		2,621,878		2,440,209
3.500%, 01/20/47		453,300		423,267
3.500%, 09/20/47		843,762		790,037
3.500%, 11/20/47		1,718,543		1,599,915
4.000%, 11/20/47		867,738		833,112
4.000%, 12/20/47		785,784		754,432
4.000%, 03/20/48		568,506		545,845
4.000%, 10/20/48		1,135,109		1,086,309
4.500%, 02/20/47		1,631,139		1,621,666
4.500%, 06/20/47		2,459,267		2,411,044
5.000%, 06/20/47		1,342,989		1,352,216
5.000%, 09/20/47		695,184		699,948
Ginnie Mae II Pool 3.000%, 10/20/49		914,909		809,715
3.500%, 07/20/49		128,409		116,825
Government National Mortgage Association (CMO) 3.500%, 09/20/48		1,371,407		1,290,865
Uniform Mortgage-Backed Securities 30 Yr. Pool 2.000%, TBA (a)		80,125,000		65,178,503
2.500%, TBA (a)		73,500,000		62,218,802
3.000%, TBA (a)		31,850,000		27,944,211
3.500%, TBA (a)		13,075,000		11,876,058
4.000%, TBA (a)		21,550,000		20,206,572
4.500%, TBA (a)		45,475,000		43,758,605
5.000%, TBA (a)		70,150,000		69,113,282
				556,809,820
Federal Agencies—1.3%
Federal Home Loan Banks 1.040%, 06/14/24		20,515,000		19,420,314

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
U.S. Treasury—27.1%
U.S. Treasury Bonds 2.000%, 11/15/41 (b)		86,087,000	$	61,468,136
2.375%, 02/15/42		38,805,000		29,628,224
4.000%, 11/15/52 (b)		26,025,000		26,061,598
U.S. Treasury Inflation Indexed Notes 0.625%, 07/15/32 (b) (c)		2,090,071		1,914,331
U.S. Treasury Notes 3.750%, 12/31/27		70,535,000		70,127,219
3.875%, 11/30/27		47,185,000		46,926,957
4.000%, 12/15/25 (b)		57,770,000		57,399,911
4.125%, 10/31/27		2,305,000		2,313,464
4.125%, 11/15/32 (b)		16,090,000		16,419,342
4.250%, 12/31/24		7,040,000		7,015,525
4.500%, 11/30/24 (b)		88,105,000		88,108,441
				407,383,148
Total U.S. Treasury & Government Agencies (Cost $1,030,113,209)				983,613,282
Corporate Bonds & Notes—29.9%
Aerospace/Defense—0.3%
BAE Systems Holdings, Inc. 3.850%, 12/15/25 (144A)		1,500,000		1,446,159
Boeing Co. (The) 1.433%, 02/04/24		3,500,000		3,354,075
				4,800,234
Agriculture—0.7%
BAT Capital Corp. 4.390%, 08/15/37 (b)		830,000		645,326
4.540%, 08/15/47 (b)		5,585,000		3,946,218
5.650%, 03/16/52 (b)		430,000		354,453
Imperial Brands Finance plc 3.125%, 07/26/24 (144A)		2,800,000		2,676,755
Reynolds American, Inc. 5.700%, 08/15/35 (b)		1,170,000		1,056,115
5.850%, 08/15/45		1,805,000		1,537,493
				10,216,360
Airlines—0.1%
American Airlines Pass-Through Trust 4.000%, 07/15/25		851,146		737,930
U.S. Airways Pass-Through Trust 6.250%, 04/22/23		862,856		862,274
				1,600,204
Auto Manufacturers—0.2%
General Motors Co. 4.875%, 10/02/23 (b)		3,330,000		3,319,641
Banks—11.4%
Bank of America Corp. 1.658%, SOFR + 0.910%, 03/11/27 (d)		9,885,000		8,745,295
1.734%, SOFR + 0.960%, 07/22/27 (b) (d)		1,591,000		1,393,901
Banks—(Continued)
Bank of America Corp.
2.087%, SOFR + 1.060%, 06/14/29 (b) (d)		3,640,000		3,063,038
2.592%, SOFR + 2.150%, 04/29/31 (b) (d)		2,305,000		1,877,275
2.687%, SOFR + 1.320%, 04/22/32 (d)		4,260,000		3,409,636
2.972%, SOFR + 1.330%, 02/04/33 (d)		1,060,000		853,956
3.970%, 3M LIBOR + 1.070%, 03/05/29 (d)		990,000		913,498
Bank of New York Mellon Corp. (The) 5.834%, SOFR + 2.074%, 10/25/33 (d)		295,000		305,795
Citigroup, Inc.
0.981%, SOFR + 0.669%, 05/01/25 (b) (d)		335,000		313,708
1.462%, SOFR + 0.770%, 06/09/27 (b) (d)		6,220,000		5,395,277
2.561%, SOFR + 1.167%, 05/01/32 (d)		1,895,000		1,496,035
2.572%, SOFR + 2.107%, 06/03/31 (b) (d)		1,230,000		994,812
2.976%, SOFR + 1.422%, 11/05/30 (d)		1,090,000		916,500
3.057%, SOFR + 1.351%, 01/25/33 (d)		5,015,000		4,047,179
3.070%, SOFR + 1.280%, 02/24/28 (d)		960,000		865,468
Credit Suisse Group AG 1.305%, SOFR + 0.980%, 02/02/27 (144A) (b) (d)		1,650,000		1,317,828
3.091%, SOFR + 1.730%, 05/14/32 (144A) (b) (d)		3,180,000		2,197,210
3.869%, 3M LIBOR + 1.410%, 01/12/29 (144A) (b) (d)		785,000		629,215
6.537%, SOFR + 3.920%, 08/12/33 (144A) (b) (d)		7,530,000		6,606,772
9.016%, SOFR + 5.020%, 11/15/33 (144A) (d)		4,950,000		5,068,143
DNB Bank ASA 1.605%, 1Y H15 + 0.680%, 03/30/28 (144A) (b) (d)		3,140,000		2,656,317
Goldman Sachs Group, Inc. (The) 0.925%, SOFR + 0.486%, 10/21/24 (b) (d)		2,060,000		1,973,480
1.093%, SOFR + 0.789%, 12/09/26 (d)		1,025,000		903,564
1.217%, 12/06/23 (b)		5,155,000		4,976,193
1.431%, SOFR + 0.798%, 03/09/27 (b) (d)		5,605,000		4,915,069
1.542%, SOFR + 0.818%, 09/10/27 (d)		1,970,000		1,699,376
1.948%, SOFR + 0.913%, 10/21/27 (d)		3,925,000		3,431,961
2.383%, SOFR + 1.248%, 07/21/32 (b) (d)		2,705,000		2,098,833
2.650%, SOFR + 1.264%, 10/21/32 (d)		1,310,000		1,034,336
3.200%, 02/23/23 (b)		875,000		872,805
HSBC Holdings plc 2.013%, SOFR + 1.732%, 09/22/28 (d)		6,700,000		5,599,897
2.206%, SOFR + 1.285%, 08/17/29 (b) (d)		2,880,000		2,324,681
2.633%, SOFR + 1.402%, 11/07/25 (b) (d)		535,000		502,436
2.804%, SOFR + 1.187%, 05/24/32 (d)		2,180,000		1,686,620
2.871%, SOFR + 1.410%, 11/22/32 (b) (d)		1,025,000		783,345
4.755%, SOFR + 2.110%, 06/09/28 (d)		675,000		638,015
JPMorgan Chase & Co. 0.697%, SOFR + 0.580%, 03/16/24 (b) (d)		3,935,000		3,893,616
0.969%, 3M TSFR + 0.580%, 06/23/25 (b) (d)		3,930,000		3,663,424
1.578%, SOFR + 0.885%, 04/22/27 (d)		5,695,000		5,003,983
1.953%, SOFR + 1.065%, 02/04/32 (d)		3,330,000		2,547,197
2.005%, 3M TSFR + 1.585%, 03/13/26 (b) (d)		1,700,000		1,573,445
2.545%, SOFR + 1.180%, 11/08/32 (d)		3,000,000		2,371,293
2.580%, SOFR + 1.250%, 04/22/32 (b) (d)		1,910,000		1,529,986
2.739%, SOFR + 1.510%, 10/15/30 (b) (d)		1,215,000		1,018,918
2.947%, SOFR + 1.170%, 02/24/28 (d)		1,250,000		1,130,747
Lloyds Banking Group plc 1.627%, 1Y H15 + 0.850%, 05/11/27 (d)		1,200,000		1,038,655
3.870%, 1Y H15 + 3.500%, 07/09/25 (d)		2,515,000		2,434,190
4.976%, 1Y H15 + 2.300%, 08/11/33 (b) (d)		3,055,000		2,805,071

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Macquarie Group, Ltd. 2.871%, SOFR + 1.532%, 01/14/33 (144A) (d)		5,160,000	$	3,958,663
4.442%, SOFR + 2.405%, 06/21/33 (144A) (b) (d)		680,000		590,169
5.033%, 3M LIBOR + 1.750%, 01/15/30 (144A) (d)		628,000		590,614
Morgan Stanley 1.164%, SOFR + 0.560%, 10/21/25 (b) (d)		7,505,000		6,908,441
1.928%, SOFR + 1.020%, 04/28/32 (d)		2,965,000		2,237,171
2.475%, SOFR + 1.000%, 01/21/28 (d)		2,740,000		2,434,635
2.484%, SOFR + 1.360%, 09/16/36 (d)		2,235,000		1,620,668
2.511%, SOFR + 1.200%, 10/20/32 (b) (d)		700,000		547,793
2.943%, SOFR + 1.290%, 01/21/33 (d)		1,460,000		1,181,108
NatWest Group plc 4.269%, 3M LIBOR + 1.762%, 03/22/25 (d)		3,830,000		3,745,276
PNC Financial Services Group, Inc. (The) 6.037%, SOFR + 2.140%, 10/28/33 (b) (d)		1,455,000		1,514,800
Santander UK Group Holdings plc 1.089%, SOFR + 0.787%, 03/15/25 (b) (d)		3,445,000		3,218,716
1.532%, 1Y H15 + 1.250%, 08/21/26 (d)		330,000		290,692
1.673%, SOFR + 0.989%, 06/14/27 (b) (d)		1,250,000		1,062,866
2.469%, SOFR + 1.220%, 01/11/28 (d)		725,000		619,121
Santander UK plc 5.000%, 11/07/23 (144A)		3,950,000		3,937,897
U.S. Bancorp 5.850%, SOFR + 2.090%, 10/21/33 (d)		1,480,000		1,536,447
UBS Group AG 4.488%, 1Y H15 + 1.550%, 05/12/26 (144A) (b) (d)		1,040,000		1,016,458
Wells Fargo & Co. 2.164%, 3M LIBOR + 0.750%, 02/11/26 (b) (d)		2,885,000		2,689,492
2.393%, SOFR + 2.100%, 06/02/28 (d)		6,130,000		5,410,269
3.350%, SOFR + 1.500%, 03/02/33 (b) (d)		5,085,000		4,283,593
3.526%, SOFR + 1.510%, 03/24/28 (d)		4,740,000		4,389,245
4.897%, SOFR + 2.100%, 07/25/33 (b) (d)		2,290,000		2,174,431
5.013%, SOFR + 4.502%, 04/04/51 (d)		755,000		665,061
				172,141,620
Beverages—0.2%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.700%, 02/01/36 (b)		1,500,000		1,416,664
Anheuser-Busch InBev Worldwide, Inc. 4.600%, 04/15/48 (b)		512,000		444,903
Bacardi, Ltd. 4.450%, 05/15/25 (144A) (b)		405,000		392,973
5.300%, 05/15/48 (144A)		1,105,000		984,148
				3,238,688
Chemicals—0.3%
International Flavors & Fragrances, Inc. 2.300%, 11/01/30 (144A) (b)		4,273,000		3,390,080
5.000%, 09/26/48 (b)		460,000		390,588
				3,780,668
Commercial Services—0.2%
Global Payments, Inc. 5.400%, 08/15/32 (b)		795,000		757,119
5.950%, 08/15/52 (b)		1,024,000		925,861
Commercial Services—(Continued)
S&P Global, Inc. 4.750%, 08/01/28 (144A)		1,500,000		1,482,483
				3,165,463
Computers—0.1%
Lenovo Group, Ltd. 6.536%, 07/27/32 (144A)		825,000		798,953
Diversified Financial Services—1.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.000%, 10/29/28		1,765,000		1,478,674
3.300%, 01/30/32 (b)		4,300,000		3,361,571
3.875%, 01/23/28 (b)		475,000		427,189
Air Lease Corp. 2.300%, 02/01/25		4,715,000		4,389,803
American Express Co. 2.550%, 03/04/27 (b)		1,930,000		1,755,727
Avolon Holdings Funding, Ltd. 2.528%, 11/18/27 (144A)		1,274,000		1,018,302
2.875%, 02/15/25 (144A)		1,995,000		1,842,912
3.950%, 07/01/24 (144A) (b)		560,000		536,089
Capital One Financial Corp. 3.273%, SOFR + 1.790%, 03/01/30 (b) (d)		2,700,000		2,308,418
Intercontinental Exchange, Inc. 1.850%, 09/15/32 (b)		2,155,000		1,621,047
ORIX Corp. 5.200%, 09/13/32 (b)		1,585,000		1,544,858
Park Aerospace Holdings, Ltd. 4.500%, 03/15/23 (144A)		2,330,000		2,324,249
5.500%, 02/15/24 (144A)		390,000		384,914
Raymond James Financial, Inc. 4.950%, 07/15/46 (b)		995,000		884,578
				23,878,331
Electric—2.0%
Appalachian Power Co. 3.300%, 06/01/27 (b)		760,000		711,314
4.450%, 06/01/45		1,440,000		1,183,682
Duke Energy Carolinas LLC 4.250%, 12/15/41		1,300,000		1,121,911
Duke Energy Progress LLC 4.100%, 05/15/42 (b)		1,000,000		839,386
4.100%, 03/15/43 (b)		2,325,000		1,947,178
Evergy Metro, Inc. 4.200%, 03/15/48		2,250,000		1,824,016
Eversource Energy 4.600%, 07/01/27 (b)		1,660,000		1,636,896
FirstEnergy Transmission LLC 4.350%, 01/15/25 (144A)		3,430,000		3,342,320
Florida Power & Light Co. 3.990%, 03/01/49 (b)		2,000,000		1,676,757
International Transmission Co. 4.625%, 08/15/43		2,750,000		2,381,336
MidAmerican Energy Co. 4.800%, 09/15/43 (b)		905,000		843,161

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
NextEra Energy Capital Holdings, Inc. 2.250%, 06/01/30 (b)		1,495,000	$	1,229,412
PacifiCorp 3.350%, 07/01/25		2,000,000		1,916,236
Pennsylvania Electric Co. 3.250%, 03/15/28 (144A)		570,000		511,998
4.150%, 04/15/25 (144A)		2,800,000		2,689,879
Public Service Co. of New Mexico 3.850%, 08/01/25		3,135,000		2,986,536
Southwestern Electric Power Co. 4.100%, 09/15/28		3,000,000		2,843,366
				29,685,384
Entertainment—0.5%
Warnermedia Holdings, Inc. 4.279%, 03/15/32 (144A) (b)		870,000		716,675
5.050%, 03/15/42 (144A) (b)		4,510,000		3,450,521
5.141%, 03/15/52 (144A) (b)		4,800,000		3,489,439
				7,656,635
Food—0.5%
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc. 3.000%, 05/15/32 (144A) (b)		1,085,000		832,033
3.750%, 12/01/31 (144A) (b)		380,000		310,422
4.375%, 02/02/52 (144A) (b)		1,500,000		1,060,386
6.500%, 12/01/52 (144A)		1,795,000		1,708,502
Kraft Heinz Foods Co. 4.875%, 10/01/49 (b)		1,645,000		1,427,931
5.200%, 07/15/45		1,915,000		1,766,801
Pilgrim’s Pride Corp. 3.500%, 03/01/32 (144A) (b)		1,200,000		939,000
				8,045,075
Gas—0.5%
KeySpan Gas East Corp. 3.586%, 01/18/52 (144A)		5,000,000		3,311,404
Southern Co. Gas Capital Corp. 3.250%, 06/15/26		4,000,000		3,723,486
Spire, Inc. 4.700%, 08/15/44		1,000,000		808,638
				7,843,528
Healthcare-Services—1.9%
Centene Corp. 3.000%, 10/15/30		4,362,000		3,575,746
CommonSpirit Health 2.782%, 10/01/30		870,000		717,597
3.347%, 10/01/29		1,050,000		913,761
Elevance Health, Inc. 3.650%, 12/01/27 (b)		2,235,000		2,107,401
Fresenius Medical Care U.S. Finance III, Inc. 1.875%, 12/01/26 (144A) (b)		2,050,000		1,738,375
HCA, Inc. 2.375%, 07/15/31 (b)		465,000		361,969
3.625%, 03/15/32 (144A) (b)		1,875,000		1,586,538
Healthcare-Services—(Continued)
HCA, Inc.
4.125%, 06/15/29		2,493,000		2,275,837
5.250%, 06/15/26 (b)		1,505,000		1,486,834
5.250%, 06/15/49		3,200,000		2,725,474
5.500%, 06/15/47		1,000,000		888,121
5.875%, 02/01/29		2,000,000		1,993,751
Humana, Inc. 3.700%, 03/23/29		4,685,000		4,289,299
New York and Presbyterian Hospital (The) 3.563%, 08/01/36		4,490,000		3,728,774
				28,389,477
Insurance—0.9%
Aon Corp. 3.900%, 02/28/52 (b)		960,000		740,847
Athene Global Funding 1.985%, 08/19/28 (144A) (b)		5,100,000		4,103,319
3.205%, 03/08/27 (144A) (b)		1,055,000		940,098
Berkshire Hathaway Finance Corp. 3.850%, 03/15/52 (b)		615,000		490,184
Farmers Exchange Capital III 5.454%, 3M LIBOR + 3.454%, 10/15/54 (144A) (d)		3,530,000		3,220,260
Farmers Insurance Exchange 4.747%, 3M LIBOR + 3.231%, 11/01/57 (144A) (d)		90,000		72,146
Teachers Insurance & Annuity Association of America 4.375%, 3M LIBOR + 2.661%, 09/15/54 (144A) (d)		3,500,000		3,347,639
				12,914,493
Internet—0.1%
Tencent Holdings, Ltd. 3.680%, 04/22/41 (144A)		920,000		676,472
3.840%, 04/22/51 (144A)		910,000		644,726
				1,321,198
Media—0.6%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 5.250%, 04/01/53 (b)		1,605,000		1,238,808
5.375%, 05/01/47 (b)		6,500,000		5,098,877
Paramount Global 4.200%, 05/19/32 (b)		1,780,000		1,456,875
Time Warner Cable LLC 5.500%, 09/01/41 (b)		2,065,000		1,713,691
				9,508,251
Oil & Gas—0.3%
Hess Corp. 5.600%, 02/15/41 (b)		1,200,000		1,134,323
Petroleos Mexicanos 6.750%, 09/21/47 (b)		3,228,000		2,059,460
6.950%, 01/28/60		355,000		224,368
7.690%, 01/23/50 (b)		2,110,000		1,459,906
				4,878,057

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Packaging & Containers—0.4%
Amcor Finance USA, Inc. 3.625%, 04/28/26 (b)		2,625,000	$	2,483,655
Berry Global, Inc. 1.570%, 01/15/26 (b)		1,660,000		1,478,754
1.650%, 01/15/27		2,575,000		2,202,323
				6,164,732
Pharmaceuticals—1.1%
AbbVie, Inc. 4.450%, 05/14/46		1,384,000		1,189,452
4.500%, 05/14/35 (b)		599,000		554,857
4.550%, 03/15/35		205,000		191,691
Bayer U.S. Finance LLC 4.250%, 12/15/25 (144A)		135,000		130,805
4.375%, 12/15/28 (144A)		4,506,000		4,229,852
4.400%, 07/15/44 (144A) (b)		1,205,000		949,779
4.625%, 06/25/38 (144A) (b)		1,250,000		1,087,582
4.875%, 06/25/48 (144A)		1,965,000		1,694,319
Cigna Corp. 3.400%, 03/15/51 (b)		739,000		525,249
3.875%, 10/15/47		1,100,000		852,774
CVS Health Corp.
5.050%, 03/25/48		5,280,000		4,739,037
5.125%, 07/20/45		100,000		91,141
				16,236,538
Pipelines—1.1%
Enbridge Energy Partners L.P. 5.875%, 10/15/25 (b)		850,000		863,167
Energy Transfer L.P. 5.000%, 05/15/50		3,830,000		3,059,905
5.150%, 03/15/45		2,352,000		1,946,708
5.400%, 10/01/47		1,200,000		1,016,469
Enterprise Products Operating LLC 5.100%, 02/15/45		970,000		871,738
Kinder Morgan, Inc. 5.550%, 06/01/45		1,275,000		1,162,559
Plains All American Pipeline L.P. / PAA Finance Corp. 3.800%, 09/15/30 (b)		1,290,000		1,121,115
Rockies Express Pipeline LLC 4.950%, 07/15/29 (144A) (b)		3,000,000		2,692,050
Ruby Pipeline LLC 8.000%, 04/01/22† (144A) (b) (e)		2,262,727		2,455,059
Sabine Pass Liquefaction LLC 4.500%, 05/15/30 (b)		1,405,000		1,302,318
				16,491,088
Real Estate Investment Trusts—1.5%
American Assets Trust L.P. 3.375%, 02/01/31		1,950,000		1,546,708
American Homes 4 Rent L.P. 2.375%, 07/15/31		975,000		752,045
CubeSmart L.P. 2.500%, 02/15/32 (b)		530,000		405,183
Real Estate Investment Trusts—(Continued)
Extra Space Storage L.P. 2.350%, 03/15/32		435,000		329,167
2.550%, 06/01/31		1,000,000		782,270
3.900%, 04/01/29 (b)		320,000		286,637
GLP Capital L.P. / GLP Financing II, Inc. 4.000%, 01/15/30		487,000		426,521
5.250%, 06/01/25 (b)		1,000,000		983,015
5.300%, 01/15/29 (b)		265,000		250,780
5.375%, 04/15/26 (b)		3,160,000		3,100,172
5.750%, 06/01/28		2,000,000		1,961,059
Healthcare Realty Holdings L.P. 2.000%, 03/15/31 (b)		1,347,000		1,019,724
2.050%, 03/15/31		141,000		103,071
3.500%, 08/01/26 (b)		2,399,000		2,232,888
Hudson Pacific Properties L.P. 3.250%, 01/15/30		480,000		363,820
5.950%, 02/15/28		1,395,000		1,302,424
Invitation Homes Operating Partnership L.P. 2.000%, 08/15/31 (b)		310,000		229,089
4.150%, 04/15/32 (b)		1,545,000		1,351,698
Physicians Realty L.P. 2.625%, 11/01/31 (b)		990,000		772,734
VICI Properties L.P. 5.125%, 05/15/32 (b)		1,790,000		1,657,450
5.625%, 05/15/52 (b)		954,000		843,880
VICI Properties L.P. / VICI Note Co., Inc.
3.750%, 02/15/27 (144A) (b)		100,000		90,775
3.875%, 02/15/29 (144A) (b)		995,000		872,052
4.500%, 09/01/26 (144A) (b)		550,000		517,593
4.500%, 01/15/28 (144A) (b)		335,000		307,405
4.625%, 06/15/25 (144A)		145,000		139,019
5.750%, 02/01/27 (144A)		610,000		594,604
				23,221,783
Retail—0.2%
Alimentation Couche-Tard, Inc. 3.550%, 07/26/27 (144A)		2,340,000		2,162,794
Savings & Loans—0.3%
Nationwide Building Society 2.972%, SOFR + 1.290%, 02/16/28 (144A) (b) (d)		2,435,000		2,140,356
3.766%, 3M LIBOR + 1.064%, 03/08/24 (144A) (b) (d)		2,820,000		2,804,535
				4,944,891
Semiconductors—0.2%
Broadcom, Inc. 2.600%, 02/15/33 (144A) (b)		1,969,000		1,477,926
3.469%, 04/15/34 (144A) (b)		916,000		730,723
				2,208,649
Software—0.4%
Oracle Corp. 3.600%, 04/01/50		2,750,000		1,851,483
3.950%, 03/25/51 (b)		2,710,000		1,930,711
6.900%, 11/09/52		1,465,000		1,567,293

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
Take-Two Interactive Software, Inc. 4.000%, 04/14/32 (b)		775,000	$	685,977
				6,035,464
Telecommunications—2.2%
AT&T, Inc. 2.550%, 12/01/33 (b)		1,985,000		1,525,492
3.800%, 12/01/57		499,000		344,277
4.300%, 12/15/42 (b)		1,791,000		1,469,326
4.750%, 05/15/46 (b)		1,590,000		1,344,208
4.850%, 03/01/39		1,368,000		1,223,798
5.250%, 03/01/37 (b)		2,485,000		2,394,313
Level 3 Financing, Inc. 3.400%, 03/01/27 (144A) (b)		228,000		192,657
3.875%, 11/15/29 (144A) (b)		5,185,000		4,091,667
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.738%, 03/20/25 (144A)		4,770,000		4,713,764
5.152%, 09/20/29 (144A) (b)		1,650,000		1,626,119
T-Mobile USA, Inc. 2.550%, 02/15/31 (b)		3,056,000		2,496,508
3.750%, 04/15/27 (b)		2,145,000		2,020,358
3.875%, 04/15/30		4,498,000		4,074,355
4.375%, 04/15/40		1,035,000		883,269
Verizon Communications, Inc. 2.550%, 03/21/31 (b)		1,105,000		908,706
Vodafone Group plc 4.875%, 06/19/49		2,620,000		2,189,239
5.250%, 05/30/48		1,690,000		1,488,433
				32,986,489
Water—0.1%
Essential Utilities, Inc. 4.276%, 05/01/49		2,025,000		1,631,241
Total Corporate Bonds & Notes (Cost $515,504,780)				449,265,929
Asset-Backed Securities—11.2%
Asset-Backed - Home Equity—0.8%
New Century Home Equity Loan Trust 5.169%, 1M LIBOR + 0.780%, 08/25/34 (d)		5,420,409		5,078,614
Option One Mortgage Loan Trust 5.049%, 1M LIBOR + 0.660%, 05/25/35 (d)		300,323		297,186
Soundview Home Loan Trust 4.599%, 1M LIBOR + 0.210%, 06/25/37 (d)		10,417,370		7,391,594
				12,767,394
Asset-Backed - Other—6.7%
AGL CLO, Ltd. 5.403%, 3M LIBOR + 1.160%, 07/20/34 (144A) (d)		5,400,000		5,263,466
AIG CLO, Ltd. 5.363%, 3M LIBOR + 1.120%, 04/20/32 (144A) (d)		5,000,000		4,919,660
Asset-Backed - Other—(Continued)
Ameriquest Mortgage Securities, Inc. 4.974%, 1M LIBOR + 0.585%, 03/25/36 (d)		314,393		312,151
5.139%, 1M LIBOR + 0.750%, 01/25/36 (d)		5,965,000		5,775,859
AMMC CLO, Ltd. 5.219%, 3M LIBOR + 1.140%, 10/16/28 (144A) (d)		682,392		681,994
5.375%, 3M LIBOR + 1.050%, 07/24/29 (144A) (d)		3,980,956		3,947,237
Arbor Realty Commercial Real Estate Notes, Ltd. 5.388%, 1M LIBOR + 1.070%, 08/15/34 (144A) (d)		4,570,000		4,346,289
Carrington Mortgage Loan Trust Series 2007-RFC1 4.529%, 1M LIBOR + 0.140%, 12/25/36 (d)		7,056,441		6,680,720
CWABS Asset-Backed Certificates Trust 5.439%, 1M LIBOR + 1.050%, 11/25/35 (d)		372,117		370,805
Dryden XXVI Senior Loan Fund 4.979%, 3M LIBOR + 0.900%, 04/15/29 (144A) (d)		2,049,275		2,024,586
Flexential Issuer 3.250%, 11/27/51 (144A)		4,753,000		4,143,541
FS Rialto 5.526%, 1M LIBOR + 1.200%, 12/16/36 (144A) (d)		1,888,855		1,879,050
JPMorgan Mortgage Acquisition Trust 4.739%, 1M LIBOR + 0.350%, 01/25/37 (d)		8,307,000		7,369,765
Madison Park Funding, Ltd. 5.245%, 3M LIBOR + 0.920%, 01/22/28 (144A) (d)		1,720,938		1,702,799
Neuberger Berman CLO XX, Ltd. 5.729%, 3M LIBOR + 1.650%, 07/15/34 (144A) (d)		5,000,000		4,812,955
New Economy Assets Phase 1 Sponsor LLC 2.410%, 10/20/61 (144A)		4,765,000		3,914,518
Octagon Investment Partners 46, Ltd. 5.239%, 3M LIBOR + 1.160%, 07/15/36 (144A) (d)		5,520,000		5,366,726
OHA Credit Funding 4, Ltd. 5.975%, 3M LIBOR + 1.650%, 10/22/36 (144A) (d)		4,000,000		3,859,276
Popular ABS Mortgage Pass-Through Trust 4.974%, 1M LIBOR + 0.585%, 02/25/36 (d)		2,525,670		2,475,416
Rockford Tower CLO, Ltd. 5.433%, 3M LIBOR + 1.190%, 10/20/30 (144A) (d)		5,200,000		5,133,591
Structured Asset Investment Loan Trust 5.189%, 1M LIBOR + 0.800%, 07/25/34 (d)		1,596,243		1,534,828
U.S. Small Business Administration 3.800%, 08/01/47		3,896,000		3,661,016
3.930%, 07/01/47		7,250,000		6,891,267
5.040%, 10/01/47		3,928,000		3,946,872
Vantage Data Centers Issuer LLC 4.196%, 11/15/43 (144A)		4,800,629		4,683,972
Wellman Park CLO, Ltd. 5.179%, 3M LIBOR + 1.100%, 07/15/34 (144A) (d)		4,750,000		4,646,726
				100,345,085
Asset-Backed - Student Loan—3.7%
Navient Student Loan Trust 5.439%, 1M LIBOR + 1.050%, 07/26/66 (144A) (d)		5,564,098		5,386,979
5.889%, 1M LIBOR + 1.500%, 10/25/58 (d)		2,470,000		2,147,286
SLC Student Loan Trust 4.929%, 3M LIBOR + 0.160%, 09/15/39 (d)		8,012,070		7,547,064
4.929%, 3M LIBOR + 0.160%, 03/15/55 (d)		7,354,829		6,979,225

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Student Loan—(Continued)
SLM Student Loan Trust 4.688%, 3M LIBOR + 0.330%, 01/25/22 (d)		2,319,687	$	2,255,089
4.728%, 3M LIBOR + 0.370%, 01/25/40 (d)		2,704,170		2,481,243
4.908%, 3M LIBOR + 0.550%, 10/25/64 (144A) (d)		3,853,502		3,697,557
5.139%, 1M LIBOR + 0.750%, 05/26/26 (d)		4,433,778		4,239,946
5.139%, 1M LIBOR + 0.750%, 01/25/45 (144A) (d)		2,092,797		2,017,389
5.458%, 3M LIBOR + 1.100%, 07/25/23 (d)		4,622,652		4,473,369
5.858%, 3M LIBOR + 1.500%, 04/25/23 (d)		1,922,792		1,904,156
5.969%, 3M LIBOR + 1.200%, 12/15/33 (144A) (d)		3,095,210		3,033,775
6.189%, 1M LIBOR + 1.800%, 09/25/43 (d)		5,800,000		5,456,659
Wachovia Student Loan Trust 4.528%, 3M LIBOR + 0.170%, 04/25/40 (144A) (d)		4,011,069		3,828,994
				55,448,731
Total Asset-Backed Securities (Cost $172,270,567)				168,561,210
Mortgage-Backed Securities—7.6%
Collateralized Mortgage Obligations—4.8%
Angel Oak Mortgage Trust 3.353%, 01/25/67 (144A) (d)		7,319,383		6,607,848
CIM Trust 1.951%, 06/25/57 (144A) (d)		5,628,329		4,940,241
2.000%, 05/01/61 (144A) (d)		6,392,242		5,542,768
2.000%, 08/25/61 (144A) (d)		4,946,512		4,148,737
2.500%, 04/25/51 (144A) (d)		11,003,278		8,832,276
3.000%, 10/25/59 (144A) (d)		4,582,796		4,159,485
3.750%, 07/25/58 (144A) (d)		2,398,364		2,301,166
Credit Suisse Mortgage Trust 2.609%, 09/27/46 (144A) (d)		9,167		9,124
3.850%, 09/25/57 (144A) (d)		4,333,691		4,048,560
4.547%, 05/25/67 (144A) (d)		4,359,737		4,168,058
GS Mortgage-Backed Securities Trust 3.750%, 10/25/57 (144A)		3,513,250		3,359,442
JPMorgan Mortgage Trust 2.500%, 06/25/52 (144A) (d)		10,726,661		9,196,857
2.500%, 12/25/51 (144A) (d)		6,612,328		5,722,904
Nomura Resecuritization Trust 3.398%, 11/26/35 (144A) (d)		88,503		88,132
PHH Alternative Mortgage Trust 4.989%, 1M LIBOR + 0.600%, 07/25/37 (d)		4,126,554		3,990,365
Towd Point Mortgage Trust 2.750%, 10/25/56 (144A) (d)		924,891		909,336
WaMu Mortgage Pass-Through Certificates Trust 3.469%, 06/25/34 (d)		2,693,008		2,515,955
4.969%, 1M LIBOR + 0.580%, 10/25/45 (d)		1,855,960		1,707,972
				72,249,226
Commercial Mortgage-Backed Securities—2.8%
BAMLL Commercial Mortgage Securities Trust 4.091%, 08/10/38 (144A) (d)		3,265,000		2,935,550
Commercial Mortgage-Backed Securities—(Continued)
BANK 4.493%, 06/15/55 (d)		4,231,000		4,042,813
BX Trust 3.202%, 12/09/41 (144A)		895,000		748,735
BXHPP Trust 4.968%, 1M LIBOR + 0.650%, 08/15/36 (144A) (d)		4,777,000		4,467,547
CALI Mortgage Trust 3.957%, 03/10/39 (144A)		2,200,000		1,896,356
COMM Mortgage Trust 3.620%, 07/10/50		2,728,219		2,633,605
CSAIL Commercial Mortgage Trust 2.561%, 03/15/53		3,384,500		2,826,463
DC Office Trust 2.965%, 09/15/45 (144A)		1,850,000		1,470,105
GS Mortgage Securities Corp. Trust 5.268%, 1M LIBOR + 0.950%, 12/15/36 (144A) (d)		4,225,000		4,054,629
Hudson Yards Mortgage Trust 2.943%, 12/10/41 (144A) (d)		1,850,000		1,549,960
3.228%, 07/10/39 (144A)		1,875,000		1,612,126
JPMorgan Chase Commercial Mortgage Securities Trust 3.397%, 06/05/39 (144A)		2,000,000		1,737,937
LCCM Trust 3.551%, 07/12/50 (144A)		2,834,000		2,618,838
MKT Mortgage Trust 2.694%, 02/12/40 (144A)		1,500,000		1,173,048
One Bryant Park Trust 2.516%, 09/15/54 (144A)		2,390,000		1,956,605
RBS Commercial Funding, Inc. Trust 3.834%, 01/15/32 (144A) (d)		1,205,000		1,159,780
SFAVE Commercial Mortgage Securities Trust 3.872%, 01/05/43 (144A) (d)		2,219,000		1,512,980
4.144%, 01/05/43 (144A) (d)		110,000		74,910
SMRT Commercial Mortgage Trust 7.686%, 1M TSFR + 3.350%, 01/15/39 (144A) (d)		4,000,000		3,640,645
				42,112,632
Total Mortgage-Backed Securities (Cost $126,851,435)				114,361,858
Municipals—0.5%
Miami-Dade County, FL Aviation Revenue 3.555%, 10/01/34		600,000		504,600
New York City Transitional Finance Authority, Future Tax Secured Revenue 4.200%, 11/01/30		1,250,000		1,179,760
5.267%, 05/01/27		2,150,000		2,169,079
New York City, General Obligation Unlimited, Build America Bond 5.968%, 03/01/36		1,750,000		1,871,369
Regents of the University of California Medical Center Pooled Revenue 3.256%, 05/15/60		3,485,000		2,258,437
Total Municipals (Cost $10,032,423)				7,983,245

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

Short-Term Investments—11.9%

Security Description	Shares/ Principal Amount*		Value
Discount Note—0.4%
Federal Home Loan Bank 3.930%, 04/14/23 (f)		6,360,000	$	6,281,774
Mutual Funds—8.9%
State Street Institutional Liquid Reserves Fund, Trust Class 4.360% (g)		133,687,488		133,740,963
U.S. Treasury—2.6%
U.S. Treasury Bills 4.571%, 05/11/23 (f)		13,615,000		13,395,191
4.580%, 05/25/23 (f)		25,520,000		25,065,863
				38,461,054
Total Short-Term Investments (Cost $178,494,647)				178,483,791
Securities Lending Reinvestments (h)—13.9%
Certificates of Deposit—6.2%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (d)		3,000,000		3,004,052
Bank of Montreal (Chicago) 4.790%, FEDEFF PRV + 0.460%, 03/02/23 (d)		3,000,000		3,000,000
Bank of Nova Scotia 4.550%, SOFR + 0.250%, 02/17/23 (d)		3,000,000		2,999,864
4.770%, FEDEFF PRV + 0.440%, 01/09/23 (d)		2,000,000		2,000,081
4.810%, SOFR + 0.510%, 03/15/23 (d)		6,000,000		6,002,522
4.980%, SOFR + 0.680%, 08/16/23 (d)		2,000,000		2,002,338
BNP Paribas S.A. 4.810%, SOFR + 0.510%, 03/15/23 (d)		5,000,000		5,001,740
Canadian Imperial Bank of Commerce (NY) 4.800%, SOFR + 0.500%, 03/03/23 (d)		7,000,000		7,002,679
Commonwealth Bank of Australia 4.680%, SOFR + 0.380%, 03/30/23 (d)		2,000,000		2,000,148
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (d)		5,000,000		5,000,000
Credit Agricole S.A. 4.700%, 02/03/23		5,000,000		5,001,250
Credit Industriel et Commercial 4.730%, SOFR + 0.430%, 01/06/23 (d)		5,000,000		5,000,140
Mitsubishi UFJ Trust and Banking Corp. 4.860%, SOFR + 0.560%, 02/14/23 (d)		5,000,000		5,001,500
Mizuho Bank, Ltd. 4.850%, SOFR + 0.550%, 01/26/23 (d)		2,000,000		2,000,601
Royal Bank of Canada 4.880%, SOFR + 0.580%, 09/20/23 (d)		5,000,000		5,003,305
4.890%, FEDEFF PRV + 0.560%, 04/10/23 (d)		2,000,000		2,001,152
Standard Chartered Bank (NY) 5.040%, SOFR + 0.740%, 05/02/23 (d)		3,000,000		3,004,554
State Street Bank and Trust Co. 4.980%, SOFR + 0.680%, 07/14/23 (d)		2,000,000		2,002,354
Sumitomo Mitsui Banking Corp. 4.710%, SOFR + 0.410%, 03/06/23 (d)		4,000,000		4,000,440
5.050%, SOFR + 0.750%, 04/21/23 (d)		5,000,000		5,006,770
Certificates of Deposit—(Continued)
Sumitomo Mitsui Trust Bank, Ltd. 4.750%, SOFR + 0.450%, 02/24/23 (d)		5,000,000		5,001,640
4.840%, SOFR + 0.540%, 01/10/23 (d)		2,000,000		2,000,156
4.850%, SOFR + 0.550%, 03/07/23 (d)		2,000,000		2,000,556
Svenska Handelsbanken AB 4.900%, SOFR + 0.600%, 04/12/23 (d)		2,000,000		2,001,358
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (d)		7,000,000		6,999,230
				94,038,430
Commercial Paper—0.9%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (d)		5,000,000		5,001,265
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (d)		3,000,000		3,004,086
Skandinaviska Enskilda Banken AB 4.980%, SOFR + 0.680%, 05/03/23 (d)		1,000,000		1,000,988
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (d)		5,000,000		5,000,000
				14,006,339
Repurchase Agreements—6.3%
BofA Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.200%, due on 01/03/23 with a maturity value of $17,146,103; collateralized by U.S. Government Agency Obligations with rates ranging from 2.000% - 3.000%, maturity dates ranging from 10/20/46 - 01/20/52, and an aggregate market value of $17,480,868.		17,138,105		17,138,105
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $5,125,132; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $5,100,001.		5,000,000		5,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $10,004,778; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $10,208,870.		10,000,000		10,000,000
HSBC Securities, Inc. Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $5,002,361; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 2.750%, maturity dates ranging from 02/15/23 - 08/15/42, and an aggregate market value of $5,102,408.		5,000,000		5,000,000
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $5,004,200; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 - 11/15/32, and an aggregate market value of $5,111,891.		5,000,000		5,000,000

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (h)—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $35,030,285; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $38,108,998.		35,000,000	$	35,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.570%, due on 02/03/23 with a maturity value of $5,022,215; collateralized by various Common Stock with an aggregate market value of $5,556,261.		5,000,000		5,000,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $5,302,503; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 - 08/15/51, and an aggregate market value of $5,415,574.		5,300,000		5,300,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $7,206,188; collateralized by various Common Stock with an aggregate market value of $8,014,982.		7,200,000		7,200,000
				94,638,105
Time Deposits—0.5%
First Abu Dhabi Bank USA NV 4.300%, 01/03/23		3,000,000		3,000,000
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (d)		5,000,000		5,000,000
				8,000,000
Total Securities Lending Reinvestments (Cost $210,638,218)				210,682,874
Total Investments—140.4% (Cost $2,243,905,279)				2,112,952,189
Other assets and liabilities (net)—(40.4)%				(607,966,878	)
Net Assets—100.0%			$	1,504,985,311

*		Principal amount stated in U.S. dollars unless otherwise noted.
†	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2022, the market value of restricted securities was $2,455,059, which is 0.2% of net assets. See details shown in the Restricted Securities table that follows.
(a)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(b)		All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $307,910,851 and the collateral received consisted of cash in the amount of $210,638,242 and non-cash collateral with a value of $105,428,195. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments. The non-cash collateral received consists of U.S. government securities that are held in safe-keeping by the lending agent, or a third-party custodian, and cannot be sold or repledged by the Portfolio. As such, this collateral is excluded from the Statement of Assets and Liabilities.
(c)		Principal amount of security is adjusted for inflation.
(d)		Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)		Non-income producing; security is in default and/or issuer is in bankruptcy.
(f)		The rate shown represents current yield to maturity.
(g)		The rate shown represents the annualized seven-day yield as of December 31, 2022.
(h)		Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(144A)		Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $296,176,655, which is 19.7% of net assets.

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Ruby Pipeline LLC, 8.000%, 04/01/22		01/24/18	$	2,262,727	$	2,395,662	$	2,455,059

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 2 Year Futures		03/31/23		1,354			USD	277,675,783		$	244,281
U.S. Treasury Note 5 Year Futures		03/31/23		202			USD	21,801,797			(14,157	)
U.S. Treasury Ultra Long Bond Futures		03/22/23		7			USD	940,188			(77,923	)
Futures Contracts—Short
U.S. Treasury Note Ultra 10 Year Futures		03/22/23		(128	)		USD	(15,140,000	)		41,338
Net Unrealized Appreciation										$	193,539

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

Swap Agreements

Centrally Cleared Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Payment Frequency		Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)(1)
Pay	3M LIBOR		Quarterly		1.026	%	Semi-Annually		07/24/25		USD	47,170,000	$	(2,870,063	)	$	—	$	(2,870,063	)
Pay	3M LIBOR		Quarterly		1.034	%	Semi-Annually		07/24/25		USD	34,890,000		(2,117,732	)		—		(2,117,732	)
Pay	3M LIBOR		Quarterly		1.073	%	Semi-Annually		07/24/25		USD	23,585,000		(1,414,576	)		—		(1,414,576	)
Pay	3M LIBOR		Quarterly		1.390	%	Semi-Annually		09/28/25		USD	54,410,000		(2,765,443	)		—		(2,765,443	)
Receive	3M LIBOR		Semi-Annually		1.773	%	Quarterly		07/24/53		USD	3,940,000		1,202,739			—		1,202,739
Receive	3M LIBOR		Semi-Annually		1.785	%	Quarterly		07/24/53		USD	2,915,000		883,172			—		883,172
Receive	3M LIBOR		Semi-Annually		1.808	%	Quarterly		07/24/53		USD	1,970,000		588,745			—		588,745
Receive	3M LIBOR		Semi-Annually		1.870	%	Quarterly		09/28/53		USD	4,645,000		1,309,172			—		1,309,172
Totals													$	(5,183,986	)	$	—	$	(5,183,986	)

(1) There were no upfront premiums paid or (received), therefore the market value equals unrealized appreciation/(depreciation).

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate
(TSFR)—	Term Secured Financing Rate

Other Abbreviations

(CLO)—	Collateralized Loan Obligation
(CMO)—	Collateralized Mortgage Obligation
(DAC)—	Designated Activity Company
(REMIC)—	Real Estate Mortgage Investment Conduit

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—	$	983,613,282	$	—	$	983,613,282
Total Corporate Bonds & Notes*		—		449,265,929		—		449,265,929
Total Asset-Backed Securities*		—		168,561,210		—		168,561,210
Total Mortgage-Backed Securities*		—		114,361,858		—		114,361,858
Total Municipals*		—		7,983,245		—		7,983,245

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Short-Term Investments
Discount Note	$	—		$	6,281,774		$	—	$	6,281,774
Mutual Funds		133,740,963			—			—		133,740,963
U.S. Treasury		—			38,461,054			—		38,461,054
Total Short-Term Investments		133,740,963			44,742,828			—		178,483,791
Total Securities Lending Reinvestments*		—			210,682,874			—		210,682,874
Total Investments	$	133,740,963		$	1,979,211,226		$	—	$	2,112,952,189
Collateral for Securities Loaned (Liability)	$	—		$	(210,638,242	)	$	—	$	(210,638,242	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	285,619		$	—		$	—	$	285,619
Futures Contracts (Unrealized Depreciation)		(92,080	)		—			—		(92,080	)
Total Futures Contracts	$	193,539		$	—		$	—	$	193,539
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	3,983,828		$	—	$	3,983,828
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(9,167,814	)		—		(9,167,814	)
Total Centrally Cleared Swap Contracts	$	—		$	(5,183,986	)	$	—	$	(5,183,986	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	2,112,952,189
Cash collateral (c)		4,113,622
Receivable for:
Investments sold		2,283,847
TBA securities sold		19,443,765
Dividends and interest		8,518,651
Prepaid expenses		6,253
Total Assets		2,147,318,327
Liabilities
Due to custodian		315,217
Collateral for securities loaned		210,638,242
Payables for:
Investments purchased		83,948,718
TBA securities purchased		346,067,332
Fund shares redeemed		177,906
Variation margin on centrally cleared swap contracts		113,063
Variation margin on futures contracts		224,287
Accrued Expenses:
Management fees		555,960
Distribution and service fees		52
Deferred trustees’ fees		103,352
Other expenses		188,887
Total Liabilities		642,333,016
Net Assets	$	1,504,985,311
Net Assets Consist of:
Paid in surplus	$	1,760,021,242
Distributed earnings (Accumulated losses)		(255,035,931	)
Net Assets	$	1,504,985,311
Net Assets
Class A	$	1,504,743,454
Class B		241,857
Capital Shares Outstanding*
Class A		173,307,739
Class B		27,850
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.68
Class B		8.68

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $2,243,905,279.
(b)	Includes securities loaned at value of $307,910,851.
(c)	Includes collateral of $1,817,000 for futures contracts and $2,296,622 for centrally cleared swaps.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends	$	908,142
Interest		48,542,586
Securities lending income		1,060,713
Total investment income		50,511,441
Expenses
Management fees		9,369,736
Administration fees		81,665
Custodian and accounting fees		161,231
Distribution and service fees—Class B		699
Audit and tax services		68,787
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		37,381
Insurance		14,558
Miscellaneous		18,268
Total expenses		9,806,980
Less management fee waiver		(2,155,689	)
Net expenses		7,651,291
Net Investment Income		42,860,150
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(147,929,428	)
Futures contracts		(4,329,117	)
Swap contracts		(53,131	)
Net realized gain (loss)		(152,311,676	)
Net change in unrealized appreciation (depreciation) on:
Investments		(160,350,187	)
Futures contracts		170,740
Swap contracts		(3,693,373	)
Net change in unrealized appreciation (depreciation)		(163,872,820	)
Net realized and unrealized gain (loss)		(316,184,496	)
Net Increase (Decrease) in Net Assets From Operations	$	(273,324,346	)

See accompanying notes to financial statements.

BHFTI-16

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Statement of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	42,860,150		$	22,173,264
Net realized gain (loss)		(152,311,676	)		(2,660,793	)
Net change in unrealized appreciation (depreciation)		(163,872,820	)		(39,572,021	)
Increase (decrease) in net assets from operations		(273,324,346	)		(20,059,550	)
From Distributions to Shareholders
Class A		(26,475,551	)		(130,937,197	)
Class B		(3,755	)		(19,431	)
Total distributions		(26,479,306	)		(130,956,628	)
Increase (decrease) in net assets from capital share transactions		(229,598,540	)		409,200,298
Total increase (decrease) in net assets		(529,402,192	)		258,184,120
Net Assets
Beginning of period		2,034,387,503			1,776,203,383
End of period	$	1,504,985,311		$	2,034,387,503

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		26,733		$	251,477			29,089,229		$	318,109,748
Reinvestments		2,984,842			26,475,551			12,811,859			130,937,197
Redemptions		(27,810,147	)		(256,299,121	)		(3,847,494	)		(39,786,886	)
Net increase (decrease)		(24,798,572	)	$	(229,572,093	)		38,053,594		$	409,260,059
Class B
Sales		5,043		$	47,023			3,330		$	35,724
Reinvestments		422			3,755			1,899			19,431
Redemptions		(8,479	)		(77,225	)		(10,606	)		(114,916	)
Net increase (decrease)		(3,014	)	$	(26,447	)		(5,377	)	$	(59,761	)
Increase (decrease) derived from capital shares transactions				$	(229,598,540	)				$	409,200,298

See accompanying notes to financial statements.

BHFTI-17

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.27		$	11.10		$	10.47		$	9.98		$	10.22
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.23			0.12			0.19			0.27			0.26
Net realized and unrealized gain (loss)		(1.68	)		(0.26	)		0.80			0.58			(0.24	)
Total income (loss) from investment operations		(1.45	)		(0.14	)		0.99			0.85			0.02
Less Distributions
Distributions from net investment income		(0.14	)		(0.19	)		(0.36	)		(0.36	)		(0.26	)
Distributions from net realized capital gains		0.00			(0.50	)		0.00			0.00			0.00
Total distributions		(0.14	)		(0.69	)		(0.36	)		(0.36	)		(0.26	)
Net Asset Value, End of Period	$	8.68		$	10.27		$	11.10		$	10.47		$	9.98
Total Return (%) (b)		(14.12	)		(1.19	)		9.54			8.64			0.23
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58			0.57			0.58			0.57			0.57
Net ratio of expenses to average net assets (%) (c)		0.45			0.44			0.45			0.45			0.44
Ratio of net investment income (loss) to average net assets (%)		2.52			1.12			1.75			2.63			2.59
Portfolio turnover rate (%)		449	(d)		454	(d)		352	(d)		232	(d)		262	(d)
Net assets, end of period (in millions)	$	1,504.7		$	2,034.1		$	1,775.8		$	1,831.5		$	2,057.7
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.27		$	11.07		$	10.45		$	9.96		$	10.19
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.21			0.09			0.16			0.24			0.23
Net realized and unrealized gain (loss)		(1.68	)		(0.24	)		0.79			0.59			(0.23	)
Total income (loss) from investment operations		(1.47	)		(0.15	)		0.95			0.83			0.00
Less Distributions
Distributions from net investment income		(0.12	)		(0.15	)		(0.33	)		(0.34	)		(0.23	)
Distributions from net realized capital gains		0.00			(0.50	)		0.00			0.00			0.00
Total distributions		(0.12	)		(0.65	)		(0.33	)		(0.34	)		(0.23	)
Net Asset Value, End of Period	$	8.68		$	10.27		$	11.07		$	10.45		$	9.96
Total Return (%) (b)		(14.37	)		(1.34	)		9.14			8.39			0.07
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.82			0.83			0.82			0.82
Net ratio of expenses to average net assets (%) (c)		0.70			0.69			0.70			0.70			0.69
Ratio of net investment income (loss) to average net assets (%)		2.28			0.87			1.48			2.38			2.34
Portfolio turnover rate (%)		449	(d)		454	(d)		352	(d)		232	(d)		262	(d)
Net assets, end of period (in millions)	$	0.2		$	0.3		$	0.4		$	0.5		$	0.5

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(d)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 292%, 264%, 207%, 203%, and 198% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

See accompanying notes to financial statements.

BHFTI-18

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is TCW Core Fixed Income Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at

BHFTI-19

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded over-the-counter (“OTC”) are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

BHFTI-20

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Stripped Securities - The Portfolio may invest in “stripped securities,” a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities (“POs”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IOs”), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

Collateralized Obligations - The Portfolio may invest in collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), other collateralized debt obligations (“CDOs”), and other similarly structured securities. CDOs, CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high risk, below investment grade fixed-income securities. The collateral can be from many types of fixed-income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans that may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

For CDOs, CBOs and CLOs, the cash flow from the trust is split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is typically the “equity” or “first loss” tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Senior tranches are paid from the cash flows from the underlying assets before the junior tranches and equity tranches. Losses are first borne by the equity tranches, next by the junior tranches, and finally by the senior tranches. The risks of an investment in a CBO, CLO or other CDO depend largely on the quality and type of the collateral securities and the class of the instrument in which a Portfolio invests. If some debt instruments go into default and the cash collected by the CBO, CLO or CDO is insufficient to pay all of its investors, those in the lowest, most junior tranches suffer losses first. Since they are partially protected from defaults, senior tranches typically have higher ratings and lower potential yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, more senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

BHFTI-21

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Due to Custodian - Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay the Custodian at the current rate of interest charged by the Custodian for secured loans. This obligation is payable on demand to the Custodian. The Custodian has a lien on the Portfolio’s assets to the extent of any overdraft. At December 31, 2022, the Portfolio had a payment of $315,217 due to the Custodian pursuant to the foregoing arrangement. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value and such inputs would be considered Level 2 in the fair value hierarchy at December 31, 2022. The Portfolio’s average overdraft advances during the year ended December 31, 2022 were not significant.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $94,638,105, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned

BHFTI-22

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

The following table provides a breakdown of transactions accounted for as secured borrowings, the gross obligations by the type of collateral pledged, and the remaining contractual maturities of those transactions.

	Remaining Contractual Maturity of the Agreements As of December 31, 2022
	Overnight and Continuous			Up to 30 Days		31 - 90 Days		Greater than 90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	(89,293,405	)	$	—	$	—	$	—	$	(89,293,405	)
U.S. Treasury & Government Agencies		(121,344,837	)		—		—		—		(121,344,837	)
Total Borrowings	$	(210,638,242	)	$	—	$	—	$	—	$	(210,638,242	)
Gross amount of recognized liabilities for securities lending transactions										$	(210,638,242	)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the

BHFTI-23

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Clearinghouses currently offer clearing derivative transactions which include interest rate and credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust its interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and (4) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

BHFTI-24

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts (a) (b)	$	3,983,828	Unrealized depreciation on centrally cleared swap contracts (a) (b)	$	9,167,814
	Unrealized appreciation on futures contracts (b) (c)		285,619	Unrealized depreciation on futures contracts (b) (c)		92,080
Total		$	4,269,447		$	9,259,894

(a)	Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.
(b)	Financial instrument not subject to a master netting agreement.
(c)	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location-Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	(4,329,117	)
Swap contracts		(53,131	)
	$	(4,382,248	)
Statement of Operations Location-Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	170,740
Swap contracts		(3,693,373	)
	$	(3,522,633	)

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	182,580,069
Futures contracts short		(13,963,854	)
Swap contracts		203,610,000

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally.

BHFTI-25

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options), while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

BHFTI-26

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$8,445,773,346	$	351,876,362	$	8,742,526,031	$	267,161,262

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

Purchases	Sales
$4,096,357,225	$	4,116,232,034

BHFTI-27

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the annual rate of 0.550% of average daily net assets. Fees earned by Brighthouse Investment Advisers with respect to the Portfolio for the year ended December 31, 2022 were $9,369,736.

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. TCW Investment Management Company LLC is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.070%	Of the first $500 million
0.150%	Of the next $1.5 billion
0.200%	On amounts in excess of $2 billion

An identical agreement was in place for the period from April 30, 2021 through April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

BHFTI-28

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	2,249,734,529
Gross unrealized appreciation		6,053,034
Gross unrealized (depreciation)		(148,019,362	)
Net unrealized appreciation (depreciation)	$	(141,966,328	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$26,479,306	$	107,056,522	$	—	$	23,900,106	$	26,479,306	$	130,956,628

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$45,391,248	$	—	$	(141,966,326	)	$	(158,357,500	)	$	(254,932,578	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $146,657,858 and accumulated long-term capital losses of $11,699,642.

9. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-29

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the TCW Core Fixed Income Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the TCW Core Fixed Income Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the TCW Core Fixed Income Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-30

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-31

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-32

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-33

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio

BHFTI-34

Brighthouse Funds Trust I

TCW Core Fixed Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

TCW Core Fixed Income Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and TCW Investment Management Company LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one-year period ended June 30, 2022 and outperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2022. The Board also considered that the Portfolio outperformed the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board also considered that the Portfolio underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-year period ended October 31, 2022 and outperformed its benchmark for the three- and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-35

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Managed by Victory Capital Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class A, B and E shares of the Victory Sycamore Mid Cap Value Portfolio returned -2.45%, -2.70%, and -2.62%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned -12.03%.

MARKET ENVIRONMENT / CONDITIONS

The last quarter of the year closed a tumultuous year for the U.S. equity market. While the market, as measured by the S&P 500 Index, rallied 7.56% during the quarter, the broad market index posted its first down year since 2018 and its worst year of performance (-18.11%) since 2008 (-37.00%). In retrospect, it should not be entirely surprising that the market closed the year in negative territory. An unprecedented policy response to the pandemic helped the S&P 500 Index post a cumulative return of nearly 120% from the pandemic-induced bottom through the end of 2021. Policy once again had a meaningful impact on equity market performance in 2022.

Market participants entered the year with a degree of uncertainty plaguing the backdrop. Chiefly, it was unclear how the market would endure a shift in monetary policy that would result in the withdrawal of unprecedented levels of stimulus from the economy. To recall, in 2021, the Federal Reserve (the “Fed”), stuck to its message that inflation was “transitory” and should abate once supply chain issues are resolved. However, stubborn inflation that persistently registered at a four decades high debunked the notion that inflation was transitory. Consequently, the Fed was forced to pursue the most aggressive tightening campaign since the early 1980s, which led to a spike in market volatility. 2022 marked the eighth most volatile year for the S&P 500 Index, with a move of +/- 1% in approximately 49% of trading sessions. That only trailed 2008 (53%) and 2002 (50%) in recent history.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark, the Russell Midcap Value Index (the “Index”), during the 12-month period ending December 31, 2022. Stock selection was the key driver of relative performance, while sector allocation was also positive but had a less meaningful impact on relative returns. Index returns were negative across 9 of the 11 major economic sectors for the year and varied widely, with only 6 sectors outpacing the Index. Energy was the top-performing sector, posting a return of 52.60%. By contrast, Communication Services was the worst-performing sector, returning -31.62%.

Stock selection in Financials, Information Technology (“IT”), Industrials, Materials and Real Estate contributed to relative outperformance for the year. However, an overweight in IT partially offset the favorable impact of stock selection in the sector. An underweight in Communication Services (the worst-performing sector) and Real Estate, as well as an overweight in Materials and Consumer Staples also contributed to relative return. Conversely, an underweight in Utilities and Energy (the top-performing sector) were the primary detractors from relative performance for the year.

Two of the top contributors for the year were holdings in the Energy sector. Valero Energy and Devon Energy traded in sympathy with the best-performing Energy sector. WTI crude oil rallied meaningfully earlier in the year as the Russian invasion of Ukraine sparked concerns over a possible global supply shock. We also believe that Devon’s shareholder-friendly capital strategy rewarded their share price. Valero Energy benefited from strong crack spreads (the difference between the purchase price of crude oil and the selling price of finished products) and lower product inventories during the year. Some refining capacity exited the market following the pandemic, which boded well for the company. Additionally, Valero Energy was better positioned than European refiners given its position in the Gulf Coast, which provides the company access to cheaper natural gas. We sold the stock during the year on relative valuation. Steel Dynamics, one of the largest steel producers in the U.S., was another top contributor for the year. The conflict in Ukraine, which is disrupting the global steel supply chain, caused steel prices to appreciate. We believe that these macro headwinds helped lift shares higher.

V.F. Corp., an apparel company with a portfolio of well-known brands such as Vans, JanSport, Dickies, North Face and Timberland, was the top detractor for the year. Shares underperformed the broader market during our holding period for several reasons that resulted in the decision to divest the shares. First, a badly timed acquisition of Supreme, a streetwear company, for a hefty multiple resulted in increased leverage on the balance sheet. Second, their flagship Vans brand failed to stabilize after successive quarters of underperformance mainly driven by stringent COVID lockdowns in China and outsized exposure to California, which also was slow to recover from the pandemic. Furthermore, we believe that management’s credibility took a hit after multiple guidance reductions, which shifted sentiment to the downside. The combination of the above skewed the risk/reward profile negatively. Shares were divested during the year. MKS Instruments, a provider of instruments that enable process control for the semiconductor and other periphery markets, was another detractor on the year. The stock appreciated following the above consensus second quarter earnings report in early August; however, shares underperformed since. We suspect that the announced closure of the Atotech acquisition in mid-August may have injected an element of uncertainty into the thesis despite long-term synergies. The acquisition enables the company to enter a new market segment, most notably the electronics materials and chemicals markets. Our thesis for MKS Instruments remained intact. Vertiv Holdings, a company that offers power management, infrastructure and IT solutions to data centers, was also a top detractor for the period. The company meaningfully missed estimates on fourth quarter 2021 earnings and lowered fiscal year 2022 guidance—citing inflationary headwinds as a key factor. Management was candid that they were behind on adjusting pricing to offset some of the inflationary pressures. By the time they were able to deploy a pricing

BHFTI-1

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Managed by Victory Capital Management Inc.

Portfolio Manager Commentary*—(Continued)

strategy, it was too late, and margins had already eroded. We divested our position in the company earlier in the year given the diminished risk/reward following these disappointing developments.

The Portfolio’s turnover for the 12-month period ended December 31, 2022, was 30%. There were 12 new positions initiated during the year and 9 positions eliminated during the year.

Within IT, the investment team initiated positions in MKS Instruments, Skyworks Solutions, and Western Digital. In Health Care, investments were made in Hologic and Zimmer Biomet Holdings. Within Financials, positions were initiated in Allstate and T. Rowe Price Group. In Materials, positions in Crown Holdings and Franco-Nevada Corp. were initiated. Earlier in the year, the team initiated a position in Duke Realty an Industrial REIT, which was acquired by Prologis. Additionally, one position was initiated in each of Consumer Discretionary and Industrials.

Within Consumer Staples, the team divested Hershey Co. due to relative valuation. Within Energy, the team divested Valero Energy due to relative valuation. Two positions, Eastman Chemical Co. and International Flavors & Fragrances, were divested from Materials due to a change in conviction. Additionally, one position was divested from each of Communication Services, Consumer Discretionary, Financials and Industrials.

As of December 31, 2022, the Portfolio had 76 holdings (excluding cash). Relative to the Index, the Portfolio was overweight in the Industrials, IT and Materials sectors. Conversely, the Portfolio was underweight in Utilities, Financials, Energy, Communication Services, Real Estate, Consumer Discretionary, Health Care and Consumer Staples. Sector weighting is a by-product of the bottom-up stock selection process, and not a result of top-down tactical decisions.

Gary H. Miller

Gregory M. Connors

Jeffrey M. Graff

James M. Albers

Michael F. Rodarte

Portfolio Managers

Victory Capital Management Inc.

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Russell Midcap Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and lower forecasted growth values.

BHFTI-2

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Victory Sycamore Mid Cap Value Portfolio
Class A		-2.45		10.12		10.43
Class B		-2.70		9.85		10.16
Class E		-2.62		9.95		10.26
Russell Midcap Value Index		-12.03		5.72		10.11

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Holdings

	% of Net Assets
Sysco Corp.		2.1
Progressive Corp. (The)		2.0
Quest Diagnostics, Inc.		2.0
Alexandria Real Estate Equities, Inc.		2.0
Textron, Inc.		1.9
Flex, Ltd.		1.9
AGCO Corp.		1.9
Yum! Brands, Inc.		1.8
Toro Co. (The)		1.8
Ross Stores, Inc.		1.8

Top Sectors

	% of Net Assets
Industrials		21.8
Financials		15.3
Information Technology		14.3
Materials		11.6
Consumer Discretionary		9.2
Real Estate		8.7
Health Care		6.9
Consumer Staples		3.9
Utilities		3.2
Energy		2.6

BHFTI-3

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Victory Sycamore Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class A (a)	Actual		0.59	%	$	1,000.00	$	1,094.40	$	3.11
	Hypothetical*		0.59	%	$	1,000.00	$	1,022.23	$	3.01
Class B (a)	Actual		0.84	%	$	1,000.00	$	1,093.20	$	4.43
	Hypothetical*		0.84	%	$	1,000.00	$	1,020.97	$	4.28
Class E (a)	Actual		0.74	%	$	1,000.00	$	1,093.40	$	3.90
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.48	$	3.77

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.9%
Textron, Inc.		255,400	$	18,082,320
Airlines—1.2%
Alaska Air Group, Inc. (a) (b)		268,300		11,520,802
Auto Components—3.0%
Aptiv plc (a)		127,700		11,892,701
BorgWarner, Inc. (b)		406,300		16,353,575
				28,246,276
Banks—3.8%
Huntington Bancshares, Inc.		450,000		6,345,000
Prosperity Bancshares, Inc. (b)		203,000		14,754,040
Zions Bancorp N.A. (b)		306,000		15,042,960
				36,142,000
Building Products—1.7%
Carrier Global Corp.		150,400		6,204,000
Owens Corning		115,700		9,869,210
				16,073,210
Capital Markets—2.6%
Bank of New York Mellon Corp. (The)		341,400		15,540,528
T. Rowe Price Group, Inc. (b)		86,000		9,379,160
				24,919,688
Chemicals—2.8%
Corteva, Inc.		56,000		3,291,680
RPM International, Inc.		110,200		10,738,990
Westlake Corp. (b)		120,200		12,325,308
				26,355,978
Commercial Services & Supplies—0.5%
Republic Services, Inc.		39,500		5,095,105
Communications Equipment—1.1%
Motorola Solutions, Inc.		40,000		10,308,400
Containers & Packaging—5.7%
AptarGroup, Inc.		119,500		13,142,610
Avery Dennison Corp.		78,700		14,244,700
Crown Holdings, Inc. (b)		158,400		13,022,064
Packaging Corp. of America		107,700		13,775,907
				54,185,281
Electric Utilities—3.2%
Alliant Energy Corp.		271,800		15,006,078
Xcel Energy, Inc.		219,000		15,354,090
				30,360,168
Electrical Equipment—1.3%
Hubbell, Inc. (b)		51,600		12,109,488
Electronic Equipment, Instruments & Components—3.4%
Amphenol Corp. - Class A (b)		191,800	$	14,603,652
Flex, Ltd. (a) (b)		833,300		17,882,618
				32,486,270
Entertainment—1.1%
Live Nation Entertainment, Inc. (a) (b)		143,300		9,993,742
Equity Real Estate Investment Trusts—8.7%
Alexandria Real Estate Equities, Inc. (b)		127,900		18,631,193
American Homes 4 Rent Trust - Class A (b)		280,000		8,439,200
Camden Property Trust		98,800		11,053,744
Equity LifeStyle Properties, Inc.		202,700		13,094,420
Lamar Advertising Co. - Class A		167,000		15,764,800
National Retail Properties, Inc.		334,600		15,311,296
				82,294,653
Food & Staples Retailing—2.1%
Sysco Corp.		261,900		20,022,255
Food Products—1.8%
Archer-Daniels-Midland Co.		35,000		3,249,750
Tyson Foods, Inc. - Class A		215,300		13,402,425
				16,652,175
Health Care Equipment & Supplies—3.8%
Cooper Cos., Inc. (The)		47,400		15,673,758
Hologic, Inc. (a)		196,700		14,715,127
Zimmer Biomet Holdings, Inc.		47,900		6,107,250
				36,496,135
Health Care Providers & Services—3.0%
Molina Healthcare, Inc. (a)		29,600		9,774,512
Quest Diagnostics, Inc.		121,600		19,023,104
				28,797,616
Hotels, Restaurants & Leisure—3.6%
Darden Restaurants, Inc.		43,000		5,948,190
Hilton Worldwide Holdings, Inc.		90,000		11,372,400
Yum! Brands, Inc.		135,000		17,290,800
				34,611,390
Household Durables—0.8%
Newell Brands, Inc. (b)		617,200		8,072,976
Insurance—8.9%
Allstate Corp. (The)		82,500		11,187,000
American Financial Group, Inc.		102,400		14,057,472
Everest Re Group, Ltd.		49,500		16,397,865
Old Republic International Corp. (b)		555,000		13,403,250
Progressive Corp. (The)		147,900		19,184,109
W.R. Berkley Corp.		137,600		9,985,632
				84,215,328

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—5.7%
DXC Technology Co. (a)		348,000	$	9,222,000
Genpact, Ltd. (b)		350,000		16,212,000
Global Payments, Inc.		120,800		11,997,856
Maximus, Inc. (b)		221,000		16,205,930
				53,637,786
Machinery—9.9%
AGCO Corp.		127,100		17,627,499
Lincoln Electric Holdings, Inc. (b)		66,000		9,536,340
Middleby Corp. (The) (a) (b)		105,300		14,099,670
Oshkosh Corp.		125,000		11,023,750
Parker-Hannifin Corp.		41,500		12,076,500
Toro Co. (The)		149,900		16,968,680
Xylem, Inc. (b)		116,000		12,826,120
				94,158,559
Metals & Mining—3.1%
Franco-Nevada Corp.		93,100		12,706,288
Reliance Steel & Aluminum Co.		47,100		9,534,924
Steel Dynamics, Inc. (b)		70,500		6,887,850
				29,129,062
Oil, Gas & Consumable Fuels—2.6%
Coterra Energy, Inc. (b)		519,000		12,751,830
Devon Energy Corp. (b)		189,900		11,680,749
				24,432,579
Professional Services—2.8%
Leidos Holdings, Inc.		157,300		16,546,387
ManpowerGroup, Inc.		120,400		10,018,484
				26,564,871
Road & Rail—2.1%
J.B. Hunt Transport Services, Inc.		52,300		9,119,028
Landstar System, Inc. (b)		64,100		10,441,890
				19,560,918
Semiconductors & Semiconductor Equipment—2.6%
MKS Instruments, Inc. (b)		146,800		12,438,364
Skyworks Solutions, Inc.		134,100		12,220,533
				24,658,897
Specialty Retail—1.8%
Ross Stores, Inc.		143,100		16,609,617
Technology Hardware, Storage & Peripherals—1.6%
Hewlett Packard Enterprise Co.		625,000		9,975,000
Western Digital Corp. (a)		152,300		4,805,065
				14,780,065
Trading Companies & Distributors—0.3%
United Rentals, Inc. (a)		9,300		3,305,406
Total Common Stocks (Cost $823,587,030)				933,879,016
Short-Term Investment—1.5%
Security Description	Principal Amount*		Value
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $14,438,683; collateralized by U.S. Treasury Bond at 3.000%, maturing 08/15/48, with a market value of $14,724,586.		14,435,795	$	14,435,795
Total Short-Term Investments (Cost $14,435,795)				14,435,795
Securities Lending Reinvestments (c)—14.9%
Certificates of Deposit—3.2%
Bank of Montreal 5.090%, SOFR + 0.790%, 11/08/23 (d)		3,000,000		3,004,052
Bank of Nova Scotia 4.810%, SOFR + 0.510%, 03/15/23 (d)		2,000,000		2,000,841
Citibank N.A. 4.680%, SOFR + 0.380%, 03/27/23 (d)		2,000,000		2,000,142
Cooperatieve Rabobank UA 4.670%, SOFR + 0.370%, 03/20/23 (d)		4,000,000		4,000,000
4.830%, SOFR + 0.530%, 02/01/23 (d)		3,000,000		3,000,627
Mizuho Bank, Ltd. 4.850%, SOFR + 0.550%, 01/26/23 (d)		2,000,000		2,000,601
Natixis S.A. (New York) 4.800%, SOFR + 0.500%, 02/13/23 (d)		2,000,000		2,000,789
Royal Bank of Canada 4.550%, SOFR + 0.250%, 01/11/23 (d)		2,000,000		1,999,968
Standard Chartered Bank (NY) 4.860%, FEDEFF PRV + 0.530%, 01/17/23 (d)		1,000,000		1,000,123
5.040%, SOFR + 0.740%, 05/02/23 (d)		3,000,000		3,004,554
Sumitomo Mitsui Trust Bank, Ltd. 4.850%, SOFR + 0.550%, 03/07/23 (d)		2,000,000		2,000,556
Toronto-Dominion Bank (The) 4.660%, SOFR + 0.360%, 03/21/23 (d)		2,000,000		2,000,000
Westpac Banking Corp. 4.530%, SOFR + 0.230%, 02/17/23 (d)		2,000,000		1,999,780
				30,012,033
Commercial Paper—0.8%
DNB Bank ASA 4.780%, SOFR + 0.480%, 06/02/23 (d)		3,000,000		3,000,759
ING U.S. Funding LLC 5.020%, SOFR + 0.720%, 08/04/23 (d)		2,000,000		2,002,724
UBS AG 4.870%, SOFR + 0.570%, 03/23/23 (d)		2,000,000		2,000,000
				7,003,483
Master Demand Notes—0.2%
Bank of America N.A. 4.880%, SOFR + 0.580%, 05/15/23 (d)		2,000,000		1,999,977
Repurchase Agreements—8.3%
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.620%, due on 02/03/23 with a maturity value of $3,013,475; collateralized by U.S. Treasury Obligations with rates ranging from 1.250% - 3.375%, maturity dates ranging from 11/15/48 - 02/15/52, and an aggregate market value of $3,060,000.		3,000,000		3,000,000

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (c)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
Citigroup Global Markets, Inc. Repurchase Agreement dated 12/30/22 at 4.870%, due on 07/03/23 with a maturity value of $4,100,106; collateralized by U.S. Treasury Obligations with rates ranging from 0.125% - 4.250%, maturity dates ranging from 01/31/23 - 05/15/49, and an aggregate market value of $4,080,001.		4,000,000	$	4,000,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $16,687,287; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $17,027,699.		16,679,318		16,679,318
National Bank of Canada Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $15,012,979; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 - 05/15/52, and various Common Stock with an aggregate market value of $16,332,428.		15,000,000		15,000,000
Royal Bank of Canada Toronto Repurchase Agreement dated 12/30/22 at 4.650%, due on 02/03/23 with a maturity value of $3,013,563; collateralized by various Common Stock with an aggregate market value of $3,333,764.		3,000,000		3,000,000
Societe Generale Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $972,830; collateralized by various Common Stock with an aggregate market value of $1,082,084.		972,356		972,356
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $18,308,967; collateralized by various Common Stock with an aggregate market value of $20,366,240.		18,300,000		18,300,000
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $1,000,859; collateralized by various Common Stock with an aggregate market value of $1,113,192.		1,000,000		1,000,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $17,008,311; collateralized by various Common Stock with an aggregate market value of $18,911,566.		17,000,000		17,000,000
				78,951,674
Time Deposit—0.2%
National Bank of Canada 4.370%, OBFR + 0.050%, 01/06/23 (d)		2,000,000		2,000,000
Mutual Funds—2.2%
BlackRock Liquidity Funds FedFund, Institutional Shares 4.020% (e)		5,000,000		5,000,000
Mutual Funds—(Continued)
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class 4.170% (e)		1,000,000		1,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (e)		5,000,000		5,000,000
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (e)		5,000,000		5,000,000
STIT-Government & Agency Portfolio, Institutional Class 4.220% (e)		5,000,000		5,000,000
				21,000,000
Total Securities Lending Reinvestments (Cost $140,951,742)				140,967,167
Total Investments—114.9% (Cost $978,974,567)				1,089,281,978
Other assets and liabilities (net)—(14.9)%				(141,430,084	)
Net Assets—100.0%			$	947,851,894

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Non-income producing security.
(b)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $137,330,631 and the collateral received consisted of cash in the amount of $140,951,756. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(c)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(d)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(e)	The rate shown represents the annualized seven-day yield as of December 31, 2022.

Glossary of Abbreviations

Index Abbreviations

(FEDEFF PRV)—	Effective Federal Funds Rate
(OBFR)—	U.S. Overnight Bank Funding Rate
(SOFR)—	Secured Overnight Financing Rate

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2022

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Total Common Stocks*	$	933,879,016	$	—	$	—	$	933,879,016
Total Short-Term Investment*		—		14,435,795		—		14,435,795
Securities Lending Reinvestments
Certificates of Deposit		—		30,012,033		—		30,012,033
Commercial Paper		—		7,003,483		—		7,003,483
Master Demand Notes		—		1,999,977		—		1,999,977
Repurchase Agreements		—		78,951,674		—		78,951,674
Time Deposit		—		2,000,000		—		2,000,000
Mutual Funds		21,000,000		—		—		21,000,000
Total Securities Lending Reinvestments		21,000,000		119,967,167		—		140,967,167
Total Investments	$	954,879,016	$	134,402,962	$	—	$	1,089,281,978
Collateral for Securities Loaned (Liability)	$	—	$	(140,951,756)	$	—	$	(140,951,756	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a) (b)	$	1,089,281,978
Cash		34,450
Receivable for:
Investments sold		5,310,576
Fund shares sold		313,965
Dividends and interest		1,149,773
Prepaid expenses		3,829
Total Assets		1,096,094,571
Liabilities
Collateral for securities loaned		140,951,756
Payables for:
Investments purchased		4,774,610
Fund shares redeemed		1,592,304
Accrued Expenses:
Management fees		455,476
Distribution and service fees		134,402
Deferred trustees’ fees		187,774
Other expenses		146,355
Total Liabilities		148,242,677
Net Assets	$	947,851,894
Net Assets Consist of:
Paid in surplus	$	718,098,522
Distributable earnings (Accumulated losses)		229,753,372
Net Assets	$	947,851,894
Net Assets
Class A	$	315,394,732
Class B		607,307,038
Class E		25,150,124
Capital Shares Outstanding*
Class A		15,630,093
Class B		31,006,836
Class E		1,263,719
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	20.18
Class B		19.59
Class E		19.90

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $978,974,567.
(b)	Includes securities loaned at value of $137,330,631.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends	$	22,000,466
Interest		93,724
Securities lending income		198,583
Total investment income		22,292,773
Expenses
Management fees		6,434,007
Administration fees		50,500
Custodian and accounting fees		66,623
Distribution and service fees—Class B		1,606,790
Distribution and service fees—Class E		39,366
Audit and tax services		46,352
Legal		45,080
Trustees’ fees and expenses		9,574
Shareholder reporting		84,324
Insurance		8,297
Miscellaneous		13,507
Total expenses		8,404,420
Less management fee waiver		(909,425	)
Less broker commission recapture		(24,343	)
Net expenses		7,470,652
Net Investment Income		14,822,121
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		106,408,330
Net change in unrealized depreciation on investments		(152,242,659	)
Net realized and unrealized gain (loss)		(45,834,329	)
Net Increase (Decrease) in Net Assets From Operations	$	(31,012,208	)

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	14,822,121		$	17,491,388
Net realized gain (loss)		106,408,330			117,058,326
Net change in unrealized appreciation (depreciation)		(152,242,659	)		160,423,524
Increase (decrease) in net assets from operations		(31,012,208	)		294,973,238
From Distributions to Shareholders
Class A		(43,956,119	)		(13,363,803	)
Class B		(87,416,160	)		(27,300,624	)
Class E		(3,581,036	)		(1,080,085	)
Total distributions		(134,953,315	)		(41,744,512	)
Increase (decrease) in net assets from capital share transactions		6,240,648			(124,195,206	)
Total increase (decrease) in net assets		(159,724,875	)		129,033,520
Net Assets
Beginning of period		1,107,576,769			978,543,249
End of period	$	947,851,894		$	1,107,576,769

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class A
Sales		831,265		$	17,615,480			775,225		$	17,688,761
Reinvestments		2,343,077			43,956,119			588,973			13,363,803
Redemptions		(2,304,113	)		(49,131,473	)		(2,000,148	)		(45,352,895	)
Net increase (decrease)		870,229		$	12,440,126			(635,950	)	$	(14,300,331	)
Class B
Sales		1,569,288		$	33,134,918			1,588,518		$	35,223,338
Reinvestments		4,792,553			87,416,160			1,233,648			27,300,624
Redemptions		(6,064,655	)		(127,396,121	)		(7,772,136	)		(169,992,115	)
Net increase (decrease)		297,186		$	(6,845,043	)		(4,949,970	)	$	(107,468,153	)
Class E
Sales		45,768		$	1,038,241			105,857		$	2,378,162
Reinvestments		193,360			3,581,036			48,154			1,080,085
Redemptions		(187,825	)		(3,973,712	)		(264,863	)		(5,884,969	)
Net increase (decrease)		51,303		$	645,565			(110,852	)	$	(2,426,722	)
Increase (decrease) derived from capital shares transactions				$	6,240,648					$	(124,195,206	)

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	24.14		$	19.00		$	19.09		$	15.46		$	20.89
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.35			0.40			0.28			0.28			0.24
Net realized and unrealized gain (loss)		(1.18	)		5.65			0.90			4.17			(1.86	)
Total income (loss) from investment operations		(0.83	)		6.05			1.18			4.45			(1.62	)
Less Distributions
Distributions from net investment income		(0.43	)		(0.30	)		(0.28	)		(0.24	)		(0.17	)
Distributions from net realized capital gains		(2.70	)		(0.61	)		(0.99	)		(0.58	)		(3.64	)
Total distributions		(3.13	)		(0.91	)		(1.27	)		(0.82	)		(3.81	)
Net Asset Value, End of Period	$	20.18		$	24.14		$	19.00		$	19.09		$	15.46
Total Return (%) (b)		(2.45	)		32.13			7.87			29.35			(9.95	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.68			0.68			0.70			0.69			0.69
Net ratio of expenses to average net assets (%) (c)		0.59			0.59			0.60			0.60			0.60
Ratio of net investment income (loss) to average net assets (%)		1.66			1.79			1.69			1.56			1.25
Portfolio turnover rate (%)		30			27			39			32			32
Net assets, end of period (in millions)	$	315.4		$	356.4		$	292.6		$	293.0		$	253.9
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	23.52		$	18.54		$	18.65		$	15.12		$	20.50
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.29			0.34			0.23			0.23			0.19
Net realized and unrealized gain (loss)		(1.15	)		5.50			0.88			4.07			(1.82	)
Total income (loss) from investment operations		(0.86	)		5.84			1.11			4.30			(1.63	)
Less Distributions
Distributions from net investment income		(0.37	)		(0.25	)		(0.23	)		(0.19	)		(0.11	)
Distributions from net realized capital gains		(2.70	)		(0.61	)		(0.99	)		(0.58	)		(3.64	)
Total distributions		(3.07	)		(0.86	)		(1.22	)		(0.77	)		(3.75	)
Net Asset Value, End of Period	$	19.59		$	23.52		$	18.54		$	18.65		$	15.12
Total Return (%) (b)		(2.70	)		31.80			7.64			28.98			(10.15	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93			0.93			0.95			0.94			0.94
Net ratio of expenses to average net assets (%) (c)		0.84			0.84			0.85			0.85			0.85
Ratio of net investment income (loss) to average net assets (%)		1.41			1.53			1.43			1.31			1.00
Portfolio turnover rate (%)		30			27			39			32			32
Net assets, end of period (in millions)	$	607.3		$	722.3		$	661.1		$	660.6		$	593.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	23.85		$	18.79		$	18.89		$	15.30		$	20.71
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.32			0.36			0.25			0.25			0.21
Net realized and unrealized gain (loss)		(1.17	)		5.58			0.89			4.13			(1.85	)
Total income (loss) from investment operations		(0.85	)		5.94			1.14			4.38			(1.64	)
Less Distributions
Distributions from net investment income		(0.40	)		(0.27	)		(0.25	)		(0.21	)		(0.13	)
Distributions from net realized capital gains		(2.70	)		(0.61	)		(0.99	)		(0.58	)		(3.64	)
Total distributions		(3.10	)		(0.88	)		(1.24	)		(0.79	)		(3.77	)
Net Asset Value, End of Period	$	19.90		$	23.85		$	18.79		$	18.89		$	15.30
Total Return (%) (b)		(2.62	)		31.91			7.71			29.18			(10.10	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.83			0.85			0.84			0.84
Net ratio of expenses to average net assets (%) (c)		0.74			0.74			0.75			0.75			0.75
Ratio of net investment income (loss) to average net assets (%)		1.51			1.63			1.53			1.41			1.10
Portfolio turnover rate (%)		30			27			39			32			32
Net assets, end of period (in millions)	$	25.2		$	28.9		$	24.9		$	25.9		$	23.1

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Victory Sycamore Mid Cap Value Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A, B and E shares are currently offered by the Portfolio. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to the corresponding Class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange on a valuation date are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter (“OTC”) are generally valued at the last reported bid price. In the event of a major exchange closing during the trading day, the Adviser may use other market information obtained from quotation reporting systems, established market makers, or pricing services in valuing the securities. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the time as of which the Portfolio determines its NAV to account for the market movement between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. The Portfolio may use a systematic fair valuation model provided by a pricing service to value securities principally traded in these foreign markets to adjust for possible market movements or other changes that may occur between the close of the foreign exchanges and the time as of which the Portfolio determines its NAV. Foreign equity securities valued using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets or valued in reference to similar instruments traded on active markets are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Investments in the ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair value hierarchy. For information about the use of fair value pricing by the Underlying ETFs, please refer to the prospectuses for such Underlying ETFs.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing

BHFTI-13

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Foreign currency forward contracts are valued through a third-party pricing service by interpolating between forward and spot currency rates in the London foreign exchange markets as of a designated hour on a valuation day. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded OTC are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar-equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

BHFTI-14

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $14,435,795. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $78,951,674. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

BHFTI-15

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

All securities on loan are classified as Common Stocks in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with Capital Institutional Services, Inc. (“CAPIS”). Under this arrangement, the Portfolio directs certain trades to CAPIS in return for a recapture credit. CAPIS issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist

BHFTI-16

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$0	$	292,954,389	$	0	$	402,060,659

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$6,434,007		0.700	%	First $200 million
		0.650	%	$200 million to $500 million
		0.625	%	Over $500 million

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Victory Capital Management Inc. is compensated by Brighthouse Investment Advisers for providing subadvisory services for the Portfolio.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023 to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.110%	First $200 million
0.080%	$200 million to $400 million
0.110%	$400 million to $500 million
0.085%	Over $500 million

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

BHFTI-17

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	980,189,180
Gross unrealized appreciation		156,377,360
Gross unrealized (depreciation)		(47,284,562	)
Net unrealized appreciation (depreciation)	$	109,092,798

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$32,459,100	$	20,054,898	$	102,494,215	$	21,689,614	$	134,953,315	$	41,744,512

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital Losses		Total
$14,265,017	$	106,583,332	$	109,092,798	$	—	$	229,941,147

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

BHFTI-18

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

As of December 31, 2022, the Portfolio had no accumulated capital losses.

8. Recent Accounting Pronouncement

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-19

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Victory Sycamore Mid Cap Value Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Victory Sycamore Mid Cap Value Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Victory Sycamore Mid Cap Value Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-20

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-21

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-22

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-23

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-24

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Victory Sycamore Mid Cap Value Portfolio. The Board considered the following information in relation to the Advisory Agreement with the Adviser and Victory Capital Management Inc. regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board took into account that the Portfolio outperformed its benchmark, the Russell Midcap Value Index, for the one-, three-, and five-year periods ended October 31, 2022. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. In addition, the Board further noted that the Sub-Adviser did not manage the Portfolio for all of the periods referenced.

BHFTI-25

Brighthouse Funds Trust I

Victory Sycamore Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-26

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Managed by Western Asset Management Company, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the 12 months ended December 31, 2022, the Class B shares of the Western Asset Management Government Income Portfolio returned -14.68%. The Portfolio’s benchmark, the Bloomberg U.S. Government Bond Index¹, returned -12.32%. The Portfolio’s Custom Benchmark² returned -14.33% over the same period.

MARKET ENVIRONMENT / CONDITIONS

During the 2022 calendar year and reporting period, bond yields soared and risk assets weakened as the Federal Reserve (the “Fed”) and other central banks aggressively hiked interest rates to address rising global inflation pressures.

Geopolitical risks came to the forefront with Russia’s invasion of Ukraine in February. The imposition of financial and economic sanctions, including the freezing of the Russian central bank’s external reserve assets, pushed oil prices past $100 per barrel and renewed concerns over global growth as much of the world was still recovering from economic disruptions brought on by new COVID-19 variants in late 2021.

As the year progressed, inflation pressure in the U.S. continued to rise and far exceeded market and Fed expectations. Price shocks were exacerbated by the invasion of Ukraine, which put additional pressure on food and energy prices, while the reinstatement of COVID-19 lockdowns in China worsened supply chain pressures. Headline consumer price inflation (“CPI”) peaked at 9.1% year-over-year (“YoY”) in June and core CPI peaked at 6.6% in September. U.S. inflation moderated in the fourth quarter with headline and core CPI slowing to 6.5% and 5.7% YoY, respectively.

The Fed dramatically shifted course and continuously shifted their rate hike expectations higher throughout the year. After starting the year only anticipating the need to raise the fed funds rate by 75 basis points (“bps”) in 2022, the Fed raised rates by 425 bps, in its fastest pace of rate hikes in a single year since the 1980s, to end 2022 at a target range of 4.25-4.50%. Other developed market central banks also aggressively raised rates, including the European Central Bank, which exited its negative rate policy which had been in place since 2014.

Bonds had their worst year since the Great Depression, and the Bloomberg U.S. Aggregate Bond Index was down 13% for the year, which was by far its worst year since its 1971 inception. The yield curve bear flattened, as short-term yields rose more than long-term yields, and most of the curve became inverted. Corporate credit, structured product and U.S. dollar denominated emerging market (“EM”) bond spreads all widened. The U.S. dollar strengthened vs. almost all currencies throughout the year although it generally weakened during the fourth quarter of 2022.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the twelve-month period ended December 31, 2022, the Western Asset Management Government Income Portfolio underperformed its custom benchmark.

Over the twelve-month period, the two main detractors from the Portfolio’s performance were its duration positioning and its underweight allocation to Agency Debentures. Duration positioning detracted as the Portfolio generally maintained a modest duration overweight through much of 2022, in particular from the second quarter of 2022 onward, which detracted from performance as yields rose across the curve. The Portfolio’s overweight exposure to Agency Debentures also detracted as spreads slightly widened, particularly during the second half of 2022.

In terms of contributors, the most significant contributor to performance was the Portfolio’s underweight exposure to Agency Mortgage-Backed Securities (“MBS”), which was gradually trimmed to a modest underweight by the end of the period, as spreads widened particularly during the third quarter of 2022. The second largest contributor to performance was the Portfolio’s yield curve positioning. The Portfolio’s yield curve positioning focused on an overweight to the long end (10-year key rate duration) and an underweight to the front end, which was beneficial as the yield curve flattened during the year, in particular during the first half of 2022. The third largest contributor to performance was the Portfolio’s emerging markets exposure, mainly due to favorable issue selection, as spreads for U.S. dollar-denominated EM bonds widened.

During the twelve-month period, the Portfolio used interest rate futures to adjust its duration and yield curve exposure. The Portfolio also used Agency Debenture and Agency MBS derivatives to gain exposure to specific characteristics of those fixed-income sectors. The net impact of all derivative transactions on the Portfolio’s performance was negative.

BHFTI-1

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Managed by Western Asset Management Company, LLC

Portfolio Manager Commentary*—(Continued)

As of December 31, 2022, the Portfolio was underweight U.S. Treasurys and modestly overweight Agency MBS relative to the benchmark, while overweight Agency Debentures. The Portfolio also held small out-of-benchmark exposures to EM debt and structured products (mainly in Commercial MBS).

Fredrick Marki

S. Kenneth Leech

Mark S. Lindbloom

Portfolio Managers

Western Asset Mangement Company, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

¹ The Bloomberg U.S. Government Bond Index is an unmanaged index considered representative of fixed-income obligations issued by the U.S. Treasury, government agencies, and quasi-federal corporations.

² The Custom Benchmark is a blended benchmark comprised of the Bloomberg 5+ Year Treasury Index (40%), the Bloomberg U.S. MBS Index (35%), and the Bloomberg U.S. Agency Bond Index (25%).

BHFTI-2

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

A $10,000 INVESTMENT COMPARED TO THE BLOOMBERG U.S. GOVERNMENT BOND INDEX & THE CUSTOM BENCHMARK

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
Western Asset Management Government Income Portfolio
Class B		-14.68		-0.66		0.37
Bloomberg U.S. Government Bond Index		-12.32		-0.06		0.60
Custom Benchmark		-14.33		-0.36		0.76

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2022

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		85.7
Foreign Government		13.0
Corporate Bonds & Notes		0.8
Mortgage-Backed Securities		0.2

BHFTI-3

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Western Asset Management Government Income Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class B (a)	Actual		0.71	%	$	1,000.00	$	951.40	$	3.49
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.63	$	3.62

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

BHFTI-4

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—85.7% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—32.9%
Fannie Mae 15 Yr. Pool
3.000%, 06/01/32		51,709	$	49,210
3.000%, 10/01/32		5,368		5,108
3.000%, 02/01/33		1,910,570		1,813,795
3.000%, 03/01/33		260,178		247,592
3.000%, 04/01/33		203,351		191,016
3.000%, 05/01/33		87,947		82,600
3.000%, 06/01/33		37,969		35,660
3.000%, 07/01/33		192,845		181,126
3.000%, 08/01/33		877,857		824,565
3.000%, 10/01/33		195,673		183,744
3.000%, 11/01/33		125,404		117,791
3.000%, 12/01/33		66,940		62,880
3.000%, 01/01/34		61,519		57,780
3.000%, 02/01/34		105,156		98,776
3.000%, 03/01/34		259,349		243,453
3.000%, 05/01/34		129,468		121,531
5.000%, 03/01/23		8		8
Fannie Mae 20 Yr. Pool
2.000%, 11/01/41		2,280,769		1,922,556
2.500%, 04/01/42		5,156,271		4,483,933
3.000%, 05/01/42		6,401,532		5,763,917
3.500%, 07/01/32		1,112,073		1,076,894
3.500%, 01/01/34		751,782		720,551
4.000%, 11/01/31		453,027		438,487
4.000%, 08/01/32		367,477		355,678
Fannie Mae 30 Yr. Pool
2.000%, 01/01/51		169,102		138,520
2.000%, 02/01/51		400,593		327,671
2.000%, 03/01/51		86,237		70,859
2.000%, 04/01/51		3,171,566		2,589,742
2.000%, 08/01/51		1,640,980		1,343,089
2.000%, 10/01/51		92,081		75,546
2.000%, 01/01/52		659,756		540,639
2.000%, 02/01/52		1,045,282		857,383
2.000%, 03/01/52		1,818,665		1,500,494
2.500%, 06/01/50		669,632		572,514
2.500%, 09/01/50		467,406		398,941
2.500%, 10/01/50		2,871,872		2,463,361
2.500%, 11/01/50		544,761		467,189
2.500%, 01/01/51		495,077		425,308
2.500%, 02/01/51		67,908		58,469
2.500%, 03/01/51		281,629		239,283
2.500%, 04/01/51		246,460		212,042
2.500%, 05/01/51		339,094		289,312
2.500%, 06/01/51		166,263		142,959
2.500%, 07/01/51		87,368		75,420
2.500%, 09/01/51		455,375		389,647
2.500%, 10/01/51		3,637,218		3,089,138
2.500%, 11/01/51		724,519		624,413
2.500%, 12/01/51		5,031,171		4,302,099
2.500%, 02/01/52		938,526		802,687
2.500%, 03/01/52		651,296		555,768
2.500%, 04/01/52		374,068		319,074
3.000%, 09/01/42		940,738		856,013
3.000%, 10/01/42		596,884		543,170
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
3.000%, 11/01/42		1,372,849		1,249,275
3.000%, 06/01/43		134,767		122,620
3.000%, 07/01/43		297,620		271,042
3.000%, 10/01/43		297,849		271,371
3.000%, 01/01/45		270,313		245,980
3.000%, 08/01/46		138,990		124,536
3.000%, 09/01/46		412,148		369,310
3.000%, 10/01/46		173,690		155,303
3.000%, 11/01/48		710,997		641,097
3.000%, 09/01/49		604,358		538,149
3.000%, 11/01/49		133,152		117,828
3.000%, 02/01/50		605,586		538,904
3.000%, 03/01/50		543,929		480,765
3.000%, 04/01/50		868,606		774,181
3.000%, 08/01/50		302,209		267,641
3.000%, 11/01/50		468,656		419,726
3.000%, 05/01/51		168,186		149,545
3.000%, 06/01/51		487,950		434,454
3.000%, 09/01/51		586,515		518,544
3.000%, 10/01/51		1,503,847		1,326,917
3.000%, 11/01/51		1,616,637		1,438,582
3.000%, 12/01/51		90,612		80,403
3.000%, 01/01/52		640,055		570,884
3.000%, 03/01/52		93,508		83,584
3.000%, 04/01/52		481,171		422,501
3.500%, 11/01/42		1,336,411		1,247,672
3.500%, 11/01/46		215,177		201,449
3.500%, 07/01/47		977,470		908,110
3.500%, 10/01/47		64,061		59,481
3.500%, 12/01/47		2,456,299		2,276,389
3.500%, 06/01/49		287,188		265,628
3.500%, 08/01/50		66,882		61,691
3.500%, 05/01/51		204,667		186,832
3.500%, 07/01/51		1,399,024		1,284,532
3.500%, 12/01/51		180,108		164,684
3.500%, 01/01/52		376,059		345,750
3.500%, 03/01/52		568,691		521,111
3.500%, 04/01/52		1,430,951		1,307,131
3.500%, 05/01/52		1,838,073		1,684,439
4.000%, 10/01/39		46,072		44,246
4.000%, 11/01/40		1,219,838		1,171,470
4.000%, 01/01/42		133,766		128,460
4.000%, 04/01/42		193,937		186,244
4.000%, 09/01/42		926,141		889,404
4.000%, 10/01/42		117,475		112,792
4.000%, 11/01/42		114,336		109,964
4.000%, 06/01/43		117,522		112,915
4.000%, 08/01/43		178,293		170,778
4.000%, 09/01/43		788,225		755,692
4.000%, 10/01/43		133,778		128,492
4.000%, 02/01/44		49,797		47,719
4.000%, 04/01/44		59,339		56,838
4.000%, 02/01/45		65,922		63,143
4.000%, 06/01/45		33,138		31,824
4.000%, 12/01/45		462,922		443,407

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 03/01/46		33,754	$	32,367
4.000%, 05/01/46		21,701		20,776
4.000%, 09/01/47		8,652		8,386
4.000%, 05/01/48		402,052		383,480
4.000%, 10/01/48		721,599		685,398
4.000%, 05/01/52		98,117		92,701
4.000%, 06/01/52		1,745,070		1,646,269
4.000%, 07/01/52		2,151,160		2,019,114
4.500%, 12/01/40		796,991		790,081
4.500%, 08/01/41		70,196		69,587
4.500%, 11/01/41		435,019		431,245
4.500%, 12/01/43		100,902		98,523
4.500%, 10/01/44		539,017		529,510
4.500%, 02/01/45		218,685		214,707
4.500%, 03/01/46		95,175		94,350
4.500%, 05/01/48		27,611		27,086
4.500%, 12/01/48		942,823		924,583
4.500%, 04/01/49		22,503		22,037
4.500%, 09/01/49		107,235		105,416
4.500%, 10/01/49		50,595		49,593
4.500%, 07/01/52		2,471,162		2,383,308
5.000%, 04/01/41		7,426		7,395
5.000%, 06/01/41		22,413		22,421
5.000%, 08/01/41		18,308		18,300
5.000%, 08/01/48		51,755		51,994
5.500%, 12/01/39		238,725		246,610
5.500%, 04/01/40		235,148		243,566
5.500%, 06/01/40		26,267		27,180
5.500%, 05/01/41		93,074		96,406
5.500%, 06/01/41		155,668		160,827
5.500%, 07/01/41		157,191		162,625
5.500%, 12/01/41		317,116		328,133
5.500%, 02/01/42		698,524		722,817
5.500%, 05/01/44		184,437		191,114
6.000%, 01/01/34		35,339		36,546
6.000%, 08/01/34		59,099		61,118
6.000%, 10/01/34		63,776		65,955
6.000%, 11/01/34		42,568		44,023
6.000%, 01/01/35		58,076		59,950
6.000%, 04/01/35		88,995		92,043
6.000%, 06/01/36		142,344		147,210
6.000%, 05/01/37		184,864		192,994
6.000%, 09/01/37		14,681		15,262
6.000%, 10/01/37		156,944		163,846
6.000%, 01/01/38		154,773		161,582
6.000%, 03/01/38		57,032		59,868
6.000%, 07/01/38		26,688		27,802
6.000%, 01/01/40		153,881		160,287
6.000%, 05/01/40		223,081		232,715
6.000%, 07/01/41		198,663		206,759
6.000%, 01/01/42		16,441		16,843
6.500%, 07/01/32		39,165		40,887
6.500%, 12/01/32		11,525		11,926
6.500%, 07/01/35		13,152		13,608
6.500%, 12/01/35		116,227		121,032
Agency Sponsored Mortgage-Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.500%, 08/01/36		197,087		204,875
Fannie Mae ARM Pool
2.304%, 12M LIBOR + 1.818%, 02/01/42 (a)		30,288		30,080
3.186%, 12M LIBOR + 1.700%, 06/01/42 (a)		19,272		19,456
4.050%, 12M LIBOR + 1.800%, 07/01/41 (a)		8,925		9,066
4.051%, 12M LIBOR + 1.818%, 07/01/41 (a)		12,746		12,985
4.068%, 12M LIBOR + 1.818%, 09/01/41 (a)		6,614		6,696
4.080%, 12M LIBOR + 1.830%, 10/01/41 (a)		6,274		6,240
Fannie Mae Grantor Trust
2.898%, 06/25/27		6,093,869		5,683,784
Fannie Mae Pool
2.500%, 10/01/50		373,210		311,568
2.500%, 05/01/51		385,874		322,143
2.500%, 01/01/52		287,569		238,999
2.500%, 09/01/61		566,231		468,386
3.000%, 08/01/27		33,017		31,120
3.000%, 10/01/27		52,779		49,741
3.000%, 11/01/27		16,662		15,703
3.000%, 12/01/27		29,826		28,108
3.000%, 01/01/28		27,769		26,168
3.000%, 02/01/28		24,691		23,268
3.000%, 03/01/28		29,724		28,299
3.000%, 04/01/28		23,998		22,621
3.000%, 05/01/28		31,087		29,293
3.000%, 06/01/28		27,558		25,971
3.000%, 07/01/28		29,416		27,722
3.000%, 08/01/28		31,033		29,241
3.000%, 09/01/28		32,987		31,096
3.000%, 01/01/29		28,920		27,248
3.000%, 03/01/29		41,821		39,402
3.500%, 09/01/32		1,045,213		994,452
3.500%, 10/01/56		1,218,618		1,113,384
4.500%, 08/01/58		119,096		115,741
6.500%, 08/01/39		669,827		687,070
6.668%, 02/01/39		49,660		50,734
Fannie Mae REMICS (CMO)
1.750%, 06/25/42		106,300		95,114
1.750%, 01/25/43		98,716		89,541
2.161%, -1 x 1M LIBOR + 6.550%, 06/25/41 (a) (b)		27,177		476
3.000%, 05/25/46		1,868,175		1,747,587
4.250%, 03/25/42		807,737		766,678
4.500%, 12/25/40		51,272		48,298
4.750%, 01/25/41		195,389		188,497
5.000%, 12/25/23		8,631		8,580
5.000%, 12/25/34		117,783		117,625
5.000%, 03/25/35		94,520		94,402
5.000%, 08/25/39		157,287		156,126
5.000%, 02/25/41		80,177		72,867
5.309%, 1M LIBOR + 0.920%, 03/25/36 (a)		162,861		163,629
5.319%, 1M LIBOR + 0.930%, 06/25/36 (a)		238,316		239,512
5.500%, 06/25/35		20,895		20,836
5.500%, 08/25/35		505,130		504,634
6.000%, 06/25/45 (b)		260,219		42,325
Freddie Mac 15 Yr. Gold Pool
3.000%, 06/01/31		274,119		262,021

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 15 Yr. Gold Pool
3.000%, 02/01/32		6,319	$	6,020
3.000%, 03/01/33		866,038		825,041
3.000%, 09/01/33		75,450		70,955
3.000%, 03/01/34		67,849		63,753
6.000%, 01/01/24		9,533		9,501
Freddie Mac 15 Yr. Pool
3.500%, 04/01/33		158,514		153,233
Freddie Mac 20 Yr. Gold Pool
3.000%, 11/01/33		888,748		836,518
3.500%, 03/01/32		408,002		395,538
3.500%, 07/01/32		370,965		359,630
4.000%, 06/01/33		463,027		448,682
Freddie Mac 20 Yr. Pool
2.000%, 01/01/42		2,257,819		1,903,185
3.500%, 06/01/32		1,104,473		1,069,526
3.500%, 02/01/34		1,682,409		1,612,523
Freddie Mac 30 Yr. Gold Pool
3.000%, 11/01/42		91,524		83,382
3.000%, 01/01/43		106,921		97,398
3.000%, 02/01/43		521,854		475,382
3.000%, 03/01/43		5,248,860		4,781,433
3.000%, 06/01/43		1,229,348		1,119,849
3.500%, 04/01/40		65,098		61,007
3.500%, 05/01/40		133,029		124,668
3.500%, 06/01/40		149,371		139,983
3.500%, 07/01/40		21,879		20,504
3.500%, 08/01/40		80,786		75,708
3.500%, 09/01/40		54,987		51,531
3.500%, 10/01/40		30,303		28,398
3.500%, 04/01/42		299,643		280,805
3.500%, 07/01/42		46,635		43,703
3.500%, 08/01/42		26,539		24,860
3.500%, 09/01/42		112,586		105,328
3.500%, 10/01/42		718,616		673,410
3.500%, 01/01/43		235,890		221,018
3.500%, 02/01/43		127,709		119,678
3.500%, 04/01/43		369,665		346,316
3.500%, 05/01/43		169,620		158,826
3.500%, 11/01/44		197,352		183,837
3.500%, 02/01/45		4,081		3,824
3.500%, 06/01/45		7,766		7,243
3.500%, 11/01/45		1,776,098		1,654,456
3.500%, 01/01/46		5,795		5,393
3.500%, 02/01/46		471,645		438,422
3.500%, 05/01/46		578,607		538,452
3.500%, 06/01/46		85,287		79,200
3.500%, 07/01/46		9,289		8,638
3.500%, 08/01/46		65,670		61,405
3.500%, 09/01/46		375,638		349,836
3.500%, 01/01/47		1,013,653		942,703
3.500%, 02/01/47		1,023,230		949,252
3.500%, 11/01/47		16,138		15,009
3.500%, 12/01/47		239,638		222,258
4.000%, 11/01/41		3,162		3,040
4.000%, 09/01/42		1,329,006		1,276,569
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
4.000%, 10/01/42		14,542		14,015
4.000%, 11/01/42		182,552		175,478
4.000%, 12/01/42		60,198		57,889
4.000%, 01/01/43		10,594		10,190
4.000%, 02/01/43		96,340		92,396
4.000%, 03/01/43		37,597		36,241
4.000%, 04/01/43		12,027		11,603
4.000%, 05/01/43		142,081		136,343
4.000%, 06/01/43		19,303		18,426
4.000%, 07/01/43		161,515		154,920
4.000%, 08/01/43		112,339		107,654
4.000%, 09/01/43		216,563		207,735
4.000%, 10/01/43		201,482		193,250
4.000%, 01/01/44		140,051		134,297
4.000%, 02/01/44		23,949		23,037
4.000%, 04/01/44		12,184		11,719
4.000%, 07/01/44		306,859		295,032
4.000%, 01/01/45		193,196		185,258
4.000%, 02/01/45		207,520		198,999
4.000%, 05/01/45		336,226		323,262
4.000%, 12/01/45		207,353		198,834
4.000%, 12/01/47		467,071		445,857
4.000%, 05/01/48		233,277		222,863
4.500%, 05/01/39		43,630		43,245
4.500%, 09/01/40		344,759		342,157
4.500%, 02/01/41		32,775		32,527
4.500%, 08/01/41		294,268		290,531
4.500%, 09/01/41		45,504		45,160
4.500%, 10/01/41		86,673		86,018
4.500%, 02/01/44		11,450		11,206
5.000%, 01/01/35		83,859		85,572
5.000%, 05/01/35		37,354		38,160
5.000%, 07/01/35		481,434		492,196
5.000%, 11/01/35		617,846		631,672
5.000%, 06/01/41		822,008		833,332
5.000%, 07/01/41		116,660		117,826
5.500%, 03/01/34		562,821		581,044
5.500%, 07/01/35		369,666		381,517
Freddie Mac 30 Yr. Pool
2.000%, 03/01/51		91,948		75,550
2.000%, 09/01/51		184,150		151,136
2.000%, 11/01/51		274,244		225,525
2.500%, 06/01/50		194,002		166,164
2.500%, 11/01/50		2,212,525		1,905,673
2.500%, 12/01/50		308,423		265,668
2.500%, 02/01/51		162,308		137,843
2.500%, 05/01/51		84,826		72,036
2.500%, 07/01/51		291,519		242,196
2.500%, 09/01/51		3,786,634		3,218,164
2.500%, 11/01/51		1,926,717		1,656,821
2.500%, 01/01/52		2,531,782		2,162,090
2.500%, 03/01/52		566,974		484,908
3.000%, 09/01/48		417,697		371,958
3.000%, 09/01/49		1,633,365		1,466,587
3.000%, 11/01/49		495,895		442,174
3.000%, 03/01/50		231,124		205,821

See accompanying notes to financial statements.

BHFTI-7

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Freddie Mac 30 Yr. Pool
3.000%, 05/01/50		125,570	$	112,429
3.000%, 02/01/51		263,126		232,971
3.000%, 04/01/52		779,826		687,685
3.500%, 11/01/40		69,086		64,669
3.500%, 12/01/40		51,177		47,905
3.500%, 01/01/46		151,469		140,732
3.500%, 07/01/46		728,322		676,538
3.500%, 07/01/47		245,058		228,067
3.500%, 02/01/48		70,735		65,528
3.500%, 04/01/48		237,880		220,345
3.500%, 04/01/52		1,342,957		1,228,097
3.500%, 05/01/52		386,903		353,699
4.000%, 07/01/49		460,900		439,983
4.000%, 05/01/52		668,527		629,702
4.000%, 06/01/52		1,260,682		1,183,363
4.000%, 07/01/52		198,013		185,961
4.500%, 07/01/40		666,869		661,084
4.500%, 06/01/52		2,112,966		2,047,183
4.500%, 07/01/52		1,187,671		1,144,007
4.500%, 08/01/52		695,467		669,898
5.000%, 06/01/52		96,616		95,280
5.000%, 07/01/52		877,956		868,198
Freddie Mac ARM Non-Gold Pool
3.220%, 12M LIBOR + 1.910%, 05/01/41 (a)		19,803		19,984
3.255%, 12M LIBOR + 1.880%, 04/01/41 (a)		2,410		2,387
3.568%, 12M LIBOR + 1.910%, 05/01/41 (a)		19,866		20,117
3.714%, 12M LIBOR + 1.908%, 10/01/42 (a)		41,153		41,624
3.774%, 12M LIBOR + 1.910%, 06/01/41 (a)		25,720		26,093
3.890%, 12M LIBOR + 1.750%, 12/01/40 (a)		279,135		280,257
4.000%, 12M LIBOR + 1.750%, 09/01/41 (a)		100,626		101,271
4.130%, 12M LIBOR + 1.880%, 09/01/41 (a)		9,956		10,053
4.130%, 12M LIBOR + 1.880%, 10/01/41 (a)		115,788		115,953
4.160%, 12M LIBOR + 1.910%, 06/01/41 (a)		6,598		6,576
Freddie Mac Multifamily Structured Pass-Through Certificates
3.750%, 11/25/29		165,371		160,090
3.750%, 11/25/32		1,000,000		950,232
3.990%, 05/25/33 (a)		3,650,000		3,528,006
Freddie Mac REMICS (CMO)
1.750%, 06/15/42		77,938		71,144
3.500%, 11/15/31		709,444		683,882
4.000%, 01/15/41		4,756,997		4,552,451
4.500%, 02/15/41		9,557		9,153
4.718%, 1M LIBOR + 0.400%, 03/15/34 (a)		143,745		141,686
5.000%, 10/15/34		141,749		141,027
5.000%, 12/15/37		52,976		52,386
5.000%, 03/15/41		254,415		245,407
5.000%, 04/15/41		876,893		882,386
5.000%, 05/15/41		1,049,836		1,058,628
5.218%, 1M LIBOR + 0.900%, 02/15/33 (a)		73,689		73,976
5.500%, 05/15/34		851,256		854,238
5.500%, 11/15/36		324,689		321,865
5.500%, 06/15/41		1,898,589		1,932,720
Ginnie Mae I 30 Yr. Pool
3.000%, 05/15/42		200,873		183,881
3.000%, 04/15/43		67,804		62,082
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
3.000%, 05/15/43		44,959		40,988
3.000%, 01/15/45		24,901		22,273
3.000%, 02/15/45		43,450		38,806
3.000%, 03/15/45		196,218		175,347
3.000%, 05/15/45		13,700		12,236
3.000%, 06/15/45		19,213		17,404
3.000%, 07/15/45		109,198		97,537
3.500%, 11/15/41		127,340		119,766
3.500%, 02/15/42		95,410		89,728
3.500%, 03/15/42		138,335		130,118
3.500%, 05/15/42		298,472		280,679
3.500%, 06/15/42		183,139		172,234
3.500%, 05/15/50		173,272		161,705
4.000%, 09/15/40		710,884		684,260
4.000%, 10/15/40		41,507		40,213
4.000%, 03/15/41		386,455		375,250
4.000%, 06/15/41		13,808		13,407
4.000%, 09/15/41		74,147		71,797
4.000%, 10/15/41		313,873		303,143
4.000%, 11/15/41		101,762		98,508
4.000%, 12/15/41		280,885		271,645
4.000%, 01/15/42		9,579		9,225
4.000%, 02/15/42		14,596		14,057
4.000%, 03/15/42		91,905		88,888
4.000%, 11/15/42		12,147		11,725
4.000%, 01/15/43		40,461		38,828
4.000%, 03/15/50		32,378		30,881
4.500%, 08/15/39		621,312		616,754
4.500%, 06/15/40		166,446		165,044
4.500%, 07/15/40		39,375		39,086
4.500%, 03/15/41		232,553		231,083
4.500%, 04/15/41		18,534		18,415
5.000%, 03/15/39		26,390		26,921
5.000%, 07/15/39		48,093		49,220
5.000%, 08/15/39		42,684		43,434
5.000%, 09/15/39		29,780		30,377
5.000%, 04/15/40		17,240		17,520
5.000%, 08/15/40		74,429		75,919
5.000%, 04/15/41		48,276		48,853
5.000%, 09/15/41		33,421		34,205
5.500%, 10/15/39		7,384		7,686
6.000%, 06/15/36		359,486		380,824
Ginnie Mae II 30 Yr. Pool
2.500%, 12/20/50		236,179		202,017
2.500%, 02/20/51		547,062		476,277
2.500%, 03/20/51		728,321		634,008
2.500%, 04/20/51		76,677		66,782
3.000%, 12/20/42		537,486		485,309
3.000%, 03/20/43		500,631		449,115
3.000%, 01/20/48		657,549		594,190
3.000%, 09/20/51		4,202,839		3,760,049
3.000%, 04/20/52		93,506		81,321
3.500%, 12/20/42		162,770		153,357
3.500%, 05/20/46		774,631		722,009
3.500%, 06/20/46		2,003,954		1,868,288

See accompanying notes to financial statements.

BHFTI-8

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage-Backed—(Continued)
Ginnie Mae II 30 Yr. Pool
3.500%, 11/20/47		129,468	$	120,531
3.500%, 01/20/48		193,590		178,880
3.500%, 10/20/48		444,842		414,503
3.500%, 02/20/52		190,319		175,112
3.500%, 06/20/52		98,468		89,500
4.000%, 09/20/39		50,082		48,403
4.000%, 10/20/40		7,053		6,815
4.000%, 11/20/40		490,918		474,339
4.000%, 10/20/41		640,653		619,011
4.000%, 11/20/41		245,409		237,117
4.000%, 04/20/42		318,431		307,673
4.000%, 06/20/42		24,005		23,349
4.000%, 10/20/44		560,892		539,538
4.000%, 11/20/44		559,963		538,631
4.000%, 12/20/44		32,072		30,850
4.000%, 08/20/46		95,735		91,789
4.000%, 08/20/48		92,833		88,964
4.000%, 03/20/50		30,108		29,330
4.000%, 04/20/50		289,475		282,058
4.500%, 02/20/40		54,569		54,462
4.500%, 09/20/40		5,836		5,824
4.500%, 08/20/48		486,575		478,037
4.500%, 09/20/48		331,793		321,977
4.500%, 10/20/48		466,760		458,249
4.500%, 01/20/49		71,739		69,637
4.500%, 03/20/50		100,387		98,594
Government National Mortgage Association (CMO)
1.747%, -1x 1M LIBOR + 6.100%, 07/20/41 (a) (b)		68,987		5,966
2.500%, 11/20/46		107,313		96,148
2.750%, 02/20/64		987,980		967,749
2.750%, 05/20/64		42,599		42,490
3.000%, 03/20/63		7,663		7,131
3.250%, 08/20/68		2,398,886		2,309,303
4.000%, 12/20/40		1,328,586		1,275,661
4.142%, 1M LIBOR + 0.300%, 08/20/60 (a)		68,740		67,957
4.142%, 1M LIBOR + 0.300%, 09/20/60 (a)		117,369		116,105
4.332%, 1M LIBOR + 0.490%, 02/20/61 (a)		47,232		46,879
4.342%, 1M LIBOR + 0.500%, 12/20/60 (a)		174,206		173,017
4.342%, 1M LIBOR + 0.500%, 02/20/61 (a)		12,405		12,310
4.342%, 1M LIBOR + 0.500%, 04/20/61 (a)		59,342		58,884
4.342%, 1M LIBOR + 0.500%, 05/20/61 (a)		151,066		149,991
4.372%, 1M LIBOR + 0.530%, 06/20/61 (a)		81,357		80,836
4.385%, 1M LIBOR + 0.330%, 07/20/60 (a)		124,537		123,131
4.442%, 1M LIBOR + 0.600%, 10/20/61 (a)		286,322		284,739
4.472%, 1M LIBOR + 0.630%, 01/20/62 (a)		286,259		284,559
4.472%, 1M LIBOR + 0.630%, 03/20/62 (a)		144,241		143,061
4.492%, 1M LIBOR + 0.650%, 05/20/61 (a)		6,021		5,965
4.500%, 05/16/40		24,816		24,484
4.500%, 05/20/40 (b)		2,473		32
4.500%, 12/20/40		1,074,321		1,031,172
4.542%, 1M LIBOR + 0.700%, 11/20/61 (a)		289,163		287,850
4.542%, 1M LIBOR + 0.700%, 01/20/62 (a)		178,899		178,148
4.603%, 1M LIBOR + 0.250%, 10/20/47 (a)		551,732		531,341
4.653%, 1M LIBOR + 0.300%, 05/20/48 (a)		477,666		461,425
Agency Sponsored Mortgage-Backed—(Continued)
Government National Mortgage Association (CMO)
4.653%, 1M LIBOR + 0.300%, 06/20/48 (a)		621,101		599,950
4.833%, 1M LIBOR + 0.480%, 01/20/38 (a)		17,884		17,967
4.853%, 1M LIBOR + 0.500%, 07/20/37 (a)		69,093		69,410
4.856%, 1M LIBOR + 0.530%, 12/16/39 (a)		63,529		62,854
4.910%, 1Y H15 + 0.350%, 08/20/66 (a)		2,161,163		2,151,110
4.926%, 1M LIBOR + 0.600%, 11/16/39 (a)		101,046		102,130
5.000%, 12/20/39		2,959,459		2,962,437
5.000%, 03/20/40		1,398,882		1,380,720
5.010%, 09/20/60 (a)		11,510		11,426
5.057%, 1Y H15 + 0.500%, 05/20/66 (a)		1,903,011		1,897,636
5.470%, 08/20/59 (a)		331		307
5.500%, 04/20/34		208,890		213,794
Uniform Mortgage-Backed Securities 30 Yr. Pool
2.500%, TBA (c)		2,400,000		2,031,634
5.000%, TBA (c)		100,000		98,491
				213,495,966
Federal Agencies — 40.1%
Fannie Mae Principal Strip
Zero Coupon, 05/15/30		40,000,000		29,383,437
Federal Farm Credit Banks Funding Corp.
1.300%, 05/13/30		20,000,000		16,290,255
1.600%, 07/15/30		10,000,000		8,091,252
1.980%, 07/13/38		19,515,000		13,656,087
3.700%, 03/24/42		10,000,000		8,189,097
5.480%, 06/27/42		2,000,000		1,870,417
Federal Home Loan Bank
2.125%, 09/14/29		16,000,000		14,337,477
3.250%, 11/16/28		5,000,000		4,801,307
Federal Home Loan Mortgage Corp.
Zero Coupon, 12/14/29		10,000,000		7,506,899
Zero Coupon, 09/15/36		10,000,000		5,274,907
Zero Coupon, 12/15/36		45,000,000		23,684,657
6.250%, 07/15/32 (d)		7,568,000		8,826,797
6.750%, 03/15/31		481,000		567,626
Federal National Mortgage Association
Zero Coupon, 11/15/30		10,000,000		7,155,770
6.625%, 11/15/30		1,430,000		1,676,911
Freddie Mac Strips
Zero Coupon, 07/15/32		17,100,000		11,358,647
Resolution Funding Corp. Interest Strip
Zero Coupon, 01/15/29		7,300,000		5,637,147
Zero Coupon, 07/15/29		7,500,000		5,720,451
Resolution Funding Corp. Principal Strip
Zero Coupon, 01/15/30		23,523,000		17,178,183
Zero Coupon, 04/15/30		35,000,000		25,391,744
Tennessee Valley Authority
0.750%, 05/15/25		5,000,000		4,569,228
2.875%, 09/15/24		7,050,000		6,832,831
Tennessee Valley Authority Generic Strip
Zero Coupon, 07/15/29		8,669,000		6,469,903
Zero Coupon, 01/15/34		12,669,000		7,651,782
United States Department of Housing and Urban Development
2.738%, 08/01/25		5,000,000		4,784,002

See accompanying notes to financial statements.

BHFTI-9

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Schedule of Investments as of December 31, 2022

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies —(Continued)
United States International Development Finance Corp.
1.110%, 05/15/29		5,571,429	$	4,958,041
1.920%, 12/15/32		9,523,810		8,335,714
				260,200,569
U.S. Treasury—12.7%
U.S. Treasury Bonds
1.625%, 11/15/50		34,000,000		20,230,000
2.250%, 05/15/41		2,000,000		1,503,516
2.875%, 05/15/52		4,030,000		3,229,037
3.000%, 05/15/45		4,000,000		3,295,312
3.000%, 02/15/48		19,000,000		15,573,320
3.125%, 11/15/41		12,830,000		11,086,423
3.625%, 02/15/44		17,000,000		15,592,852
U.S. Treasury Inflation Indexed Notes
0.500%, 01/15/28 (e)		5,556,800		5,225,239
1.625%, 10/15/27 (e)		6,638,874		6,631,090
				82,366,789
Total U.S. Treasury & Government Agencies (Cost $649,026,204)				556,063,324
Foreign Government—13.0%
Sovereign—13.0%
Abu Dhabi Government International Bond
3.125%, 10/11/27 (144A)		2,860,000		2,729,092
Colombia Government International Bond
3.125%, 04/15/31		5,090,000		3,777,868
Hashemite Kingdom of Jordan Government AID Bond
3.000%, 06/30/25		10,389,000		10,017,942
Indonesia Government International Bond
4.750%, 02/11/29		4,410,000		4,421,669
Israel Government AID Bonds
5.500%, 09/18/23		13,878,000		13,938,963
5.500%, 12/04/23		30,210,000		30,378,280
5.500%, 04/26/24		1,900,000		1,911,788
5.500%, 09/18/33		2,195,000		2,385,741
Mexico Government International Bond
4.500%, 04/22/29		4,650,000		4,434,225
Panama Government International Bond
3.750%, 03/16/25		2,780,000		2,686,595
Peruvian Government International Bond
4.125%, 08/25/27		2,620,000		2,506,744
Poland Government International Bond
3.250%, 04/06/26		2,820,000		2,700,996
Qatar Government International Bond
4.000%, 03/14/29 (144A)		2,740,000		2,692,707
Total Foreign Government (Cost $98,887,690)				84,582,610

Corporate Bonds & Notes—0.8%
Security Description	Principal Amount*		Value
Diversified Financial Services—0.8%
Private Export Funding Corp.
0.300%, 04/28/23 (144A) (Cost $4,999,153)		5,000,000	$	4,939,028
Mortgage-Backed Securities—0.2%
Collateralized Mortgage Obligations—0.2%
Seasoned Loans Structured Transaction
3.500%, 06/25/28		1,243,304		1,174,574
Total Mortgage-Backed Securities (Cost $1,234,526)				1,174,574
Short-Term Investment—0.2%
Repurchase Agreement—0.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/30/22 at 1.800%, due on 01/03/23 with a maturity value of $1,618,028; collateralized by U.S. Treasury Bond at 2.375%, maturing 05/15/51, with a market value of $1,650,077.		1,617,704		1,617,704
Total Short-Term Investments (Cost $1,617,704)				1,617,704
Securities Lending Reinvestments (f)—1.3%
Repurchase Agreements—0.7%
Cantor Fitzgerald & Co. Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $150,072; collateralized by U.S. Government Agency Obligations with rates ranging from 1.500% - 7.500%, maturity dates ranging from 01/01/23 - 07/20/71, and an aggregate market value of $153,000.		150,000		150,000
HSBC Bank plc Repurchase Agreement dated 12/30/22 at 4.300%, due on 01/03/23 with a maturity value of $58,081; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 3.625%, maturity dates ranging from 01/26/23 - 08/15/52, and an aggregate market value of $59,266.		58,054		58,054
National Bank Financial, Inc. Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/03/23 with a maturity value of $500,240; collateralized by U.S. Treasury Obligations with rates ranging from 0.250% - 4.497%, maturity dates ranging from 11/30/23 -03/31/27, and an aggregate market value of $511,935.		500,000		500,000
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.320%, due on 01/06/23 with a maturity value of $150,126; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.497%, maturity dates ranging from 10/31/23 -11/15/32, and an aggregate market value of $153,357.		150,000		150,000

See accompanying notes to financial statements.

BHFTI-10

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Schedule of Investments as of December 31, 2022

Securities Lending Reinvestments (f)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Repurchase Agreements—(Continued)
National Bank of Canada
Repurchase Agreement dated 12/30/22 at 4.450%, due on 01/06/23 with a maturity value of $1,601,384; collateralized by U.S. Treasury Obligations with rates ranging from 0.000% - 4.497%, maturity dates ranging from 03/02/23 -05/15/52, and various Common Stock with an aggregate market value of $1,742,126.		1,600,000	$	1,600,000
Societe Generale
Repurchase Agreement dated 12/30/22 at 4.250%, due on 01/03/23 with a maturity value of $100,047; collateralized by U.S. Treasury Obligations with rates ranging from 0.375% - 4.495%, maturity dates ranging from 03/15/23 -08/15/51, and an aggregate market value of $102,181.		100,000		100,000
Repurchase Agreement dated 12/30/22 at 4.390%, due on 01/03/23 with a maturity value of $100,049; collateralized by various Common Stock with an aggregate market value of $111,285.		100,000		100,000
Repurchase Agreement dated 12/30/22 at 4.410%, due on 01/03/23 with a maturity value of $177,314; collateralized by various Common Stock with an aggregate market value of $197,253.		177,227		177,227
Repurchase Agreement dated 12/30/22 at 4.420%, due on 01/06/23 with a maturity value of $200,172; collateralized by various Common Stock with an aggregate market value of $222,638.		200,000		200,000
TD Prime Services LLC Repurchase Agreement dated 12/30/22 at 4.400%, due on 01/03/23 with a maturity value of $1,500,733; collateralized by various Common Stock with an aggregate market value of $1,699,271.		1,500,000		1,500,000
				4,535,281
Mutual Funds—0.6%
Allspring Government Money Market Fund, Select Class 4.090% (g)		1,000,000		1,000,000
Fidelity Investments Money Market Government Portfolio, Institutional Class 4.100% (g)		1,000,000		1,000,000
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.150% (g)		1,000,000		1,000,000
Mutual Funds—(Continued)
SSGA Institutional U.S. Government Money Market Fund, Premier Class 4.120% (g)		1,000,000		1,000,000
				4,000,000
Total Securities Lending Reinvestments (Cost $8,535,281)				8,535,281
Total Investments—101.2% (Cost $764,300,558)				656,912,521
Other assets and liabilities (net)—(1.2)%				(7,995,389	)
Net Assets—100.0%			$	648,917,132

*	Principal amount stated in U.S. dollars unless otherwise noted.
(a)	Variable or floating rate security. The stated rate represents the rate at December 31, 2022. Maturity date shown for callable securities reflects the earliest possible call date. For securities based on a published reference index and spread, the index and spread are indicated in the description above. For certain variable rate securities, the coupon rate is determined by the issuer/agent based on current market conditions. For certain asset- and mortgage-backed securities, the coupon rate may fluctuate based on changes of the underlying collateral or prepayments of principal. These securities do not indicate a reference index and spread in their description above.
(b)	Interest only security.
(c)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(d)	All or a portion of the security was held on loan. As of December 31, 2022, the market value of securities loaned was $8,163,154 and the collateral received consisted of cash in the amount of $8,535,281. The cash collateral investments are disclosed in the Schedule of Investments and categorized as Securities Lending Reinvestments.
(e)	Principal amount of security is adjusted for inflation.
(f)	Represents investment of cash collateral received from securities on loan as of December 31, 2022.
(g)	The rate shown represents the annualized seven-day yield as of December 31, 2022.
(144A)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the market value of 144A securities was $10,360,827, which is 1.6% of net assets.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Value				Value/ Unrealized Appreciation/ (Depreciation)
U.S. Treasury Long Bond Futures		03/22/23		98			USD	12,283,688		$	(86,447	)
U.S. Treasury Ultra Long Bond Futures		03/22/23		38			USD	5,103,875			(137,404	)
Futures Contracts—Short
U.S. Treasury Note 10 Year Futures		03/22/23		(70	)		USD	(7,860,781	)		37,778
Net Unrealized Depreciation										$	(186,073	)

See accompanying notes to financial statements.

BHFTI-11

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Schedule of Investments as of December 31, 2022

Glossary of Abbreviations

Currencies

(USD)— United States Dollar

Index Abbreviations

(H15)—	U.S. Treasury Yield Curve Rate T-Note Constant Maturity Index
(LIBOR)—	London Interbank Offered Rate

Other Abbreviations

(ARM)—	Adjustable-Rate Mortgage
(CMO)—	Collateralized Mortgage Obligation
(REMIC)—	Real Estate Mortgage Investment Conduit

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	556,063,324		$	—	$	556,063,324
Total Foreign Government*		—			84,582,610			—		84,582,610
Total Corporate Bonds & Notes*		—			4,939,028			—		4,939,028
Total Mortgage-Backed Securities*		—			1,174,574			—		1,174,574
Total Short-Term Investment*		—			1,617,704			—		1,617,704
Securities Lending Reinvestments
Repurchase Agreements		—			4,535,281			—		4,535,281
Mutual Funds		4,000,000			—			—		4,000,000
Total Securities Lending Reinvestments		4,000,000			4,535,281			—		8,535,281
Total Investments	$	4,000,000		$	652,912,521		$	—	$	656,912,521
Collateral for Securities Loaned (Liability)	$	—		$	(8,535,281	)	$	—	$	(8,535,281	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	37,778		$	—		$	—	$	37,778
Futures Contracts (Unrealized Depreciation)		(223,851	)		—			—		(223,851	)
Total Futures Contracts	$	(186,073	)	$	—		$	—	$	(186,073	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

BHFTI-12

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Investments at value (a)(b)	$	656,912,521
Cash collateral for futures contracts		630,330
Receivable for:
TBA securities sold		1,311,918
Fund shares sold		771
Interest		2,878,393
Prepaid expenses		2,651
Total Assets		661,736,584
Liabilities
Collateral for securities loaned		8,535,281
Payables for:
TBA securities purchased		3,313,988
Fund shares redeemed		259,795
Variation margin on futures contracts		24,027
Accrued Expenses:
Management fees		227,145
Distribution and service fees		140,685
Deferred trustees’ fees		149,475
Other expenses		169,056
Total Liabilities		12,819,452
Net Assets	$	648,917,132
Net Assets Consist of:
Paid in surplus	$	802,958,077
Distributable earnings (Accumulated losses)		(154,040,945	)
Net Assets	$	648,917,132
Net Assets
Class B	$	648,917,132
Capital Shares Outstanding*
Class B		72,054,158
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	9.01

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of investments was $764,300,558.
(b)	Includes securities loaned at value of $8,163,154.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Interest	$	16,846,551
Securities lending income		123,824
Total investment income		16,970,375
Expenses
Management fees		3,214,603
Administration fees		48,468
Custodian and accounting fees		130,985
Distribution and service fees—Class B		1,834,127
Audit and tax services		71,312
Legal		45,080
Trustees’ fees and expenses		9,574
Shareholder reporting		40,426
Insurance		6,252
Miscellaneous		13,926
Total expenses		5,414,753
Less management fee waiver		(277,880	)
Net expenses		5,136,873
Net Investment Income		11,833,502
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(24,812,026	)
Futures contracts		3,885,167
Net realized gain (loss)		(20,926,859	)
Net change in unrealized appreciation (depreciation) on:
Investments		(112,866,767	)
Futures contracts		225,342
Net change in unrealized appreciation (depreciation)		(112,641,425	)
Net realized and unrealized gain (loss)		(133,568,284	)
Net Increase (Decrease) in Net Assets From Operations	$	(121,734,782	)

See accompanying notes to financial statements.

BHFTI-13

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	11,833,502		$	8,334,704
Net realized gain (loss)		(20,926,859	)		9,533,297
Net change in unrealized appreciation (depreciation)		(112,641,425	)		(37,617,133	)
Increase (decrease) in net assets from operations		(121,734,782	)		(19,749,132	)
From Distributions to Shareholders
Class B		(16,627,143	)		(19,720,331	)
Total distributions		(16,627,143	)		(19,720,331	)
Increase (decrease) in net assets from capital share transactions		(73,668,619	)		(112,863,365	)
Total increase (decrease) in net assets		(212,030,544	)		(152,332,828	)
Net Assets
Beginning of period		860,947,676			1,013,280,504
End of period	$	648,917,132		$	860,947,676

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class B
Sales		5,490,880		$	53,263,338			6,705,398		$	73,549,299
Reinvestments		1,787,865			16,627,143			1,836,157			19,720,331
Redemptions		(14,837,453	)		(143,559,100	)		(18,841,307	)		(206,132,995	)
Net increase (decrease)		(7,558,708	)	$	(73,668,619	)		(10,299,752	)	$	(112,863,365	)
Increase (decrease) derived from capital shares transactions				$	(73,668,619	)				$	(112,863,365	)

See accompanying notes to financial statements.

BHFTI-14

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.81		$	11.27		$	10.72		$	10.26		$	10.55
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.16			0.10			0.13			0.20			0.20
Net realized and unrealized gain (loss)		(1.74	)		(0.32	)		0.69			0.55			(0.20	)
Total income (loss) from investment operations		(1.58	)		(0.22	)		0.82			0.75			0.00
Less Distributions
Distributions from net investment income		(0.22	)		(0.24	)		(0.27	)		(0.29	)		(0.29	)
Total distributions		(0.22	)		(0.24	)		(0.27	)		(0.29	)		(0.29	)
Net Asset Value, End of Period	$	9.01		$	10.81		$	11.27		$	10.72		$	10.26
Total Return (%) (b)		(14.68	)		(1.97	)		7.68			7.49			(0.06	)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74			0.73			0.72			0.73			0.72
Net ratio of expenses to average net assets (%) (c)		0.70			0.69			0.69			0.70			0.72
Ratio of net investment income (loss) to average net assets (%)		1.61			0.90			1.13			1.92			1.99
Portfolio turnover rate (%)		64	(d)		35	(d)		75	(d)		196	(d)		240	(d)
Net assets, end of period (in millions)	$	648.9		$	860.9		$	1,013.3		$	930.3		$	960.4

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(c)	Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).
(d)	Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 36%, 30%, 57%, 114%, and 69% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively.

See accompanying notes to financial statements.

BHFTI-15

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is Western Asset Management Government Income Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”).

The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class B shares are currently offered by the Portfolio.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. Treasury and U.S. government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite bid quotations obtained from third-party pricing services and/or brokers and dealers selected by the Adviser (each a “pricing service”). Such pricing services may use matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker-dealer quotes and quoted prices for similar assets. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost in the absence of market quotes, so long as the amortized cost value of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Floating rate loans are generally valued based upon an evaluated or composite average of aggregate bid and ask quotations supplied by brokers or dealers, as obtained from the pricing service. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage- and asset-backed securities are generally valued based upon evaluated or composite bid quotations obtained from pricing services selected by the Adviser. These securities are usually issued as separate tranches, or classes, of securities within each deal. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche and incorporate deal collateral performance, as available. Mortgage- and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported NAV per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on a valuation day or, if there is no such price available, at the last reported bid price. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges are valued at their settlement prices established by the exchanges on which they are traded as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including options on swaps (“swaptions”), currencies, and futures contracts that are traded over-the-counter (“OTC”) are generally valued based upon interdealer bid and ask prices or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are

BHFTI-16

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or a pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 within the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including, but not limited to, the overnight index swap rate, the respective interbank offered forward rate or other interest rates, yield curves or credit spreads to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

If no current market quotation is readily available or market value quotations are deemed to be unreliable for an investment, the fair value of the investment will be determined in accordance with procedures and under the general supervision of the Board of Trustees (the “Board” or “Trustees”) of the Trust. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Brighthouse Investment Advisers, acting through its Valuation Committee (“Committee”), as the Portfolio’s “valuation designee” to perform the Portfolio’s fair value determinations, subject to the Board’s oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee Brighthouse Investment Advisers’ fair value determinations.

No single standard for determining the fair value of an investment can be set forth because fair value depends upon the facts and circumstances with respect to each investment. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the Custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, a discounted cash flow analysis, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities, or a combination of these and other methods.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

Inflation-Indexed Bonds - The Portfolio may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities (“TIPS”). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Stripped Securities - The Portfolio may invest in “stripped securities,” a term used collectively for certain structured fixed income securities. Stripped securities can be principal only securities (“POs”), which are debt obligations that have been stripped of unmatured interest coupons or interest only securities (“IOs”), which are unmatured interest coupons that have been stripped from debt obligations. Stripped securities do not make periodic payments of interest prior to maturity. As is the case with all securities, the

BHFTI-17

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

market value of stripped securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in stripped securities than for debt obligations of comparable maturities that currently pay interest. The amount of fluctuation increases with a longer period of maturity.

The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Portfolio may not fully recoup the initial investment in IOs.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

TBA Purchase and Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to the settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions will occur beyond the customary settlement period. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), or Global Master Repurchase Agreement (“GMRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the Custodian or a subcustodian, under a tri-party repurchase agreement, receives delivery of the underlying securities collateralizing any repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be equal to at least 100% of the repurchase price in the case of a repurchase agreement of one-day duration and equal to at least 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in

BHFTI-18

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

connection with any repurchase transaction, the MRA or GMRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2022, the Portfolio had direct investments in repurchase agreements with a gross value of $1,617,704. Additionally, the Portfolio invested cash collateral for loans of portfolio securities in repurchase agreements with a gross value of $4,535,281. The combined value of all repurchase agreements is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2022.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur, any interest earned, and any dividends declared during the term of the loan, would accrue to the account of the Portfolio.

The Trust has entered into a Non-Custodial Securities Lending Agreement with JPMorgan Chase Bank, N.A. (the “Lending Agent”). Under the agreement, the Lending Agent is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio generally receives cash, U.S. Government securities, letters of credit, or other collateral deemed appropriate by the Adviser. The Portfolio receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities is maintained for the duration of the loan. Any cash collateral received by the Portfolio is generally invested by the Lending Agent in short-term investments, which may include certificates of deposit, commercial paper, repurchase agreements, including repurchase agreements with respect to equity securities, time deposits, master demand notes and money market funds. The market value of investments made with cash collateral received are disclosed in the Schedule of Investments and the valuation techniques are described in Note 2. The value of the securities on loan may change each business day. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower is required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of the income earned on the collateral is rebated to the borrower of the securities and the remainder is split between the Lending Agent and the Portfolio. On loans collateralized by U.S. government securities, a fee is received from the borrower and is allocated between the Portfolio and the Lending Agent.

Income received by the Portfolio in securities lending transactions during the year ended December 31, 2022 is reflected as securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2022 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2022.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The Lending Agent shall indemnify the Portfolio in the case of default of any securities borrower, subject to the terms of the Non-Custodial Securities Lending Agreement.

All securities on loan are classified as U.S. Treasury & Government Agency in the Portfolio’s Schedule of Investments as of December 31, 2022. For all securities on loan, the remaining contractual maturity of the agreements is overnight and continuous.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s

BHFTI-19

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For OTC futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

The following table summarizes the fair value of derivatives held by the Portfolio at December 31, 2022 by category of risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts (a)	$	37,778	Unrealized depreciation on futures contracts (a)	$	223,851

(a) Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

The following tables summarize the effect of derivative instruments on the Statement of Operations, classified by derivative type and category of risk exposure, for the year ended December 31, 2022:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	3,885,167
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	225,342

For the year ended December 31, 2022, the average notional par or face amount outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	19,497,344
Futures contracts short		(45,574,318	)

‡ Averages are based on activity levels during the period for which the amounts are outstanding.

4. Certain Risks

In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist. Those risks include:

Market Risk: The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; currency, interest rate, and price fluctuations, or other factors including terrorism, war, natural disasters and the spread of infectious illness including epidemics or pandemics such as the COVID-19 pandemic. These events may also adversely affect the liquidity of securities held by the Portfolio.

In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in world economies and markets generally. The COVID-19 pandemic has resulted in travel restrictions and disruptions, closed borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this pandemic, and any other epidemic or pandemic that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally. At this time, it is still not possible to estimate the severity or duration of the COVID-19 pandemic, including the severity, duration and frequency of any additional “waves” or emerging variants of COVID-19. It is also still not possible to estimate the duration or frequency of the utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It is likewise still not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, or any actions taken to contain or address the pandemic, on the Portfolio, the financial markets, and economy at large. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolio’s investments, the Portfolio and your investment in the Portfolio.

BHFTI-20

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia’s actions, various countries, including the U.S., Canada, the United Kingdom, Germany, and France, as well as the European Union, issued broad-ranging economic sanctions against Russia. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. These sanctions and any additional sanctions or other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or individuals, or other countries that support Russia’s military invasion, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Portfolio. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on the Portfolio. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Portfolio to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Portfolio, even if the Portfolio does not have direct exposure to securities of Russian issuers.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Subadviser may attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under GMRAs or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearinghouse, which is held by the clearinghouse or the Portfolio’s futures commission merchant. In a cleared derivative transaction, the Portfolio’s counterparty is a clearinghouse rather than a bank or broker. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

LIBOR Replacement Risk: Many financial instruments use or may use a floating rate based on LIBOR, which is the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Portfolio’s payment obligations under a derivative investment, the cost of financing to the Portfolio or an investment’s value or return

BHFTI-21

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

to the Portfolio, and may be used in other ways that affect the Portfolio’s investment performance. In 2017, the UK Financial Conduct Authority (FCA) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. dollar LIBOR and the Sterling Overnight Index Average for GBP LIBOR). Various financial industry groups have been planning for the transition away from LIBOR and markets are developing in response to these new rates, but there are concerns around liquidity of the new rates and obstacles to converting certain securities and transactions to new rates. Neither the effect of the transition process nor its ultimate success can yet be known. The transition away from and eventual elimination of LIBOR may adversely affect the interest rates on amounts of any payments paid or received with respect to, and liquidity and value of, certain assets and liabilities of the Portfolio that are tied to LIBOR. These may include bank loans, floating rate securities, structured securities (including asset-backed and mortgage-backed securities), other debt securities, derivatives, and financing transactions tied to LIBOR, particularly insofar as the documentation governing such instruments does not include “fall back” provisions addressing the transition from LIBOR. The effect of any changes to, or discontinuation of, LIBOR on the Portfolio will vary depending on, among other things (1) existing fallback or termination provisions in individual contracts and (2) the extent to which industry participants adopt new reference rates and fallbacks for both legacy and new products and instruments. The Subadviser may have discretion to determine a successor or substitute reference rate, including any price or other adjustments to account for differences between the successor or substitute reference rate and previous rate. Such successor or substitute reference rate and any adjustments selected may negatively impact the Portfolio’s investments, performance or financial condition, and may expose the Portfolio to additional tax, accounting and regulatory risks. The transition away from LIBOR may affect the value, liquidity or return on certain Portfolio investments, reduce the effectiveness of related transactions such as hedges, and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting the Portfolio’s overall financial condition or results of operations. The transition process may involve, among other things, increased volatility in markets for instruments that continue to rely on LIBOR. It is difficult to predict the full impact of the transition away from LIBOR and the adoption of alternative reference rates on the Portfolio.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$469,761,088	$	0	$	523,701,214	$	15,779,900

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2022 were as follows:

Purchases	Sales
$ 208,355,024	$	204,864,637

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - Brighthouse Investment Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with Brighthouse Investment Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, Brighthouse Investment Advisers receives monthly compensation at the following annual rates:

Management Fees earned by Brighthouse Investment Advisers for the year ended December 31, 2022	% per annum			Average Daily Net Assets
$3,214,603		0.520	%	First $100 million
		0.440	%	$100 million to $500 million
		0.400	%	Over $500 million

BHFTI-22

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Brighthouse Investment Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Western Asset Management Company (the “Subadviser”) is compensated by Brighthouse Investment Advisers to provide subadvisory services for the Portfolio.

The subadvisory fee the Adviser pays to the Subadviser in connection with the investment management of the Portfolio is calculated based on the aggregate average daily net assets of the Portfolio and certain other portfolios of the Brighthouse Funds Trust II that are managed by the Subadviser.

Management Fee Waiver - Pursuant to a management fee waiver agreement, the Adviser has agreed, for the period April 29, 2022 to April 30, 2023, to reduce its advisory fees set out above under “Investment Management Agreement” for each class of the Portfolio as follows:

% per annum reduction	Average Daily Net Assets
0.015%	$100 million to $500 million
0.010%	$1 billion to $2 billion
0.030%	Over $2 billion

An identical agreement was in place for the period April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Statement of Operations.

Additionally, for the period April 29, 2022 to April 30, 2023, Brighthouse Investment Advisers has contractually agreed to waive a portion of its management fee in an amount equal to the difference, if any, between (a) the subadvisory fee payable by the Adviser to the Subadviser calculated based solely on the assets of the Portfolio and (b) the subadvisory fee payable by the Adviser to the Subadviser calculated using the fee rate that would apply to the combined net assets of the Portfolio and those of the Western Asset Management U.S. Government Portfolio, a series of the Brighthouse Funds Trust II, also subadvised by the Subdviser. An identical agreement was in place for the period ended April 30, 2021 to April 29, 2022. Amounts waived for the year ended December 31, 2022 are included in the amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under

BHFTI-23

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	776,381,644
Gross unrealized appreciation		87,539
Gross unrealized (depreciation)		(119,556,662	)
Net unrealized appreciation (depreciation)	$	(119,469,123	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$16,627,143	$	19,720,331	$	—	$	—	$	16,627,143	$	19,720,331

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses			Total
$16,352,225	$	—	$	(119,469,123	)	$	(50,774,571	)	$	(153,891,469	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had accumulated short-term capital losses of $5,865,735 and accumulated long-term capital losses of $44,908,836.

9. Recent Accounting Pronouncement

In January 2021, the FASB issued Accounting Standards Update No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848)”. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, as regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective through December 31, 2022, for all entities. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Management expects that the adoption of the guidance will not have a material impact on the Portfolio’s financial statements.

In June 2022, FASB issued Accounting Standards Update 2022-03—Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

BHFTI-24

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the Western Asset Management Government Income Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Western Asset Management Government Income Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Western Asset Management Government Income Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-25

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**

BHFTI-26

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-27

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (each an “Advisory Agreement”) with Brighthouse Investment Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser and Sub-Advisers had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser and each Sub-Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser and the Sub-Advisers and reports that the Adviser and Sub-Advisers had prepared specifically for the renewal process. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and Sub-Advisers, and considered the Adviser’s assessments of the Sub-Advisers’ services and operations during the pandemic. The Board observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board also reviewed, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent, and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment services provided to and the performance of each Portfolio was such that each Agreement should continue, and that the fees paid by each Portfolio to the Adviser appeared to be reasonable in light of the nature, extent, and quality of the services provided by the Adviser and each Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonable in light of the nature, extent, and quality of the services provided by the Adviser. The Board reviewed the extent to which the investment advisory fees paid by the Portfolios shared economies of scale with investors or entailed the potential to share economies of scale with investors and concluded that those considerations generally supported the renewal of each Agreement. Finally, the Board considered the Adviser’s recommendation that it approve the renewal of each Sub-Advisory Agreement.

In approving the continuation of each Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decisions. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent, and quality of the services that the Adviser and the Sub-Advisers, as relevant, provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the

BHFTI-28

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Portfolios, including its services relating to the hiring and oversight of the Sub-Advisers and, in particular, their investment programs and personnel, succession management of key personnel, trading practices, compliance programs and personnel, risk management, and liquidity risk management, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board also considered the systems and processes required by the Adviser to meet additional regulatory and compliance requirements resulting from U.S. Securities and Exchange Commission and other regulatory initiatives, including related to liquidity, valuation, and derivatives risk management. The Board considered information received from the Trusts’ Chief Compliance Officer regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act, and relevant aspects of the Sub-Advisers’ compliance policies and procedures. The Board also noted that it was the practice of the Adviser’s investment, compliance, and legal staff to conduct regular and periodic meetings (through various media) with the Sub-Advisers throughout the year in order to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser routinely prepare and present reports to the Board regarding those meetings. In addition, during the Meetings and throughout the year, the Board considered the expertise, experience, and performance of the personnel of the Adviser who performed the various services that are mentioned above.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser prepared for the Board’s review. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s responsibilities include, among other things, the development and maintenance of an investment program for the applicable Portfolio, the selection of investments and the placement of orders for the purchase and sale of such assets, and the implementation of compliance controls related to the performance of these services. The Board considered, based on the information provided, each Sub-Adviser’s current level of staffing, business continuity plan and information security program, including in light of the ongoing COVID-19 pandemic, work-from-home environment and recent geopolitical concerns. The Board also considered the Sub-Adviser’s compensation program for its personnel, its overall resources, and information with respect to any recent turnover of key personnel at the Sub-Adviser. The Board reviewed each Sub-Adviser’s investment experience, as well as information provided regarding the qualifications, background, and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, each Sub-Adviser’s compliance program, actions taken in response to regulatory developments, including SEC rulemaking, and any compliance matters involving a Sub-Adviser that had been brought to the Board’s attention during the year.

Performance. The Board placed emphasis on the performance of each Portfolio in the context of the performance of the relevant markets in which the Portfolio invests. The Board considered the Adviser’s quarterly presentations to the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effects of market conditions. The Board reviewed and considered the reports prepared by Broadridge, which provided a statistical analysis comparing each Portfolio’s investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”), and the JDL Report. The Board also compared the performance of each Portfolio to that of comparable funds and other accounts that were managed by the relevant Sub-Adviser, to the extent such information was available. The Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser’s assessment of the same. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including, in particular, that notable differences may exist between a Portfolio and the other funds in a Broadridge category (for example, with respect to investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the peer groups.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted the Adviser’s focus on each Sub-Adviser’s performance and that the Adviser had been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board reviewed and considered the information in the JDL Report concerning fees and expenses. The Board also reviewed and considered the Broadridge report for each Portfolio, which included comparisons of the Portfolio’s contractual management and sub-adviser fees (at December 31, 2021 and various asset levels), and total expenses, with those of its peers, including a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). The Board considered that Broadridge selected the peer funds, which were similarly situated funds underlying variable insurance products that Broadridge deemed to be comparable to the Portfolios. The Board compared the fee payable to a Sub-Adviser by the Adviser with

BHFTI-29

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

respect to the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and other accounts, to the extent such information was available. The Board considered that the fee and expense information in the Broadridge report for each Portfolio reflected information as of the Portfolio’s most recent fiscal year end at the time the Broadridge report was issued and that historical asset levels may differ from current asset levels, particularly in a period of market volatility.

The Board noted that the sub-advisory fees for the Portfolios are negotiated at arm’s length by the Adviser and are paid by the Adviser out of its advisory fees. The Board also considered that the Adviser had entered into expense limitation or management fee waiver agreements with certain of the Portfolios pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability to the Adviser of each Advisory Agreement, on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, Brighthouse Securities, LLC, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates of their relationships with the Portfolios, to the extent known, and the Board considered the ability of the Adviser to negotiate with a Sub-Adviser at arm’s length. In reviewing the profitability information, the Board recognized that expense allocation methodologies are inherently subjective and various methodologies may be reasonable while producing different results.

Economies of scale. The Board considered each Portfolio’s fees in light of its size. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels, including breakpoints in the Advisory Agreements and any corresponding Sub-Advisory Agreement. The Board noted those Portfolios that did not have breakpoints in their advisory fees and considered management’s explanation of the same.

The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for each Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. The Board examined, among other data, the effect of a Portfolio’s growth in size, and reduction in size, on various fee schedules. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize economies of scale if assets increase proportionally more than certain other expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationships with the Trusts. Among the benefits realized by the Adviser, the Board recognized that Brighthouse Securities, LLC, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to help compensate for the provision of shareholder services and distribution activities. The Board considered that a Sub-Adviser may engage in soft dollar transactions in managing a Portfolio. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers that may, from time to time, receive brokerage commissions from a Portfolio in connection with the sale of portfolio securities (subject to applicable best execution obligations). The Board also considered that a Sub-Adviser and its affiliates could benefit from the opportunity to provide advisory services to additional portfolios of the Trusts and overall reputational benefits.

The Board considered information from the Adviser and Sub-Advisers pertaining to potential conflicts of interest, and the manner in which any potential conflicts were mitigated. In its review, the Board considered information regarding various business relationships among the Adviser and its affiliates and various Sub-Advisers and their affiliates. The Board also considered information about services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities. The Board considered representations from the Adviser that such business relationships and any payments were not considered in the Adviser’s recommendation to renew any of the Sub-Advisory Agreements.

*  *  *  *

Western Asset Management Government Income Portfolio. The Board also considered the following information in relation to the Agreements with the Adviser and Western Asset Management Company, LLC regarding the Portfolio:

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and the average of its Morningstar Category for the one-, three-, and five-year periods ended June 30, 2022. The Board further considered that the Portfolio underperformed its benchmark, the Bloomberg U.S. Government Bond Index, and its blended benchmark for the one-, three-, and five-year periods ended October 31, 2022. The Board took into account management’s discussion of the Portfolio’s performance, including with respect to prevailing market conditions. The Board also noted the presence of certain management fee waivers in effect for the Portfolio. The Board further noted that the Sub-Adviser did not manage the Portfolio for all of the periods referenced.

The Board also considered that the Portfolio’s actual management fees were below the Expense Group median and Sub-advised Expense Universe median and above the Expense Universe median. The Board also considered that the Portfolio’s total expenses

BHFTI-30

Brighthouse Funds Trust I

Western Asset Management Government Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

(exclusive of 12b-1 fees) were below the Expense Group median and Sub-advised Expense Universe median and equal to the Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Investment Classification/Morningstar Category selected by Broadridge at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

BHFTI-31

Brighthouse Funds Trust I

American Funds Growth Portfolio

For the year ended December 31, 2022, the American Funds Growth Portfolio had a return of -30.16% for Class C versus -18.11% for its benchmark, the S&P 500 Index¹.

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

AVERAGE ANNUAL RETURNS (%) FOR THE YEAR ENDED DECEMBER 31, 2022

	1 Year		5 Year		10 Year
American Funds Growth Portfolio
Class C		-30.16		10.80		13.30
S&P 500 Index		-18.11		9.43		12.56

¹ The Standard & Poor’s (“S&P”) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

BHFTI-1

Brighthouse Funds Trust I

American Funds Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 through December 31, 2022.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

American Funds Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2022		Ending Account Value December 31, 2022		Expenses Paid During Period** July 1, 2022 to December 31, 2022
Class C (a)	Actual		0.91	%	$	1,000.00	$	997.70	$	4.58
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.62	$	4.63

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Master Fund in which it invests.

BHFTI-2

Brighthouse Funds Trust I

American Funds Growth Portfolio

Schedule of Investments as of December 31, 2022

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds Growth Fund (Class 1) (a) (Cost $1,456,731,790)		18,079,834	$	1,379,310,556
Total Investments— 100.1% (Cost $1,456,731,790)				1,379,310,556
Other assets and liabilities (net) — (0.1)%				(896,043	)
Net Assets—100.0%			$	1,378,414,513

(a) Affiliated Issuer. (See Note 6 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

FAIR VALUE HIERARCHY

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, or other market corroborated inputs)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels. A reconciliation of Level 3 securities, if any, will be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2022:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	1,379,310,556	$	—	$	—	$	1,379,310,556
Total Investments	$	1,379,310,556	$	—	$	—	$	1,379,310,556

See accompanying notes to financial statements.

BHFTI-3

Brighthouse Funds Trust I

American Funds Growth Portfolio

Statement of Assets and Liabilities

December 31, 2022

Assets
Affiliated investments at value (a)	$	1,379,310,556
Receivable for:
Fund shares sold		447,353
Prepaid expenses		5,470
Total Assets		1,379,763,379
Liabilities
Payables for:
Affiliated investments purchased		186,281
Fund shares redeemed		261,072
Accrued Expenses:
Distribution and service fees		660,988
Deferred trustees’ fees		163,275
Other expenses		77,250
Total Liabilities		1,348,866
Net Assets	$	1,378,414,513
Net Assets Consist of:
Paid in surplus	$	1,222,611,053
Distributable earnings (Accumulated losses)		155,803,460
Net Assets	$	1,378,414,513
Net Assets
Class C	$	1,378,414,513
Capital Shares Outstanding*
Class C		161,791,684
Net Asset Value, Offering Price and Redemption Price Per Share
Class C	$	8.52

*	The Portfolio is authorized to issue an unlimited number of shares.
(a)	Identified cost of affiliated investments was $1,456,731,790.

Statement of Operations

Year Ended December 31, 2022

Investment Income
Dividends from Master Fund	$	9,153,900
Total investment income		9,153,900
Expenses
Administration fees		30,250
Custodian and accounting fees		26,982
Distribution and service fees—Class C		8,453,174
Audit and tax services		32,944
Legal		45,081
Trustees’ fees and expenses		9,574
Shareholder reporting		44,549
Insurance		12,763
Miscellaneous		15,860
Total expenses		8,671,177
Net Investment Income		482,723
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on :
Affiliated investments		13,636,602
Capital gain distributions from Master Fund		219,632,801
Net realized gain (loss)		233,269,403
Net change in unrealized depreciation on affiliated investments		(815,312,325	)
Net realized and unrealized gain (loss)		(582,042,922	)
Net Increase (Decrease) in Net Assets From Operations	$	(581,560,199	)

See accompanying notes to financial statements.

BHFTI-4

Brighthouse Funds Trust I

American Funds Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2022			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	482,723		$	(1,896,815	)
Net realized gain (loss)		233,269,403			328,646,254
Net change in unrealized appreciation (depreciation)		(815,312,325	)		32,411,339
Increase (decrease) in net assets from operations		(581,560,199	)		359,160,778
From Distributions to Shareholders
Class C		(326,438,089	)		(131,030,926	)
Total distributions		(326,438,089	)		(131,030,926	)
Increase (decrease) in net assets from capital share transactions		375,418,850			(58,810,149	)
Total increase (decrease) in net assets		(532,579,438	)		169,319,703
Net Assets
Beginning of period		1,910,993,951			1,741,674,248
End of period	$	1,378,414,513		$	1,910,993,951

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Shares			Value			Shares			Value
Class C
Sales		16,560,652		$	183,959,065			11,343,793		$	171,029,773
Reinvestments		37,738,507			326,438,089			9,169,414			131,030,926
Redemptions		(12,472,421	)		(134,978,304	)		(23,896,915	)		(360,870,848	)
Net increase (decrease)		41,826,738		$	375,418,850			(3,383,708	)	$	(58,810,149	)
Increase (decrease) derived from capital shares transactions				$	375,418,850					$	(58,810,149	)

See accompanying notes to financial statements.

BHFTI-5

Brighthouse Funds Trust I

American Funds Growth Portfolio

Financial Highlights

Selected per share data
	Class C
	Year Ended December 31,
	2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	15.93		$	14.12		$	10.58		$	9.59		$	11.19
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.00	(b)		(0.02	)		(0.00	) (b)		0.04			0.01
Net realized and unrealized gain (loss)		(4.76	)		2.95			4.92			2.62			0.12
Total income (loss) from investment operations		(4.76	)		2.93			4.92			2.66			0.13
Less Distributions
Distributions from net investment income		(0.07	)		0.00			(0.10	)		(0.05	)		(0.05	)
Distributions from net realized capital gains		(2.58	)		(1.12	)		(1.28	)		(1.62	)		(1.68	)
Total distributions		(2.65	)		(1.12	)		(1.38	)		(1.67	)		(1.73	)
Net Asset Value, End of Period	$	8.52		$	15.93		$	14.12		$	10.58		$	9.59
Total Return (%) (c)		(30.16	)		21.62			51.63			30.34			(0.50	)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.56			0.56			0.57			0.57			0.57
Ratio of net investment income (loss) to average net assets (%)		0.03			(0.10	)		(0.01	)		0.42			0.11
Portfolio turnover rate (%)		4			13			5			9			12
Net assets, end of period (in millions)	$	1,378.4		$	1,911.0		$	1,741.7		$	1,329.0		$	1,093.2

(a)	Per share amounts based on average shares outstanding during the period.
(b)	Net investment income (loss) was less than $0.01.
(c)	Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.
(d)	The ratio of operating expenses to average net assets does not include expenses of the Master Fund in which the Portfolio invests.

See accompanying notes to financial statements.

BHFTI-6

Brighthouse Funds Trust I

American Funds Growth Portfolio

Notes to Financial Statements—December 31, 2022

1. Organization

Brighthouse Funds Trust I (the “Trust”) is organized as a Delaware statutory trust and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust, which is managed by Brighthouse Investment Advisers, LLC (“Brighthouse Investment Advisers” or the “Adviser”), currently offers forty-four series (the “Portfolios”), each of which operates as a distinct investment vehicle of the Trust. The series included in this report is American Funds Growth Portfolio (the “Portfolio”), which is diversified. Shares of the Portfolio are not offered directly to the general public and are currently available only to separate accounts of insurance companies, including insurance companies affiliated with the Adviser (together, the “Insurance Companies”). The Portfolio has registered four classes of shares: Class A, B, C and E shares. Class C shares are currently offered by the Portfolio.

The Portfolio, a feeder fund, seeks to achieve its investment objective by investing all of its investable assets in a master fund, the American Funds Growth Fund (the “Master Fund”), a fund of the American Funds Insurance Series (“AFIS”). AFIS is an open-end diversified investment management company advised by Capital Research and Management Company , an indirect, wholly owned subsidiary of The Capital Group Companies, Inc. The financial statements of the Master Fund accompany the Portfolio’s financial statements and should be read in conjunction with the Portfolio’s financial statements. As of December 31, 2022, the Portfolio owned approximately 4.5% of the Master Fund.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2022 through the date the financial statements were issued.

The Portfolio is an investment company and follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - The Portfolio values its investments for purposes of calculating its net asset value (“NAV”) using procedures that allow for a variety of methodologies to be used to value the Portfolio’s investments. The specific methodology used for an investment may vary based on the market data available for a specific investment at the time the Portfolio calculates its NAV or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Investments in the Master Fund are valued at its closing daily NAV. The NAV of the Portfolio is calculated based on the NAV of the Master Fund in which the Portfolio invests. For information about the use of fair value pricing by the Master Fund, please refer to the Notes to Financial Statements for the Master Fund.

Investment Transactions and Related Investment Income - The Portfolio’s security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses on investments and unrealized appreciation and depreciation are determined on the identified cost basis, which is the same basis used for federal income tax purposes.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between distributable earnings (accumulated losses) and paid in surplus. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies, and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure.

3. Certain Risks

In the normal course of business, the Master Fund invests in securities and enters into transactions where risks exist. For information about these risks, please refer to the Notes to Financial Statements for the Master Fund.

BHFTI-7

Brighthouse Funds Trust I

American Funds Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Additionally, the Portfolio’s prospectus includes a discussion of the principal risks of investing in the Master Fund in which it invests.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investments in the Master Fund for the year ended December 31, 2022 were as follows:

Purchases			Sales
U.S. Government	Non-U.S. Government		U.S. Government		Non-U.S. Government
$ 0	$	336,979,935	$	0	$	68,134,747

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - The Trust has entered into a management agreement (the “Management Agreement”) with the Adviser for investment management services in connection with the investment management of the Portfolio. The Adviser is subject to the supervision and direction of the Board of Trustees and has overall responsibility for the general management and administration of the Trust. The Adviser selects the Master Fund in which the Portfolio will invest and monitors the Master Fund investment program. The Adviser currently receives no compensation for its services to the Portfolio. In the event that the Portfolio were to withdraw from the Master Fund and invest its assets directly in investment securities, the Adviser would retain the services of an investment subadviser and would receive a management fee at the annual rate of 0.750% of average daily net assets.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - Brighthouse Life Insurance Company serves as the transfer agent for the Trust. Brighthouse Life Insurance Company receives no fees for its services to the Trust.

Distribution and Service Fees - The Trust has a distribution agreement with Brighthouse Securities, LLC (the “Distributor”) pursuant to which the Distributor serves as the general distributor of shares of each class (each a “Class”) of each Portfolio. The Distributor is an affiliate of the Trust. The Trust has adopted a Distribution and Services Plan (the “D&S Plan”) relating to Class B, Class C, and Class E shares of each Portfolio, under Rule 12b-1 under the 1940 Act, pursuant to which the Trust may pay the Distributor a fee (the “Service Fee”) at an annual rate not to exceed 0.25% of each such Portfolio’s average daily net assets attributable to the Class C shares of the Trust. Each Portfolio may not offer shares of each Class. The D&S Plan also authorizes the Trust, on behalf of each of its Portfolios, to pay to the Distributor a distribution fee (the “Distribution Fee” and together with the Service Fee, the “Fees”) at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares, 0.75% of such Portfolios’ average daily net assets attributable to the Class C shares, and 0.25% of such Portfolios’ average daily net assets attributable to the Class E shares in consideration of the services rendered in connection with the sale of such shares by the Distributor. Under the Distribution Agreement with respect to the Trust, Fees are currently paid at an annual rate of 0.25% of average daily net assets in the case of Class B shares, 0.55% of average daily net assets in the case of Class C shares, and 0.15% of average daily net assets in the case of Class E shares. The D&S Plan is known as a “compensation plan” because the Trust makes payments to the Distributor for services rendered regardless of the actual level of expenditures by the Distributor. Amounts incurred by the Portfolio for the year ended December 31, 2022 are shown as Distribution and service fees in the Statement of Operations.

Deferred Trustee Compensation - Each Trustee who is not currently an employee of the Adviser or any of its affiliates receives compensation from the Trust for his or her service to the Trust. A deferred compensation plan (the “Plan”) is available to the Trustees on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or Brighthouse Funds Trust II, an affiliate of the Trust, as designated by the participating Trustee. Changes in the value of participants’ deferral accounts are reflected as a component of Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Master Fund

A summary of the Portfolio’s transactions in the securities of the Master Fund during the year ended December 31, 2022 is as follows:

Security Description	Market Value December 31, 2021		Purchases		Sales		Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)		Ending Value as of December 31, 2022
American Funds Growth Fund (Class 1)		$1,912,141,091		$336,979,935		$(68,134,747)		$13,636,602		$(815,312,325)		$1,379,310,556

BHFTI-8

Brighthouse Funds Trust I

American Funds Growth Portfolio

Notes to Financial Statements—December 31, 2022—(Continued)

Security Description	Capital Gain Distributions from Affiliated Investments		Income earned from affiliates during the period		Number of shares held at December 31, 2022
American Funds Growth Fund (Class 1)	$	219,632,801	$	9,153,900		18,079,834

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The cost basis of investments for federal income tax purposes at December 31, 2022 was as follows:

Cost basis of investments	$	1,456,800,794
Gross unrealized appreciation		0
Gross unrealized (depreciation)		(77,490,238	)
Net unrealized appreciation (depreciation)	$	(77,490,238	)

The tax character of distributions paid for the years ended December 31, 2022 and 2021 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2022	2021		2022		2021		2022		2021
$8,515,776	$	—	$	317,922,313	$	131,030,926	$	326,438,089	$	131,030,926

As of December 31, 2022, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital Losses		Total
$23,926,142	$	209,530,834	$	(77,490,238	)	$	—	$	155,966,738

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses.

As of December 31, 2022, the Portfolio had no accumulated capital losses.

BHFTI-9

Brighthouse Funds Trust I

American Funds Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Brighthouse Funds Trust I and Shareholders of the American Funds Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the American Funds Growth Portfolio (the “Fund”) (one of the funds constituting the Brighthouse Funds Trust I), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the American Funds Growth Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more Brighthouse investment companies since 1983.

BHFTI-10

Brighthouse Funds Trust I

Trustees and Officers

MANAGEMENT OF THE TRUSTS

The Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“Trust I” and “Trust II”, respectively, and collectively the “Trusts”) supervise the Trusts and are responsible for representing the interests of shareholders. The Trustees, the Chairman of the Board and the Chairmen of each subcommittee are the same for both Trusts. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, among other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o Brighthouse Funds, 125 High Street, Suite 732, Boston, Massachusetts 02110. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the Trusts’ respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Interested Trustee
John Rosenthal* (1960)	Trustee	Indefinite; From May 2016 (Trust I and Trust II) to present	Chief Investment Officer, Brighthouse Financial, Inc. (2016 to present).	73	None
Independent Trustees
Dawn M. Vroegop (1966)	Trustee and Chair of the Board	Indefinite; From December 2000 (Trust I)/May 2009 (Trust II) to present as Trustee; From May 2016 (Trust I and Trust II) until present as Chair	Private Investor.	73	Trustee, Driehaus Mutual Funds (8 portfolios).**
Stephen M. Alderman (1959)	Trustee	Indefinite; From December 2000 (Trust I)/ April 2012 (Trust II) to present	Vice President and General Counsel, IHR Aerial Solutions, LLC; Until 2022, General Counsel, Illini Hi-Reach, Inc.; Until 2020, Shareholder in the law firm of Garfield and Merel, Ltd.	73	None
Robert J. Boulware (1956)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Managing Member, Pilgrim Funds, LLC (private equity fund).	73	Trustee, Vertical Capital Income Fund (closed-end fund);** Trustee, The Private Shares Fund (closed-end fund);** Until 2021, Director, Mid-Con Energy Partners, LP (energy);** Until 2020, Director, Gainsco, Inc. (auto insurance).**
Susan C. Gause (1952)	Trustee	Indefinite; From March 2008 (Trust I)/ April 2012 (Trust II) to present	Private Investor.	73	Trustee, HSBC Funds (4 portfolios).**

BHFTI-11

Brighthouse Funds Trust I

Trustees and Officers—(Continued)

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years(1)
Nancy Hawthorne (1951)	Trustee	Indefinite; From May 2003 (Trust II)/ April 2012 (Trust I) to present	Private Investor.	73	Director and Chair of the Board of Directors, First Eagle Alternative Capital BDC, Inc.;** Trustee and Chair of the Board of Trustees, First Eagle Global Opportunities Fund;** Director, Avid Technology, Inc.;**

Officers

Name and Year of Birth	Position(s) Held with Registrants	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)
Executive Officers
Kristi Slavin (1973)	President and Chief Executive Officer, of Trust I and Trust II	From May 2016 (Trust I and Trust II) to present	President, Brighthouse Investment Advisers, LLC (2016-present).
Alan R. Otis (1971)	Chief Financial Officer and Treasurer, of Trust I and Trust II	From November 2017 (Trust I and Trust II) to present	Executive Vice President, Brighthouse Investment Advisers, LLC (2017-present); formerly, Vice President, Brighthouse Investment Advisers, LLC (2012-2017); Assistant Treasurer, Trust I and Trust II (2012-2017).
Michele H. Abate (1968)	Secretary, of Trust I and Trust II	From February 2023 (Trust I and Trust II) to present	Senior Vice President and Assistant Secretary, Brighthouse Investment Advisers, LLC (2020-present); Assistant Secretary, Trust I and Trust II (2020-2023). Vice President, Brighthouse Life Insurance Company (2019-present); Vice President, Brighthouse Life Insurance Company of NY (2020-present); Vice President (2020-present) and Assistant Secretary (2012-present), New England Life Insurance Company.
Jeffrey P. Halperin (1967)	Chief Compliance Officer (“CCO”), of Trust I and Trust II	From December 2022 (Trust I and Trust II) to present	Chief Compliance Officer, Brighthouse Financial, Inc. (2016-present); Chief Compliance Officer, Brighthouse Investment Advisers, LLC (2022-present). Vice President, General Counsel (2019-present) and Chief Compliance Officer (2016-present), Brighthouse Securities, LLC); Vice President and Chief Compliance Officer, Brighthouse Life Insurance Company (2017-present); Director (2022-present) and Vice President (2016-present), Brighthouse Life Insurance Company of NY; Director (2015-present), Vice President and Chief Compliance Officer (2017-present), New England Life Insurance Company.
Anna Koska (1981)	Vice President, of Trust I and Trust II	From June 2022 (Trust I and Trust II) to present	Vice President, Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2022-present); Director of Investment and Advisory Services, Brighthouse Investment Advisers, LLC (2019-2022); Senior Portfolio Analyst, Brighthouse Investment Advisers, LLC (2017-2019).

* Mr. Rosenthal is an “interested person” of the Trusts because of his position with Brighthouse Financial, Inc. (“Brighthouse Financial”), an affiliate of BIA.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended.

(1) Previous positions during the past five years with the Trusts, MetLife, Inc. or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 44 Trust I Portfolios and 29 Trust II Portfolios.

BHFTI-12

Brighthouse Funds Trust I

American Funds Growth Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At a meeting held on November 29-30, 2022 (the “November Meeting”), the Boards of Trustees (the “Board”) of Brighthouse Funds Trust I and Brighthouse Funds Trust II (“BFT I” and “BFT II,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with Brighthouse Investment Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”) for the annual contract renewal period from January 1, 2023 through December 31, 2023. The American Funds Growth Portfolio is a “feeder fund” that invests all of its assets in an American Funds Insurance Series “master fund,” and the Board, including a majority of the Independent Trustees, approved the renewal of the stand-by Advisory Agreement with the Adviser (the “Stand-by Agreement”) whereby the Adviser will manage the American Funds Growth Portfolio’s assets and receive a fee in the event the Portfolio no longer invests all of its assets in its master fund.

The Board met with personnel of the Adviser on October 26-27, 2022 (the “October Meeting”) for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements, including consideration to information that the Adviser had provided for the Board’s review at the request of the Independent Trustees. At that meeting, the Adviser reviewed with the Board the performance and fees experienced by each Portfolio, as well as other information. During and after the October Meeting, the Independent Trustees requested additional information and clarifications that the Adviser addressed at the November Meeting (the October Meeting and the November Meeting are referred to collectively as, the “Meetings”). Throughout the year, the Independent Trustees were advised by independent legal counsel, including during the contract renewal process, and they met with independent legal counsel in executive sessions outside of the presence of management.

In considering the continuation of the Agreements, the Board reviewed a variety of materials that were provided for the specific purpose of assisting the Board in the renewal process, along with various information and materials that were provided to and discussed with the Board throughout the year, at regularly scheduled Board meetings. In particular, information for each Portfolio included, but was not limited to, reports on investment performance, expenses, legal and compliance matters, and asset pricing. Information about the Adviser included, but was not limited to, reports on the business, operations, and performance of the Adviser. The Board also reviewed information with respect to the effect of the ongoing COVID-19 pandemic on the operations of the Adviser and observed that the Adviser had implemented a hybrid working framework in the normalized environment as personnel returned to the office.

In considering the continuation of the Agreements, the Board considered, among other things, a report for each Portfolio that was prepared by Broadridge (“Broadridge”), an independent organization, which set forth comparative performance and expense information for each Portfolio. In addition, the Independent Trustees reviewed a report that was prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees, which examined the Broadridge reports for each Portfolio (“JDL Report”). The Independent Trustees met in executive session with representatives of JDL during the October Meeting to review the JDL Report.

At the Meetings, the Board, including a majority of the Independent Trustees, determined to approve the renewal of the Stand-by Agreement based upon the following factors: (i) its experience with the Adviser and the nature, extent and quality of services provided by the Adviser to the Trusts; and (ii) the investment performance of the American Funds Growth Portfolio. The Board further noted that because the Stand-by Agreement is not currently in effect: (i) the fees and expenses of the American Funds Growth Portfolio were not affected by the Stand-by Agreement; (ii) the Adviser’s profitability from the provision of investment management services under the Stand-by Agreement was not affected by the Stand-by Agreement; and (iii) economies of scale in the provision of asset management services by the Adviser were not implicated by the Stand-by Agreement. In approving the renewal of the Stand-by Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished, and each Trustee placed varying degrees of importance on the various pieces of information that were provided to them. The Board did not identify any single factor as determinative, and the Trustees generally attributed different weights to various factors.

BHFTI-13

American Funds
Insurance Series^®   Annual report
for the year ended
December 31, 2022

Investing in global
companies for
the long term

American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the underlying funds in certain market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Contents

1	Letter to investors
4	Fund reviews
	Investment portfolios
46	Global Growth Fund
51	Global Small Capitalization Fund
58	Growth Fund
65	International Fund
70	New World Fund®
84	Washington Mutual Investors Fund
89	Capital World Growth and Income Fund®
97	Growth-Income Fund
103	International Growth and Income Fund
109	Capital Income Builder®
127	Asset Allocation Fund
160	American Funds® Global Balanced Fund
176	The Bond Fund of America®
206	Capital World Bond Fund®
226	American High-Income Trust®
245	American Funds Mortgage Fund®
252	Ultra-Short Bond Fund
254	U.S. Government Securities Fund®
263	Managed Risk Growth Fund
265	Managed Risk International Fund
267	Managed Risk Washington Mutual Investors Fund
269	Managed Risk Growth-Income Fund
271	Managed Risk Asset Allocation Fund
273	Financial statements

Fellow investors:

It is our pleasure to present the annual report for American Funds Insurance Series^® for the year ended December 31, 2022.

Regarding the investment environment, global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index¹. Communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. equities had their worst year since 2008 as the S&P 500 Index² fell 18.11%. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

European stocks declined as record-high inflation, rising interest rates and the Ukraine invasion combined to hammer the eurozone economy. Gross domestic product growth in the 19-member eurozone decelerated throughout the year, falling to 0.3% in the third quarter from 0.6% in the first quarter. Political turmoil also weighed on markets amid contentious leadership changes in Italy and the United Kingdom. Despite a strong fourth-quarter rally in European stocks, the MSCI Europe Index³ finished the full year down by 15.06%.

Emerging markets stocks tumbled, undercut by China’s economic slowdown, interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID-19, also weighed on equity prices. Overall, the MSCI Emerging Markets Index⁴ slid 20.09%.

Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index⁵ lost 12.46% in one of the worst bond market

Past results are not predictive of results in future periods.

All market returns referenced in this report are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Country returns are based on MSCI indexes, which reflect reinvestment of distributions and dividends net of withholding taxes. Source: MSCI.

1	Source: MSCI. MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes.
2	Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
3	Source: MSCI. MSCI Europe Index is a free float-adjusted market capitalization-weighted index that is designed to measure results of more than 10 developed equity markets in Europe. Results reflect dividends net of withholding taxes.
4	Source: MSCI. MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global emerging markets, consisting of more than 20 emerging market country indexes. Results reflect dividends net of withholding taxes.
5	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

American Funds Insurance Series 1

declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield rose 237 basis points to 3.88%. In this environment, investment-grade (BBB/ Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index⁶ was down 15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index⁷ fell by 11.18%, while the Bloomberg Municipal Bond Index⁸ declined 8.53%.

In foreign exchange markets a strong U.S. dollar grew stronger for much of the year, particularly as the Fed raised rates at a faster pace than some other central banks, though there was some reversal of its strength in the last two months of the year. The dollar posted gains of 6.6% and 14.6% against the euro and the yen, respectively.

Looking ahead

Big questions remain about how the U.S. economy will do in 2023. It is possible that the delayed impact of higher rates will keep growth slow, or even cause a mild recession. However, we have confidence in the long-term trajectory of the economy, and the stock market has likely digested much of the potential bad news already, given the decline this year. Investors have reason for hope, as we’ve already taken a measure of pain, in both stocks and bonds. Inflation may persist above the levels we’ve been used to the past decade, but is likely to gently decline over the coming year from the 6.5% mark, published in January 2023. That would be good news on its own, and would also lighten the upward pressure we’ve seen on interest rates this past year. The global negative impact of COVID-19 has already persisted longer than anyone predicted back in early 2020, but should also decline with time, particularly as China has decided to end lockdowns. That will eventually help economic growth.

Thus, as 2023 progresses we may see, out of many fears, a reason for optimism. The ongoing war in Ukraine remains a wild card, and we hope it does not spill over into a larger conflict. That may be the biggest risk to a mildly positive outlook for stocks. There can still be bumps in the road, but with our world-class research, we will continue to focus on finding those companies with the best fundamentals and the best risk-versus-return tradeoffs. We believe that we will find plenty of attractive securities for the long term in this environment. In the event of periods of volatility, we remain committed to our process, and will look for opportunities at that time as well.

Our time-tested process is based on extensive research, a long-term framework and close attention to valuation, and has resulted in superior outcomes for investors over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.

Sincerely,

Donald D. O’Neal
Co-President

Alan N. Berro
Co-President

February 13, 2023

Past results are not predictive of results in future periods.

6	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.
7	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.
8	Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.

2 American Funds Insurance Series

About the series

Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).

The variable annuities and life insurance contracts that use the series’ funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information.

The investment adviser is currently waiving a portion of its management fee for Global Growth Fund, Global Small Capitalization Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, International Growth and Income Fund, Capital Income Builder, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund and U.S. Government Securities Fund. The waivers will be in effect through at least May 1, 2023. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund’s net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund. The waivers and reimbursement will be in effect through at least May 1, 2023, unless modified or terminated by the series’ board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursement. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers and reimbursement, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series^® — Growth Fund and American Funds Insurance Series^® — The Bond Fund of America. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series^® — International Fund and American Funds Insurance Series^® — The Bond Fund of America. The Managed Risk Washington Mutual Investors Fund pursues its objective by investing in shares of American Funds Insurance Series^® — Washington Mutual Investors Fund and American Funds Insurance Series^® — U.S. Government Securities Fund. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series^® — Growth-Income Fund and American Funds Insurance Series^® — The Bond Fund of America. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series^® — Asset Allocation Fund. The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the funds’ managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds’ results can be expected to lag those of the underlying fund.

Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.

American Funds Insurance Series 3

Global Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Growth Fund declined 24.54% for the 12 months ended December 31, 2022, compared with a decrease of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the fund, stock selection in the consumer discretionary sector was the top contributor to relative returns. A larger-than-index position in health care firm Cigna was among the top individual contributors to the fund, with returns that outpaced the broader market. On the downside, stock selections within the information technology sector weighed on results. Netherlands-based payments firm Adyen was among the top individual detractors, with returns that lagged the broader market in a weak sector overall.

On a geographic basis, stocks of companies domiciled in Hong Kong and France were among the top contributors to results, while stocks of companies based in the United States and the Netherlands were among the top detractors.

The fund’s portfolio managers are optimistic they will continue to find good companies globally that offer high-quality products and services, and whose values are not yet fully reflected in their share prices.

4 American Funds Insurance Series

Global Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since April 30, 1997)			Gross expense ratio			Net expense ratio
Class 1		–24.54	%		7.33	%		10.43	%		9.57	%		0.52	%		0.41	%
Class 1A		–24.73			7.07			10.16			9.30			0.77			0.66
Class 2		–24.74			7.06			10.15			9.30			0.77			0.66
Class 4		–24.92			6.80			9.92			9.04			1.02			0.91

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 5

Global Small Capitalization Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Small Capitalization Fund declined 29.37% for the 12 months ended December 31, 2022. Its benchmark, the MSCI All Country World Small Cap Index,¹ a free float-adjusted market capitalization-weighted index designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, declined 18.67%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Regarding the fund, stock selection within the health care sector was a positive contributor to relative returns. A larger-than-index investment in medical technology firm Haemonetics was among the fund’s top individual contributors over the period. On the downside, stock selection within the information technology sector weighed on returns. Within individual securities, India-based cloud platform provider Tanla Platforms was a top detractor, as its stock lagged the broader market.

Geographically, investments in companies domiciled in Hong Kong and Korea were overall additive to returns, while investments in those domiciled in China and the United States were detractors, overall.

In a turbulent year for markets across the board, the fund’s results for the past 12 months have been disappointing. However, with analysts’ full-time return to the road after COVID-19-related pauses, fund managers remain confident in the primary research capabilities underpinning investment decisions, and optimistic for the outlook ahead. While cognizant of the possibility of recession in the short term, managers remain committed to investing in companies with long-term potential.

6 American Funds Insurance Series

Global Small Capitalization Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since April 30, 1998)			Gross expense ratio			Net expense ratio
Class 1		–29.37	%		3.05	%		7.10	%		8.39	%		0.70	%		0.66	%
Class 1A		–29.54			2.80			6.84			8.13			0.95			0.91
Class 2		–29.55			2.79			6.84			8.13			0.95			0.91
Class 4		–29.69			2.54			6.58			7.86			1.20			1.16

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 7

Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Growth Fund declined 29.75% for the 12 months ended December 31, 2022, compared with a decrease of 18.11% in its benchmark index, S&P 500 Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. S&P 500 Index entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, stock selection within the materials sector was the top contributor to relative returns. A position in energy industry firm Halliburton buoyed results as its stock outpaced the broader industry. On the downside, investments within the communication services sector weighed on results. A position in Tesla was the top individual detractor to returns.

The overall uncertain economic environment and challenges of inflation are very real concerns. The fund’s managers believe it is well-positioned for the road ahead and continue to focus on capital appreciation and selecting companies best suited for this challenging economic environment. Portfolio managers remain confident their time-tested investment approach, based on thorough research and robust debate with an eye on valuation, can continue to deliver superior outcomes for investors over the long-term.

8 American Funds Insurance Series

Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		–29.75	%		11.42	%		13.93	%		12.65	%		0.34	%
Class 1A		–29.93			11.14			13.65			12.37			0.59
Class 2		–29.94			11.14			13.64			12.37			0.59
Class 3		–29.89			11.22			13.72			12.45			0.52
Class 4		–30.11			10.86			13.38			12.09			0.84

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 9

International Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

International Fund declined 20.57% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), fell 16.00%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the portfolio, stock selection within the energy sector boosted relative returns. Within individual securities, a higher-than-index position in Petroleo Brasileiro was a top contributor as the stock significantly outpaced the market overall. On the downside, stock selection within the information technology sector dragged on returns. A larger-than-index position in South Korean chipmaker SK Hynix was among the top individual detractors.

Looking ahead, the market continues to focus on global inflation levels as a key determinant for interest-rate and asset-price movement. There are signs that the worst of the inflation surge, due in part to rising oil prices and supply-chain issues during the COVID-19 pandemic, seems to be behind us. However, there is still uncertainty about how wage increases – as seen in many developed markets – could impact the continuation of high inflation. As a result of tighter monetary conditions, economies around the world are seeing growth moderate. Meanwhile, contributors to a turbulent macro environment in 2022, such as the war in Ukraine and U.S.-China tensions, have not subsided. In this uncertain environment, the fund’s managers endeavor to maintain a portfolio with a healthy balance of well-managed companies across sectors.

10 American Funds Insurance Series

International Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since May 1, 1990)			Expense ratio
Class 1		–20.57	%		–0.78	%		4.18	%		7.07	%		0.53	%
Class 1A		–20.80			–1.03			3.92			6.80			0.78
Class 2		–20.79			–1.03			3.92			6.80			0.78
Class 3		–20.76			–0.97			3.98			6.87			0.71
Class 4		–21.02			–1.29			3.67			6.54			1.03

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 11

New World Fund^®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

New World Fund was down 21.86% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), declined 18.36%. The MSCI Emerging Markets (EM) Index,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), fell by 20.09%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Emerging markets stocks tumbled, undercut by China’s economic slowdown, the Federal Reserve’s aggressive interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID-19, also weighed on equity prices. However, a few countries, including Brazil, were able to separate from the group by benefiting from some stronger fundamentals.

Within the portfolio, a higher-than-benchmark position in the materials sector was beneficial to the fund’s relative returns. Brazilian mining company Vale was a top individual contributor, as its stock saw returns that outpaced the broader market. Indian energy company Reliance Industries was also a relative contributor. On the downside, stock selection within the health care sector dragged on relative returns. Among individual securities, a larger-than-benchmark position in Singapore-based Sea Ltd. was a top detractor to results.

The investment environment has become much more challenging over the last year, with a wide range of uncertainties affecting equity prices – including global shifts in monetary policy, elevated geopolitical tensions and the potential for widespread recession. The portfolio managers believe the fund’s flexibility in seeking investments in both the developed world and emerging markets will provide significant opportunities in these periods of volatility. They remain confident that on-the-ground research, a cornerstone of their investment process, will provide highly differentiated investment insights leading to potentially superior outcomes over the long term.

12 American Funds Insurance Series

New World Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since June 17, 1999)			Gross expense ratio			Net expense ratio
Class 1		–21.86	%		2.58	%		4.53	%		7.45	%		0.64	%		0.57	%
Class 1A		–22.09			2.32			4.27			7.18			0.89			0.82
Class 2		–22.10			2.32			4.27			7.18			0.89			0.82
Class 4		–22.25			2.07			4.02			6.92			1.14			1.07

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 13

Washington Mutual Investors Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Washington Mutual Investors Fund declined 8.28% for the 12 months ended December 31, 2022. Its benchmark index, S&P 500 Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell by 18.11%.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. S&P 500 Index entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, stock selections in the consumer discretionary and information technology sectors were additive to relative returns. Among individual securities, a higher-than-benchmark position in Unitedhealth Group was a top contributor, as the stock outpaced the broader market. On the downside, security selections within the financials and real estate sectors were top detractors. A lower-than-index position in Exxon Mobil weighed on relative returns as the stock outpaced the market overall.

Looking ahead, the fund’s portfolio managers are keeping a close watch on monetary policy, inflation, and other global issues, along with the resulting implications for the U.S. economy. Portfolio managers continue to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. We remain optimistic that this focus, supported by our global research, will help us to identify attractive long-term investment opportunities.

14 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since July 5,2001)			Gross expense ratio			Net expense ratio
Class 1		–8.28	%		7.37	%		11.57	%		6.97	%		0.40	%		0.25	%
Class 1A		–8.45			7.11			11.30			6.71			0.65			0.50
Class 2		–8.45			7.11			11.30			6.70			0.65			0.50
Class 4		–8.69			6.84			11.08			6.47			0.90			0.75

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 15

Capital World Growth and Income Fund^®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Capital World Growth and Income Fund declined 17.13% for the 12 months ended December 31, 2022, compared with a decline of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the portfolio, a higher-than-index position and stock selection within the materials sector was a top contributor to relative returns. Results were also buoyed by holdings in Vale, a Brazil-based mining company, which saw returns over the period that outpaced the broader market. On the downside, stock selection within the communication services and financials sectors were among the top detractors to returns. A position in Sberbank Russia weighed on returns as the stock saw sharp declines due to Russia’s invasion of Ukraine and related consequences.

On a geographical basis, stocks domiciled in the United States and Brazil contributed the most to relative returns, while holdings in Japan and Russia dragged.

Looking ahead, the market continues to focus on global inflation levels as a key determinant for interest-rate and asset-price movement. There are signs that the worst of the inflation surge, due in part to rising oil prices and supply-chain issues during the COVID-19 pandemic, seems to be behind us. However, there is still uncertainty about how wage increases – as seen in many developed markets – could impact the continuation of high inflation. As a result of tighter monetary conditions, economies around the world are seeing growth moderate. Meanwhile, contributors to a turbulent macro environment in 2022, such as the war in Ukraine and U.S.-China tensions, have not subsided. Against this uncertainty, the fund’s managers remain committed to finding companies that can grow regardless of macro environment and investing in those that have shown a strong tendency to pay a dividend through difficult economic conditions.

16 American Funds Insurance Series

Capital World Growth and Income Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since May 1, 2006)			Gross expense ratio			Net expense ratio
Class 1		–17.13	%		4.36	%		8.04	%		6.40	%		0.53	%		0.42	%
Class 1A		–17.29			4.10			7.79			6.15			0.78			0.67
Class 2		–17.33			4.10			7.77			6.14			0.78			0.67
Class 4		–17.57			3.83			7.53			5.89			1.03			0.92

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 17

Growth-Income Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Growth-Income Fund fell 16.28% for the 12 months ended December 31, 2022, compared with a decline of 18.11% in its benchmark index, S&P 500 Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. The S&P 500 entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, investments within the information technology and industrials sectors were top contributors to the fund’s relative returns. An out-of-benchmark position in energy company Canadian Natural Resources was a top individual contributor, as the stock outpaced the market overall. On the downside, security selections within the communications and financials sectors dragged on portfolio returns. Netflix was the fund’s top individual detractor owing to a larger-than-benchmark position and returns that lagged the market overall.

Looking ahead, uncertainty in the macroeconomic outlook and in the trajectory of inflation and interest rates will likely continue. Stock valuations have started to come down to reflect investor concerns, although corporate earnings outlooks may not have bottomed. The fund’s portfolio managers will take advantage of volatility to build positions in companies and stocks in which they see long term value. The current environment should provide opportunities for finding investments with attractive risk-adjusted return potential.

18 American Funds Insurance Series

Growth-Income Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		–16.28	%		8.09	%		11.82	%		11.01	%		0.28	%
Class 1A		–16.48			7.83			11.55			10.74			0.53
Class 2		–16.50			7.83			11.54			10.74			0.53
Class 3		–16.43			7.91			11.62			10.82			0.46
Class 4		–16.70			7.56			11.28			10.47			0.78

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 19

International Growth and Income Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

International Growth and Income Fund fell 15.00% for the 12 months ended December 31, 2022, compared with a decline of 16.00% in its benchmark index, MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.).

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Regarding the fund, stock selections within the consumer discretionary and consumer staples sectors were additive to relative results. Within individual securities, British American Tobacco was a top contributor owing to returns that outpaced the broader market. On the downside, security selections within the financials and energy sectors detracted from returns. Positions in Russian firms Sberbank and Gazprom were among the top individual detractors as their stocks saw declines due to the Russian invasion of Ukraine and related consequences.

The new year looks to continue current macroeconomic uncertainty and trends stemming from shifting monetary policies and geopolitical tensions around the world. In this environment, valuations remain depressed, particularly outside the United States. The fund’s managers continue to focus on businesses they believe will provide good value over the long-term, as guided by the fundamental, global research that underpins investment decisions.

20 American Funds Insurance Series

International Growth and Income Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since November 18, 2008)			Expense ratio
Class 1		–15.00	%		0.88	%		3.86	%		6.91	%		0.55	%
Class 1A		–15.31			0.61			3.60			6.64			0.80
Class 2		–15.25			0.62			3.60			6.64			0.80
Class 4		–15.52			0.35			3.37			6.40			1.05

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 21

Capital Income Builder^®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Capital Income Builder, which invests in a mix of stocks and bonds, declined 6.90% for the 12 months ended December 31, 2022. During the same period, the index blend of 70%/30% MSCI ACWI (All Country World Index)/Bloomberg U.S. Aggregate Index¹ fell 16.59%. MSCI ACWI,² a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), fell 18.36%. The Bloomberg U.S. Aggregate Index,³ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, fell 13.01%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply.

The overall portfolio has protected the absolute downside for investors. In the equity portfolio, stock selection in consumer staples was a top contributor to relative returns. Investment in aerospace, within the industrials sector, was also additive, as was a position in the energy sector. On the downside, stock selection within financials detracted from returns. Overall, dividend-paying companies have done better than the broader market.

The fund’s fixed income portfolio outpaced its benchmark and was additive to relative returns overall. Duration positioning within the portfolio was a primary driver of returns, while curve positioning and security selection detracted.

The fund’s portfolio managers are cautious given the impact of a potential U.S. recession on earnings and dividends, but also aware that markets tend to bottom three to six months ahead of a recession and are therefore ready to revisit early cyclical investment ideas. With the strength of the U.S. dollar reversing, we believe the fund’s exposure to global markets is well-positioned. The fund also remains well-positioned to use its geographic flexibility to pursue dividend-paying investment opportunities around the world. Fund managers remain loyal to the fund’s objective and optimistic about the companies with growing dividends that were selected for this portfolio through fundamental, bottom-up security selection.

22 American Funds Insurance Series

Capital Income Builder^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022⁴

	1 year			5 years			Lifetime (since May 1, 2014)			Gross expense ratio			Net expense ratio
Class 1		–6.90	%		4.35	%		4.33	%		0.41	%		0.27	%
Class 1A		–7.06			4.10			4.08			0.66			0.52
Class 2		–7.13			4.09			4.14			0.66			0.52
Class 4		–7.37			3.83			3.81			0.91			0.77

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Data sources: MSCI and Bloomberg Index Services Ltd. 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.
2	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
3	Source: Bloomberg Index Services Ltd.
4	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 23

Asset Allocation Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Asset Allocation Fund, which is a mix of stocks and bonds, fell 13.19% for the 12 months ended December 31, 2022. During the same period, the index blend of 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index¹ declined 15.79%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%, while the Bloomberg U.S. Aggregate Index,³ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, fell by 13.01%.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. The S&P 500 entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, and ended the year inverted as shorter dated bonds sold off sharply.

In the equity portfolio, investment selection within the consumer discretionary sector was the top contributor to relative returns on a sector basis. Results were buoyed by an off-benchmark holding in food services company Aramark and a higher-than-index position in Philip Morris, which saw returns that significantly outpaced the market overall. On the downside, stock selections within the energy and financials sectors weighed on relative returns. Within energy, Exxon Mobil – which the fund did not hold – weighed on relative results as its stock outpaced the broader market. A higher-than-benchmark holding in Charter Communications was among the top individual detractors, as returns lagged the broader market.

The fund’s fixed income investments were additive to relative returns overall. Duration positioning within Treasuries and mortgage-backed securities (MBS) contributed positively to results. Sector and security selections detracted. An out-of-benchmark position within U.S. Treasury Inflation-Protected Securities (TIPS) also weighed on returns.

In the wake of market selloffs and rotations like the one seen in 2022, opportunities often abound for the long-term investor. Fund managers note that many sound companies with outstanding long-term prospects are trading at attractive valuations because the market is focused on the short term. Managers are focused on differentiating between companies whose fundamental outlook has changed versus those facing more transient issues, and where valuations are attractive. In addition, their portfolios are balanced across a broad array of cyclical and market exposures.

24 American Funds Insurance Series

Asset Allocation Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022⁴

	1 year			5 years			10 years			Lifetime (since August 1,1989)			Expense ratio
Class 1		–13.19	%		5.59	%		8.37	%		8.22	%		0.30	%
Class 1A		–13.43			5.32			8.11			7.95			0.55
Class 2		–13.41			5.33			8.10			7.95			0.55
Class 3		–13.37			5.40			8.18			8.03			0.48
Class 4		–13.66			5.06			7.87			7.69			0.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.
2	Source: S&P Dow Jones Indices LLC.
3	Source: Bloomberg Index Services Ltd.
4	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 25

American Funds^® Global Balanced Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

American Funds Global Balanced Fund declined 14.33% for the 12 months ended December 31, 2022. Over the same period, the fund’s index blend of 60%/40% MSCI ACWI (All Country World Index)/Bloomberg Global Aggregate Index¹ fell 17.33%. MSCI ACWI,² a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), was down 18.36%, while the Bloomberg Global Aggregate Index,³ a measure of global investment-grade bonds (rated BBB/Baa and above), declined 16.25%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses. Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index⁴ lost 12.46% in one of the worst bond market declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies.

The fund declined overall but outpaced its primary benchmark index. Within the equity portfolio, stock selection in the communication services sector was a top contributor to relative results. A lower-than-benchmark position in Amazon was additive to portfolio relative returns as the stock lagged the market overall. On the downside, stock selection within the materials sector weighed on returns. A higher-than-benchmark holding in Home Depot was a top detractor among individual stocks. The fund’s fixed income investments detracted from relative results. A small exposure to Russian bonds weighed on relative returns, while overall sector selection was positive, owing mostly to holdings in euro-denominated assets.

Investors face an ongoing combination of risks in the year ahead, with likely weak economic growth, high inflation and geopolitical risk continuing. Among stock sectors, fund managers believe sectors such as U.S. utilities and health care may provide attractive investment opportunities as renewable energy incentives and demographic changes are expected to aid growth. They are also closely watching the U.S. dollar, whose strength has weighed on non-U.S. holdings in the portfolio and is expected to remain strong into 2023. The fund’s fixed income portfolio remains cautiously positioned in the current inflationary environment, but managers are confident in the long-term opportunities in bond markets that are now delivering meaningful income for the first time in years. As always, they continue to focus on core principals of global research, individual security selection and bottom-up fundamental analysis to underpin investment decisions.

26 American Funds Insurance Series

American Funds^® Global Balanced Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022⁵

	1 year			5 years			10 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio
Class 1		–14.33	%		3.65	%		5.52	%		5.23	%		0.51	%		0.50	%
Class 1A		–14.56			3.41			5.28			4.99			0.76			0.75
Class 2		–14.56			3.40			5.25			4.97			0.76			0.75
Class 4		–14.73			3.13			5.12			4.81			1.01			1.00

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.
2	Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.
3	Source: Bloomberg Index Services Ltd.
4	Source: Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.
5	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 27

The Bond Fund of America^®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

The Bond Fund of America declined 12.26% for the 12 months ended December 31, 2022. The fund’s benchmark, Bloomberg U.S. Aggregate Index,¹ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, was down 13.01%.

U.S. fixed income markets fell across the board. The U.S. Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. The Bloomberg U.S. Corporate Investment Grade Index² returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index³ returned –11.18%, while the Bloomberg Municipal Bond Index⁴ returned –8.53%.

Over the period, the largest contributions to relative results came from duration positioning and agency mortgage-backed securities (MBS). The fund’s lower-than-benchmark duration helped reduce interest rate sensitivity as rates moved higher and bond prices fell over the period. A lower position in MBS also helped, relative to the benchmark, as spreads widened materially. On the downside, yield curve positioning and a modest position in emerging markets and high-yield bonds detracted from results.

The market and economic environments in 2023 look very different than last year. Inflation appears to have peaked and is on the decline, the Fed has guided to a peak federal funds rate of around 5% to be reached in the first half of 2023, and the market is gearing for an economic slowdown or recession. In response, yields have moved higher and spreads on risky assets have moved wider, making valuations more attractive for fixed income investors.

The fund’s managers have a conservative outlook on the economy and believe that while valuations are more attractive, they do not fully compensate investors for the risk of a deeper economic downturn in the coming year. Managers have added duration, corporate bonds and structured products like agency mortgage-backed securities to effectively eliminate lower-than-benchmark positions but have not moved significantly higher than the benchmark. Interest rate positioning is concentrated in intermediate securities around five-year maturities, which managers believe will benefit the portfolio if inflation and the economy continue to slow and the Fed ends the rate-hike cycle in the first half of 2023.

As the year progresses and managers gain more confidence on either the direction of the economy or valuations, they expect to take more meaningful positions relative to the benchmark. As always, research-driven security selection is expected to be an important driver of future investment results.

28 American Funds Insurance Series

The Bond Fund of America^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022⁵

	1 year			5 years			10 years			Lifetime (since January 2, 1996)			Gross expense ratio			Net expense ratio
Class 1		–12.26	%		1.02	%		1.62	%		4.04	%		0.38	%		0.21	%
Class 1A		–12.49			0.78			1.37			3.79			0.63			0.46
Class 2		–12.58			0.76			1.36			3.78			0.63			0.46
Class 4		–12.75			0.51			1.12			3.53			0.88			0.71

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.
3	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.
4	Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.
5	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 29

Capital World Bond Fund^®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Capital World Bond Fund declined 17.43% for the 12 months ended December 31, 2022. The fund’s benchmark, the Bloomberg Global Aggregate Index,¹ which measures global investment-grade bonds (rated BBB/Baa and above), was down 16.25%.

Bonds plummeted in the face of soaring inflation, which rose in part due to energy price shocks resulting from Russia’s invasion of Ukraine. The Bloomberg U.S. Treasury Index² lost 12.46% in one of the worst bond market declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring consumer price increases back to a target of roughly 2%, down from 7% to 10% in many economies.

Over the period, the largest contributions to the fund’s relative results were due to currency and sector selection, with a modest boost from curve positioning. Unhedged holdings in the euro and Japanese yen were additive. On the downside, duration positioning as well as currency hedging in forward contracts detracted. Weak absolute returns in part reflect the strength of the U.S. dollar, spurred by the Fed’s aggressive rate hikes and their effect on global bond markets.

Looking ahead, the fund’s managers believe the Fed’s hiking cycle is close to a peak and see the 50-60 basis points of further hikes priced into forward curves as realistic. The managers’ outlook for bonds is therefore good, with the U.S. dollar likely in a peaking phase as inflation momentum turns around. They expect inflation to fall this year as growth is likely to be relatively sluggish in both the U.S. and Europe.

30 American Funds Insurance Series

Capital World Bond Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022³

1 year

5 years

10 years

Lifetime (since October 4, 2006)

Expense ratio

Class 1

–17.43

%

–1.53

%

–0.25

%

2.40

%

0.47

%

Class 1A

–17.69

–1.76

–0.48

2.16

0.72

Class 24

–17.70

–1.77

–0.50

2.14

0.72

Class 4

–17.84

–2.01

–0.70

1.92

0.97

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.
3	Periods greater than one year are annualized.
4	Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 31

American High-Income Trust^®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

American High-Income Trust fell 9.01% for the 12 months ended December 31, 2022. In comparison, the fund’s benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index,¹ which measures fixed-rate non-investment-grade bonds (rated BB/Ba and below) and limits the exposure of an issuer to 2%, was down 11.18%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, and ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. Investment-grade (BBB/Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index² returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg Municipal Bond Index³ returned –8.53%.

At a high level, security selection was most additive to the fund’s relative returns over the period. In particular, investments within the energy and non-cyclical consumer staples sectors contributed to relative results. On the downside, security selection and a lower-than-benchmark position within the cyclical consumer goods sector detracted from relative results.

With high-yield bond yields close to their long-term average, markets now reflect the higher inflation that emerged over the last year. The adverse consequences of tighter global monetary policy may lead to somewhat higher default rates in the next several years, which could in turn lead to a further rise in yields. The substantial yield increases across fixed income markets provides a more attractive forward return outlook, and although yields may continue to adjust to higher levels, much of the required adjustment may have already occurred. The fund’s managers continue to seek attractive opportunities within the high yield market that appropriately compensate for the underlying investment risks.

32 American Funds Insurance Series

American High-Income Trust^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022⁴

	1 year			5 years			10 years			Lifetime (since February 8,1984)			Gross expense ratio			Net expense ratio
Class 1		–9.01	%		3.40	%		4.12	%		8.16	%		0.44	%		0.30	%
Class 1A		–9.29			3.14			3.87			7.89			0.69			0.55
Class 2		–9.26			3.14			3.86			7.89			0.69			0.55
Class 3		–9.25			3.21			3.93			7.97			0.62			0.48
Class 4		–9.53			2.88			3.64			7.63			0.94			0.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.
3	Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.
4	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 33

American Funds Mortgage Fund^®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

American Funds Mortgage Fund fell 9.76% for the 12 months ended December 31, 2022. Its benchmark index, Bloomberg U.S. Mortgage-Backed Securities Index,¹ which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, was down 11.81%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. Investment-grade (BBB/Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index² returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index³ returned –11.18%, while the Bloomberg Municipal Bond Index⁴ returned –8.53%.

The fund declined but outpaced its benchmark index. At a high level, duration and curve positioning were most additive to relative returns over the period. In particular, the fund benefitted from lower-than-benchmark duration positioning within securitized mortgage-backed security pass-throughs. On the downside, sector selection weighed on results overall, particularly in an out-of-benchmark position within Treasuries.

The fund’s focus remains on meeting its core objectives of providing current income and preserving invested capital. Managers are mindful of the fund’s correlation to equity and its use as a building block in investor portfolios. They are cautious about weakening economic activity as the Fed continues to raise interest rates. The fund is positioned with the view that inflation may remain elevated and that a contraction in growth is likely sometime in the next year.

34 American Funds Insurance Series

American Funds Mortgage Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022⁵

	1 year			5 years			Lifetime 10 years			Gross (since May 2, 2011)			Net expense ratio			expense ratio
Class 1		–9.76	%		0.38	%		1.19	%		1.65	%		0.40	%		0.30	%
Class 1A		–10.03			0.14			0.95			1.40			0.65			0.55
Class 2		–9.94			0.14			0.94			1.40			0.65			0.55
Class 4		–10.16			–0.11			0.75			1.20			0.90			0.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.
3	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.
4	Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.
5	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 35

Ultra-Short Bond Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Ultra-Short Bond Fund rose 1.42% for the 12 months ended December 31, 2022, compared with a 0.69% rise in the Bloomberg Short-Term Government/Corporate Index,¹ which consists of investment-grade (rated BBB/ Baa and above), fixed-rate, publicly placed, dollar-denominated and non-convertible securities with remaining maturity from one up to (but not including) 12 months within either the government or corporate sector.

With a focus on capital preservation and liquidity, the fund continues to invest in a conservative manner, typically investing in both shorter duration and higher quality securities relative to the index. In the current rising interest rate environment, this approach positioned the fund to capture interest rate hikes relatively quickly. With the U.S. Federal Reserve raising its benchmark rate seven times and by a total of 425 basis points in 2022, the fund’s shorter duration compared with the index resulted in a more positive 12-month return.

Short-term interest rates are currently near a 15-year high and, with the current inflation outlook, the Federal Reserve may choose to increase them again. However, uncertainty on when the Fed may pause hikes or reverse course continues to drive the market.

36 American Funds Insurance Series

Ultra-Short Bond Fund (continued)

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		1.42	%		0.97	%		0.49	%		3.17	%		0.30	%
Class 1A		1.32			0.97			0.39			2.95			0.55
Class 2		1.17			0.72			0.24			2.91			0.55
Class 3		1.19			0.80			0.31			2.98			0.48
Class 4		0.83			0.47			0.06			2.67			0.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022	Percent of net assets
Commercial paper		76.5	%
Federal agency bills & notes		21.5
Other assets less liabilities		2.0
Total		100.0	%

American Funds Insurance Series 37

U.S. Government Securities Fund^®

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

U.S. Government Securities Fund declined 10.75% for the 12 months ended December 31, 2022. Its benchmark, the Bloomberg U.S. Government/Mortgage-Backed Securities Index,¹ which covers obligations issued by the U.S. Treasury and U.S. government agencies, was down 12.12%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%.

Over the period, the fund outpaced its benchmark. Top contributors to relative returns were duration and curve positioning. Duration positioning particularly within agency mortgage-backed securities (MBS) was additive. On the downside, sector and security selection weighed modestly on returns relative to the benchmark. The fund utilized interest rate derivatives to more efficiently execute the portfolio’s interest rate positioning based on how managers expected yields to move. These had mixed impacts on results, but ultimately helped to express managers’ convictions more efficiently.

The Fed has provided enormous support to the markets, particularly over the last two years. It is difficult to imagine unwinding that support without disruptions to financial markets and the economy. The fund’s present high weighting to Treasury Inflation-Protected Securities (TIPS) is intended to provide additional return if the market underestimates future inflation. It remains to be seen just how far the Fed will go to tame inflation, but the fund’s managers intend to use all the tools at their disposal to navigate these volatile markets as they seek to protect and grow shareholder assets over time.

38 American Funds Insurance Series

U.S. Government Securities Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022²

	1 year			5 years			10 years			Lifetime (since December 2, 1985)			Gross expense ratio			Net expense ratio
Class 1		–10.75	%		0.85	%		1.17	%		5.17	%		0.34	%		0.24	%
Class 1A		–10.93			0.61			0.93			4.92			0.59			0.49
Class 2		–10.95			0.61			0.92			4.91			0.59			0.49
Class 3		–10.90			0.67			0.99			4.99			0.52			0.42
Class 4		–11.19			0.37			0.70			4.66			0.84			0.74

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: Bloomberg Index Services Ltd.
2	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series 39

Managed Risk Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

The fund declined 24.62% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index – Moderate Aggressive¹ was down 13.52%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series^®– Growth Fund and American Funds Insurance Series^® – The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying Growth Fund’s investment within the materials sector was the top contributor to relative returns. Security selections within the consumer discretionary and communication services sectors detracted. The return of the underlying The Bond Fund of America was additive to relative results against its primary benchmark, the Bloomberg U.S. Aggregate Index.³ The managed risk strategy was additive to returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022⁴

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–24.62	%		6.61	%		8.10	%		0.74	%		0.69	%
Class P2		–24.88			6.31			7.80			0.99			0.94

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.
2	Source: S&P Dow Jones Indices LLC.
3	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.
4	Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

40 American Funds Insurance Series

Managed Risk International Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

The fund declined 15.27% for the 12 months ended December 31, 2022, compared to S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,¹ which was down 12.42%. MSCI ACWI (All Country World Index) ex USA,² a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), fell 16.00%.

The fund pursues its objective by investing in shares of American Funds Insurance Series^®– International Fund and American Funds Insurance Series^®– The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying International Fund’s investment within the energy sector was the top contributor to relative returns. On the downside, stock selections within the financials and information technology sectors detracted from relative results. The managed risk strategy was additive to results overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–15.27	%		–2.31	%		0.86	%		0.93	%		0.86	%
Class P2		–15.54			–2.60			0.51			1.18			1.11

The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.
2	Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.
3	Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

American Funds Insurance Series 41

Managed Risk Washington Mutual Investors Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

The fund declined 8.92% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index – Moderate¹ fell 13.13%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series^®– Washington Mutual Investors Fund and American Funds Insurance Series^®– U.S. Government Securities Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying Washington Mutual Investors Fund’s security selection within the consumer discretionary sector was the top contributor to relative returns. Investments in the information technology sector were also additive. The top detractors to relative returns on a sector basis were security selections within financials and real estate. The managed risk strategy detracted overall. Within the strategy, the equity future overlay was additive while the Treasury future and option overlays detracted.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–8.92	%		2.39	%		5.47	%		0.67	%		0.62	%
Class P2		–9.16			2.08			5.12			0.93			0.88

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.
2	Source: S&P Dow Jones Indices LLC.
3	Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

42 American Funds Insurance Series

Managed Risk Growth-Income Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

The fund declined 16.74% for the 12 months ended December 31, 2022, compared to the S&P 500 Managed Risk Index – Moderate,¹ which declined 13.13%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series^®– Growth-Income Fund and American Funds Insurance Series^®– The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying Growth-Income Fund’s investment within the information technology sector was the top contributor to relative returns. A higher-than-benchmark investment within the industrials sector was also additive to results. On the downside, security selections within the financials and communication services sectors weighed on relative results. The managed risk strategy detracted overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–16.74	%		4.32	%		6.69	%		0.67	%		0.62	%
Class P2		–16.93			4.06			6.39			0.92			0.87

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.
2	Source: S&P Dow Jones Indices LLC.
3	Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

American Funds Insurance Series 43

Managed Risk Asset Allocation Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

The fund was down 13.75% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index — Moderate Conservative¹ fell 12.94%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series^®– Asset Allocation Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.

The underlying Asset Allocation Fund’s investment selections within the consumer discretionary and health care sectors were top contributors to relative results on a sector basis. Stock selections within financials and energy detracted from relative returns on a sector basis, although the energy sector was up on an absolute basis. The managed risk strategy detracted from returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

44 American Funds Insurance Series

Managed Risk Asset Allocation Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2022⁴

	1 year			5 years			10 years			Lifetime (since September 28, 2012)			Gross expense ratio			Net expense ratio
Class P1		–13.75	%		3.09	%		5.95	%		5.92	%		0.70	%		0.65	%
Class P2		–13.97			2.83			5.69			5.66			0.95			0.90

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2023 (unaudited).

Past results are not predictive of results in future periods.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.
2	Source: S&P Dow Jones Indices LLC.
3	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.
4	Periods greater than one year are annualized.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.

American Funds Insurance Series 45

Global Growth Fund

Investment portfolio December 31, 2022

Common stocks 94.49%	Shares		Value (000)
Information technology 22.59%
Microsoft Corp.		1,807,800	$	433,547
ASML Holding NV		458,318		248,089
ASML Holding NV (New York registered) (ADR)		227,600		124,361
Taiwan Semiconductor Manufacturing Company, Ltd.		15,615,000		227,583
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		140,000		10,429
Applied Materials, Inc.		875,000		85,208
Broadcom, Inc.		125,300		70,059
Fiserv, Inc.1		497,600		50,292
Adyen NV1		34,330		47,506
Samsung Electronics Co., Ltd.		785,100		34,621
Apple, Inc.		242,400		31,495
Hexagon AB, Class B		2,920,500		30,700
MongoDB, Inc., Class A1		139,000		27,361
Keyence Corp.		69,400		27,170
NVIDIA Corp.		167,500		24,478
Mastercard, Inc., Class A		53,300		18,534
EPAM Systems, Inc.1		50,700		16,616
Visa, Inc., Class A		70,197		14,584
Capgemini SE		85,000		14,256
Network International Holdings PLC1		3,731,800		13,366
DocuSign, Inc.1		180,000		9,976
Shopify, Inc., Class A, subordinate voting shares1		195,000		6,768
				1,566,999
Health care 21.87%
Novo Nordisk A/S, Class B		1,706,930		231,118
UnitedHealth Group, Inc.		335,800		178,034
DexCom, Inc.1		1,012,000		114,599
ResMed, Inc.		509,000		105,938
AstraZeneca PLC		748,300		101,556
Pfizer, Inc.		1,884,219		96,547
Cigna Corp.		259,119		85,857
Merck & Co., Inc.		620,000		68,789
Regeneron Pharmaceuticals, Inc.1		95,036		68,568
Eli Lilly and Company		158,300		57,912
EssilorLuxottica		266,943		48,609
Gilead Sciences, Inc.		457,317		39,261
Mettler-Toledo International, Inc.1		25,400		36,714
NovoCure, Ltd.1		340,000		24,939
Alnylam Pharmaceuticals, Inc.1		104,200		24,763
CVS Health Corp.		243,600		22,701
Danaher Corp.		82,100		21,791
Bayer AG		363,860		18,787
Seagen, Inc.1		127,200		16,346
Novartis AG		165,600		15,000
Zoetis, Inc., Class A		98,300		14,406
Eurofins Scientific SE, non-registered shares		182,400		13,135
Sanofi		135,000		13,063
Vertex Pharmaceuticals, Inc.1		43,700		12,620
Olympus Corp.		665,800		11,769
Centene Corp.1		143,500		11,768
Genus PLC		270,000		9,731
Thermo Fisher Scientific, Inc.		17,472		9,622
Siemens Healthineers AG		178,000		8,905
Bachem Holding AG		101,500		8,853
Virbac SA		36,000		8,825
Catalent, Inc.1		166,200		7,481
Rede D’Or Sao Luiz SA		1,073,663		6,015

46 American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Organon & Co.		62,000	$	1,732
Viatris, Inc.		110,678		1,232
EUROAPI1		5,869		87
				1,517,073
Consumer discretionary 13.94%
Chipotle Mexican Grill, Inc.1		141,600		196,468
LVMH Moët Hennessy-Louis Vuitton SE		236,818		172,035
Floor & Decor Holdings, Inc., Class A1		914,698		63,690
MGM China Holdings, Ltd.1		54,589,200		60,155
Renault SA1		1,688,781		56,267
Prosus NV, Class N		760,993		52,246
Amazon.com, Inc.1		524,248		44,037
NIKE, Inc., Class B		352,600		41,258
Cie. Financière Richemont SA, Class A		291,500		37,722
Wynn Macau, Ltd.1		21,430,000		23,884
Coupang, Inc., Class A1		1,445,604		21,265
YUM! Brands, Inc.		166,000		21,261
Booking Holdings, Inc.1		9,900		19,951
Domino’s Pizza Enterprises, Ltd.		430,000		19,367
MercadoLibre, Inc.1		22,250		18,829
Home Depot, Inc.		59,500		18,794
Melco Resorts & Entertainment, Ltd. (ADR)1		1,559,600		17,935
IDP Education, Ltd.		871,300		16,102
Evolution AB		140,000		13,673
Dollar Tree Stores, Inc.1		95,000		13,437
Moncler SpA		217,370		11,571
Entain PLC		665,250		10,666
Target Corp.		60,500		9,017
Tesla, Inc.1		60,000		7,391
				967,021
Financials 8.92%
AIA Group, Ltd.		10,109,600		111,378
Tradeweb Markets, Inc., Class A		1,634,960		106,158
AXA SA		1,692,893		47,182
Kotak Mahindra Bank, Ltd.		1,696,000		37,316
Aon PLC, Class A		101,000		30,314
Prudential PLC		2,203,282		29,816
HDFC Bank, Ltd.		1,464,450		28,828
Citigroup, Inc.		569,715		25,768
Ping An Insurance (Group) Company of China, Ltd., Class H		3,855,500		25,447
Société Générale		1,011,450		25,378
Blackstone, Inc., nonvoting shares		312,000		23,147
China Merchants Bank Co., Ltd., Class H		3,867,000		21,436
Zurich Insurance Group AG		42,200		20,166
Banco Santander, SA		5,334,500		15,976
Wells Fargo & Company		377,200		15,575
London Stock Exchange Group PLC		165,000		14,237
AU Small Finance Bank, Ltd.		1,416,725		11,157
Bank of America Corp.		320,200		10,605
HDFC Life Insurance Company, Ltd.		1,406,500		9,600
Tokio Marine Holdings, Inc.		368,300		7,884
Jackson Financial, Inc., Class A		44,327		1,542
Moscow Exchange MICEX-RTS PJSC1,2		12,640,000		—	3
				618,910
Consumer staples 8.57%
British American Tobacco PLC		3,329,455		132,095
Philip Morris International, Inc.		1,086,204		109,935
Altria Group, Inc.		1,523,500		69,639
Kweichow Moutai Co., Ltd., Class A		278,166		68,834

American Funds Insurance Series 47

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Keurig Dr Pepper, Inc.		1,624,000	$	57,912
Nestlé SA		460,353		53,164
Monster Beverage Corp.1		336,502		34,165
Costco Wholesale Corp.		39,170		17,881
Carrefour SA, non-registered shares		1,055,594		17,662
Pernod Ricard SA		73,000		14,349
Simply Good Foods Co.1		263,800		10,032
Bunge, Ltd.		85,000		8,481
				594,149
Industrials 7.54%
Carrier Global Corp.		1,366,400		56,364
Caterpillar, Inc.		231,600		55,482
Boeing Company1		239,000		45,527
MTU Aero Engines AG		167,000		36,146
Alliance Global Group, Inc.		156,400,700		33,466
Airbus SE, non-registered shares		245,400		29,179
DSV A/S		171,230		27,158
NIBE Industrier AB, Class B		2,328,700		21,776
Techtronic Industries Co., Ltd.		1,883,000		20,967
CSX Corp.		635,000		19,672
Safran SA		156,300		19,532
GT Capital Holdings, Inc.		2,454,611		19,234
Rentokil Initial PLC		2,380,000		14,628
Kone OYJ, Class B		273,500		14,166
Canadian Pacific Railway, Ltd. (CAD denominated)		183,000		13,644
ASSA ABLOY AB, Class B		611,000		13,146
L3Harris Technologies, Inc.		62,600		13,034
Recruit Holdings Co., Ltd.		374,200		11,901
Daikin Industries, Ltd.		74,600		11,476
Rheinmetall AG		52,200		10,397
BayCurrent Consulting, Inc.		321,000		10,037
SMC Corp.		22,500		9,523
Suzhou Maxwell Technologies Co., Ltd., Class A		156,970		9,302
Nidec Corp.		143,000		7,447
				523,204
Energy 4.84%
TotalEnergies SE		1,210,900		75,578
Canadian Natural Resources, Ltd. (CAD denominated)		1,281,064		71,140
Cenovus Energy, Inc. (CAD denominated)		3,151,200		61,139
Reliance Industries, Ltd.		1,601,273		49,121
Tourmaline Oil Corp.		430,700		21,732
Equinor ASA		592,000		21,234
Aker BP ASA		599,979		18,702
Halliburton Company		235,128		9,252
Gaztransport & Technigaz SA		75,000		8,013
Gazprom PJSC2		8,346,000		—	3
LUKOIL Oil Co. PJSC2		246,300		—	3
				335,911
Materials 3.25%
Sherwin-Williams Company		385,500		91,491
Linde PLC		169,940		55,431
Vale SA, ordinary nominative shares		1,577,389		26,554
First Quantum Minerals, Ltd.		706,200		14,755
Shin-Etsu Chemical Co., Ltd.		113,500		13,828
Corteva, Inc.		201,300		11,832
Koninklijke DSM NV		93,100		11,414
				225,305

48 American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Communication services 2.68%
Alphabet, Inc., Class A1		1,236,600	$	109,105
Meta Platforms, Inc., Class A1		190,923		22,976
Publicis Groupe SA		273,000		17,336
Sea, Ltd., Class A (ADR)1		273,336		14,222
Tencent Holdings, Ltd.		297,100		12,627
Bharti Airtel, Ltd.		945,000		9,186
				185,452
Real estate 0.18%
Goodman Logistics (HK), Ltd. REIT		1,027,500		12,072
Utilities 0.11%
Brookfield Infrastructure Partners, LP		247,500		7,666
Total common stocks (cost: $4,798,092,000)				6,553,762
Preferred securities 1.66%
Health care 1.36%
Sartorius AG, nonvoting non-registered preferred shares		239,000		94,514
Information technology 0.30%
Samsung Electronics Co., Ltd., nonvoting preferred shares		512,300		20,614
Total preferred securities (cost: $27,546,000)				115,128
Short-term securities 4.03%
Money market investments 2.37%
Capital Group Central Cash Fund 4.31%4,5		1,645,519		164,535

	Weighted average yield at acquisition			Principal amount (000)
Commercial paper 1.66%
KfW 1/27/20236		3.890	%	USD	65,000		64,782
Toronto-Dominion Bank 1/27/20236		4.130			50,000		49,833
							114,615
Total short-term securities (cost: $279,166,000)							279,150
Total investment securities 100.18% (cost: $5,104,804,000)							6,948,040
Other assets less liabilities (0.18)%							(12,386	)
Net assets 100.00%						$	6,935,654

American Funds Insurance Series 49

Global Growth Fund (continued)

Investments in affiliates⁵

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 2.37%
Money market investments 2.37%
Capital Group Central Cash Fund 4.31%4	$	376,714	$	1,480,091	$	1,692,180	$	(71	)	$	(19	)	$	164,535	$	9,353
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 4.31%4		1,808				1,8087								—		—	8
Total 2.37%							$	(71	)	$	(19	)	$	164,535	$	9,353

1	Security did not produce income during the last 12 months.
2	Value determined using significant unobservable inputs.
3	Amount less than one thousand.
4	Rate represents the seven-day yield at 12/31/2022.
5	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
6	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $114,615,000, which represented 1.65% of the net assets of the fund.
7	Represents net activity. Refer to Note 5 for more information on securities lending.
8	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

50 American Funds Insurance Series

Global Small Capitalization Fund

Investment portfolio December 31, 2022

Common stocks 96.00%	Shares		Value (000)
Industrials 20.67%
International Container Terminal Services, Inc.		11,690,490	$	42,075
Visional, Inc.1		504,850		33,522
Stericycle, Inc.1		571,050		28,490
Japan Airport Terminal Co., Ltd.1		559,900		27,843
IMCD NV		177,337		25,330
Fasadgruppen Group AB		2,370,503		23,995
Trelleborg AB, Class B		982,292		22,727
Boyd Group Services, Inc.		146,809		22,678
Cleanaway Waste Management, Ltd.		12,501,414		22,274
Interpump Group SpA		454,700		20,598
Saia, Inc.1		80,994		16,983
CG Power and Industrial Solutions, Ltd.1		4,880,108		15,908
Instalco AB		4,098,065		15,622
Montrose Environmental Group, Inc.1		348,186		15,456
Alfen NV1		162,431		14,668
Dürr AG		426,625		14,396
ALS, Ltd.		1,639,100		13,632
Cargotec OYJ, Class B, non-registered shares		300,450		13,341
Wizz Air Holdings PLC1		522,941		11,979
Daiseki Co., Ltd.		313,600		10,798
AirTAC International Group		355,062		10,747
Woodward, Inc.		105,000		10,144
Rumo SA		2,802,100		9,877
Japan Elevator Service Holdings Co., Ltd.		787,656		9,866
The AZEK Co., Inc., Class A1		482,390		9,802
Comfort Systems USA, Inc.		84,100		9,678
Centre Testing International Group Co., Ltd.		2,684,839		8,615
Melrose Industries PLC		5,266,169		8,561
DL E&C Co., Ltd.		287,442		7,732
Guangzhou Baiyun International Airport Co., Ltd., Class A1		3,524,879		7,613
Engcon AB, Class B1,2		1,070,647		6,833
Carel Industries SpA		252,900		6,357
Burckhardt Compression Holding AG		9,963		5,929
Kajaria Ceramics, Ltd.		422,763		5,916
Hensoldt AG		248,197		5,873
Diploma PLC		161,300		5,420
SIS, Ltd.1		1,128,949		5,353
GVS SpA1,2		1,192,262		5,159
Reliance Worldwide Corp., Ltd.		2,548,379		5,127
Addtech AB, Class B		353,050		5,054
KEI Industries, Ltd.		267,444		4,724
First Advantage Corp.1		361,017		4,693
Vicor Corp.1		85,683		4,605
Harsha Engineers International, Ltd.1		970,777		4,488
ICF International, Inc.		43,592		4,318
Sulzer AG		54,789		4,278
Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary participation certificates1		460,200		3,847
LIXIL Corp.		196,500		2,995
Trex Co., Inc.1		59,516		2,519
Aalberts NV, non-registered shares		64,502		2,508
Dätwyler Holding, Inc., non-registered shares		12,348		2,466
Antares Vision SpA1		281,100		2,418
Chart Industries, Inc.1		16,174		1,864
Matson, Inc.		8,674		542
				608,236
Information technology 18.70%
Wolfspeed, Inc.1		790,681		54,589
eMemory Technology, Inc.		910,430		39,481
Net One Systems Co., Ltd.		1,201,156		31,223
Nordic Semiconductor ASA1		1,677,583		28,098

American Funds Insurance Series 51

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Confluent, Inc., Class A1		1,096,085	$	24,377
PAR Technology Corp.1,2		837,615		21,837
SUMCO Corp.		1,466,300		19,620
ALTEN SA, non-registered shares		142,299		17,869
Kingdee International Software Group Co., Ltd.1		7,337,224		15,619
Extreme Networks, Inc.1		828,378		15,168
BE Semiconductor Industries NV		235,536		14,308
Smartsheet, Inc., Class A1		346,627		13,643
Euronet Worldwide, Inc.1		144,187		13,608
Ceridian HCM Holding, Inc.1		211,500		13,568
Silicon Laboratories, Inc.1		95,000		12,889
Tanla Platforms, Ltd.		1,477,291		12,708
MACOM Technology Solutions Holdings, Inc.1		190,000		11,966
Keywords Studios PLC		344,606		11,355
Alphawave IP Group PLC1,2		8,897,291		10,900
SHIFT, Inc.1		59,200		10,521
SINBON Electronics Co., Ltd.		1,142,550		10,218
OVH Groupe SAS1,2		591,394		10,169
Qorvo, Inc.1		110,518		10,017
Pegasystems, Inc.		288,141		9,866
GitLab, Inc., Class A1,2		213,816		9,716
SimCorp AS		139,192		9,512
CCC Intelligent Solutions Holdings, Inc.1		1,033,074		8,988
Aspen Technology, Inc.1		36,561		7,510
Credo Technology Group Holding, Ltd.1		555,400		7,392
INFICON Holding AG		7,397		6,462
Cognex Corp.		116,600		5,493
Bentley Systems, Inc., Class B		142,373		5,262
Unity Software, Inc.1,2		183,231		5,239
Kingboard Laminates Holdings, Ltd.		4,498,000		4,945
AvidXchange Holdings, Inc.1		489,768		4,868
Topicus.com, Inc., subordinate voting shares1		87,540		4,596
MongoDB, Inc., Class A1		23,300		4,586
Truecaller AB, Class B1,2		1,289,744		4,044
Linklogis, Inc., Class B1,2		6,753,115		3,482
Softcat PLC		222,430		3,192
Globant SA1		17,730		2,981
Rapid7, Inc.1		71,250		2,421
Kingboard Holdings, Ltd.		710,000		2,261
TELUS International (Cda), Inc., subordinate voting shares1,2		102,669		2,032
GlobalWafers Co., Ltd.		145,000		2,014
LEM Holding SA		990		1,922
Cvent Holding Corp.1		344,800		1,862
HashiCorp, Inc., Class A1		54,600		1,493
Bechtle AG, non-registered shares		40,616		1,437
Marqeta, Inc., Class A1		212,881		1,301
Semtech Corp.1		32,200		924
Yotpo, Ltd.1,3,4		678,736		842
				550,394
Consumer discretionary 17.91%
Melco Resorts & Entertainment, Ltd. (ADR)1		3,600,384		41,404
Skechers USA, Inc., Class A1		700,000		29,365
Five Below, Inc.1		165,181		29,216
Thor Industries, Inc.		370,472		27,967
Mattel, Inc.1		1,400,000		24,976
Wyndham Hotels & Resorts, Inc.		332,330		23,698
Entain PLC		1,424,930		22,847
YETI Holdings, Inc.1		547,131		22,602
NEXTAGE Co., Ltd.		1,036,500		19,999
Domino’s Pizza Enterprises, Ltd.2		443,338		19,968
Light & Wonder, Inc.1		299,658		17,560

52 American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Asbury Automotive Group, Inc.1		97,426	$	17,464
Inchcape PLC		1,719,150		16,969
Evolution AB		172,264		16,824
DraftKings, Inc., Class A1,2		1,400,364		15,950
Lands’ End, Inc.1,5		2,100,000		15,939
Helen of Troy, Ltd.1		141,542		15,698
TopBuild Corp.1		82,261		12,873
WH Smith PLC		701,756		12,524
Kindred Group PLC (SDR)		1,164,011		12,150
Shoei Co., Ltd.		281,700		11,006
Tongcheng Travel Holdings, Ltd.1		4,538,400		10,922
Golden Entertainment, Inc.1		256,800		9,604
Chervon Holdings, Ltd.2		1,635,700		9,023
Musti Group OYJ		495,800		8,297
MRF, Ltd.		7,160		7,650
Tube Investments of India, Ltd.		204,200		6,852
Melco International Development, Ltd.1		6,130,000		6,655
Compagnie Plastic Omnium SA		337,633		4,898
Zhongsheng Group Holdings, Ltd.		938,500		4,784
Everi Holdings, Inc.1		330,000		4,736
Leslie’s, Inc.1		353,358		4,315
On Holding AG, Class A1		238,410		4,091
Elior Group SA1,2		1,153,174		4,066
Persimmon PLC		255,136		3,766
Haichang Ocean Park Holdings, Ltd.1		17,691,000		3,617
IDP Education, Ltd.		150,966		2,790
Arco Platform, Ltd., Class A1,2		158,600		2,141
DESCENTE, Ltd.		81,425		2,003
				527,209
Health care 17.06%
Insulet Corp.1		322,368		94,901
Haemonetics Corp.1		960,147		75,516
Globus Medical, Inc., Class A1		464,688		34,512
Oak Street Health, Inc.1		1,542,490		33,179
Integra LifeSciences Holdings Corp.1		527,958		29,603
Max Healthcare Institute, Ltd.1		4,669,887		24,816
CONMED Corp.		200,920		17,810
CanSino Biologics, Inc., Class H		1,864,200		15,948
Vaxcyte, Inc.1		274,959		13,184
Ocumension Therapeutics1		9,650,966		12,105
Hapvida Participações e Investimentos SA1		12,352,106		11,885
Bachem Holding AG		135,555		11,823
Angelalign Technology, Inc.		640,800		10,100
ICON PLC1		46,061		8,947
Shandong Pharmaceutical Glass Co., Ltd., Class A		2,180,508		8,890
CompuGroup Medical SE & Co. KGaA		228,815		8,808
Ambu AS, Class B, non-registered shares1		683,462		8,672
Penumbra, Inc.1		36,200		8,053
Netcare, Ltd.		8,818,088		7,527
iRhythm Technologies, Inc.1		79,700		7,466
Denali Therapeutics, Inc.1		257,903		7,172
Encompass Health Corp.		117,866		7,050
New Horizon Health, Ltd.1		3,007,844		6,730
Medmix AG		324,953		6,200
Health Catalyst, Inc.1		568,785		6,046
Hypera SA, ordinary nominative shares		582,885		4,990
Amplifon SpA		141,536		4,228
The Ensign Group, Inc.		39,450		3,732
Masimo Corp.1		23,687		3,505
Amvis Holdings, Inc.		122,400		3,113
Nordhealth AS, Class A1,2		1,279,999		2,916

American Funds Insurance Series 53

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Gland Pharma, Ltd.1		90,000	$	1,715
Beam Therapeutics, Inc.1		22,757		890
DiaSorin Italia SpA		292		41
				502,073
Financials 8.75%
Star Health & Allied Insurance Co., Ltd.1		6,037,336		41,333
Cholamandalam Investment and Finance Co., Ltd.		3,684,053		32,078
Eurobank Ergasias Services and Holdings SA1		17,966,239		20,281
Independent Bank Group, Inc.		280,449		16,849
Stifel Financial Corp.		271,050		15,821
Glacier Bancorp, Inc.		286,088		14,139
Fukuoka Financial Group, Inc.		572,200		13,049
IIFL Finance, Ltd.		2,116,842		12,316
IIFL Wealth Management, Ltd.		513,500		11,028
Janus Henderson Group PLC		440,000		10,349
Bridgepoint Group PLC		3,459,845		8,017
Remgro, Ltd.		965,035		7,551
Five-Star Business Finance, Ltd.1		993,023		7,268
Patria Investments, Ltd., Class A		508,200		7,079
Aptus Value Housing Finance India, Ltd.		1,816,424		6,657
SiriusPoint, Ltd.1		1,100,000		6,490
Aavas Financiers, Ltd.1		272,734		6,072
Eastern Bankshares, Inc.		278,164		4,798
AU Small Finance Bank, Ltd.		483,716		3,809
SouthState Corp.		46,350		3,539
Allfunds Group PLC		470,000		3,284
East West Bancorp, Inc.		49,700		3,275
Capitec Bank Holdings, Ltd.		15,161		1,658
PT Bank Raya Indonesia Tbk1		23,860,996		619
				257,359
Materials 3.56%
JSR Corp.		1,140,088		22,469
LANXESS AG		441,240		17,807
OZ Minerals, Ltd.		648,901		12,142
Navin Fluorine International, Ltd.		175,000		8,586
PI Industries, Ltd.		188,382		7,772
Zeon Corp.		768,700		7,730
Vidrala, SA, non-registered shares		64,918		5,581
MMG, Ltd.1		14,608,000		3,728
Materion Corp.		41,809		3,659
Toyo Gosei Co., Ltd.2		63,400		3,485
Recticel SA/NV		175,000		2,921
Mayr-Melnhof Karton AG, non-registered shares		17,479		2,824
Livent Corp.1		130,000		2,583
Perimeter Solutions SA1,2		221,167		2,021
Huhtamäki OYJ		42,500		1,455
Covestro AG, non-registered shares		2,600		102
				104,865
Real estate 2.53%
Altus Group, Ltd.		551,189		21,999
Embassy Office Parks REIT		4,939,400		20,043
Macrotech Developers, Ltd.1		582,697		7,685
JHSF Participações SA		5,823,950		5,537
Mindspace Business Parks REIT		1,250,000		5,054
ESR-Logos REIT		15,133,928		4,166

54 American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Real estate (continued)
Fibra Uno Administración, SA de CV REIT		3,400,000	$	4,006
Corp. Inmobiliaria Vesta, SAB de CV		1,606,000		3,833
Ayala Land, Inc.		3,718,100		2,069
				74,392
Energy 1.89%
Venture Global LNG, Inc., Series C1,3,4		2,760		25,418
Subsea 7 SA		1,050,980		12,088
DT Midstream, Inc.		166,383		9,194
Weatherford International1		82,600		4,206
Worley, Ltd.		350,000		3,577
Aegis Logistics, Ltd.		199,283		838
Helmerich & Payne, Inc.		7,700		382
				55,703
Communication services 1.77%
JCDecaux SE1		976,059		18,563
Lions Gate Entertainment Corp., Class B1		3,059,785		16,614
Rightmove PLC		816,439		5,055
Bandwidth, Inc., Class A1		206,800		4,746
VTEX, Class A1		993,126		3,724
Trustpilot Group PLC1		2,966,832		3,473
				52,175
Utilities 1.62%
ACEN Corp.		143,954,250		19,747
ENN Energy Holdings, Ltd.		1,205,597		16,819
Brookfield Infrastructure Corp., Class A, subordinate voting shares		157,667		6,133
Neoenergia SA		1,442,015		4,220
SembCorp Industries, Ltd.		282,600		712
				47,631
Consumer staples 1.54%
Grocery Outlet Holding Corp.1		621,782		18,150
Shop Apotheke Europe NV, non-registered shares1		169,500		8,003
Monde Nissin Corp.		39,914,950		7,960
Scandinavian Tobacco Group A/S		305,111		5,352
AAK AB		223,527		3,819
Hilton Food Group PLC		250,077		1,688
Zur Rose Group AG1,2		9,250		257
				45,229
Total common stocks (cost: $2,451,546,000)				2,825,266
Preferred securities 0.87%
Information technology 0.62%
SmartHR, Inc., Series D, preferred shares1,3,4		3,006		10,752
Yotpo, Ltd., Series F, preferred shares1,3,4		2,158,609		2,677
Yotpo, Ltd., Series B, preferred shares1,3,4		287,894		357
Yotpo, Ltd., Series C, preferred shares1,3,4		274,070		340
Yotpo, Ltd., Series A-1, preferred shares1,3,4		183,819		228
Yotpo, Ltd., Series A, preferred shares1,3,4		89,605		111
Yotpo, Ltd., Series C-1, preferred shares1,3,4		75,980		94
Yotpo, Ltd., Series D, preferred shares1,3,4		42,368		52
Yotpo, Ltd., Series B-1, preferred shares1,3,4		33,838		42
Outreach Corp., Series G, preferred shares1,3,4		154,354		3,603
				18,256

American Funds Insurance Series 55

Global Small Capitalization Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Industrials 0.24%
Azul SA (ADR), preferred nominative shares1,2		1,128,836	$	6,897
Azul SA, preferred nominative shares1		109,500		229
				7,126
Health care 0.01%
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares1,3,4		2,931,405		196
Total preferred securities (cost: $45,236,000)				25,578
Rights & warrants 0.34%
Information technology 0.34%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 2/3/20231,6		526,700		10,007
Total rights & warrants (cost: $18,773,000)				10,007
Short-term securities 5.05%
Money market investments 3.25%
Capital Group Central Cash Fund 4.31%5,7		958,183		95,809
Money market investments purchased with collateral from securities on loan 1.80%
Capital Group Central Cash Fund 4.31%5,7,8		232,377		23,235
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%7,8		18,552,259		18,553
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%7,8		10,793,666		10,794
State Street Institutional U.S. Government Money Market Fund, Institutional Class 4.09%7,8		271,134		271
				52,853
Total short-term securities (cost: $148,644,000)				148,662
Total investment securities 102.26% (cost: $2,664,199,000)				3,009,513
Other assets less liabilities (2.26)%				(66,610	)
Net assets 100.00%			$	2,942,903

Investments in affiliates⁵

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Common stocks 0.54%
Consumer discretionary 0.54%
Lands’ End, Inc.1	$	41,223	$	—	$	—	$	—		$	(25,284	)	$	15,939	$	—
Short-term securities 4.04%
Money market investments 3.25%
Capital Group Central Cash Fund 4.31%7		203,087		779,439		886,686		(30	)		(1	)		95,809		3,871
Money market investments purchased with collateral from securities on loan 0.79%
Capital Group Central Cash Fund 4.31%7,8		32,260				9,0259								23,235		—	10
Total short-term securities														119,044
Total 4.58%							$	(30	)	$	(25,285	)	$	134,983	$	3,871

56 American Funds Insurance Series

Global Small Capitalization Fund (continued)

Restricted securities⁴

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Venture Global LNG, Inc., Series C1,3	5/1/2015	$	8,280	$	25,418		.86	%
SmartHR, Inc., Series D, preferred shares1,3	5/28/2021		14,344		10,752		.37
Yotpo, Ltd., Series F, preferred shares1,3	2/25/2021		4,748		2,677		.09
Yotpo, Ltd.1,3	3/16/2021		1,418		842		.03
Yotpo, Ltd., Series B, preferred shares1,3	3/16/2021		602		357		.01
Yotpo, Ltd., Series C, preferred shares1,3	3/16/2021		573		340		.01
Yotpo, Ltd., Series A-1, preferred shares1,3	3/16/2021		384		228		.01
Yotpo, Ltd., Series A, preferred shares1,3	3/16/2021		187		111		.01
Yotpo, Ltd., Series C-1, preferred shares1,3	3/16/2021		159		94		.00
Yotpo, Ltd., Series D, preferred shares1,3	3/16/2021		89		52		.00
Yotpo, Ltd., Series B-1, preferred shares1,3	3/16/2021		71		42		.00
Outreach Corp., Series G, preferred shares1,3	5/27/2021		4,517		3,603		.12
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares1,3	2/7/2020		6,000		196		.01
Total		$	41,372	$	44,712		1.52	%

1	Security did not produce income during the last 12 months.
2	All or a portion of this security was on loan. The total value of all such securities was $59,781,000, which represented 2.03% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Value determined using significant unobservable inputs.
4	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $44,712,000, which represented 1.52% of the net assets of the fund.
5	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
6	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,007,000, which represented .34% of the net assets of the fund.
7	Rate represents the seven-day yield at 12/31/2022.
8	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
9	Represents net activity. Refer to Note 5 for more information on securities lending.
10	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

Refer to the notes to financial statements.

American Funds Insurance Series 57

Growth Fund

Investment portfolio December 31, 2022

Common stocks 96.12%	Shares		Value (000)
Information technology 20.03%
Microsoft Corp.		6,282,998	$	1,506,789
Broadcom, Inc.		1,265,075		707,341
ASML Holding NV		736,108		398,458
ASML Holding NV (New York registered) (ADR)		189,937		103,781
Visa, Inc., Class A		1,198,388		248,977
Apple, Inc.		1,694,416		220,156
Mastercard, Inc., Class A		566,983		197,157
Fiserv, Inc.1		1,615,000		163,228
Synopsys, Inc.1		467,600		149,300
Motorola Solutions, Inc.		510,100		131,458
Shopify, Inc., Class A, subordinate voting shares1		3,665,992		127,247
Applied Materials, Inc.		1,199,328		116,791
Wolfspeed, Inc.1		1,655,641		114,305
RingCentral, Inc., Class A1		3,132,381		110,886
ServiceNow, Inc.1		269,875		104,784
Salesforce, Inc.1		787,000		104,348
Micron Technology, Inc.		2,048,078		102,363
NVIDIA Corp.		665,500		97,256
Taiwan Semiconductor Manufacturing Company, Ltd.		5,456,000		79,519
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		209,700		15,621
Cloudflare, Inc., Class A1		1,858,800		84,036
Amadeus IT Group SA, Class A, non-registered shares1		1,612,361		83,150
Genpact, Ltd.		1,524,231		70,602
Keyence Corp.		165,500		64,794
Fidelity National Information Services, Inc.		884,718		60,028
Toast, Inc., Class A1		3,143,518		56,678
CDW Corp.		311,859		55,692
MongoDB, Inc., Class A1		279,700		55,056
SAP SE		477,361		49,263
Constellation Software, Inc.		31,255		48,798
GoDaddy, Inc., Class A1		645,081		48,265
Samsung Electronics Co., Ltd.		1,085,000		47,846
Unity Software, Inc.1,2		1,660,000		47,459
Ceridian HCM Holding, Inc.1		712,011		45,676
Trimble, Inc.1		840,920		42,517
Concentrix Corp.		305,551		40,687
Block, Inc., Class A1		635,970		39,964
DocuSign, Inc.1		718,524		39,821
Bill.com Holdings, Inc.1		358,729		39,087
MicroStrategy, Inc., Class A1		236,458		33,475
NetApp, Inc.		527,540		31,684
Silicon Laboratories, Inc.1		231,815		31,450
MKS Instruments, Inc.		360,705		30,563
Intel Corp.		1,136,000		30,025
Smartsheet, Inc., Class A1		729,700		28,721
Adobe, Inc.1		69,034		23,232
VeriSign, Inc.1		110,053		22,609
Ciena Corp.1		416,000		21,208
Nuvei Corp., subordinate voting shares1		806,616		20,499
Intuit, Inc.		52,500		20,434
TE Connectivity, Ltd.		156,600		17,978
Alteryx, Inc., Class A1		286,092		14,496
Enphase Energy, Inc.1		45,303		12,004
TELUS International (Cda), Inc., subordinate voting shares1		533,800		10,564
Globant SA1		57,138		9,608
Kulicke and Soffa Industries, Inc.		151,860		6,721
Stripe, Inc., Class B1,3,4		168,598		4,704
				6,189,159

58 American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care 17.31%
Regeneron Pharmaceuticals, Inc.1		1,123,014	$	810,243
UnitedHealth Group, Inc.		1,508,620		799,840
Intuitive Surgical, Inc.1		2,058,000		546,090
Alnylam Pharmaceuticals, Inc.1		2,075,046		493,135
Centene Corp.1		3,895,936		319,506
Thermo Fisher Scientific, Inc.		532,200		293,077
Vertex Pharmaceuticals, Inc.1		879,601		254,011
Seagen, Inc.1		1,746,784		224,479
Moderna, Inc.1		1,200,000		215,544
NovoCure, Ltd.1		2,388,098		175,167
Eli Lilly and Company		463,663		169,627
Pfizer, Inc.		1,675,000		85,827
CVS Health Corp.		909,400		84,747
Horizon Therapeutics PLC1		689,825		78,502
AstraZeneca PLC		550,784		74,750
Edwards Lifesciences Corp.1		906,411		67,627
Danaher Corp.		216,235		57,393
Molina Healthcare, Inc.1		145,723		48,121
Abbott Laboratories		426,712		46,849
Verily Life Sciences, LLC1,3,4		300,178		45,222
Zimmer Biomet Holdings, Inc.		353,900		45,122
Ascendis Pharma A/S (ADR)1		364,721		44,543
Zoetis, Inc., Class A		297,320		43,572
Mettler-Toledo International, Inc.1		26,000		37,582
Humana, Inc.		65,982		33,795
Align Technology, Inc.1		160,000		33,744
Karuna Therapeutics, Inc.1		170,239		33,452
Guardant Health, Inc.1		1,166,810		31,737
Novo Nordisk A/S, Class B		225,077		30,475
Catalent, Inc.1		409,100		18,414
Oak Street Health, Inc.1		806,352		17,345
Exact Sciences Corp.1		341,000		16,883
DexCom, Inc.1		148,800		16,850
Pacific Biosciences of California, Inc.1		1,613,190		13,196
CRISPR Therapeutics AG1		262,678		10,678
Galapagos NV1		231,294		10,259
R1 RCM, Inc.1		912,865		9,996
Ultragenyx Pharmaceutical, Inc.1		161,278		7,472
Fate Therapeutics, Inc.1		233,700		2,358
Biohaven, Ltd.1		65,550		910
Sana Biotechnology, Inc.1,2		179,600		710
				5,348,850
Consumer discretionary 16.94%
Tesla, Inc.1		10,830,000		1,334,039
D.R. Horton, Inc.		5,494,844		489,810
Amazon.com, Inc.1		4,125,222		346,519
Home Depot, Inc.		1,031,000		325,652
Dollar Tree Stores, Inc.1		1,965,915		278,059
Las Vegas Sands Corp.1		5,500,000		264,385
LVMH Moët Hennessy-Louis Vuitton SE		313,000		227,377
Chipotle Mexican Grill, Inc.1		120,100		166,637
Dollar General Corp.		657,120		161,816
Target Corp.		1,030,200		153,541
Hermès International		94,901		146,446
Burlington Stores, Inc.1		664,250		134,683
Royal Caribbean Cruises, Ltd.1		2,282,305		112,814
Aramark		2,454,864		101,484
DoorDash, Inc., Class A1		2,000,000		97,640
Etsy, Inc.1		770,678		92,312
Airbnb, Inc., Class A1		1,044,500		89,305
NVR, Inc.1		18,380		84,779

American Funds Insurance Series 59

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
NIKE, Inc., Class B		543,416	$	63,585
Norwegian Cruise Line Holdings, Ltd.1,2		5,159,551		63,153
Darden Restaurants, Inc.		387,870		53,654
O’Reilly Automotive, Inc.1		63,500		53,596
Booking Holdings, Inc.1		25,450		51,289
Salvatore Ferragamo SpA		2,174,477		38,488
Toll Brothers, Inc.		744,683		37,175
YUM! Brands, Inc.		275,700		35,312
Floor & Decor Holdings, Inc., Class A1		420,000		29,245
Polaris, Inc.		280,000		28,280
adidas AG		200,959		27,433
Caesars Entertainment, Inc.1		653,214		27,174
Adient PLC1		722,000		25,046
VF Corp.		872,859		24,100
General Motors Company		660,000		22,202
LGI Homes, Inc.1		181,100		16,770
YETI Holdings, Inc.1		405,000		16,730
Hilton Worldwide Holdings, Inc.		100,828		12,741
				5,233,271
Communication services 12.87%
Meta Platforms, Inc., Class A1		9,903,206		1,191,752
Netflix, Inc.1		3,896,520		1,149,006
Alphabet, Inc., Class C1		5,949,690		527,916
Alphabet, Inc., Class A1		2,232,320		196,958
Charter Communications, Inc., Class A1		469,410		159,177
Verizon Communications, Inc.		3,720,000		146,568
Take-Two Interactive Software, Inc.1		1,177,716		122,635
Snap, Inc., Class A, nonvoting shares1		11,280,711		100,962
Frontier Communications Parent, Inc.1		3,168,010		80,721
T-Mobile US, Inc.1		543,849		76,139
Comcast Corp., Class A		1,822,263		63,724
Pinterest, Inc., Class A1		1,752,664		42,555
Electronic Arts, Inc.		304,581		37,214
Iridium Communications, Inc.1		604,439		31,068
Tencent Holdings, Ltd.		605,000		25,714
ZoomInfo Technologies, Inc.1		785,400		23,648
				3,975,757
Industrials 10.90%
Uber Technologies, Inc.1		14,666,767		362,709
TransDigm Group, Inc.		562,400		354,115
Carrier Global Corp.		7,599,761		313,490
Jacobs Solutions, Inc.		2,554,200		306,683
Delta Air Lines, Inc.1		7,215,000		237,085
United Rentals, Inc.1		462,000		164,204
Caterpillar, Inc.		676,300		162,014
Waste Connections, Inc.		1,101,159		145,970
MTU Aero Engines AG		541,769		117,261
General Electric Co.		1,368,072		114,631
Airbus SE, non-registered shares		955,893		113,658
Ryanair Holdings PLC (ADR)1		1,500,325		112,164
Ryanair Holdings PLC1		96,554		1,264
Robert Half International, Inc.		1,323,800		97,736
Old Dominion Freight Line, Inc.		329,800		93,591
Boeing Company1		395,000		75,243
United Airlines Holdings, Inc.1		1,695,914		63,936
Middleby Corp.1		449,500		60,188
Axon Enterprise, Inc.1		347,957		57,736
Equifax, Inc.		290,691		56,499
Northrop Grumman Corp.		98,700		53,852
Dun & Bradstreet Holdings, Inc.		3,869,573		47,441

60 American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Canadian Pacific Railway, Ltd.		496,000	$	36,997
AMETEK, Inc.		253,600		35,433
Rockwell Automation		129,246		33,290
HEICO Corp.		195,000		29,960
Advanced Drainage Systems, Inc.		350,426		28,724
ITT, Inc.		343,000		27,817
Armstrong World Industries, Inc.		374,203		25,666
Safran SA		185,870		23,227
Saia, Inc.1		75,433		15,817
				3,368,401
Energy 5.92%
Halliburton Company		12,143,661		477,853
Canadian Natural Resources, Ltd. (CAD denominated)		6,655,000		369,564
Schlumberger, Ltd.		2,340,000		125,096
Cenovus Energy, Inc. (CAD denominated)		6,081,800		117,998
Permian Resources Corp., Class A		11,260,000		105,844
Tourmaline Oil Corp.		1,838,700		92,777
TotalEnergies SE		1,469,000		91,688
EQT Corp.		2,268,000		76,726
Pioneer Natural Resources Company		328,000		74,912
EOG Resources, Inc.		466,699		60,447
ConocoPhillips		472,041		55,701
MEG Energy Corp.1		3,810,000		53,042
Hess Corp.		354,000		50,204
Coterra Energy, Inc.		1,275,197		31,332
Range Resources Corp.		907,000		22,693
Suncor Energy, Inc.		540,794		17,154
Equitrans Midstream Corp.		936,942		6,278
				1,829,309
Financials 5.82%
Bank of America Corp.		14,780,700		489,537
Capital One Financial Corp.		1,399,000		130,051
First Republic Bank		943,211		114,968
KKR & Co., Inc.		2,409,043		111,828
Apollo Asset Management, Inc.		1,557,942		99,381
T. Rowe Price Group, Inc.		642,000		70,017
MSCI, Inc.		146,390		68,096
Marsh & McLennan Companies, Inc.		403,461		66,765
Western Alliance Bancorporation		1,071,775		63,835
Wells Fargo & Company		1,511,200		62,397
Blackstone, Inc., nonvoting shares		738,000		54,752
Signature Bank		446,233		51,415
S&P Global, Inc.		141,000		47,227
Aon PLC, Class A		155,700		46,732
JPMorgan Chase & Co.		313,702		42,067
Morgan Stanley		426,474		36,259
Progressive Corp.		265,951		34,496
Blue Owl Capital, Inc., Class A		2,891,712		30,652
Arch Capital Group, Ltd.1		458,700		28,797
Goldman Sachs Group, Inc.		74,300		25,513
Tradeweb Markets, Inc., Class A		390,000		25,323
Ares Management Corp., Class A		310,500		21,251
SVB Financial Group1		87,300		20,091
Ryan Specialty Holdings, Inc., Class A1		455,200		18,895
Brookfield Corp., Class A		585,103		18,407
Trupanion, Inc.1,2		287,655		13,672
Brookfield Asset Management, Ltd., Class A		146,275		4,194
				1,796,618

American Funds Insurance Series 61

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Materials 3.15%
Silgan Holdings, Inc.		2,858,000	$	148,159
Wheaton Precious Metals Corp.		3,674,000		143,580
Linde PLC		373,860		121,946
Grupo México, SAB de CV, Series B		25,356,800		89,018
Barrick Gold Corp.		4,058,000		69,716
CF Industries Holdings, Inc.		743,000		63,304
ATI, Inc.1		2,070,860		61,836
Royal Gold, Inc.		517,000		58,276
Franco-Nevada Corp.		390,000		53,163
Nutrien, Ltd. (CAD denominated)		665,949		48,618
Steel Dynamics, Inc.		394,900		38,582
Albemarle Corp.		144,809		31,403
Mosaic Co.		678,459		29,764
Summit Materials, Inc., Class A		570,855		16,206
				973,571
Consumer staples 2.28%
Costco Wholesale Corp.		253,000		115,494
British American Tobacco PLC		2,768,763		109,850
Performance Food Group Co.1		1,743,000		101,774
Constellation Brands, Inc., Class A		334,017		77,408
Archer Daniels Midland Company		784,800		72,869
Altria Group, Inc.		1,440,000		65,822
Monster Beverage Corp.1		577,600		58,644
Estée Lauder Companies, Inc., Class A		211,111		52,379
Molson Coors Beverage Company, Class B, restricted voting shares		608,423		31,346
Philip Morris International, Inc.		201,113		20,355
				705,941
Utilities 0.79%
PG&E Corp.1		9,227,065		150,032
AES Corp.		1,085,884		31,230
CenterPoint Energy, Inc.		953,746		28,603
Constellation Energy Corp.		242,227		20,882
Edison International		199,191		12,673
				243,420
Real estate 0.11%
Equinix, Inc. REIT		51,784		33,920
Total common stocks (cost: $20,777,099,000)				29,698,217
Preferred securities 0.19%
Information technology 0.16%
PsiQuantum Corp., Series D, preferred shares1,3,4		906,761		24,501
Samsung Electronics Co., Ltd., nonvoting preferred shares		531,000		21,366
Tipalti Solutions, Ltd., Series F, preferred shares1,3,4		406,310		2,385
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3,4		52,656		1,469
				49,721
Industrials 0.03%
ABL Space Systems Co., Series B2, preferred shares1,3,4		153,713		5,775
Einride AB, Series C, preferred shares1,3,4		77,647		2,640
				8,415
Total preferred securities (cost: $68,091,000)				58,136

62 American Funds Insurance Series

Growth Fund (continued)

Convertible stocks 0.03%	Shares		Value (000)
Financials 0.03%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023		125,800	$	7,202
Total convertible stocks (cost: $7,758,000)				7,202
Convertible bonds & notes 0.02%	Principal amount (000)
Consumer staples 0.01%
JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/20253,4,5	USD	46,459		4,646
Industrials 0.01%
Einride AB, convertible notes, 7.00% 2/1/20233,4		2,500		2,500
Total convertible bonds & notes (cost: $46,042,000)				7,146
Bonds, notes & other debt instruments 0.05%
Corporate bonds, notes & loans 0.05%
Consumer discretionary 0.05%
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20286		19,060		15,245
Total bonds, notes & other debt instruments (cost: $14,159,000)				15,245
Short-term securities 3.86%	Shares
Money market investments 3.70%
Capital Group Central Cash Fund 4.31%7,8		11,426,693		1,142,555
Money market investments purchased with collateral from securities on loan 0.16%
Capital Group Central Cash Fund 4.31%7,8,9		244,125		24,410
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%7,9		13,667,057		13,667
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%7,9		12,203,079		12,203
				50,280
Total short-term securities (cost: $1,192,617,000)				1,192,835
Total investment securities 100.27% (cost: $22,105,766,000)				30,978,781
Other assets less liabilities (0.27)%				(82,433	)
Net assets 100.00%			$	30,896,348

Investments in affiliates⁸

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 3.78%
Money market investments 3.70%
Capital Group Central Cash Fund 4.31%7	$	1,610,187	$	4,675,615		$	5,142,944	$	(325	)	$	22	$	1,142,555	$	22,361
Money market investments purchased with collateral from securities on loan 0.08%
Capital Group Central Cash Fund 4.31%7,9		20,304		4,106	10									24,410		—	11
Total 3.78%								$	(325	)	$	22	$	1,166,965	$	22,361

American Funds Insurance Series 63

Growth Fund (continued)

Restricted securities⁴

						Percent
	Acquisition	Cost		Value		of net
	date(s)	(000)		(000)		assets
Verily Life Sciences, LLC1,3	12/21/2018	$	37,000	$	45,222		.14	%
PsiQuantum Corp., Series D, preferred shares1,3	5/28/2021		23,781		24,501		.08
Stripe, Inc., Class B1,3	5/6/2021		6,766		4,704		.02
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3	3/15/2021		2,113		1,469		.00
ABL Space Systems Co., Series B2, preferred shares1,3	10/22/2021		10,452		5,775		.02
Einride AB, Series C, preferred shares1,3	11/23/2022		2,640		2,640		.01
Einride AB, convertible notes, 7.00% 2/1/20233	1/7/2022		2,500		2,500		.01
JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/20253,5	2/3/2020-11/3/2022		43,542		4,646		.01
Tipalti Solutions, Ltd., Series F, preferred shares1,3	12/1/2021		6,956		2,385		.01
Total		$	135,750	$	93,842		.30	%

1	Security did not produce income during the last 12 months.
2	All or a portion of this security was on loan. The total value of all such securities was $54,504,000, which represented .18% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Value determined using significant unobservable inputs.
4	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $93,842,000, which represented .30% of the net assets of the fund.
5	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
6	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $15,245,000, which represented .05% of the net assets of the fund.
7	Rate represents the seven-day yield at 12/31/2022.
8	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
9	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
10	Represents net activity. Refer to Note 5 for more information on securities lending.
11	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

PIK = Payment In Kind

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

64 American Funds Insurance Series

International Fund

Investment portfolio December 31, 2022

Common stocks 94.99%	Shares		Value (000)
Industrials 16.64%
Recruit Holdings Co., Ltd.		7,310,189	$	232,492
Airbus SE, non-registered shares		1,657,958		197,135
Safran SA		718,500		89,786
Melrose Industries PLC		36,613,980		59,524
Siemens AG		418,132		58,034
MTU Aero Engines AG		229,720		49,721
Ashtead Group PLC		645,000		36,847
DSV A/S		230,223		36,515
NIBE Industrier AB, Class B		3,878,804		36,271
Thales SA		271,438		34,700
Techtronic Industries Co., Ltd.		2,724,000		30,332
Legrand SA		358,100		28,833
International Container Terminal Services, Inc.		7,953,240		28,625
Shenzhen Inovance Technology Co., Ltd., Class A		2,350,967		23,513
ZTO Express (Cayman), Inc., Class A (ADR)		685,354		18,415
Diploma PLC		540,545		18,165
Rumo SA		5,039,366		17,763
Grab Holdings, Ltd., Class A1		5,356,295		17,247
Brenntag SE		259,299		16,578
CCR SA, ordinary nominative shares		5,580,000		11,435
SMC Corp.		26,900		11,385
Airports of Thailand PCL, foreign registered shares1		5,078,900		11,000
Kingspan Group PLC		153,796		8,281
Larsen & Toubro, Ltd.		327,351		8,232
Bureau Veritas SA		292,900		7,709
AB Volvo, Class B		396,824		7,185
LIXIL Corp.		441,700		6,731
Fluidra, SA, non-registered shares		432,985		6,715
BAE Systems PLC		617,024		6,377
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		846,334		2,578
				1,118,124
Information technology 13.74%
SK hynix, Inc.		3,255,725		195,968
Shopify, Inc., Class A, subordinate voting shares1		4,215,370		146,315
ASML Holding NV		210,218		113,792
Taiwan Semiconductor Manufacturing Company, Ltd.		6,501,000		94,750
Nice, Ltd. (ADR)1		432,150		83,102
Fujitsu, Ltd.		437,900		57,990
Lasertec Corp.		320,511		53,238
Samsung Electronics Co., Ltd.		631,500		27,848
NXP Semiconductors NV		173,200		27,371
Disco Corp.		65,800		18,915
Atlassian Corp., Class A1		107,001		13,769
OBIC Co., Ltd.		83,700		12,374
Constellation Software, Inc.		7,730		12,069
TELUS International (Cda), Inc., subordinate voting shares1		526,752		10,424
Suse SA1,2		576,586		10,410
Kingdee International Software Group Co., Ltd.1		4,786,000		10,188
Dassault Systemes SE		277,000		9,991
ASM International NV		25,152		6,368
Infosys, Ltd.		329,392		5,967
Tata Consultancy Services, Ltd.		113,863		4,483
Canva, Inc.1,3,4		4,819		4,282
PagSeguro Digital, Ltd., Class A1		426,548		3,728
				923,342
Health care 12.52%
Daiichi Sankyo Company, Ltd.		9,749,808		312,457
Novo Nordisk A/S, Class B		1,255,260		169,962
Olympus Corp.		5,808,100		102,662
Bayer AG		841,261		43,436

American Funds Insurance Series 65

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Siemens Healthineers AG		833,668	$	41,705
Grifols, SA, Class A, non-registered shares1		2,789,283		32,345
Grifols, SA, Class B (ADR)1		793,690		6,747
WuXi Biologics (Cayman), Inc.1		2,504,066		19,224
HOYA Corp.		198,300		19,187
M3, Inc.		644,835		17,566
EssilorLuxottica		80,200		14,604
Insulet Corp.1		46,653		13,734
Takeda Pharmaceutical Company, Ltd.		361,300		11,285
Hapvida Participações e Investimentos SA1		8,863,653		8,528
Ambu AS, Class B, non-registered shares1		662,880		8,411
Eurofins Scientific SE, non-registered shares		98,473		7,091
WuXi AppTec Co., Ltd., Class A		288,960		3,345
WuXi AppTec Co., Ltd., Class H		312,000		3,297
bioMérieux SA		58,300		6,131
				841,717
Materials 10.64%
First Quantum Minerals, Ltd.		10,951,800		228,823
Fortescue Metals Group, Ltd.		12,796,750		178,403
Vale SA (ADR), ordinary nominative shares		6,886,607		116,865
Vale SA, ordinary nominative shares		770,681		12,974
Shin-Etsu Chemical Co., Ltd.		563,500		68,654
JSR Corp.		1,681,700		33,144
Ivanhoe Mines, Ltd., Class A1		3,403,051		26,893
Wacker Chemie AG		147,773		18,887
Linde PLC		35,287		11,510
Koninklijke DSM NV		93,550		11,469
BASF SE		136,760		6,789
Yunnan Energy New Material Co., Ltd., Class A		19,136		362
				714,773
Energy 10.48%
Reliance Industries, Ltd.		9,393,560		288,158
Canadian Natural Resources, Ltd. (CAD denominated)		1,562,283		86,756
Neste OYJ		1,756,952		81,150
Woodside Energy Group, Ltd.		3,071,566		74,317
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares		6,724,576		71,617
TotalEnergies SE		1,147,298		71,609
Shell PLC (GBP denominated)		573,839		16,307
Cenovus Energy, Inc. (CAD denominated)		725,880		14,084
				703,998
Consumer discretionary 9.06%
MercadoLibre, Inc.1		128,451		108,700
Evolution AB		960,556		93,812
Sony Group Corp.		920,500		70,194
Galaxy Entertainment Group, Ltd.		9,204,000		60,944
LVMH Moët Hennessy-Louis Vuitton SE		72,682		52,799
Flutter Entertainment PLC1		313,163		42,911
Ferrari NV (EUR denominated)		177,292		37,933
Kering SA		70,951		36,312
Maruti Suzuki India, Ltd.		303,300		30,675
Entain PLC		1,832,094		29,375
Coupang, Inc., Class A1		1,304,214		19,185
Mercedes-Benz Group AG		136,786		8,976
InterContinental Hotels Group PLC		155,468		8,949
Aptiv PLC1		84,000		7,823
				608,588

66 American Funds Insurance Series

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials 9.05%
Kotak Mahindra Bank, Ltd.		7,207,964	$	158,591
AIA Group, Ltd.		12,210,576		134,524
Aegon NV		12,263,736		62,212
HDFC Bank, Ltd.		2,216,455		43,632
HDFC Bank, Ltd. (ADR)		207,750		14,212
Nu Holdings, Ltd., Class A1		8,115,368		33,030
Bajaj Finance, Ltd.		396,342		31,369
ING Groep NV		2,331,678		28,447
Axis Bank, Ltd.		1,917,190		21,549
FinecoBank SpA		1,211,135		20,184
Futu Holdings, Ltd. (ADR)1		375,890		15,280
China Merchants Bank Co., Ltd., Class A		2,726,800		14,621
B3 SA-Brasil, Bolsa, Balcao		4,413,000		11,041
Allfunds Group PLC		1,266,915		8,853
Bajaj Finserv, Ltd.		325,950		6,074
XP, Inc., Class A1		292,000		4,479
				608,098
Communication services 6.20%
Sea, Ltd., Class A (ADR)1		3,557,478		185,096
Bharti Airtel, Ltd.		12,732,125		123,766
Bharti Airtel, Ltd., interim shares		836,308		4,373
Universal Music Group NV		1,717,633		41,462
Informa PLC		3,630,108		27,216
Ubisoft Entertainment SA1		518,403		14,715
Singapore Telecommunications, Ltd.		5,800,500		11,136
Vivendi SE		907,392		8,683
Yandex NV, Class A1,3		313,000		—	5
				416,447
Consumer staples 4.31%
Kweichow Moutai Co., Ltd., Class A		224,223		55,485
Danone SA		878,392		46,277
Seven & i Holdings Co., Ltd.		984,200		42,102
Treasury Wine Estates, Ltd.		4,139,490		38,250
British American Tobacco PLC		911,000		36,144
Kobe Bussan Co., Ltd.		754,900		21,791
CP ALL PCL, foreign registered shares		9,053,300		17,849
Nestlé SA		78,463		9,061
Dabur India, Ltd.		933,875		6,324
Shiseido Company, Ltd.		122,000		6,012
Essity Aktiebolag, Class B		211,237		5,544
Pernod Ricard SA		22,974		4,516
Diageo PLC		13,194		583
				289,938
Utilities 1.77%
ENN Energy Holdings, Ltd.		8,532,700		119,038
Real estate 0.58%
ESR Group, Ltd.		14,852,600		31,175
Ayala Land, Inc.		14,181,500		7,891
				39,066
Total common stocks (cost: $5,702,657,000)				6,383,129
Preferred securities 0.79%
Health care 0.29%
Grifols, SA, Class B, nonvoting non-registered preferred shares1		2,274,930		19,221

American Funds Insurance Series 67

International Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Energy 0.20%
Petróleo Brasileiro SA (Petrobras), preferred nominative shares		2,980,131	$	13,829
Financials 0.16%
Itaú Unibanco Holding SA, preferred nominative shares		2,246,000		10,635
Consumer discretionary 0.13%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares1		88,248		8,953
Information technology 0.01%
Canva, Inc., Series A, noncumulative preferred shares1,3,4		422		375
Canva, Inc., Series A-3, noncumulative preferred shares1,3,4		18		16
Canva, Inc., Series A-4, noncumulative preferred shares1,3,4		1		1
				392
Total preferred securities (cost: $78,028,000)				53,030
Rights & warrants 0.13%
Health care 0.13%
WuXi AppTec Co., Ltd., Class A, warrants, expire 11/21/20231,6		729,706		8,446
Total rights & warrants (cost: $8,772,000)				8,446
Short-term securities 4.57%
Money market investments 4.55%
Capital Group Central Cash Fund 4.31%7,8		3,060,530		306,023
Money market investments purchased with collateral from securities on loan 0.02%
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%7,9		603,851		604
Capital Group Central Cash Fund 4.31%7,8,9		4,223		422
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%7,9		420,189		420
				1,446
Total short-term securities (cost: $307,420,000)				307,469
Total investment securities 100.48% (cost: $6,096,877,000)				6,752,074
Other assets less liabilities (0.48)%				(32,493	)
Net assets 100.00%			$	6,719,581

68 American Funds Insurance Series

International Fund (continued)

Investments in affiliates⁸

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 4.56%
Money market investments 4.55%
Capital Group Central Cash Fund 4.31%7	$	977,398	$	1,494,158	$	2,165,364		$	(112	)	$	(57	)	$	306,023	$	9,392
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 4.31%7,9		34,059				33,637	10								422		—	11
Total 4.56%								$	(112	)	$	(57	)	$	306,445	$	9,392

Restricted securities⁴

						Percent
	Acquisition	Cost		Value		of net
	date(s)	(000)		(000)		assets
Canva, Inc.1,3	8/26/2021-11/4/2021	$	8,215	$	4,282		.06	%
Canva, Inc., Series A, noncumulative preferred shares1,3	11/4/2021		719		375		.01
Canva, Inc., Series A-3, noncumulative preferred shares1,3	11/4/2021		31		16		.00
Canva, Inc., Series A-4, noncumulative preferred shares1,3	11/4/2021		2		1		.00
Total		$	8,967	$	4,674		.07	%

1	Security did not produce income during the last 12 months.
2	All or a portion of this security was on loan. The total value of all such securities was $1,530,000, which represented .02% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Value determined using significant unobservable inputs.
4	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $4,674,000, which represented .07% of the net assets of the fund.
5	Amount less than one thousand.
6	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $8,446,000, which represented .13% of the net assets of the fund.
7	Rate represents the seven-day yield at 12/31/2022.
8	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
9	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
10	Represents net activity. Refer to Note 5 for more information on securities lending.
11	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

American Funds Insurance Series 69

New World Fund

Investment portfolio December 31, 2022

Common stocks 90.37%	Shares		Value (000)
Information technology 14.17%
Microsoft Corp.		343,380	$	82,348
Taiwan Semiconductor Manufacturing Company, Ltd.		3,763,000		54,844
Broadcom, Inc.		50,719		28,359
ASML Holding NV		52,210		28,261
Micron Technology, Inc.		505,143		25,247
Wolfspeed, Inc.1		312,105		21,548
Mastercard, Inc., Class A		47,073		16,369
Apple, Inc.		114,398		14,864
Tata Consultancy Services, Ltd.		274,095		10,793
Visa, Inc., Class A		50,545		10,501
Keyence Corp.		23,700		9,279
Infosys, Ltd. (ADR)		342,942		6,176
Infosys, Ltd.		131,247		2,378
SAP SE		70,089		7,233
Silergy Corp.		459,376		6,514
Synopsys, Inc.1		20,004		6,387
TELUS International (Cda), Inc., subordinate voting shares1		321,870		6,370
Samsung Electronics Co., Ltd.		143,145		6,312
NVIDIA Corp.		42,638		6,231
EPAM Systems, Inc.1		18,611		6,100
PagSeguro Digital, Ltd., Class A1		674,012		5,891
Edenred SA		100,382		5,462
Accenture PLC, Class A		20,142		5,375
Network International Holdings PLC1		1,472,831		5,275
Nokia Corp.		1,113,649		5,174
Tokyo Electron, Ltd.		15,700		4,664
Nice, Ltd. (ADR)1		23,806		4,578
Kingdee International Software Group Co., Ltd.1		2,128,000		4,530
Lasertec Corp.		27,100		4,501
Amadeus IT Group SA, Class A, non-registered shares1		70,704		3,646
Applied Materials, Inc.		36,011		3,507
MediaTek, Inc.		142,000		2,884
ASM International NV		10,858		2,749
SK hynix, Inc.		41,006		2,468
Trimble, Inc.1		41,404		2,093
Logitech International SA		31,053		1,927
Euronet Worldwide, Inc.1		19,369		1,828
KLA Corp.		4,743		1,788
Coforge, Ltd.		33,028		1,544
Cognizant Technology Solutions Corp., Class A		25,905		1,482
Globant SA1		8,094		1,361
Hamamatsu Photonics KK		25,400		1,222
Hundsun Technologies, Inc., Class A		198,090		1,153
Atlassian Corp., Class A1		8,731		1,124
VeriSign, Inc.1		4,446		913
MKS Instruments, Inc.		8,486		719
StoneCo, Ltd., Class A1		67,249		635
Autodesk, Inc.1		3,359		628
Disco Corp.		2,100		604
Advanced Micro Devices, Inc.1		8,455		548
Canva, Inc.1,2,3		385		342
Intel Corp.		3,575		95
				436,824
Financials 13.94%
Kotak Mahindra Bank, Ltd.		2,819,943		62,045
AIA Group, Ltd.		4,251,600		46,840
Ping An Insurance (Group) Company of China, Ltd., Class H		4,499,844		29,700
HDFC Bank, Ltd.		1,423,436		28,021
B3 SA-Brasil, Bolsa, Balcao		10,338,358		25,867
Capitec Bank Holdings, Ltd.		206,384		22,575
Bajaj Finance, Ltd.		215,621		17,066

70 American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
ICICI Bank, Ltd.		967,310	$	10,368
ICICI Bank, Ltd. (ADR)		290,583		6,361
AU Small Finance Bank, Ltd.		1,923,084		15,145
Bank Central Asia Tbk PT		20,947,600		11,484
UniCredit SpA		750,471		10,672
Industrial and Commercial Bank of China, Ltd., Class H		20,423,000		10,519
Nu Holdings, Ltd., Class A1		2,383,890		9,702
Bank Mandiri (Persero) Tbk PT		15,218,600		9,671
XP, Inc., Class A1		602,058		9,236
China Merchants Bank Co., Ltd., Class H		1,461,000		8,099
Discovery, Ltd.1		1,031,032		7,486
Banco Bilbao Vizcaya Argentaria, SA		1,202,030		7,259
Bank Rakyat Indonesia (Persero) Tbk PT		19,736,600		6,257
Eurobank Ergasias Services and Holdings SA1		5,321,431		6,007
Bank of Baroda		2,476,327		5,528
Moody’s Corp.		17,666		4,922
United Overseas Bank, Ltd.		191,900		4,401
Canara Bank		1,094,165		4,386
Erste Group Bank AG		135,838		4,332
East Money Information Co., Ltd., Class A		1,416,356		3,955
Alpha Services and Holdings SA1		3,535,444		3,772
Hong Kong Exchanges and Clearing, Ltd.		76,500		3,306
Bajaj Finserv, Ltd.		176,756		3,294
Standard Bank Group, Ltd.		330,214		3,261
Aon PLC, Class A		10,455		3,138
DBS Group Holdings, Ltd.		122,873		3,111
Grupo Financiero Banorte, SAB de CV, Series O		393,905		2,828
China Pacific Insurance (Group) Co., Ltd., Class H		1,158,294		2,558
Postal Savings Bank of China Co., Ltd., Class H		3,919,000		2,421
Bank of Ningbo Co., Ltd., Class A		498,700		2,329
S&P Global, Inc.		6,883		2,305
National Bank of Greece SA1		482,747		1,931
Piramal Enterprises, Ltd.		169,260		1,690
Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B		1,294,654		1,515
Lufax Holding, Ltd. (ADR)		751,404		1,458
China Construction Bank Corp., Class H		2,110,000		1,322
TISCO Financial Group PCL, foreign registered shares		343,800		983
Fairfax Financial Holdings, Ltd., subordinate voting shares		1,008		597
HDFC Life Insurance Company, Ltd.		23,813		162
Moscow Exchange MICEX-RTS PJSC1,2		438,203		—	4
Sberbank of Russia PJSC1,2		2,662,164		—	4
				429,885
Health care 13.14%
Novo Nordisk A/S, Class B		469,272		63,539
Thermo Fisher Scientific, Inc.		72,737		40,056
Eli Lilly and Company		98,730		36,119
AstraZeneca PLC		199,832		27,120
Max Healthcare Institute, Ltd.1		4,642,420		24,670
PerkinElmer, Inc.		129,804		18,201
Abbott Laboratories		165,381		18,157
BeiGene, Ltd. (ADR)1		65,681		14,446
BeiGene, Ltd.1		44,100		753
Jiangsu Hengrui Medicine Co., Ltd., Class A		2,545,088		14,110
EssilorLuxottica		72,078		13,125
Danaher Corp.		48,758		12,941
Rede D’Or Sao Luiz SA		1,633,717		9,153
Hypera SA, ordinary nominative shares		1,024,373		8,770
Pfizer, Inc.		167,880		8,602
Laurus Labs, Ltd.		1,901,101		8,597
WuXi Biologics (Cayman), Inc.1		1,102,600		8,465

American Funds Insurance Series 71

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
CSL, Ltd.		41,156	$	8,025
Olympus Corp.		386,100		6,825
Carl Zeiss Meditec AG, non-registered shares		52,892		6,676
CanSino Biologics, Inc., Class H		673,696		5,763
WuXi AppTec Co., Ltd., Class H		268,500		2,837
WuXi AppTec Co., Ltd., Class A		203,359		2,354
Siemens Healthineers AG		100,533		5,029
Hapvida Participações e Investimentos SA1		4,948,421		4,761
Zoetis, Inc., Class A		31,997		4,689
Innovent Biologics, Inc.1		1,062,373		4,561
Straumann Holding AG		28,092		3,181
Legend Biotech Corp. (ADR)1		63,359		3,163
Hutchmed China, Ltd.1,5		786,002		2,418
Shionogi & Co., Ltd.		46,400		2,308
Teva Pharmaceutical Industries, Ltd. (ADR)1		238,996		2,180
Mettler-Toledo International, Inc.1		1,435		2,074
OdontoPrev SA, ordinary nominative shares		1,000,547		1,711
Align Technology, Inc.1		7,299		1,539
Asahi Intecc Co., Ltd.		91,600		1,510
Genus PLC		40,970		1,477
Angelalign Technology, Inc.		85,000		1,340
Medtronic PLC		16,413		1,276
Merck KGaA		5,502		1,066
Bayer AG		16,010		827
Zai Lab, Ltd. (ADR)1		16,060		493
Shandong Pharmaceutical Glass Co., Ltd., Class A		66,700		272
				405,179
Industrials 10.83%
Airbus SE, non-registered shares		370,290		44,028
General Electric Co.		229,310		19,214
Larsen & Toubro, Ltd.		722,885		18,180
Safran SA		141,435		17,674
IMCD NV		113,074		16,151
DSV A/S		97,381		15,445
Shenzhen Inovance Technology Co., Ltd., Class A		1,435,674		14,359
Copa Holdings, SA, Class A1		172,274		14,328
Carrier Global Corp.		342,044		14,109
International Container Terminal Services, Inc.		3,660,200		13,173
Grab Holdings, Ltd., Class A1		3,941,298		12,691
Rumo SA		3,544,401		12,493
Caterpillar, Inc.		38,431		9,207
ZTO Express (Cayman), Inc., Class A (ADR)		294,858		7,923
Daikin Industries, Ltd.		45,200		6,953
Mitsui & Co., Ltd.		239,100		6,952
InPost SA1		768,099		6,492
TransDigm Group, Inc.		9,831		6,190
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		2,015,524		6,140
Suzhou Maxwell Technologies Co., Ltd., Class A		89,800		5,321
Thales SA		39,462		5,045
Interpump Group SpA		109,354		4,954
Boeing Company1		25,403		4,839
Raytheon Technologies Corp.		39,064		3,942
Contemporary Amperex Technology Co., Ltd., Class A		67,547		3,825
Wizz Air Holdings PLC1		153,309		3,512
Siemens AG		24,155		3,353
Centre Testing International Group Co., Ltd.		953,496		3,059
SMC Corp.		7,000		2,963
BAE Systems PLC		273,358		2,825
Spirax-Sarco Engineering PLC		21,156		2,718
Epiroc AB, Class B		153,337		2,472
Bharat Electronics, Ltd.		1,997,357		2,412

72 American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Legrand SA		28,999	$	2,335
Bureau Veritas SA		85,112		2,240
ABB, Ltd.		71,165		2,168
AirTAC International Group		70,000		2,119
Techtronic Industries Co., Ltd.		180,500		2,010
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		138,094		1,978
Hitachi, Ltd.		32,800		1,651
Atlas Copco AB, Class B		128,644		1,374
Nidec Corp.		25,100		1,307
Haitian International Holdings, Ltd.		485,000		1,297
Experian PLC		27,683		942
CCR SA, ordinary nominative shares		343,384		704
Vicor Corp.1		8,616		463
Hefei Meyer Optoelectronic Technology, Inc., Class A		126,100		434
				333,964
Consumer discretionary 10.70%
LVMH Moët Hennessy-Louis Vuitton SE		58,437		42,451
MercadoLibre, Inc.1		33,916		28,701
Midea Group Co., Ltd., Class A		3,015,168		22,397
Hermès International		13,597		20,982
Evolution AB		195,296		19,073
Li Ning Co., Ltd.		2,222,001		19,068
Galaxy Entertainment Group, Ltd.		2,661,000		17,620
General Motors Company		464,326		15,620
H World Group, Ltd. (ADR)		205,118		8,701
H World Group, Ltd.		611,320		2,631
YUM! Brands, Inc.		70,324		9,007
Trip.com Group, Ltd. (ADR)1		243,784		8,386
Zhongsheng Group Holdings, Ltd.		1,519,000		7,743
Kering SA		13,551		6,935
NIKE, Inc., Class B		56,533		6,615
Jumbo SA		367,791		6,278
Astra International Tbk PT		16,312,800		5,943
IDP Education, Ltd.		294,204		5,437
Industria de Diseño Textil, SA		198,585		5,288
Marriott International, Inc., Class A		35,444		5,277
JD.com, Inc., Class A		181,431		5,100
Titan Co., Ltd.		153,168		4,794
Tesla, Inc.1		36,323		4,474
adidas AG		32,573		4,447
Prosus NV, Class N		63,003		4,325
Alibaba Group Holding, Ltd.1		377,472		4,168
Americanas SA, ordinary nominative shares		1,839,202		3,362
Lear Corp.		22,412		2,779
Airbnb, Inc., Class A1		32,220		2,755
Melco Resorts & Entertainment, Ltd. (ADR)1		237,753		2,734
Maruti Suzuki India, Ltd.		24,671		2,495
Aptiv PLC1		23,648		2,202
Booking Holdings, Inc.1		1,083		2,183
InterContinental Hotels Group PLC		37,749		2,173
JD Health International, Inc.1		233,200		2,133
Naspers, Ltd., Class N		10,720		1,767
Stellantis NV		121,859		1,726
Inchcape PLC		158,322		1,563
Shangri-La Asia, Ltd.1		1,882,000		1,542
Magazine Luiza SA1		2,856,097		1,482
Levi Strauss & Co., Class A		89,390		1,387
Sands China, Ltd.1		367,200		1,216
Renault SA1		31,040		1,034
FSN E-Commerce Ventures, Ltd.		499,594		932
Flutter Entertainment PLC1		6,201		850

American Funds Insurance Series 73

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Cie. Financière Richemont SA, Class A		6,488	$	840
Gree Electric Appliances, Inc. of Zhuhai, Class A		132,946		617
Jiumaojiu International Holdings, Ltd.		196,000		517
Cyrela Brazil Realty SA, ordinary nominative shares		115,141		285
Ozon Holdings PLC (ADR)1,2		209,599		—	4
				330,035
Materials 7.96%
Vale SA (ADR), ordinary nominative shares		1,657,863		28,134
Vale SA, ordinary nominative shares		1,563,228		26,316
First Quantum Minerals, Ltd.		1,427,502		29,826
Freeport-McMoRan, Inc.		632,561		24,037
Asian Paints, Ltd.		524,675		19,588
Albemarle Corp.		72,979		15,826
Linde PLC		43,780		14,280
Sika AG		54,150		13,066
Pidilite Industries, Ltd.		359,013		11,037
Barrick Gold Corp.		348,685		5,990
Shin-Etsu Chemical Co., Ltd.		46,300		5,641
LANXESS AG		133,996		5,408
Sociedad Química y Minera de Chile SA, Class B (ADR)		59,883		4,781
Wacker Chemie AG		33,237		4,248
Gerdau SA (ADR)		743,704		4,120
Givaudan SA		1,316		4,012
Loma Negra Compania Industrial Argentina SA (ADR)		505,941		3,466
Fresnillo PLC		299,094		3,247
Jindal Steel & Power, Ltd.		427,648		2,989
Shandong Sinocera Functional Material Co., Ltd., Class A		551,700		2,189
Wheaton Precious Metals Corp.		52,459		2,050
OCI NV		50,734		1,810
Amcor PLC (CDI)		142,086		1,703
Arkema SA		18,241		1,645
CCL Industries, Inc., Class B, nonvoting shares		34,789		1,486
Umicore SA		37,150		1,371
Koninklijke DSM NV		11,145		1,366
Grupo México, SAB de CV, Series B		372,626		1,308
Corteva, Inc.		19,893		1,169
Glencore PLC		166,729		1,115
Yunnan Energy New Material Co., Ltd., Class A		53,564		1,012
BASF SE		13,092		650
Navin Fluorine International, Ltd.		7,411		364
Polymetal International PLC1		76,572		228
Alrosa PJSC1,2		1,123,215		—	4
				245,478
Consumer staples 6.23%
Kweichow Moutai Co., Ltd., Class A		119,607		29,597
ITC, Ltd.		4,065,758		16,297
Bunge, Ltd.		149,915		14,957
Anheuser-Busch InBev SA/NV		179,767		10,807
Nestlé SA		92,198		10,648
Constellation Brands, Inc., Class A		41,910		9,713
Philip Morris International, Inc.		89,011		9,009
Varun Beverages, Ltd.		520,713		8,291
Ajinomoto Co., Inc.		270,999		8,263
Monster Beverage Corp.1		79,331		8,054
Carlsberg A/S, Class B		47,845		6,334
Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates		3,616,697		6,138
Pernod Ricard SA		31,035		6,100
Raia Drogasil SA, ordinary nominative shares		1,191,066		5,351
Avenue Supermarts, Ltd.1		96,957		4,752
Japan Tobacco, Inc.		232,900		4,709

74 American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Arca Continental, SAB de CV		559,188	$	4,541
Dabur India, Ltd.		536,320		3,632
Uni-Charm Corp.		86,000		3,298
Mondelez International, Inc.		48,376		3,224
British American Tobacco PLC		57,762		2,292
L’Oréal SA, non-registered shares		6,141		2,203
Foshan Haitian Flavouring and Food Co., Ltd., Class A		189,896		2,174
Proya Cosmetics Co., Ltd., Class A		83,620		2,015
Danone SA		34,906		1,839
United Spirits, Ltd.1		150,135		1,593
Essity Aktiebolag, Class B		59,261		1,555
Monde Nissin Corp.		7,788,000		1,553
Wuliangye Yibin Co., Ltd., Class A		51,771		1,340
Reckitt Benckiser Group PLC		18,928		1,317
Diageo PLC		9,646		426
X5 Retail Group NV (GDR)1,2		88,147		—	4
				192,022
Communication services 5.12%
Sea, Ltd., Class A (ADR)1		440,837		22,937
Alphabet, Inc., Class C1		170,931		15,167
Alphabet, Inc., Class A1		70,628		6,231
Bharti Airtel, Ltd.		1,936,137		18,821
Bharti Airtel, Ltd., interim shares		80,154		419
Tencent Holdings, Ltd.		398,700		16,946
MTN Group, Ltd.		1,937,113		14,510
América Móvil, SAB de CV, Series L (ADR)		579,878		10,554
Netflix, Inc.1		32,399		9,554
Meta Platforms, Inc., Class A1		66,844		8,044
Telefónica, SA, non-registered shares		2,013,890		7,294
NetEase, Inc.		215,200		3,137
NetEase, Inc. (ADR)		26,801		1,946
Vodafone Group PLC		4,478,968		4,540
Indus Towers, Ltd.		1,704,995		3,916
Activision Blizzard, Inc.		51,137		3,914
Singapore Telecommunications, Ltd.		1,920,800		3,688
JCDecaux SE1		88,804		1,689
Telefônica Brasil SA, ordinary nominative shares		222,879		1,619
TIM SA		649,389		1,525
Informa PLC		166,372		1,247
Sitios Latinoamerica, SAB de CV, Class B11		531,908		255
Yandex NV, Class A1,2		378,730		—	4
				157,953
Energy 4.96%
Reliance Industries, Ltd.		1,922,257		58,967
TotalEnergies SE		429,775		26,824
Baker Hughes Co., Class A		400,704		11,833
New Fortress Energy, Inc., Class A		199,711		8,472
BP PLC		1,438,591		8,366
Exxon Mobil Corp.		66,625		7,349
Hess Corp.		42,526		6,031
Cheniere Energy, Inc.		33,338		4,999
Aker BP ASA		160,241		4,995
Chevron Corp.		24,508		4,399
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares		240,586		2,562
Shell PLC (GBP denominated)		88,634		2,519
INPEX Corp.		229,000		2,444
TechnipFMC PLC1		171,689		2,093

American Funds Insurance Series 75

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Galp Energia, SGPS, SA, Class B		76,673	$	1,037
Gazprom PJSC2		945,858		—	4
Rosneft Oil Co. PJSC2		588,661		—	4
				152,890
Utilities 1.73%
ENN Energy Holdings, Ltd.		1,596,100		22,267
AES Corp.		494,900		14,233
Engie SA		433,528		6,210
Enel SpA		717,325		3,858
Power Grid Corporation of India, Ltd.		1,407,075		3,622
China Resources Gas Group, Ltd.		848,600		3,161
China Gas Holdings, Ltd.		67,400		97
				53,448
Real estate 1.59%
Macrotech Developers, Ltd.1		1,294,321		17,070
American Tower Corp. REIT		36,333		7,698
ESR Group, Ltd.		2,725,200		5,720
CK Asset Holdings, Ltd.		920,500		5,667
BR Malls Participações SA, ordinary nominative shares		3,350,637		5,267
China Resources Mixc Lifestyle Services, Ltd.		550,000		2,794
CTP NV		192,994		2,273
Embassy Office Parks REIT		367,228		1,490
China Overseas Land & Investment, Ltd.		222,115		586
Country Garden Services Holdings Co., Ltd.		180,000		446
Ayala Land, Inc.		198,600		110
				49,121
Total common stocks (cost: $2,233,829,000)				2,786,799
Preferred securities 1.05%
Consumer discretionary 0.38%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares1		43,971		4,461
Getir BV, Series D, preferred shares1,2,3		7,768		3,736
Porsche Automobil Holding SE, nonvoting preferred shares		60,985		3,346
				11,543
Materials 0.28%
Gerdau SA, preferred nominative shares		1,533,179		8,529
Real estate 0.17%
QuintoAndar, Ltd., Series E, preferred shares1,2,3		32,657		4,267
QuintoAndar, Ltd., Series E-1, preferred shares1,2,3		8,400		1,098
				5,365
Financials 0.13%
Itaú Unibanco Holding SA, preferred nominative shares		339,548		1,608
Itaú Unibanco Holding SA (ADR), preferred nominative shares		151,962		716
Banco Bradesco SA, preferred nominative shares		619,768		1,778
				4,102
Energy 0.06%
Petróleo Brasileiro SA (Petrobras) (ADR), preferred nominative shares		129,613		1,204
Petróleo Brasileiro SA (Petrobras), preferred nominative shares		156,248		725
				1,929
Health care 0.02%
Grifols, SA, Class B, nonvoting non-registered preferred shares1		71,554		605

76 American Funds Insurance Series

New World Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Industrials 0.01%
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares1		169,406	$	235
Information technology 0.00%
Canva, Inc., Series A, noncumulative preferred shares1,2,3		34		30
Canva, Inc., Series A-3, noncumulative preferred shares1,2,3		1		1
				31
Total preferred securities (cost: $30,813,000)				32,339
Rights & warrants 0.00%
Materials 0.00%
Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 10/30/20231,6		43,474		172
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/20231		37,386		31
Total rights & warrants (cost: $183,000)				203
Bonds, notes & other debt instruments 3.26%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 2.66%
Abu Dhabi (Emirate of) 2.50% 9/30/20296	USD	1,000		899
Abu Dhabi (Emirate of) 1.70% 3/2/20316		885		732
Angola (Republic of) 8.25% 5/9/2028		500		457
Angola (Republic of) 8.00% 11/26/20296		1,100		968
Angola (Republic of) 8.75% 4/14/20326		280		243
Argentine Republic 1.00% 7/9/2029		32		9
Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)7		5,341		1,454
Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)7		2,217		568
Argentine Republic 3.875% 1/9/2038 (4.25% on 7/9/2023)7		1,318		420
Argentine Republic 3.50% 7/9/2041 (4.875% on 7/9/2029)7		5,279		1,502
Armenia (Republic of) 7.15% 3/26/2025		290		294
Bahrain (Kingdom of) 6.75% 9/20/20296		200		200
Brazil (Federative Republic of) 10.00% 1/1/2027	BRL	19,869		3,461
Brazil (Federative Republic of) 6.00% 5/15/20278		16,377		3,109
Chile (Republic of) 3.10% 5/7/2041	USD	375		271
Chile (Republic of) 4.34% 3/7/2042		645		547
China (People’s Republic of), Series INBK, 2.89% 11/18/2031	CNY	36,200		5,205
China (People’s Republic of), Series INBK, 3.72% 4/12/2051		34,650		5,410
Colombia (Republic of) 4.50% 1/28/2026	USD	280		264
Colombia (Republic of) 3.25% 4/22/2032		700		511
Colombia (Republic of) 8.00% 4/20/2033		200		201
Colombia (Republic of) 7.375% 9/18/2037		1,090		1,025
Colombia (Republic of) 5.625% 2/26/2044		520		384
Colombia (Republic of) 5.20% 5/15/2049		755		517
Colombia (Republic of) 4.125% 5/15/2051		350		211
Cote d’Ivoire (Republic of) 4.875% 1/30/2032	EUR	150		127
Dominican Republic 6.875% 1/29/2026	USD	370		374
Dominican Republic 8.625% 4/20/20276		575		600
Dominican Republic 5.50% 2/22/20296		275		254
Dominican Republic 11.375% 7/6/2029	DOP	12,800		221
Dominican Republic 6.00% 2/22/20336	USD	150		136
Dominican Republic 7.45% 4/30/20446		1,125		1,053
Dominican Republic 7.45% 4/30/2044		1,000		936
Dominican Republic 5.875% 1/30/20606		280		206
Egypt (Arab Republic of) 5.875% 2/16/20316		365		255

American Funds Insurance Series 77

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Egypt (Arab Republic of) 6.375% 4/11/2031	EUR	550	$	411
Egypt (Arab Republic of) 7.625% 5/29/20326	USD	900		669
Egypt (Arab Republic of) 7.625% 5/29/2032		275		204
Egypt (Arab Republic of) 8.50% 1/31/2047		800		536
Egypt (Arab Republic of) 8.875% 5/29/2050		850		578
Egypt (Arab Republic of) 8.75% 9/30/2051		755		510
Egypt (Arab Republic of) 8.15% 11/20/20596		500		329
Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024		880		553
Export-Import Bank of India 3.25% 1/15/2030		1,180		1,025
Gabonese Republic 6.95% 6/16/2025		540		513
Gabonese Republic 7.00% 11/24/2031		300		247
Ghana (Republic of) 6.375% 2/11/2027		485		188
Ghana (Republic of) 7.875% 3/26/2027		200		79
Ghana (Republic of) 7.75% 4/7/20296		1,125		423
Ghana (Republic of) 7.625% 5/16/2029		460		174
Ghana (Republic of) 8.125% 3/26/2032		2,130		782
Honduras (Republic of) 6.25% 1/19/2027		1,365		1,208
Honduras (Republic of) 5.625% 6/24/2030		678		547
Honduras (Republic of) 5.625% 6/24/20306		281		227
Indonesia (Republic of) 6.625% 2/17/2037		500		568
Indonesia (Republic of) 5.25% 1/17/2042		840		828
Iraq (Republic of) 6.752% 3/9/2023		960		950
Jordan (Hashemite Kingdom of) 5.75% 1/31/20276		800		773
Kazakhstan (Republic of) 6.50% 7/21/20456		800		836
Kenya (Republic of) 6.875% 6/24/2024		200		185
Kenya (Republic of) 8.25% 2/28/20486		1,800		1,402
Mongolia (State of) 8.75% 3/9/2024		370		359
Mongolia (State of) 4.45% 7/7/2031		300		234
Mozambique (Republic of) 5.00% 9/15/2031 (9.00% on 9/15/2023)7		880		678
Oman (Sultanate of) 4.875% 2/1/20256		565		556
Oman (Sultanate of) 5.375% 3/8/2027		750		736
Oman (Sultanate of) 6.25% 1/25/20316		600		606
Pakistan (Islamic Republic of) 8.25% 9/30/20256		410		199
Pakistan (Islamic Republic of) 6.00% 4/8/20266		380		153
Pakistan (Islamic Republic of) 6.875% 12/5/20276		1,050		416
Pakistan (Islamic Republic of) 7.875% 3/31/2036		200		72
Pakistan (Islamic Republic of) 8.875% 4/8/2051		850		300
Panama (Republic of) 3.75% 4/17/20266		678		639
Panama (Republic of) 4.50% 5/15/2047		1,155		892
Panama (Republic of) 4.50% 4/16/2050		200		152
Panama (Republic of) 4.30% 4/29/2053		400		290
Panama (Republic of) 4.50% 1/19/2063		200		142
Paraguay (Republic of) 4.70% 3/27/20276		400		395
Paraguay (Republic of) 4.95% 4/28/2031		320		310
Peru (Republic of) 3.00% 1/15/2034		425		336
Peru (Republic of) 6.55% 3/14/2037		1,070		1,131
Peru (Republic of) 3.55% 3/10/2051		370		265
Peru (Republic of) 2.78% 12/1/2060		365		214
PETRONAS Capital, Ltd. 4.55% 4/21/20506		400		359
Philippines (Republic of) 1.648% 6/10/2031		580		465
Philippines (Republic of) 6.375% 10/23/2034		820		911
Philippines (Republic of) 3.95% 1/20/2040		700		595
Philippines (Republic of) 3.70% 3/1/2041		505		414
Philippines (Republic of) 2.95% 5/5/2045		790		572
PT Indonesia Asahan Aluminium Tbk 6.757% 11/15/2048		200		188
Qatar (State of) 4.50% 4/23/20286		2,000		2,016
Qatar (State of) 4.50% 4/23/2028		600		605
Romania 2.00% 1/28/2032	EUR	1,375		987
Romania 2.00% 4/14/2033		300		207
Romania 5.125% 6/15/20486	USD	500		399
Russian Federation 4.25% 6/23/20279		1,000		430

78 American Funds Insurance Series

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Russian Federation 4.375% 3/21/20296,9	USD	800	$	328
Russian Federation 5.10% 3/28/20359		1,600		656
Russian Federation 5.25% 6/23/20479		1,200		492
Senegal (Republic of) 4.75% 3/13/2028	EUR	950		880
South Africa (Republic of) 5.875% 6/22/2030	USD	1,200		1,120
South Africa (Republic of) 5.875% 4/20/2032		400		362
Sri Lanka (Democratic Socialist Republic of) 6.125% 6/3/20259		450		147
Sri Lanka (Democratic Socialist Republic of) 6.85% 11/3/20259		1,904		614
Sri Lanka (Democratic Socialist Republic of) 6.825% 7/18/20269		1,270		407
Sri Lanka (Democratic Socialist Republic of) 7.55% 3/28/20309		471		150
Tunisia (Republic of) 6.75% 10/31/2023	EUR	465		420
Tunisia (Republic of) 6.75% 10/31/2023		310		280
Tunisia (Republic of) 5.625% 2/17/2024		500		422
Tunisia (Republic of) 5.75% 1/30/2025	USD	625		435
Turkey (Republic of) 11.875% 1/15/2030		800		954
Turkey (Republic of) 5.875% 6/26/2031		1,170		963
Turkey (Republic of) 4.875% 4/16/2043		400		261
Turkey (Republic of) 5.75% 5/11/2047		2,005		1,373
Ukraine 8.994% 2/1/20269		600		134
Ukraine 7.75% 9/1/20299		2,328		503
Ukraine 9.75% 11/1/20309		900		187
Ukraine 7.375% 9/25/20349		2,180		416
United Mexican States 4.50% 4/22/2029		300		287
United Mexican States 4.75% 4/27/2032		870		817
United Mexican States 4.75% 3/8/2044		1,090		884
United Mexican States 3.75% 4/19/2071		200		125
United Mexican States, Series M, 7.50% 6/3/2027	MXN	20,360		986
United Mexican States, Series M, 7.75% 5/29/2031		43,000		2,044
Venezuela (Bolivarian Republic of) 9.00% 5/7/20239	USD	1,383		121
Venezuela (Bolivarian Republic of) 8.25% 10/13/20249		299		26
Venezuela (Bolivarian Republic of) 7.65% 4/21/20259		129		11
Venezuela (Bolivarian Republic of) 11.75% 10/21/20269		64		6
Venezuela (Bolivarian Republic of) 9.25% 9/15/20279		170		16
Venezuela (Bolivarian Republic of) 9.25% 5/7/20289		319		29
Venezuela (Bolivarian Republic of) 7.00% 12/1/20189		64		5
Venezuela (Bolivarian Republic of) 7.75% 10/13/20199		1,149		92
Venezuela (Bolivarian Republic of) 6.00% 12/9/20209		950		67
Venezuela (Bolivarian Republic of) 11.95% 8/5/20319		106		10
Venezuela (Bolivarian Republic of) 12.75% 8/23/20229		85		7
Venezuela (Bolivarian Republic of) 7.00% 3/31/20389		107		10
				82,039
Corporate bonds, notes & loans 0.51%
Energy 0.17%
Oleoducto Central SA 4.00% 7/14/20276		255		225
Oleoducto Central SA 4.00% 7/14/2027		200		177
Petrobras Global Finance Co. 6.85% 6/5/2115		314		266
Petróleos Mexicanos 6.875% 8/4/2026		800		757
Petróleos Mexicanos 6.49% 1/23/2027		1,670		1,525
Petróleos Mexicanos 8.75% 6/2/2029		1,105		1,038
Petróleos Mexicanos 6.70% 2/16/2032		622		490
Petrorio Luxembourg SARL 6.125% 6/9/2026		200		191
PTT Exploration and Production PCL 2.993% 1/15/2030		200		174
Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/20516		630		420
				5,263

American Funds Insurance Series 79

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials 0.09%
Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)7	USD	800	$	670
CMB International Leasing Management, Ltd. 2.75% 8/12/2030		895		687
HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant Maturity + 2.925% on 2/25/2027)6,7		600		516
Power Financial Corp., Ltd. 6.15% 12/6/2028		432		439
Power Financial Corp., Ltd. 4.50% 6/18/2029		273		253
Power Financial Corp., Ltd. 3.35% 5/16/2031		310		258
				2,823
Consumer discretionary 0.07%
Alibaba Group Holding, Ltd. 4.20% 12/6/2047		600		461
Alibaba Group Holding, Ltd. 3.15% 2/9/2051		410		256
Arcos Dorados BV 6.125% 5/27/2029		450		437
Meituan Dianping 3.05% 10/28/20306		800		618
MercadoLibre, Inc. 3.125% 1/14/2031		400		310
Sands China, Ltd. 4.875% 6/18/2030		220		193
				2,275
Materials 0.05%
Braskem Idesa SAPI 7.45% 11/15/2029		775		613
Braskem Idesa SAPI 7.45% 11/15/20296		300		237
GC Treasury Center Co., Ltd. 4.40% 3/30/20326		230		204
Sasol Financing USA, LLC 5.875% 3/27/2024		500		491
				1,545
Utilities 0.04%
AES Panama Generation Holdings SRL 4.375% 5/31/20306		280		244
Empresas Publicas de Medellin ESP 4.25% 7/18/20296		412		328
Enfragen Energia Sur SA 5.375% 12/30/2030		969		679
				1,251
Communication services 0.04%
Axiata SPV5 Labuan, Ltd. 3.064% 8/19/2050		357		238
PLDT, Inc. 2.50% 1/23/2031		210		165
Tencent Holdings, Ltd. 3.975% 4/11/2029		400		369
Tencent Holdings, Ltd. 3.24% 6/3/20506		580		368
				1,140
Consumer staples 0.02%
Marfrig Global Foods SA 3.95% 1/29/2031		320		246
NBM US Holdings, Inc. 6.625% 8/6/20293		420		407
				653
Industrials 0.02%
Mexico City Airport Trust 4.25% 10/31/2026		475		454
Health care 0.01%
Rede D’Or Finance SARL 4.50% 1/22/2030		480		414
Total corporate bonds, notes & loans				15,818
U.S. Treasury bonds & notes 0.09%
U.S. Treasury 0.09%
U.S. Treasury (3-month U.S. Treasury Bill Yield - 0.015%) 4.383% 1/31/202410,11		2,730		2,729
Total bonds, notes & other debt instruments (cost: $123,585,000)				100,586

80 American Funds Insurance Series

New World Fund (continued)

			Value
Short-term securities 5.44%	Shares		(000)
Money market investments 5.43%
Capital Group Central Cash Fund 4.31%12,13		1,673,444	$	167,328
Money market investments purchased with collateral from securities on loan 0.01%
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%12,14		149,334		150
Capital Group Central Cash Fund 4.31%12,13,14		862		86
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%12,14		58,955		59
				295
Total short-term securities (cost: $167,602,000)				167,623
Total investment securities 100.12% (cost: $2,556,012,000)				3,087,550
Other assets less liabilities (0.12)%				(3,766	)
Net assets 100.00%			$	3,083,784

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
2 Year Euro-Schatz Futures	Long	40	March 2023	USD	4,514			$	(18	)
5 Year U.S. Treasury Note Futures	Short	14	March 2023		(1,511	)			3
10 Year Euro-Bund Futures	Short	18	March 2023		(2,561	)			126
10 Year Ultra U.S. Treasury Note Futures	Short	43	March 2023		(5,086	)			30
30 Year Ultra U.S. Treasury Bond Futures	Long	53	March 2023		7,118				(48	)
								$	93

Forward currency contracts

						Unrealized
						(depreciation)
Contract amount						appreciation
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 12/31/2022 (000)
USD	77	EUR	73	Goldman Sachs	1/11/2023		$	(1	)
USD	1,484	EUR	1,409	Goldman Sachs	1/12/2023			(25	)
EUR	8	USD	9	Barclays Bank PLC	1/13/2023			—	4
USD	1,683	EUR	1,593	JPMorgan Chase	1/13/2023			(24	)
							$	(50	)

American Funds Insurance Series 81

New World Fund (continued)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

								Upfront		Unrealized
				Notional		Value at		premium		appreciation
Reference	Financing	Payment	Expiration	amount		12/31/2022		paid		at 12/31/2022
index	rate paid	frequency	date	(000)		(000)		(000)		(000)
CDX.EM.38	1.00%	Quarterly	12/20/2027		USD  2,230		$   131		$  129		$  2

Investments in affiliates¹³

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 5.43%
Money market investments 5.43%
Capital Group Central Cash Fund 4.31%12	$	216,764	$	756,276	$	805,673		$	(44	)	$	5	$	167,328	$	4,331
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 4.31%12,14		4,255				4,169	15							86		—	16
Total 5.43%								$	(44	)	$	5	$	167,414	$	4,331

Restricted securities³

						Percent
	Acquisition	Cost		Value		of net
	date(s)	(000)		(000)		assets
QuintoAndar, Ltd., Series E, preferred shares1,2	5/26/2021	$	5,258	$	4,267		.14	%
QuintoAndar, Ltd., Series E-1, preferred shares1,2	12/20/2021		1,716		1,098		.04
Getir BV, Series D, preferred shares1,2	5/27/2021		3,500		3,736		.12
NBM US Holdings, Inc. 6.625% 8/6/2029	7/8/2022		404		407		.01
Canva, Inc.1,2	8/26/2021-11/4/2021		656		342		.01
Canva, Inc., Series A, noncumulative preferred shares1,2	11/4/2021		58		30		.00
Canva, Inc., Series A-3, noncumulative preferred shares1,2	11/4/2021		2		1		.00
Total		$	11,594	$	9,881		.32	%

82 American Funds Insurance Series

New World Fund (continued)

1	Security did not produce income during the last 12 months.
2	Value determined using significant unobservable inputs.
3	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $9,881,000, which represented .32% of the net assets of the fund.
4	Amount less than one thousand.
5	All or a portion of this security was on loan. The total value of all such securities was $311,000, which represented .01% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
6	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $19,603,000, which represented .64% of the net assets of the fund.
7	Step bond; coupon rate may change at a later date.
8	Index-linked bond whose principal amount moves with a government price index.
9	Scheduled interest and/or principal payment was not received.
10	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $297,000, which represented .01% of the net assets of the fund.
11	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
12	Rate represents the seven-day yield at 12/31/2022.
13	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
14	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
15	Represents net activity. Refer to Note 5 for more information on securities lending.
16	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

BRL = Brazilian reais

CDI = CREST Depository Interest

CNY = Chinese yuan

DOP = Dominican pesos

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

MXN = Mexican pesos

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 83

Washington Mutual Investors Fund

Investment portfolio December 31, 2022

Common stocks 95.35%	Shares		Value (000)
Health care 21.99%
UnitedHealth Group, Inc.		706,573	$	374,611
Pfizer, Inc.		5,089,889		260,806
CVS Health Corp.		2,030,283		189,202
Eli Lilly and Company		436,276		159,607
Johnson & Johnson		897,185		158,488
AbbVie, Inc.		926,694		149,763
AstraZeneca PLC (ADR)		1,747,998		118,514
Humana, Inc.		211,641		108,400
Gilead Sciences, Inc.		1,234,157		105,952
Abbott Laboratories		676,709		74,296
Cigna Corp.		197,196		65,339
Elevance Health, Inc.		118,687		60,883
Danaher Corp.		228,637		60,685
Bristol-Myers Squibb Company		577,839		41,576
Novo Nordisk A/S, Class B (ADR)		214,095		28,976
Zimmer Biomet Holdings, Inc.		179,120		22,838
Thermo Fisher Scientific, Inc.		38,181		21,026
Regeneron Pharmaceuticals, Inc.1		25,933		18,710
Zoetis, Inc., Class A		100,063		14,664
Roche Holding AG (ADR)		322,207		12,614
Molina Healthcare, Inc.1		37,656		12,435
Edwards Lifesciences Corp.1		85,300		6,364
Baxter International, Inc.		114,187		5,820
ResMed, Inc.		24,754		5,152
				2,076,721
Information technology 17.56%
Broadcom, Inc.		919,032		513,857
Microsoft Corp.		1,830,263		438,934
Apple, Inc.		765,754		99,494
ASML Holding NV (New York registered) (ADR)		157,302		85,950
Intel Corp.		2,778,330		73,431
Visa, Inc., Class A		290,482		60,351
Fidelity National Information Services, Inc.		587,989		39,895
Motorola Solutions, Inc.		149,004		38,400
Mastercard, Inc., Class A		110,216		38,325
SAP SE (ADR)		370,066		38,187
KLA Corp.		90,564		34,145
Applied Materials, Inc.		344,981		33,594
Paychex, Inc.		238,707		27,585
TE Connectivity, Ltd.		233,588		26,816
Automatic Data Processing, Inc.		91,188		21,781
Texas Instruments, Inc.		119,302		19,711
NetApp, Inc.		285,109		17,124
Synopsys, Inc.1		47,178		15,064
Oracle Corp.		116,989		9,563
QUALCOMM, Inc.		85,889		9,443
EPAM Systems, Inc.1		21,637		7,091
Analog Devices, Inc.		28,186		4,623
Micron Technology, Inc.		74,256		3,711
Ciena Corp.1		17,550		895
				1,657,970
Financials 13.67%
Marsh & McLennan Companies, Inc.		1,329,999		220,088
JPMorgan Chase & Co.		1,231,233		165,108
BlackRock, Inc.		152,050		107,747
Chubb, Ltd.		450,474		99,375
CME Group, Inc., Class A		530,969		89,288
Wells Fargo & Company		1,821,863		75,225
Bank of America Corp.		1,370,945		45,406
Citizens Financial Group, Inc.		1,109,159		43,668

84 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Discover Financial Services		414,920	$	40,592
Intercontinental Exchange, Inc.		394,483		40,470
Morgan Stanley		458,540		38,985
S&P Global, Inc.		111,373		37,303
Capital One Financial Corp.		348,076		32,357
Blackstone, Inc., nonvoting shares		403,946		29,969
Apollo Asset Management, Inc.		443,289		28,277
Nasdaq, Inc.		458,289		28,116
KKR & Co., Inc.		601,229		27,909
Goldman Sachs Group, Inc.		78,842		27,073
Aon PLC, Class A		75,142		22,553
PNC Financial Services Group, Inc.		130,342		20,586
Toronto-Dominion Bank2		236,859		15,339
KeyCorp		770,460		13,422
Canadian Imperial Bank of Commerce		314,940		12,739
Arthur J. Gallagher & Co.		56,249		10,605
Moody’s Corp.		26,105		7,273
Fifth Third Bancorp		192,883		6,329
Charles Schwab Corp.		38,738		3,225
Progressive Corp.		14,654		1,901
				1,290,928
Industrials 11.24%
Northrop Grumman Corp.		340,603		185,836
Lockheed Martin Corp.		220,356		107,201
Raytheon Technologies Corp.		991,865		100,099
Caterpillar, Inc.		415,519		99,542
Norfolk Southern Corp.		312,913		77,108
CSX Corp.		2,421,254		75,011
L3Harris Technologies, Inc.		323,116		67,276
Honeywell International, Inc.		292,363		62,653
Boeing Company1		256,666		48,892
Waste Connections, Inc.		206,205		27,335
Equifax, Inc.		124,702		24,237
ABB, Ltd. (ADR)		753,846		22,962
United Parcel Service, Inc., Class B		123,077		21,396
Robert Half International, Inc.		278,467		20,559
Union Pacific Corp.		99,249		20,552
Rockwell Automation		59,498		15,325
Carrier Global Corp.		317,975		13,117
Huntington Ingalls Industries, Inc.		47,307		10,913
PACCAR, Inc.		108,835		10,771
Republic Services, Inc.		78,273		10,096
Johnson Controls International PLC		152,323		9,749
BAE Systems PLC (ADR)2		212,361		8,950
HEICO Corp.		56,216		8,637
Air Lease Corp., Class A		157,245		6,041
RELX PLC (ADR)		186,041		5,157
Waste Management, Inc.		11,150		1,749
				1,061,164
Consumer discretionary 8.11%
Home Depot, Inc.		574,803		181,557
YUM! Brands, Inc.		682,736		87,445
Target Corp.		566,187		84,385
General Motors Company		1,894,289		63,724
Darden Restaurants, Inc.		417,284		57,723
Lennar Corp., Class A		515,314		46,636
Wynn Resorts, Ltd.1		470,851		38,831
NIKE, Inc., Class B		321,417		37,609
TJX Companies, Inc.		469,822		37,398
Dollar General Corp.		115,057		28,333

American Funds Insurance Series 85

Washington Mutual Investors Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
D.R. Horton, Inc.		283,590	$	25,279
Starbucks Corp.		247,055		24,508
Chipotle Mexican Grill, Inc.1		9,251		12,836
VF Corp.		440,631		12,166
Aptiv PLC1		104,868		9,766
McDonald’s Corp.		21,948		5,784
Royal Caribbean Cruises, Ltd.1		110,264		5,450
Polaris, Inc.		52,835		5,336
Amazon.com, Inc.1		17,265		1,450
				766,216
Consumer staples 6.76%
Archer Daniels Midland Company		1,568,943		145,676
Philip Morris International, Inc.		1,242,650		125,769
Keurig Dr Pepper, Inc.		1,386,913		49,457
Kraft Heinz Company		1,133,294		46,136
Procter & Gamble Company		266,724		40,425
Reckitt Benckiser Group PLC (ADR)2		2,494,590		35,149
Nestlé SA (ADR)		289,515		33,393
General Mills, Inc.		345,460		28,967
Hormel Foods Corp.		592,388		26,983
Mondelez International, Inc.		372,276		24,812
Costco Wholesale Corp.		50,498		23,052
Church & Dwight Co., Inc.		148,770		11,992
Walgreens Boots Alliance, Inc.		316,943		11,841
Unilever PLC (ADR)		182,723		9,200
British American Tobacco PLC (ADR)		222,076		8,879
Kimberly-Clark Corp.		55,351		7,514
Danone (ADR)		694,054		7,298
Conagra Brands, Inc.		57,435		2,223
				638,766
Energy 5.90%
Pioneer Natural Resources Company		558,497		127,555
Chevron Corp.		509,098		91,378
ConocoPhillips		757,878		89,430
Baker Hughes Co., Class A		2,518,351		74,367
Exxon Mobil Corp.		576,453		63,583
EOG Resources, Inc.		297,609		38,546
Canadian Natural Resources, Ltd.		665,647		36,963
TC Energy Corp.		678,590		27,049
Enbridge, Inc.		208,235		8,142
				557,013
Communication services 3.97%
Comcast Corp., Class A		6,323,705		221,140
Alphabet, Inc., Class C1		732,176		64,966
Alphabet, Inc., Class A1		442,820		39,070
Meta Platforms, Inc., Class A1		262,927		31,641
Activision Blizzard, Inc.		138,758		10,622
Electronic Arts, Inc.		36,898		4,508
Deutsche Telekom AG (ADR)		142,813		2,853
				374,800
Utilities 2.63%
Constellation Energy Corp.		810,638		69,885
Sempra Energy		407,271		62,940
Entergy Corp.		349,992		39,374
CMS Energy Corp.		446,368		28,268
Public Service Enterprise Group, Inc.		235,300		14,417
NextEra Energy, Inc.		142,120		11,881

86 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

Common stocks (continued)	Shares		Value (000)
Utilities (continued)
Xcel Energy, Inc.		110,238	$	7,729
Dominion Energy, Inc.		123,750		7,588
Evergy, Inc.		95,960		6,039
				248,121
Materials 2.24%
Linde PLC		198,540		64,760
Rio Tinto PLC (ADR)		501,584		35,713
Corteva, Inc.		497,904		29,267
Air Products and Chemicals, Inc.		64,476		19,875
LyondellBasell Industries NV		219,873		18,256
Nucor Corp.		125,314		16,518
Huntsman Corp.		442,172		12,151
Albemarle Corp.		55,023		11,932
H.B. Fuller Co.		49,263		3,528
				212,000
Real estate 1.28%
Extra Space Storage, Inc. REIT		363,771		53,540
American Tower Corp. REIT		109,250		23,146
Equinix, Inc. REIT		27,909		18,281
Digital Realty Trust, Inc. REIT		174,296		17,477
Regency Centers Corp. REIT		115,400		7,212
Welltower, Inc. REIT		15,517		1,017
				120,673
Total common stocks (cost: $7,295,957,000)				9,004,372
Convertible stocks 0.35%
Health care 0.20%
Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 6/1/2023		197,800		9,906
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/20232		6,821		9,253
				19,159
Utilities 0.08%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		90,700		4,552
American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023		56,400		2,909
				7,461
Financials 0.07%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023		113,300		6,487
Total convertible stocks (cost: $33,103,000)				33,107
Short-term securities 4.19%
Money market investments 4.07%
Capital Group Central Cash Fund 4.31%3,4		3,847,079		384,669

American Funds Insurance Series 87

Washington Mutual Investors Fund (continued)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.12%
Capital Group Central Cash Fund 4.31%3,4,5		63,391	$	6,338
State Street Institutional U.S. Government Money Market Fund, Institutional Class 4.09%3,5		2,494,000		2,494
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%3,5		1,460,582		1,461
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%3,5		1,324,956		1,325
				11,618
Total short-term securities (cost: $396,237,000)				396,287
Total investment securities 99.89% (cost: $7,725,297,000)				9,433,766
Other assets less liabilities 0.11%				9,934
Net assets 100.00%			$	9,443,700

Investments in affiliates⁴

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 4.14%
Money market investments 4.07%
Capital Group Central Cash Fund 4.31%3	$	321,870	$	1,392,905	$	1,330,045	$	(71	)	$	10	$	384,669	$	6,762
Money market investments purchased with collateral from securities on loan 0.07%
Capital Group Central Cash Fund 4.31%3,5		9,273				2,9356							6,338		—	7
Total 4.14%							$	(71	)	$	10	$	391,007	$	6,762

1	Security did not produce income during the last 12 months.
2	All or a portion of this security was on loan. The total value of all such securities was $12,432,000, which represented .13% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Rate represents the seven-day yield at 12/31/2022.
4	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
5	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
6	Represents net activity. Refer to Note 5 for more information on securities lending.
7	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

88 American Funds Insurance Series

Capital World Growth and Income Fund

Investment portfolio December 31, 2022

Common stocks 95.23%	Shares		Value (000)
Information technology 15.74%
Broadcom, Inc.		91,368	$	51,087
Microsoft Corp.		200,685		48,128
Taiwan Semiconductor Manufacturing Company, Ltd.		2,403,800		35,035
ASML Holding NV		48,522		26,265
Apple, Inc.		111,767		14,522
EPAM Systems, Inc.1		37,912		12,425
Tokyo Electron, Ltd.		35,800		10,635
Capgemini SE		47,477		7,963
Micron Technology, Inc.		141,746		7,085
Accenture PLC, Class A		24,538		6,548
Mastercard, Inc., Class A		15,969		5,553
Logitech International SA		65,146		4,043
NVIDIA Corp.		25,359		3,706
Delta Electronics, Inc.		337,000		3,139
Keyence Corp.		7,600		2,975
Hexagon AB, Class B		260,158		2,735
Ceridian HCM Holding, Inc.1		38,252		2,454
Shopify, Inc., Class A, subordinate voting shares1		69,098		2,398
OBIC Co., Ltd.		16,200		2,395
Applied Materials, Inc.		23,343		2,273
Synopsys, Inc.1		6,800		2,171
MediaTek, Inc.		93,000		1,889
Worldline SA, non-registered shares1		44,297		1,729
TE Connectivity, Ltd.		13,147		1,509
Lasertec Corp.		8,872		1,474
Fujitsu, Ltd.		11,000		1,457
SK hynix, Inc.		22,772		1,371
ServiceNow, Inc.1		3,191		1,239
Oracle Corp.		15,041		1,229
Disco Corp.		3,900		1,121
GlobalWafers Co., Ltd.		71,000		986
Snowflake, Inc., Class A1		5,882		844
Zscaler, Inc.1		7,066		791
Infosys, Ltd.		41,700		755
Nomura Research Institute, Ltd.		28,600		680
SS&C Technologies Holdings, Inc.		10,174		530
PagSeguro Digital, Ltd., Class A1		22,705		198
Wolfspeed, Inc.1		1,813		125
Fidelity National Information Services, Inc.		1,708		116
				271,578
Health care 15.17%
UnitedHealth Group, Inc.		74,724		39,617
Abbott Laboratories		241,728		26,539
Eli Lilly and Company		58,184		21,286
Gilead Sciences, Inc.		178,860		15,355
AstraZeneca PLC		104,122		14,131
Pfizer, Inc.		261,843		13,417
Novo Nordisk A/S, Class B		84,097		11,387
Thermo Fisher Scientific, Inc.		20,658		11,376
Daiichi Sankyo Company, Ltd.		344,500		11,040
Centene Corp.1		118,976		9,757
Novartis AG		96,113		8,706
Siemens Healthineers AG		144,724		7,240
Stryker Corp.		28,725		7,023
AbbVie, Inc.		34,990		5,655
Amgen, Inc.		18,534		4,868
Takeda Pharmaceutical Company, Ltd.		146,400		4,573
CVS Health Corp.		47,511		4,428
Olympus Corp.		213,300		3,770
Medtronic PLC		42,451		3,299
Vertex Pharmaceuticals, Inc.1		10,220		2,951

American Funds Insurance Series 89

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
ResMed, Inc.		13,349	$	2,778
Shionogi & Co., Ltd.		52,400		2,607
Insulet Corp.1		8,552		2,518
PerkinElmer, Inc.		17,633		2,472
Carl Zeiss Meditec AG, non-registered shares		19,475		2,458
Bayer AG		46,783		2,416
EssilorLuxottica		12,616		2,297
DexCom, Inc.1		19,845		2,247
Cigna Corp.		6,618		2,193
Intuitive Surgical, Inc.1		7,213		1,914
Zoetis, Inc., Class A		11,180		1,638
CSL, Ltd.		8,133		1,586
Alcon, Inc.		21,412		1,471
Rede D’Or Sao Luiz SA		255,608		1,432
BioNTech SE (ADR)		8,468		1,272
Guardant Health, Inc.1		32,188		876
Eurofins Scientific SE, non-registered shares		12,151		875
Penumbra, Inc.1		3,640		810
Catalent, Inc.1		13,075		588
Molina Healthcare, Inc.1		1,089		360
Agilon Health, Inc.1		19,961		322
HOYA Corp.		1,300		126
EUROAPI1		2,830		42
				261,716
Financials 12.95%
Zurich Insurance Group AG		40,892		19,541
AIA Group, Ltd.		1,331,999		14,675
Kotak Mahindra Bank, Ltd.		641,387		14,112
Toronto-Dominion Bank (CAD denominated)		196,293		12,710
JPMorgan Chase & Co.		73,488		9,855
HDFC Bank, Ltd.		379,442		7,470
HDFC Bank, Ltd. (ADR)		14,868		1,017
B3 SA-Brasil, Bolsa, Balcao		3,320,838		8,309
DNB Bank ASA		401,356		7,946
Ping An Insurance (Group) Company of China, Ltd., Class H		1,071,500		7,072
Ping An Insurance (Group) Company of China, Ltd., Class A		23,000		156
Nasdaq, Inc.		110,650		6,788
PNC Financial Services Group, Inc.		39,710		6,272
Wells Fargo & Company		142,901		5,900
Morgan Stanley		64,543		5,487
Chubb, Ltd.		23,142		5,105
ING Groep NV		395,598		4,827
American International Group, Inc.		75,453		4,772
Aon PLC, Class A		15,659		4,700
HDFC Life Insurance Company, Ltd.		681,398		4,651
CME Group, Inc., Class A		27,577		4,637
Discover Financial Services		44,649		4,368
DBS Group Holdings, Ltd.		167,200		4,233
Blackstone, Inc., nonvoting shares		54,273		4,027
Intercontinental Exchange, Inc.		35,038		3,595
KBC Groep NV		54,921		3,526
S&P Global, Inc.		8,773		2,938
Citigroup, Inc.		60,832		2,751
FinecoBank SpA		153,752		2,562
Israel Discount Bank Ltd., Class A		471,720		2,479
Fairfax Financial Holdings, Ltd., subordinate voting shares		4,135		2,449
AXA SA		80,016		2,230
BNP Paribas SA		35,889		2,042
ICICI Bank, Ltd.		188,346		2,019
Apollo Asset Management, Inc.		31,437		2,005
Banco Santander, SA		631,521		1,891

90 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
National Bank of Canada		26,966	$	1,817
Arthur J. Gallagher & Co.		9,509		1,793
Fifth Third Bancorp		48,163		1,580
Goldman Sachs Group, Inc.		4,548		1,562
Power Corporation of Canada, subordinate voting shares2		63,342		1,490
Blue Owl Capital, Inc., Class A		136,448		1,446
Macquarie Group, Ltd.		12,033		1,366
XP, Inc., Class A1		86,047		1,320
Postal Savings Bank of China Co., Ltd., Class H		2,121,000		1,310
United Overseas Bank, Ltd.		54,800		1,257
Marsh & McLennan Companies, Inc.		7,341		1,215
Bajaj Finance, Ltd.		15,022		1,189
China Merchants Bank Co., Ltd., Class H		130,403		723
China Merchants Bank Co., Ltd., Class A		86,187		462
Axis Bank, Ltd.		100,962		1,135
Hong Kong Exchanges and Clearing, Ltd.		25,200		1,089
Tryg A/S		45,292		1,074
East Money Information Co., Ltd., Class A		379,800		1,061
Aegon NV		196,376		996
Lufax Holding, Ltd. (ADR)		180,760		351
Sberbank of Russia PJSC1,3		3,196,952		—	4
				223,353
Industrials 12.59%
Airbus SE, non-registered shares		165,602		19,690
General Electric Co.		226,107		18,945
BAE Systems PLC		1,376,080		14,222
Raytheon Technologies Corp.		121,846		12,297
Carrier Global Corp.		262,272		10,819
Recruit Holdings Co., Ltd.		317,150		10,087
Safran SA		80,040		10,002
Lockheed Martin Corp.		20,070		9,764
Deere & Company		21,851		9,369
Siemens AG		59,301		8,230
Caterpillar, Inc.		31,794		7,617
Boeing Company1		39,550		7,534
CSX Corp.		174,517		5,406
L3Harris Technologies, Inc.		25,925		5,398
Mitsui & Co., Ltd.		152,400		4,431
LIXIL Corp.		288,000		4,389
Melrose Industries PLC		2,436,274		3,961
RELX PLC		119,741		3,318
RELX PLC (ADR)		15,132		419
TransDigm Group, Inc.		5,844		3,680
Bureau Veritas SA		137,541		3,620
Johnson Controls International PLC		55,085		3,525
Daikin Industries, Ltd.		19,600		3,015
Brenntag SE		39,862		2,549
Compagnie de Saint-Gobain SA, non-registered shares		51,704		2,538
Canadian Pacific Railway, Ltd.		31,797		2,372
Legrand SA		28,600		2,303
Bunzl PLC		68,998		2,303
ASSA ABLOY AB, Class B		104,956		2,258
Northrop Grumman Corp.		3,877		2,115
Schneider Electric SE		13,179		1,853
Thales SA		14,244		1,821
Waste Connections, Inc.		13,211		1,751
BayCurrent Consulting, Inc.		54,200		1,695
Rockwell Automation		6,529		1,682
VINCI SA		15,814		1,579
Rentokil Initial PLC		256,104		1,574
Nidec Corp.		22,100		1,151

American Funds Insurance Series 91

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
SMC Corp.		2,700	$	1,143
AB Volvo, Class B		62,128		1,125
MTU Aero Engines AG		5,108		1,106
Atlas Copco AB, Class B		89,617		957
Adecco Group AG		28,154		926
ManpowerGroup, Inc.		11,115		925
Larsen & Toubro, Ltd.		35,295		888
International Consolidated Airlines Group SA (CDI)1,2		287,033		427
Honeywell International, Inc.		1,401		300
Deutsche Post AG		3,901		147
				217,226
Consumer discretionary 9.00%
LVMH Moët Hennessy-Louis Vuitton SE		40,590		29,488
Home Depot, Inc.		63,297		19,993
General Motors Company		304,882		10,256
Amazon.com, Inc.1		98,471		8,272
Booking Holdings, Inc.1		3,555		7,164
Flutter Entertainment PLC1		45,621		6,251
Restaurant Brands International, Inc.		44,121		2,853
Restaurant Brands International, Inc. (CAD denominated)		43,454		2,811
Cie. Financière Richemont SA, Class A		40,890		5,291
Sony Group Corp.		66,800		5,094
Dollar Tree Stores, Inc.1		33,180		4,693
Marriott International, Inc., Class A		29,974		4,463
Lennar Corp., Class A		39,345		3,561
Target Corp.		22,747		3,390
Industria de Diseño Textil, SA		117,969		3,141
Sands China, Ltd.1		935,200		3,098
Shimano, Inc.		19,200		3,059
Chipotle Mexican Grill, Inc.1		2,122		2,944
Evolution AB		25,292		2,470
Rivian Automotive, Inc., Class A1		126,108		2,324
NIKE, Inc., Class B		19,311		2,260
Pan Pacific International Holdings Corp.		119,900		2,226
YUM! Brands, Inc.		16,678		2,136
Astra International Tbk PT		5,716,600		2,083
InterContinental Hotels Group PLC		34,581		1,991
Darden Restaurants, Inc.		14,208		1,965
Stellantis NV		128,257		1,818
JD.com, Inc., Class A		52,947		1,488
Tesla, Inc.1		12,036		1,483
Midea Group Co., Ltd., Class A		194,700		1,446
Li Ning Co., Ltd.		163,000		1,399
Kindred Group PLC (SDR)		127,475		1,331
Wynn Macau, Ltd.1		826,400		921
Royal Caribbean Cruises, Ltd.1		17,446		862
Aristocrat Leisure, Ltd.		39,792		822
Entain PLC		17,337		278
Hermès International		105		162
				155,287
Consumer staples 7.57%
Philip Morris International, Inc.		309,980		31,373
Nestlé SA		110,820		12,798
Keurig Dr Pepper, Inc.		316,125		11,273
British American Tobacco PLC		243,321		9,654
Kroger Co.		171,853		7,661
Kweichow Moutai Co., Ltd., Class A		28,600		7,077
Ocado Group PLC1		898,794		6,764
Imperial Brands PLC		257,311		6,429
Seven & i Holdings Co., Ltd.		137,500		5,882

92 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Bunge, Ltd.		52,225	$	5,210
Ajinomoto Co., Inc.		131,100		3,997
Danone SA		68,733		3,621
Arca Continental, SAB de CV		432,054		3,509
Treasury Wine Estates, Ltd.		365,056		3,373
Varun Beverages, Ltd.		177,457		2,825
Altria Group, Inc.		56,773		2,595
ITC, Ltd.		565,239		2,266
Constellation Brands, Inc., Class A		9,208		2,134
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		307,600		1,368
Essity Aktiebolag, Class B		31,422		825
				130,634
Materials 7.02%
Vale SA, ordinary nominative shares		1,606,974		27,052
Vale SA (ADR), ordinary nominative shares		880,043		14,934
Fortescue Metals Group, Ltd.		1,251,957		17,454
Rio Tinto PLC		167,527		11,755
Freeport-McMoRan, Inc.		262,321		9,968
Linde PLC		21,113		6,887
Shin-Etsu Chemical Co., Ltd.		39,100		4,764
BHP Group, Ltd. (CDI)		116,082		3,579
Air Products and Chemicals, Inc.		8,996		2,773
Albemarle Corp.		11,198		2,428
CRH PLC		60,032		2,377
Air Liquide SA, bonus shares1		8,561		1,218
Air Liquide SA, non-registered shares		7,503		1,067
Barrick Gold Corp. (CAD denominated)		121,716		2,086
Dow, Inc.		40,669		2,049
Akzo Nobel NV		29,669		1,980
Glencore PLC		279,444		1,869
Amcor PLC (CDI)		147,168		1,764
Evonik Industries AG		82,596		1,586
First Quantum Minerals, Ltd.		70,833		1,480
HeidelbergCement AG		25,414		1,449
Lynas Rare Earths, Ltd.1		121,178		643
				121,162
Energy 6.30%
Canadian Natural Resources, Ltd. (CAD denominated)2		429,516		23,852
Baker Hughes Co., Class A		428,998		12,668
TotalEnergies SE		178,299		11,129
EOG Resources, Inc.		74,135		9,602
Tourmaline Oil Corp.		123,757		6,244
BP PLC		932,803		5,424
Reliance Industries, Ltd.		147,765		4,533
Cameco Corp. (CAD denominated)		147,245		3,337
Cameco Corp.		46,300		1,050
Shell PLC (GBP denominated)		149,201		4,240
Cenovus Energy, Inc. (CAD denominated)		206,756		4,011
Woodside Energy Group, Ltd.		119,566		2,893
Woodside Energy Group, Ltd. (CDI)		37,610		908
ConocoPhillips		29,431		3,473
Aker BP ASA		101,330		3,159
TC Energy Corp. (CAD denominated)		76,353		3,044
Suncor Energy, Inc.		84,173		2,670
Var Energi ASA		735,288		2,537
Exxon Mobil Corp.		18,586		2,050
Halliburton Company		44,744		1,761
Gazprom PJSC3		2,248,304		—	4
				108,585

American Funds Insurance Series 93

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Communication services 4.97%
Alphabet, Inc., Class C1		185,056	$	16,420
Alphabet, Inc., Class A1		90,146		7,954
Netflix, Inc.1		30,480		8,988
Comcast Corp., Class A		225,329		7,880
SoftBank Corp.		536,785		6,069
NetEase, Inc.		348,000		5,073
Publicis Groupe SA		78,301		4,972
Meta Platforms, Inc., Class A1		38,469		4,629
Sea, Ltd., Class A (ADR)1		85,765		4,462
Universal Music Group NV		148,872		3,594
Bharti Airtel, Ltd.		357,140		3,472
Bharti Airtel, Ltd., interim shares		13,994		73
Deutsche Telekom AG1		161,959		3,230
Singapore Telecommunications, Ltd.		1,510,800		2,901
Omnicom Group, Inc.		21,678		1,768
Nippon Telegraph and Telephone Corp.		53,400		1,524
Tencent Holdings, Ltd.		34,300		1,458
Take-Two Interactive Software, Inc.1		12,130		1,263
Yandex NV, Class A1,3		151,598		—	4
				85,730
Utilities 2.91%
DTE Energy Company		51,844		6,093
Iberdrola, SA, non-registered shares		502,226		5,875
PG&E Corp.1		322,958		5,251
NextEra Energy, Inc.		55,877		4,671
E.ON SE		439,329		4,385
China Resources Gas Group, Ltd.		1,106,532		4,121
Engie SA		236,678		3,390
Engie SA, bonus shares		41,586		596
Edison International		52,162		3,318
Enel SpA		583,497		3,138
Exelon Corp.		59,727		2,582
Power Grid Corporation of India, Ltd.		862,367		2,220
AES Corp.		47,865		1,377
Endesa, SA		67,522		1,274
Constellation Energy Corp.		12,539		1,081
Public Service Enterprise Group, Inc.		14,569		893
				50,265
Real estate 1.01%
Crown Castle, Inc. REIT		39,469		5,353
Longfor Group Holdings, Ltd.		866,238		2,655
American Tower Corp. REIT		12,107		2,565
China Resources Mixc Lifestyle Services, Ltd.		358,800		1,823
W. P. Carey, Inc. REIT		22,705		1,774
Americold Realty Trust, Inc. REIT		62,231		1,762
Sun Hung Kai Properties, Ltd.		70,500		965
Iron Mountain, Inc. REIT		11,618		579
				17,476
Total common stocks (cost: $1,368,680,000)				1,643,012
Preferred securities 0.16%
Consumer discretionary 0.12%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares1		19,788		2,007

94 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Preferred securities (continued)				Shares		Value (000)
Health care 0.03%
Grifols, SA, Class B, nonvoting non-registered preferred shares1					59,790	$	505
Financials 0.01%
Fannie Mae, Series S, 8.25% noncumulative preferred shares1					58,870		138
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1					61,516		125
							263
Total preferred securities (cost: $3,231,000)							2,775
Convertible bonds & notes 0.05%				Principal amount (000)
Communication services 0.05%
Sea, Ltd., convertible notes, 2.375% 12/1/2025				USD	952		940
Total convertible bonds & notes (cost: $2,437,000)							940
Bonds, notes & other debt instruments 0.35%
Corporate bonds, notes & loans 0.29%
Health care 0.15%
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024					1,600		1,572
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026					1,100		964
							2,536
Consumer discretionary 0.07%
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20255					647		695
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20285					390		312
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20295					151		152
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20295					125		129
							1,288
Energy 0.04%
TransCanada PipeLines, Ltd. 5.10% 3/15/2049					800		729
Financials 0.03%
Lloyds Banking Group PLC 3.369% 12/14/20466					709		462
Total corporate bonds, notes & loans							5,015
Bonds & notes of governments & government agencies outside the U.S. 0.06%
United Mexican States, Series M, 8.00% 12/7/2023				MXN	20,000		1,001
Total bonds, notes & other debt instruments (cost: $6,581,000)							6,016
Short-term securities 4.42%	Weighted average yield at acquisition
Commercial paper 4.04%
DBS Bank, Ltd. 1/5/20235		3.640	%	USD	37,100		37,073
DNB Bank ASA 3/2/20235		4.273			33,000		32,755
							69,828

American Funds Insurance Series 95

Capital World Growth and Income Fund (continued)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.34%
Invesco Short-Term Investments Trust – Government & Agency Portfolio,Institutional Class 4.22%7,8		2,893,689	$	2,894
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%7,8		2,827,563		2,827
Capital Group Central Cash Fund 4.31%7,8,9		1,112		111
				5,832
Money market investments 0.04%
Capital Group Central Cash Fund 4.31%7,9		6,929		693
Total short-term securities (cost: $76,365,000)				76,353
Total investment securities 100.21% (cost: $1,457,294,000)				1,729,096
Other assets less liabilities (0.21)%				(3,698	)
Net assets 100.00%			$	1,725,398

Investments in affiliates⁹

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 0.05%
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 4.31%7,8	$	293	$		$	182	10	$		$			$	111	$	—	11
Money market investments 0.04%
Capital Group Central Cash Fund 4.31%7		12,989		493,820		506,123			8		(1	)		693		1,469
Total 0.05%								$	8	$	(1	)	$	804	$	1,469

1	Security did not produce income during the last 12 months.
2	All or a portion of this security was on loan. The total value of all such securities was $6,155,000, which represented .36% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Value determined using significant unobservable inputs.
4	Amount less than one thousand.
5	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $71,116,000, which represented 4.12% of the net assets of the fund.
6	Step bond; coupon rate may change at a later date.
7	Rate represents the seven-day yield at 12/31/2022.
8	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
9	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
10	Represents net activity. Refer to Note 5 for more information on securities lending.
11	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GBP = British pounds

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

USD = U.S. dollars

Refer to the notes to financial statements.

96 American Funds Insurance Series

Growth-Income Fund

Investment portfolio December 31, 2022

Common stocks 91.48%	Shares		Value (000)
Information technology 20.19%
Microsoft Corp.		7,759,381	$	1,860,855
Broadcom, Inc.		2,430,747		1,359,104
Mastercard, Inc., Class A		1,487,948		517,404
Apple, Inc.		2,169,231		281,848
Visa, Inc., Class A		1,346,541		279,757
ASML Holding NV		215,068		116,417
ASML Holding NV (New York registered) (ADR)		137,293		75,017
Taiwan Semiconductor Manufacturing Company, Ltd.		12,123,000		176,689
Automatic Data Processing, Inc.		718,796		171,692
Fidelity National Information Services, Inc.		2,472,310		167,746
Accenture PLC, Class A		625,335		166,864
Applied Materials, Inc.		1,686,100		164,192
Concentrix Corp.		904,367		120,426
Micron Technology, Inc.		2,363,454		118,125
ServiceNow, Inc.1		294,412		114,311
GoDaddy, Inc., Class A1		1,402,444		104,931
Global Payments, Inc.		973,628		96,701
FleetCor Technologies, Inc.1		420,507		77,239
Analog Devices, Inc.		398,402		65,350
QUALCOMM, Inc.		564,911		62,106
Fiserv, Inc.1		536,700		54,244
Texas Instruments, Inc.		309,811		51,187
Adobe, Inc.1		143,116		48,163
TELUS International (Cda), Inc., subordinate voting shares1		2,302,991		45,576
KLA Corp.		116,000		43,736
MKS Instruments, Inc.		481,000		40,755
Cognizant Technology Solutions Corp., Class A		682,850		39,052
NVIDIA Corp.		239,765		35,039
Snowflake, Inc., Class A1		225,042		32,303
Datadog, Inc., Class A1		365,800		26,886
Intel Corp.		1,000,000		26,430
Ceridian HCM Holding, Inc.1		350,352		22,475
Trimble, Inc.1		443,800		22,439
Lam Research Corp.		50,039		21,031
Dye & Durham, Ltd.2		1,322,100		16,023
Paychex, Inc.		127,131		14,691
VeriSign, Inc.1		61,000		12,532
Atlassian Corp., Class A1		52,744		6,787
Euronet Worldwide, Inc.1		27,800		2,624
				6,658,747
Industrials 14.17%
Raytheon Technologies Corp.		7,634,279		770,451
General Electric Co.		6,238,229		522,701
Northrop Grumman Corp.		633,267		345,517
TFI International, Inc.		2,669,105		267,551
Carrier Global Corp.		5,549,584		228,920
TransDigm Group, Inc.		340,571		214,441
Woodward, Inc.		2,204,500		212,977
General Dynamics Corp.		848,975		210,639
Airbus SE, non-registered shares		1,617,590		192,335
Waste Connections, Inc.		1,425,463		188,959
L3Harris Technologies, Inc.		840,290		174,957
Old Dominion Freight Line, Inc.		525,000		148,985
BWX Technologies, Inc.		2,159,505		125,424
Norfolk Southern Corp.		482,759		118,962
United Rentals, Inc.1		296,000		105,204
ITT, Inc.		1,244,379		100,919
Waste Management, Inc.		625,300		98,097
Equifax, Inc.		490,008		95,238
Air Lease Corp., Class A		2,097,300		80,578
Honeywell International, Inc.		364,682		78,151

American Funds Insurance Series 97

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Fortive Corp.		1,085,000	$	69,711
United Airlines Holdings, Inc.1		1,810,598		68,260
Safran SA		539,713		67,444
Lockheed Martin Corp.		110,000		53,514
GFL Environmental, Inc., subordinate voting shares		1,600,000		46,768
CSX Corp.		1,171,873		36,305
Otis Worldwide Corp.		268,100		20,995
Fastenal Co.		379,747		17,970
Boeing Company1		62,500		11,906
				4,673,879
Health care 13.30%
UnitedHealth Group, Inc.		2,035,435		1,079,147
Abbott Laboratories		6,014,324		660,313
AbbVie, Inc.		3,742,689		604,856
Novo Nordisk A/S, Class B		2,431,449		329,218
Humana, Inc.		487,426		249,655
AstraZeneca PLC		1,209,323		164,124
AstraZeneca PLC (ADR)		721,200		48,897
Elevance Health, Inc.		366,614		188,062
Thermo Fisher Scientific, Inc.		265,602		146,264
Bristol-Myers Squibb Company		1,994,278		143,488
Eli Lilly and Company		360,974		132,059
Pfizer, Inc.		2,180,169		111,712
PerkinElmer, Inc.		769,600		107,913
Seagen, Inc.1		654,515		84,112
Horizon Therapeutics PLC1		421,815		48,002
Zoetis, Inc., Class A		305,121		44,715
Tandem Diabetes Care, Inc.1		910,186		40,913
Stryker Corp.		148,897		36,404
Medtronic PLC		413,597		32,145
Roche Holding AG, nonvoting non-registered shares		85,502		26,870
Penumbra, Inc.1		117,381		26,113
Edwards Lifesciences Corp.1		317,059		23,656
Zimmer Biomet Holdings, Inc.		171,174		21,825
Takeda Pharmaceutical Company, Ltd.		464,600		14,511
NovoCure, Ltd.1		193,600		14,200
Vir Biotechnology, Inc.1		258,400		6,540
				4,385,714
Financials 8.78%
JPMorgan Chase & Co.		3,394,830		455,247
Chubb, Ltd.		1,451,726		320,251
Marsh & McLennan Companies, Inc.		1,709,201		282,839
Arthur J. Gallagher & Co.		1,189,650		224,297
Nasdaq, Inc.		2,761,260		169,403
BlackRock, Inc.		202,957		143,821
Morgan Stanley		1,592,297		135,377
Aon PLC, Class A		442,013		132,666
B3 SA-Brasil, Bolsa, Balcao		39,829,500		99,654
Berkshire Hathaway, Inc., Class B1		285,000		88,037
State Street Corp.		1,077,260		83,563
Webster Financial Corp.		1,701,139		80,532
American International Group, Inc.		1,272,230		80,456
Signature Bank		669,947		77,191
S&P Global, Inc.		228,138		76,413
Moody’s Corp.		216,306		60,267
Power Corporation of Canada, subordinate voting shares2		2,293,100		53,940
Wells Fargo & Company		1,298,041		53,596
Blue Owl Capital, Inc., Class A		4,749,165		50,341
MSCI, Inc.		98,300		45,726
TPG, Inc., Class A		1,347,552		37,502

98 American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
LPL Financial Holdings, Inc.		169,900	$	36,727
Western Alliance Bancorporation		486,936		29,002
Citizens Financial Group, Inc.		728,750		28,691
Bank of America Corp.		791,332		26,209
PNC Financial Services Group, Inc.		152,679		24,114
CME Group, Inc., Class A		5,500		925
				2,896,787
Consumer discretionary 7.82%
Amazon.com, Inc.1		5,804,151		487,549
General Motors Company		8,736,000		293,879
Dollar Tree Stores, Inc.1		1,279,006		180,903
Home Depot, Inc.		551,165		174,091
Hilton Worldwide Holdings, Inc.		1,177,320		148,766
Royal Caribbean Cruises, Ltd.1		2,958,586		146,243
Wyndham Hotels & Resorts, Inc.		1,842,940		131,420
D.R. Horton, Inc.		1,325,599		118,164
Chipotle Mexican Grill, Inc.1		70,670		98,054
Burlington Stores, Inc.1		399,428		80,988
InterContinental Hotels Group PLC		1,396,700		80,392
Starbucks Corp.		767,500		76,136
NIKE, Inc., Class B		629,740		73,686
Dollar General Corp.		291,102		71,684
Lear Corp.		569,068		70,576
Kering SA		101,695		52,046
Aptiv PLC1		447,289		41,656
Darden Restaurants, Inc.		296,000		40,946
CarMax, Inc.1		650,000		39,578
Churchill Downs, Inc.		185,426		39,205
Airbnb, Inc., Class A1		350,000		29,925
Norwegian Cruise Line Holdings, Ltd.1		2,177,187		26,649
YUM! Brands, Inc.		196,630		25,184
NVR, Inc.1		5,298		24,437
Rivian Automotive, Inc., Class A1		1,071,576		19,749
McDonald’s Corp.		25,000		6,588
				2,578,494
Communication services 7.52%
Alphabet, Inc., Class C1		5,068,984		449,771
Alphabet, Inc., Class A1		4,841,135		427,133
Netflix, Inc.1		1,812,523		534,477
Comcast Corp., Class A		11,970,266		418,600
Meta Platforms, Inc., Class A1		3,113,843		374,720
Charter Communications, Inc., Class A1		378,097		128,213
Electronic Arts, Inc.		843,700		103,083
T-Mobile US, Inc.1		181,772		25,448
Take-Two Interactive Software, Inc.1		178,984		18,638
				2,480,083
Consumer staples 5.80%
Philip Morris International, Inc.		6,790,089		687,225
British American Tobacco PLC		9,433,859		374,286
Keurig Dr Pepper, Inc.		6,469,367		230,698
General Mills, Inc.		1,378,800		115,612
Mondelez International, Inc.		1,506,161		100,386
Molson Coors Beverage Company, Class B, restricted voting shares		1,620,313		83,478
Anheuser-Busch InBev SA/NV		1,339,531		80,530
Archer Daniels Midland Company		670,100		62,219
Constellation Brands, Inc., Class A		237,807		55,112
Bunge, Ltd.		538,852		53,761

American Funds Insurance Series 99

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Procter & Gamble Company		180,677	$	27,383
Kraft Heinz Company		567,200		23,091
Monster Beverage Corp.1		178,560		18,129
				1,911,910
Energy 4.78%
Chevron Corp.		2,053,300		368,547
ConocoPhillips		2,749,013		324,383
Canadian Natural Resources, Ltd. (CAD denominated)		4,947,114		274,722
Baker Hughes Co., Class A		7,353,936		217,162
EOG Resources, Inc.		620,310		80,343
TC Energy Corp. (CAD denominated)2		1,849,358		73,728
Exxon Mobil Corp.		660,220		72,822
Equitrans Midstream Corp.		10,215,807		68,446
Suncor Energy, Inc.		1,451,133		46,031
Cheniere Energy, Inc.		238,735		35,801
Diamondback Energy, Inc.		117,500		16,072
				1,578,057
Utilities 4.04%
PG&E Corp.1		25,776,996		419,134
Edison International		2,689,330		171,095
Entergy Corp.		1,304,500		146,756
Constellation Energy Corp.		1,414,838		121,973
Sempra Energy		690,000		106,633
CenterPoint Energy, Inc.		2,840,104		85,175
AES Corp.		2,803,707		80,635
Enel SpA		12,931,498		69,549
NextEra Energy, Inc.		585,000		48,906
DTE Energy Company		401,000		47,129
CMS Energy Corp.		551,001		34,895
				1,331,880
Materials 3.24%
Linde PLC		1,122,332		366,082
Vale SA (ADR), ordinary nominative shares		5,459,475		92,647
Vale SA, ordinary nominative shares		3,404,848		57,318
LyondellBasell Industries NV		1,735,980		144,138
Albemarle Corp.		540,457		117,204
Freeport-McMoRan, Inc.		2,382,960		90,553
Corteva, Inc.		1,405,942		82,641
ATI, Inc.1		1,769,447		52,836
Barrick Gold Corp.		2,373,000		40,768
Sherwin-Williams Company		101,038		23,979
				1,068,166
Real estate 1.84%
VICI Properties, Inc. REIT		9,124,903		295,647
Equinix, Inc. REIT		298,158		195,302
Crown Castle, Inc. REIT		864,782		117,299
				608,248
Total common stocks (cost: $19,921,309,000)				30,171,965
Convertible stocks 0.83%
Health care 0.51%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/20232		123,957		168,154

100 American Funds Insurance Series

Growth-Income Fund (continued)

Convertible stocks (continued)		Shares		Value (000)
Consumer discretionary 0.14%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023			420,075	$	45,082
Utilities 0.09%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025			617,200		30,977
Financials 0.09%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023			527,700		30,211
Total convertible stocks (cost: $288,316,000)					274,424
Bonds, notes & other debt instruments 0.02%	Principal amount (000)
Corporate bonds, notes & loans 0.02%
Industrials 0.02%
Boeing Company 4.875% 5/1/2025		USD	4,706		4,674
Consumer discretionary 0.00%
General Motors Financial Co. 4.30% 7/13/2025			160		155
General Motors Financial Co. 5.25% 3/1/2026			827		815
					970
Energy 0.00%
Weatherford International, Ltd. 11.00% 12/1/20243			265		272
Total corporate bonds, notes & loans					5,916
Total bonds, notes & other debt instruments (cost: $5,868,000)					5,916
Short-term securities 8.45%			Shares
Money market investments 7.77%
Capital Group Central Cash Fund 4.31%4,5			25,654,468		2,565,190
Money market investments purchased with collateral from securities on loan 0.68%
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%4,6			92,462,113		92,462
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%4,6			91,131,298		91,131
Capital Group Central Cash Fund 4.31%4,5,6			402,344		40,231
					223,824
Total short-term securities (cost: $2,788,688,000)					2,789,014
Total investment securities 100.78% (cost: $23,004,181,000)					33,241,319
Other assets less liabilities (0.78)%					(258,352	)
Net assets 100.00%				$	32,982,967

American Funds Insurance Series 101

Growth-Income Fund (continued)

Investments in affiliates⁵

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 7.89%
Money market investments 7.77%
Capital Group Central Cash Fund 4.31%4	$	1,220,761	$	5,840,874		$	4,496,259	$	(316	)	$	130	$	2,565,190	$	40,278
Money market investments purchased with collateral from securities on loan 0.12%
Capital Group Central Cash Fund 4.31%4,6		39,148		1,083	7									40,231		—	8
Total 7.89%								$	(316	)	$	130	$	2,605,421	$	40,278

1	Security did not produce income during the last 12 months.
2	All or a portion of this security was on loan. The total value of all such securities was $240,456,000, which represented .73% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $272,000, which represented less than .01% of the net assets of the fund.
4	Rate represents the seven-day yield at 12/31/2022.
5	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
6	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
7	Represents net activity. Refer to Note 5 for more information on securities lending.
8	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

102 American Funds Insurance Series

International Growth and Income Fund

Investment portfolio December 31, 2022

Common stocks 96.75%	Shares		Value (000)
Financials 16.53%
AIA Group, Ltd.		408,000	$	4,495
Ping An Insurance (Group) Company of China, Ltd., Class H		643,000		4,244
AXA SA		114,432		3,189
Zurich Insurance Group AG		5,399		2,580
HDFC Bank, Ltd.		118,266		2,328
Tokio Marine Holdings, Inc.		105,200		2,252
UniCredit SpA		132,526		1,885
Toronto-Dominion Bank (CAD denominated)		28,953		1,875
Société Générale		70,627		1,772
DNB Bank ASA		78,454		1,553
Euronext NV		20,312		1,506
Banco Bilbao Vizcaya Argentaria, SA		216,058		1,305
Aon PLC, Class A		4,301		1,291
Hana Financial Group, Inc.		37,354		1,250
London Stock Exchange Group PLC		12,717		1,097
Hang Seng Bank, Ltd.		66,200		1,096
B3 SA-Brasil, Bolsa, Balcao		407,901		1,021
UBS Group AG		54,178		1,010
Industrial and Commercial Bank of China, Ltd., Class H		1,959,040		1,009
Banco Santander, SA		307,795		922
Resona Holdings, Inc.		167,200		918
XP, Inc., Class A1		53,223		816
Prudential PLC		55,866		756
Erste Group Bank AG		22,556		719
DBS Group Holdings, Ltd.		26,695		676
Bank Leumi Le-Israel BM		77,681		648
Discovery, Ltd.1		88,847		645
Tryg A/S		25,561		606
ABN AMRO Bank NV		42,512		587
HDFC Life Insurance Company, Ltd.		82,955		566
China Merchants Bank Co., Ltd., Class H		98,500		546
Kotak Mahindra Bank, Ltd.		23,335		513
Israel Discount Bank Ltd., Class A		87,914		462
Banca Generali SpA		13,051		449
ICICI Bank, Ltd. (ADR)		18,198		398
Islandsbanki hf.		466,167		394
Skandinaviska Enskilda Banken AB, Class A		32,490		374
Brookfield Corp., Class A (CAD denominated)		10,905		343
Grupo Financiero Banorte, SAB de CV, Series O		41,185		296
ICICI Securities, Ltd.		45,682		275
Postal Savings Bank of China Co., Ltd., Class H		437,000		270
ING Groep NV		21,878		267
EQT AB		11,659		248
United Overseas Bank, Ltd.		5,400		124
AU Small Finance Bank, Ltd.		12,289		97
Brookfield Asset Management, Ltd., Class A (CAD denominated)1		2,726		78
Moscow Exchange MICEX-RTS PJSC1,2		346,177		—	3
Sberbank of Russia PJSC1,2		476,388		—	3
				49,751
Industrials 11.96%
Airbus SE, non-registered shares		51,245		6,093
BAE Systems PLC		413,069		4,269
Alliance Global Group, Inc.		7,895,900		1,689
ABB, Ltd.		50,534		1,539
Rheinmetall AG		7,314		1,457
SMC Corp.		3,100		1,312
Daikin Industries, Ltd.		8,400		1,292
RELX PLC		46,516		1,289
Brenntag SE		19,924		1,274
Bunzl PLC		34,974		1,167
CCR SA, ordinary nominative shares		565,458		1,159

American Funds Insurance Series 103

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Ryanair Holdings PLC (ADR)1		13,626	$	1,019
Safran SA		7,664		958
InPost SA1		109,547		926
Cathay Pacific Airways, Ltd.1,4		787,000		856
LIXIL Corp.		50,900		776
Mitsui & Co., Ltd.		25,200		733
Waste Connections, Inc. (CAD denominated)		5,192		688
Experian PLC		17,789		606
TFI International, Inc. (CAD denominated)		5,936		594
Techtronic Industries Co., Ltd.		50,500		562
Caterpillar, Inc.		2,260		541
BELIMO Holding AG		1,112		531
Epiroc AB, Class A		19,779		362
Epiroc AB, Class B		10,197		164
Canadian Pacific Railway, Ltd. (CAD denominated)		6,837		510
Interpump Group SpA		9,158		415
Deutsche Post AG		9,640		363
Siemens AG		2,589		359
Nidec Corp.		6,900		359
DSV A/S		2,161		343
Japan Airlines Co., Ltd.1		16,500		338
Adecco Group AG		10,191		335
Kone OYJ, Class B		5,245		272
ASSA ABLOY AB, Class B		11,710		252
Wizz Air Holdings PLC1		9,714		222
SITC International Holdings Co., Ltd.		79,659		176
Hitachi, Ltd.		2,400		121
Polycab India, Ltd.		2,077		64
Husqvarna AB, Class B		1,503		11
				35,996
Consumer discretionary 11.78%
Evolution AB		44,081		4,305
LVMH Moët Hennessy-Louis Vuitton SE		5,830		4,235
MGM China Holdings, Ltd.1		2,330,000		2,568
Renault SA1		75,272		2,508
Sands China, Ltd.1		568,372		1,883
Restaurant Brands International, Inc. (CAD denominated)		26,120		1,689
InterContinental Hotels Group PLC		25,528		1,469
Wynn Macau, Ltd.1		1,317,200		1,468
Prosus NV, Class N		19,085		1,310
Midea Group Co., Ltd., Class A		170,800		1,269
Galaxy Entertainment Group, Ltd.		184,000		1,218
Sodexo SA		11,689		1,118
adidas AG		8,004		1,093
Li Ning Co., Ltd.		122,500		1,051
B&M European Value Retail SA		203,086		1,012
Nitori Holdings Co., Ltd.		6,200		804
Industria de Diseño Textil, SA		29,903		796
Paltac Corp.		21,900		767
Valeo SA, non-registered shares		40,170		716
Stellantis NV		43,832		621
OPAP SA		41,296		585
Entain PLC		33,218		533
Coupang, Inc., Class A1		32,030		471
D’Ieteren Group		2,035		392
Americanas SA, ordinary nominative shares		149,913		274
Games Workshop Group PLC		2,532		262
IDP Education, Ltd.		13,164		243
JD.com, Inc., Class A		7,174		202
Pan Pacific International Holdings Corp.		9,000		167
Kering SA		287		147

104 American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Balkrishna Industries, Ltd.		4,894	$	126
Dixon Technologies (India), Ltd.		1,902		90
MercadoLibre, Inc.1		88		75
				35,467
Consumer staples 11.46%
British American Tobacco PLC		196,339		7,790
Philip Morris International, Inc.		65,119		6,591
Nestlé SA		26,069		3,011
Anheuser-Busch InBev SA/NV		40,759		2,450
Carlsberg A/S, Class B		18,056		2,390
Kweichow Moutai Co., Ltd., Class A		9,490		2,348
Pernod Ricard SA		6,241		1,227
Japan Tobacco, Inc.		58,100		1,175
Asahi Group Holdings, Ltd.		33,300		1,037
Foshan Haitian Flavouring and Food Co., Ltd., Class A		77,954		892
Arca Continental, SAB de CV		108,287		879
Carrefour SA, non-registered shares		47,224		790
KT&G Corp.		9,986		722
Varun Beverages, Ltd.		43,375		691
Ocado Group PLC1		80,608		607
Imperial Brands PLC		20,722		518
L’Oréal SA, non-registered shares		1,190		427
Reckitt Benckiser Group PLC		5,140		357
Haleon PLC1		60,392		241
Danone SA		4,351		229
Avenue Supermarts, Ltd.1		2,324		114
				34,486
Information technology 10.82%
Taiwan Semiconductor Manufacturing Company, Ltd.		517,000		7,535
ASML Holding NV		10,887		5,893
Edenred SA		50,178		2,730
Tokyo Electron, Ltd.		8,300		2,466
Samsung Electronics Co., Ltd.		41,896		1,848
MediaTek, Inc.		87,000		1,767
Broadcom, Inc.		2,678		1,497
SAP SE		13,056		1,347
Keyence Corp.		2,700		1,057
Kingdee International Software Group Co., Ltd.1		444,000		945
Logitech International SA		14,465		898
Nokia Corp.		184,789		859
TDK Corp.		25,500		828
Capgemini SE		4,791		804
ASM International NV		2,074		525
Vanguard International Semiconductor Corp.		186,000		468
Halma PLC		12,131		290
Amadeus IT Group SA, Class A, non-registered shares1		4,613		238
Nice, Ltd. (ADR)1		888		171
Fujitsu, Ltd.		1,000		132
eMemory Technology, Inc.		3,000		130
Nomura Research Institute, Ltd.		5,300		126
				32,554
Health care 10.34%
AstraZeneca PLC		77,983		10,584
Novo Nordisk A/S, Class B		49,782		6,740
Sanofi		28,623		2,770
EssilorLuxottica		10,095		1,838
Siemens Healthineers AG		34,852		1,744
Bayer AG		32,378		1,672
GSK PLC		49,438		860

American Funds Insurance Series 105

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Genus PLC		21,154	$	762
Grifols, SA, Class B (ADR)1		88,384		751
EUROAPI1		39,510		586
Shionogi & Co., Ltd.		9,600		478
Lonza Group AG		927		456
Roche Holding AG, nonvoting non-registered shares		1,328		417
Novartis AG		4,476		405
BeiGene, Ltd. (ADR)1		1,387		305
Hypera SA, ordinary nominative shares		30,419		260
Innovent Biologics, Inc.1		48,500		208
CanSino Biologics, Inc., Class H4		22,800		195
HOYA Corp.		1,000		97
				31,128
Energy 7.77%
TotalEnergies SE		89,101		5,561
BP PLC		643,014		3,739
TechnipFMC PLC1		186,903		2,279
Equinor ASA		57,576		2,065
TC Energy Corp. (CAD denominated)		42,686		1,702
Schlumberger, Ltd.		30,187		1,614
Canadian Natural Resources, Ltd. (CAD denominated)4		25,703		1,427
Aker BP ASA		43,949		1,370
Cameco Corp. (CAD denominated)		52,625		1,193
Reliance Industries, Ltd.		18,972		582
Gaztransport & Technigaz SA		4,690		501
Tourmaline Oil Corp.		9,772		493
Woodside Energy Group, Ltd.		18,414		446
INPEX Corp.		31,500		336
Var Energi ASA		20,924		72
Sovcomflot PAO1,2		356,717		—	3
Gazprom PJSC2		671,150		—	3
LUKOIL Oil Co. PJSC2		9,706		—	3
				23,380
Materials 5.76%
Vale SA, ordinary nominative shares		198,640		3,344
Vale SA (ADR), ordinary nominative shares		80,910		1,373
Linde PLC		7,570		2,469
Glencore PLC		306,363		2,049
Barrick Gold Corp.		94,562		1,625
Barrick Gold Corp. (CAD denominated)		13,543		232
UPM-Kymmene OYJ		23,659		887
Rio Tinto PLC		10,464		734
Asahi Kasei Corp.		99,900		710
Air Liquide SA, non-registered shares		4,908		698
Fresnillo PLC		58,201		632
Koninklijke DSM NV		5,120		628
Sociedad Química y Minera de Chile SA, Class B (ADR)		7,688		614
Fortescue Metals Group, Ltd.		42,173		588
Sika AG		1,500		362
Shin-Etsu Chemical Co., Ltd.		1,900		231
Givaudan SA		52		158
Alrosa PJSC1,2		53,607		—	3
				17,334
Communication services 5.66%
Koninklijke KPN NV		752,688		2,329
Nippon Telegraph and Telephone Corp.		81,600		2,329
Tencent Holdings, Ltd.		50,600		2,151
Telefónica, SA, non-registered shares		402,982		1,459
Publicis Groupe SA		22,225		1,411

106 American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
Sea, Ltd., Class A (ADR)1		21,542	$	1,121
BT Group PLC		635,302		863
SoftBank Corp.		76,200		862
Vodafone Group PLC		839,939		851
América Móvil, SAB de CV, Series L (ADR)		41,487		755
Singapore Telecommunications, Ltd.		319,600		614
Deutsche Telekom AG1		29,435		587
Indus Towers, Ltd.		246,737		567
Viaplay Group AB, Class B1		20,606		393
MTN Group, Ltd.		44,802		336
Universal Music Group NV		9,460		228
NetEase, Inc.		10,800		157
Sitios Latinoamerica, SAB de CV, Class B11		40,380		19
Yandex NV, Class A1,2		5,000		—	3
				17,032
Utilities 3.07%
Engie SA		190,787		2,733
Enel SpA		397,417		2,137
ENN Energy Holdings, Ltd.		118,100		1,648
Brookfield Infrastructure Partners, LP		36,875		1,142
National Grid PLC		43,151		518
Iberdrola, SA, non-registered shares		37,788		442
China Resources Gas Group, Ltd.		106,200		396
Veolia Environnement		9,023		232
				9,248
Real estate 1.60%
CK Asset Holdings, Ltd.		327,000		2,014
Longfor Group Holdings, Ltd.		351,500		1,077
Link REIT		108,007		793
Unibail-Rodamco-Westfield REIT, non-registered shares1		10,561		551
Embassy Office Parks REIT		94,895		385
				4,820
Total common stocks (cost: $287,727,000)				291,196
Preferred securities 0.63%
Materials 0.40%
Gerdau SA, preferred nominative shares		216,930		1,207
Consumer discretionary 0.14%
Volkswagen AG, nonvoting preferred shares		3,468		432
Information technology 0.09%
Samsung Electronics Co., Ltd., nonvoting preferred shares		6,483		261
Total preferred securities (cost: $2,271,000)				1,900
Short-term securities 2.11%
Money market investments 1.82%
Capital Group Central Cash Fund 4.31%5,6		54,926		5,492

American Funds Insurance Series 107

International Growth and Income Fund (continued)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.29%
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%5,7		851,683	$	852
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%5,7		14,166		14
				866
Total short-term securities (cost: $6,355,000)				6,358
Total investment securities 99.49% (cost: $296,353,000)				299,454
Other assets less liabilities 0.51%				1,543
Net assets 100.00%			$	300,997

Forward currency contracts

Contract amount						Unrealized appreciation
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 12/31/2022 (000)
USD	612	GBP	502	UBS AG	1/12/2023	$5

Investments in affiliates⁶

	Value of affiliate at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss  (000)			Net unrealized depreciation (000)			Value of affiliate at 12/31/2022 (000)		Dividend income (000)
Short-term securities 1.82%
Money market investments 1.82%
Capital Group Central Cash Fund 4.31%5	$	21,699	$	75,477	$	91,678	$	(4	)	$	(2	)	$	5,492	$	302

1	Security did not produce income during the last 12 months.
2	Value determined using significant unobservable inputs.
3	Amount less than one thousand.
4	All or a portion of this security was on loan. The total value of all such securities was $1,435,000, which represented .48% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
5	Rate represents the seven-day yield at 12/31/2022.
6	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
7	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

GBP = British pounds

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

108 American Funds Insurance Series

Capital Income Builder

Investment portfolio December 31, 2022

Common stocks 74.46%	Shares		Value (000)
Financials 13.77%
Zurich Insurance Group AG		39,942	$	19,087
Toronto-Dominion Bank (CAD denominated)		162,719		10,536
JPMorgan Chase & Co.		68,717		9,215
PNC Financial Services Group, Inc.		49,137		7,761
Münchener Rückversicherungs-Gesellschaft AG		23,791		7,736
CME Group, Inc., Class A		45,573		7,664
DBS Group Holdings, Ltd.		300,006		7,595
Morgan Stanley		88,772		7,547
DNB Bank ASA		301,733		5,974
Power Corporation of Canada, subordinate voting shares		201,698		4,745
BlackRock, Inc.		6,520		4,620
B3 SA-Brasil, Bolsa, Balcao		1,360,408		3,404
Tryg A/S		138,292		3,280
Ping An Insurance (Group) Company of China, Ltd., Class H		447,500		2,954
Ping An Insurance (Group) Company of China, Ltd., Class A		34,457		233
Webster Financial Corp.		61,978		2,934
AIA Group, Ltd.		253,600		2,794
American International Group, Inc.		43,993		2,782
Principal Financial Group, Inc.		31,762		2,665
Blackstone, Inc., nonvoting shares		33,399		2,478
KBC Groep NV		33,615		2,158
United Overseas Bank, Ltd.		89,200		2,046
State Street Corp.		26,015		2,018
Kaspi.kz JSC1		21,756		1,555
Kaspi.kz JSC (GDR)		5,969		426
East West Bancorp, Inc.		29,501		1,944
ING Groep NV		157,320		1,919
Wells Fargo & Company		45,898		1,895
China Pacific Insurance (Group) Co., Ltd., Class H		794,150		1,754
National Bank of Canada		24,069		1,622
Travelers Companies, Inc.		8,641		1,620
Swedbank AB, Class A		88,691		1,507
Citizens Financial Group, Inc.		36,461		1,436
KeyCorp		75,308		1,312
China Merchants Bank Co., Ltd., Class A		131,100		703
China Merchants Bank Co., Ltd., Class H		94,500		524
IIFL Wealth Management, Ltd.		55,104		1,183
Franklin Resources, Inc.		42,738		1,127
OneMain Holdings, Inc.		33,517		1,116
EFG International AG		113,913		1,086
BNP Paribas SA		17,927		1,020
Great-West Lifeco, Inc.		43,284		1,001
Truist Financial Corp.		23,131		995
Corebridge Financial, Inc.		44,617		895
Hang Seng Bank, Ltd.		52,200		864
Euronext NV		11,304		838
Hong Kong Exchanges and Clearing, Ltd.		18,300		791
Bank Central Asia Tbk PT		1,423,700		781
TPG, Inc., Class A		26,918		749
Citigroup, Inc.		16,200		733
Patria Investments, Ltd., Class A		47,813		666
Banco Santander, SA		201,758		604
Vontobel Holding AG		7,885		524
Macquarie Group, Ltd.		4,045		459
Hana Financial Group, Inc.		10,680		357
Cullen/Frost Bankers, Inc.		1,968		263
UniCredit SpA		12,643		180
SouthState Corp.		2,204		168
Moscow Exchange MICEX-RTS PJSC2,3		875,002		—	4
Sberbank of Russia PJSC2,3		204,176		—	4
				156,843

American Funds Insurance Series 109

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples 10.07%
Philip Morris International, Inc.		259,908	$	26,305
British American Tobacco PLC		471,482		18,706
General Mills, Inc.		102,770		8,617
Altria Group, Inc.		188,250		8,605
PepsiCo, Inc.		47,154		8,519
Nestlé SA		70,531		8,145
Kimberly-Clark Corp.		39,311		5,337
Imperial Brands PLC		207,379		5,181
ITC, Ltd.		1,060,348		4,250
Unilever PLC (GBP denominated)		57,668		2,909
Carlsberg A/S, Class B		19,656		2,602
Keurig Dr Pepper, Inc.		72,760		2,595
Danone SA		48,454		2,553
Anheuser-Busch InBev SA/NV		37,592		2,260
Kraft Heinz Company		32,392		1,319
Seven & i Holdings Co., Ltd.		29,600		1,266
Procter & Gamble Company		7,687		1,165
Mondelez International, Inc.		14,725		981
Vector Group, Ltd.		69,487		824
Essity Aktiebolag, Class B		23,218		610
Viscofan, SA, non-registered shares		9,124		589
Reckitt Benckiser Group PLC		7,982		555
Scandinavian Tobacco Group A/S		21,667		380
Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates		136,106		231
Coca-Cola HBC AG (CDI)		7,021		168
				114,672
Health care 9.47%
AbbVie, Inc.		173,251		27,999
Amgen, Inc.		53,879		14,151
Gilead Sciences, Inc.		153,232		13,155
AstraZeneca PLC		60,447		8,204
Abbott Laboratories		66,565		7,308
Medtronic PLC		82,068		6,378
Novartis AG		65,737		5,955
Bristol-Myers Squibb Company		74,164		5,336
Pfizer, Inc.		89,394		4,581
UnitedHealth Group, Inc.		6,954		3,687
Roche Holding AG, nonvoting non-registered shares		10,419		3,274
Takeda Pharmaceutical Company, Ltd.		87,100		2,720
Royalty Pharma PLC, Class A		42,309		1,672
Merck & Co., Inc.		7,825		868
EBOS Group, Ltd.		30,676		850
CVS Health Corp.		7,431		692
Bayer AG		12,641		653
GSK PLC		17,925		312
Koninklijke Philips NV (EUR denominated)		4,898		74
Organon & Co.		662		18
				107,887
Industrials 7.34%
Raytheon Technologies Corp.		239,595		24,180
Lockheed Martin Corp.		11,445		5,568
BAE Systems PLC		526,461		5,441
Honeywell International, Inc.		24,790		5,312
Siemens AG		36,680		5,091
RELX PLC		131,761		3,650
RELX PLC (ADR)		8,177		227
Kone OYJ, Class B		71,780		3,718
L3Harris Technologies, Inc.		16,708		3,479
Deutsche Post AG		64,678		2,435
VINCI SA		24,215		2,418

110 American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Singapore Technologies Engineering, Ltd.		898,600	$	2,249
Trinity Industries, Inc.		72,684		2,149
BOC Aviation, Ltd.		194,500		1,617
Illinois Tool Works, Inc.		7,243		1,596
ITOCHU Corp.		44,400		1,388
SGS SA		589		1,364
Compañia de Distribución Integral Logista Holdings, SA, non-registered shares		45,292		1,144
Trelleborg AB, Class B		47,577		1,101
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		74,506		1,067
AB Volvo, Class B		58,146		1,053
Norfolk Southern Corp.		3,965		977
LIXIL Corp.		54,600		832
Ventia Services Group Pty, Ltd.		490,862		796
United Parcel Service, Inc., Class B		4,455		774
Union Pacific Corp.		3,606		747
Marubeni Corp.		56,900		650
General Dynamics Corp.		2,526		627
Waste Management, Inc.		3,955		620
Carrier Global Corp.		13,015		537
Airbus SE, non-registered shares		3,671		436
Sulzer AG		4,695		367
				83,610
Information technology 6.92%
Broadcom, Inc.		65,566		36,661
Microsoft Corp.		63,062		15,124
Taiwan Semiconductor Manufacturing Company, Ltd.		583,800		8,509
Paychex, Inc.		17,290		1,998
Texas Instruments, Inc.		11,533		1,905
KLA Corp.		4,878		1,839
Vanguard International Semiconductor Corp.		618,700		1,558
Automatic Data Processing, Inc.		6,477		1,547
QUALCOMM, Inc.		11,372		1,250
Western Union Company		83,565		1,151
Tokyo Electron, Ltd.		3,500		1,040
SAP SE		10,071		1,039
Analog Devices, Inc.		5,930		973
NetApp, Inc.		14,882		894
GlobalWafers Co., Ltd.		46,938		652
Fidelity National Information Services, Inc.		9,497		644
Intel Corp.		18,944		501
MediaTek, Inc.		24,000		487
Tripod Technology Corp.		152,000		465
SINBON Electronics Co., Ltd.		42,446		380
BE Semiconductor Industries NV		3,388		206
				78,823
Utilities 6.24%
Dominion Energy, Inc.		102,936		6,312
Iberdrola, SA, non-registered shares		496,459		5,807
DTE Energy Company		49,064		5,766
National Grid PLC		476,775		5,727
Engie SA		335,814		4,810
Engie SA, bonus shares		36,900		529
Power Grid Corporation of India, Ltd.		2,007,912		5,169
E.ON SE		486,449		4,855
The Southern Co.		62,100		4,434
Edison International		60,608		3,856
Duke Energy Corp.		32,752		3,373
AES Corp.		108,568		3,122
Entergy Corp.		26,522		2,984
Exelon Corp.		49,566		2,143

American Funds Insurance Series 111

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Utilities (continued)
Public Service Enterprise Group, Inc.		28,665	$	1,756
SSE PLC		77,332		1,595
CenterPoint Energy, Inc.		51,179		1,535
Sempra Energy		9,762		1,509
ENN Energy Holdings, Ltd.		93,600		1,306
Enel SpA		240,213		1,292
NextEra Energy, Inc.		13,466		1,126
Evergy, Inc.		15,369		967
Power Assets Holdings, Ltd.		106,500		583
CMS Energy Corp.		3,992		253
American Electric Power Company, Inc.		1,512		144
SembCorp Industries, Ltd.		44,800		113
				71,066
Energy 6.00%
Canadian Natural Resources, Ltd. (CAD denominated)5		195,057		10,832
Chevron Corp.		47,686		8,559
TC Energy Corp. (CAD denominated)		181,889		7,252
TC Energy Corp.		16,085		641
Exxon Mobil Corp.		69,719		7,690
TotalEnergies SE		90,216		5,631
BP PLC		806,006		4,687
EOG Resources, Inc.		34,736		4,499
Shell PLC (GBP denominated)		115,306		3,277
Shell PLC (ADR)		8,467		482
Woodside Energy Group, Ltd.		86,228		2,086
Woodside Energy Group, Ltd. (CDI)		23,081		557
ConocoPhillips		20,510		2,420
Pioneer Natural Resources Company		10,296		2,352
Schlumberger, Ltd.		36,843		1,970
Enbridge, Inc. (CAD denominated)		40,329		1,576
Baker Hughes Co., Class A		52,596		1,553
Equitrans Midstream Corp.		213,059		1,427
DT Midstream, Inc.		13,716		758
Galp Energia, SGPS, SA, Class B		11,022		149
Gazprom PJSC2		880,428		—	4
				68,398
Real estate 5.99%
VICI Properties, Inc. REIT		586,804		19,012
Crown Castle, Inc. REIT		113,151		15,348
Equinix, Inc. REIT		10,699		7,008
Gaming and Leisure Properties, Inc. REIT		93,929		4,893
Federal Realty Investment Trust REIT		28,164		2,846
Link REIT		372,507		2,735
American Tower Corp. REIT		9,879		2,093
CK Asset Holdings, Ltd.		318,000		1,958
Boston Properties, Inc. REIT		22,486		1,520
Charter Hall Group REIT		146,326		1,192
Longfor Group Holdings, Ltd.		353,000		1,082
POWERGRID Infrastructure Investment Trust		681,036		1,047
Embassy Office Parks REIT		245,585		996
Mindspace Business Parks REIT		214,689		868
Extra Space Storage, Inc. REIT		5,810		855
Americold Realty Trust, Inc. REIT		30,182		854
Sun Hung Kai Properties, Ltd.		61,255		838
CTP NV		68,103		802
Digital Realty Trust, Inc. REIT		6,950		697

112 American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Real estate (continued)
Kimco Realty Corp. REIT		31,388	$	665
Prologis, Inc. REIT		4,763		537
CubeSmart REIT		8,847		356
				68,202
Materials 2.91%
Vale SA (ADR), ordinary nominative shares		349,433		5,930
Vale SA, ordinary nominative shares		225,247		3,792
Rio Tinto PLC		79,626		5,587
Air Products and Chemicals, Inc.		9,631		2,969
Linde PLC		8,936		2,915
BHP Group, Ltd. (CDI)		82,385		2,540
International Flavors & Fragrances, Inc.		21,588		2,263
LyondellBasell Industries NV		18,557		1,541
Evonik Industries AG		54,480		1,046
Sociedad Química y Minera de Chile SA, Class B (ADR)		12,475		996
BASF SE		16,131		801
UPM-Kymmene OYJ		19,684		738
Asahi Kasei Corp.		96,900		688
Fortescue Metals Group, Ltd.		28,457		397
Nexa Resources SA5		51,286		309
WestRock Co.		7,448		262
Shin-Etsu Chemical Co., Ltd.		1,900		231
Smurfit Kappa Group PLC		4,754		176
				33,181
Consumer discretionary 2.90%
Starbucks Corp.		41,213		4,088
Home Depot, Inc.		12,852		4,059
Industria de Diseño Textil, SA		149,994		3,994
Midea Group Co., Ltd., Class A		513,775		3,816
McDonald’s Corp.		11,404		3,005
Kering SA		5,640		2,887
Restaurant Brands International, Inc.		38,245		2,473
LVMH Moët Hennessy-Louis Vuitton SE		2,860		2,078
YUM! Brands, Inc.		10,281		1,317
Galaxy Entertainment Group, Ltd.		196,000		1,298
Cie. Financière Richemont SA, Class A		7,967		1,031
Darden Restaurants, Inc.		7,101		982
Mercedes-Benz Group AG		8,466		556
OPAP SA		27,844		395
Pearson PLC		26,653		302
Inchcape PLC		26,460		261
Kindred Group PLC (SDR)		24,452		255
VF Corp.		4,833		134
Thule Group AB		4,224		88
				33,019
Communication services 2.85%
Comcast Corp., Class A		222,680		7,787
Verizon Communications, Inc.		113,150		4,458
SoftBank Corp.		380,300		4,300
Singapore Telecommunications, Ltd.		1,528,600		2,935
Koninklijke KPN NV		918,661		2,842
BCE, Inc.		54,651		2,401
Nippon Telegraph and Telephone Corp.		75,100		2,143
HKT Trust and HKT, Ltd., units		1,127,240		1,378
Warner Music Group Corp., Class A		33,470		1,172
Omnicom Group, Inc.		10,871		887
WPP PLC		81,366		808

American Funds Insurance Series 113

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
Indus Towers, Ltd.		211,665	$	486
América Móvil, SAB de CV, Series L (ADR)		24,725		450
ProSiebenSat.1 Media SE		40,927		366
				32,413
Total common stocks (cost: $704,847,000)				848,114
Preferred securities 0.05%
Information technology 0.05%
Samsung Electronics Co., Ltd., nonvoting preferred shares		13,546		545
Total preferred securities (cost: $456,000)				545
Rights  & warrants 0.00%
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/20233		7,130		6
Total rights & warrants (cost: $0)				6
Convertible stocks 0.44%
Utilities 0.28%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		35,900		1,802
AES Corp., convertible preferred units, 6.875% 2/15/2024		8,659		883
American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023		9,704		501
				3,186
Health care 0.10%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/20235		841		1,141
Consumer discretionary 0.06%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023		6,448		692
Total convertible stocks (cost: $4,623,000)				5,019
Investment funds 2.46%
Capital Group Central Corporate Bond Fund6		3,442,868		28,059
Total investment funds (cost: $33,742,000)				28,059
Bonds, notes & other debt instruments 18.22%		Principal amount (000)
U.S. Treasury bonds & notes 9.44%
U.S. Treasury 7.06%
U.S. Treasury 0.125% 1/31/2023	USD	2,200		2,193
U.S. Treasury 0.375% 10/31/2023		875		844
U.S. Treasury 0.125% 12/15/2023		8,410		8,057
U.S. Treasury 2.50% 4/30/2024		2,224		2,161
U.S. Treasury 3.25% 8/31/2024		554		542
U.S. Treasury 0.625% 10/15/2024		11,050		10,322
U.S. Treasury 0.75% 11/15/2024		3,525		3,291
U.S. Treasury 4.50% 11/30/2024		3,677		3,678
U.S. Treasury 4.00% 12/15/2025		4,257		4,230
U.S. Treasury 0.75% 3/31/2026		1		1
U.S. Treasury 0.75% 4/30/2026		1,093		977
U.S. Treasury 0.75% 5/31/2026		3,850		3,435

114 American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.875% 6/30/2026	USD	6,300		$	5,845
U.S. Treasury 1.125% 10/31/2026		995			890
U.S. Treasury 2.00% 11/15/20267		2,800			2,589
U.S. Treasury 0.50% 4/30/2027		2,900			2,498
U.S. Treasury 6.125% 11/15/2027		950			1,037
U.S. Treasury 3.875% 11/30/2027		15,438			15,354
U.S. Treasury 1.25% 3/31/2028		1,350			1,174
U.S. Treasury 3.875% 11/30/2029		1,360			1,351
U.S. Treasury 6.25% 5/15/2030		890			1,016
U.S. Treasury 4.125% 11/15/2032		1,610			1,642
U.S. Treasury 1.125% 5/15/20407		2,400			1,506
U.S. Treasury 2.00% 11/15/2041		300			215
U.S. Treasury 4.00% 11/15/2042		806			790
U.S. Treasury 2.375% 5/15/2051		197			142
U.S. Treasury 3.00% 8/15/20527		5,411			4,486
U.S. Treasury 4.00% 11/15/2052		115			116
					80,382
U.S. Treasury inflation-protected securities 2.38%
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20238		2,610			2,605
U.S. Treasury Inflation-Protected Security 0.625% 4/15/20238		3,400			3,367
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20238		1,818			1,797
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20248		1,220			1,195
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20248		1,581			1,539
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20248		1,887			1,828
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20248		2,752			2,652
U.S. Treasury Inflation-Protected Security 0.25% 1/15/20258		539			518
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20258		1,269			1,210
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20258		377			362
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20258		230			218
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20268		2,388			2,245
U.S. Treasury Inflation-Protected Security 1.625% 10/15/20278		2,253			2,250
U.S. Treasury Inflation-Protected Security 0.50% 1/15/20288		242			227
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20308		2,143			1,925
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20318		1,831			1,625
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20318		139			123
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20498		201			169
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20517,8		2,031			1,311
					27,166
Total U.S. Treasury bonds & notes					107,548
Mortgage-backed obligations 6.13%
Federal agency mortgage-backed obligations 5.40%
Fannie Mae Pool #695412 5.00% 6/1/20339		—	4		—	4
Fannie Mae Pool #AD3566 5.00% 10/1/20359		2			2
Fannie Mae Pool #931768 5.00% 8/1/20399		1			1
Fannie Mae Pool #AC0794 5.00% 10/1/20399		5			5
Fannie Mae Pool #932606 5.00% 2/1/20409		2			2
Fannie Mae Pool #AE0311 3.50% 8/1/20409		9			8
Fannie Mae Pool #AE1248 5.00% 6/1/20419		8			8
Fannie Mae Pool #AJ1873 4.00% 10/1/20419		7			6
Fannie Mae Pool #AE1274 5.00% 10/1/20419		7			7
Fannie Mae Pool #AE1277 5.00% 11/1/20419		5			5
Fannie Mae Pool #AE1283 5.00% 12/1/20419		2			2
Fannie Mae Pool #AE1290 5.00% 2/1/20429		4			4
Fannie Mae Pool #AT0300 3.50% 3/1/20439		1			1
Fannie Mae Pool #AT3954 3.50% 4/1/20439		2			2
Fannie Mae Pool #AY1829 3.50% 12/1/20449		2			2
Fannie Mae Pool #FM9416 3.50% 7/1/20459		150			138
Fannie Mae Pool #BH3122 4.00% 6/1/20479		1			1

American Funds Insurance Series 115

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BJ5015 4.00% 12/1/20479	USD	39	$	37
Fannie Mae Pool #BK5232 4.00% 5/1/20489		20		19
Fannie Mae Pool #BK6840 4.00% 6/1/20489		27		25
Fannie Mae Pool #BK9743 4.00% 8/1/20489		8		8
Fannie Mae Pool #BK9761 4.50% 8/1/20489		5		5
Fannie Mae Pool #FM3280 3.50% 5/1/20499		38		35
Fannie Mae Pool #CA5540 3.00% 4/1/20509		3,219		2,861
Fannie Mae Pool #CA6309 3.00% 7/1/20509		376		337
Fannie Mae Pool #CB2787 3.50% 12/1/20519		23		21
Fannie Mae Pool #BV0790 3.50% 1/1/20529		97		88
Fannie Mae Pool #FS0647 3.00% 2/1/20529		1,017		907
Fannie Mae Pool #CB3236 3.00% 3/1/20529		424		373
Fannie Mae Pool #FS3275 3.00% 4/1/20529		787		691
Fannie Mae Pool #MA4600 3.50% 5/1/20529		1,452		1,321
Fannie Mae Pool #BT8370 3.50% 6/1/20529		291		265
Fannie Mae Pool #MA4732 4.00% 9/1/20529		353		332
Fannie Mae Pool #MA4782 3.50% 10/1/20529		880		800
Fannie Mae Pool #MA4877 6.50% 12/1/20529		103		106
Fannie Mae Pool #MA4902 3.50% 1/1/20539		53		48
Fannie Mae Pool #MA4866 4.00% 1/1/20539		828		777
Fannie Mae Pool #MA4868 5.00% 1/1/20539		30		30
Fannie Mae Pool #MA4895 6.50% 1/1/20539		118		121
Fannie Mae Pool #BF0142 5.50% 8/1/20569		391		404
Fannie Mae Pool #BF0342 5.50% 1/1/20599		266		272
Fannie Mae Pool #BM6737 4.50% 11/1/20599		704		691
Fannie Mae Pool #BF0497 3.00% 7/1/20609		458		401
Freddie Mac Pool #Q15874 4.00% 2/1/20439		1		1
Freddie Mac Pool #G67711 4.00% 3/1/20489		234		225
Freddie Mac Pool #Q55971 4.00% 5/1/20489		20		19
Freddie Mac Pool #Q56175 4.00% 5/1/20489		19		18
Freddie Mac Pool #Q55970 4.00% 5/1/20489		10		9
Freddie Mac Pool #Q56599 4.00% 6/1/20489		28		27
Freddie Mac Pool #Q57242 4.50% 7/1/20489		13		13
Freddie Mac Pool #Q58411 4.50% 9/1/20489		51		51
Freddie Mac Pool #Q58436 4.50% 9/1/20489		28		27
Freddie Mac Pool #Q58378 4.50% 9/1/20489		20		20
Freddie Mac Pool #ZT1704 4.50% 1/1/20499		1,234		1,218
Freddie Mac Pool #QD2877 3.00% 12/1/20519		130		114
Freddie Mac Pool #SD1374 3.00% 3/1/20529		430		378
Freddie Mac Pool #SD1937 3.00% 3/1/20529		243		214
Freddie Mac Pool #QE4383 4.00% 6/1/20529		340		319
Freddie Mac Pool #RA7556 4.50% 6/1/20529		936		903
Freddie Mac Pool #SD8242 3.00% 9/1/20529		605		531
Freddie Mac Pool #SD1584 4.50% 9/1/20529		206		202
Freddie Mac Pool #QF1730 4.00% 10/1/20529		838		787
Freddie Mac Pool #SD8256 4.00% 10/1/20529		100		94
Freddie Mac Pool #SD8264 3.50% 11/1/20529		200		182
Freddie Mac Pool #SD8275 4.50% 12/1/20529		1,959		1,887
Freddie Mac Pool #SD8281 6.50% 12/1/20529		406		416
Freddie Mac Pool #SD8285 3.50% 1/1/20539		14		13
Freddie Mac Pool #SD8286 4.00% 1/1/20539		200		188
Freddie Mac Pool #SD8288 5.00% 1/1/20539		35		35
Freddie Mac Pool #SD8282 6.50% 1/1/20539		457		468
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20569,10		115		108
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20569		235		219
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20569,10		233		218
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20579,10		97		88

116 American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/20579		USD80		$	73
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20579		20			19
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/20589		1,001			905
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/20589		408			386
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20589		629			594
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/20589		18			17
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20589		10			9
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20289		922			881
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/20299		1,293			1,191
Government National Mortgage Assn. 4.00% 1/1/20539,11		3,400			3,218
Government National Mortgage Assn. 4.50% 1/1/20539,11		60			58
Government National Mortgage Assn. 5.00% 2/1/20539,11		8,731			8,652
Government National Mortgage Assn. 5.50% 2/1/20539,11		1,017			1,022
Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/20499		454			441
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20529		2,927			2,773
Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/20529		1,054			1,024
Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/20529		54			52
Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/20529		300			291
Government National Mortgage Assn. Pool #694836 5.682% 9/20/20599		—	4		—	4
Government National Mortgage Assn. Pool #765152 4.14% 7/20/20619		—	4		—	4
Government National Mortgage Assn. Pool #766525 4.70% 11/20/20629		—	4		—	4
Government National Mortgage Assn. Pool #AA7554 6.64% 7/20/20649		1			1
Government National Mortgage Assn. Pool #725893 5.20% 9/20/20649		—	4		—	4
Uniform Mortgage-Backed Security 2.50% 1/1/20389,11		1,708			1,563
Uniform Mortgage-Backed Security 2.00% 1/1/20539,11		60			49
Uniform Mortgage-Backed Security 2.50% 1/1/20539,11		140			119
Uniform Mortgage-Backed Security 4.00% 1/1/20539,11		340			319
Uniform Mortgage-Backed Security 4.50% 1/1/20539,11		340			327
Uniform Mortgage-Backed Security 5.00% 1/1/20539,11		1,250			1,232
Uniform Mortgage-Backed Security 5.50% 1/1/20539,11		13,500			13,538
Uniform Mortgage-Backed Security 6.50% 1/1/20539,11		1,836			1,880
Uniform Mortgage-Backed Security 4.00% 2/1/20539,11		172			161
Uniform Mortgage-Backed Security 5.50% 2/1/20539,11		80			80
Uniform Mortgage-Backed Security 6.00% 2/1/20539,11		470			477
					61,513
Collateralized mortgage-backed obligations (privately originated) 0.42%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20481,9,10		141			112
BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/20611,9,10		84			75
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20611,9		90			78
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/20301,9,10		71			69
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20311,9,10		136			129
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20361,9,10		104			99
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20611,9,10		185			175
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/20601,9,10		10			10
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/20411,9,10		4			4
Finance of America Structured Securities Trust, Series 2019-JR3, Class A, 2.00% 9/25/20691,9		59			61
Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/20691,9		67			66

American Funds Insurance Series 117

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/20511,9,10	USD	117	$	95
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.089% 4/25/20289,10		252		261
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/20421,9,10		109		109
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 6.128% 5/25/20421,9,10		19		19
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/20421,9,10		34		34
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.628% 9/25/20421,9,10		64		65
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (1-month USD-LIBOR + 1.70%) 6.089% 1/25/20501,9,10		188		187
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/20501,9,10		408		407
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 9.489% 6/27/20501,9,10		108		112
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 10.389% 8/25/20501,9,10		540		575
Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/20391,9		196		184
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)1,9,12		200		185
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20611,9,10		78		71
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)1,9,12		132		119
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/20551,9,10		202		195
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 5.139% 5/25/20551,9,10		281		277
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20391,9		100		91
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20311,9,10		66		62
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/20561,9,10		20		19
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/20571,9,10		20		19
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/20571,9,10		40		39
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/20581,9,10		49		47
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/20581,9,10		24		23
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20601,9		472		420
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/20331,2		100		89
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20381,9		196		170
				4,752
Commercial mortgage-backed securities 0.31%
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/20391,9,10		110		108
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/20371,9,10		329		322
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/20271,9,10		332		330
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/20361,9,10		548		529
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/20361,9,10		266		253
BX Trust, Series 2021-ARIA Class C, (1-month USD-LIBOR + 1.646%) 5.964% 10/15/20361,9,10		100		93
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/20371,9,10		155		152
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/20381,9,10		173		167

118 American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 5.718% 6/15/20381,9,10	USD	99	$	94
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 5.818% 11/15/20381,9,10		100		95
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.787% 8/15/20391,9,10		99		99
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/20381,9,10		98		95
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/20361,9,10		24		23
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 5.238% 7/15/20251,9,10		229		223
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 5.468% 5/17/20381,9,10		300		292
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/20391,9,10		100		78
La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 6.059% 3/15/20391,9,10		50		49
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/20381,9,10		62		59
Multifamily Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 7.639% 10/15/20491,9,10		141		133
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/20381,9,10		361		348
				3,542
Total mortgage-backed obligations				69,807
Corporate bonds, notes & loans 1.72%
Health care 0.28%
AbbVie, Inc. 3.20% 11/21/2029		25		23
AbbVie, Inc. 4.25% 11/21/2049		39		33
Amgen, Inc. 4.05% 8/18/2029		145		136
Amgen, Inc. 4.20% 3/1/2033		133		123
Amgen, Inc. 4.20% 2/22/2052		19		15
Amgen, Inc. 4.875% 3/1/2053		45		40
AstraZeneca PLC 3.375% 11/16/2025		200		193
AstraZeneca PLC 3.00% 5/28/2051		11		8
Centene Corp. 4.625% 12/15/2029		530		486
Centene Corp. 3.375% 2/15/2030		179		152
Centene Corp. 2.625% 8/1/2031		40		31
Gilead Sciences, Inc. 1.65% 10/1/2030		8		6
HCA, Inc. 2.375% 7/15/2031		18		14
Humana, Inc. 3.70% 3/23/2029		12		11
Merck & Co., Inc. 1.70% 6/10/2027		118		105
Merck & Co., Inc. 3.40% 3/7/2029		110		103
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030		8		6
Regeneron Pharmaceuticals, Inc. 2.80% 9/15/2050		2		1
Shire PLC 3.20% 9/23/2026		270		254
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024		700		687
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		650		570
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046		300		184
Zoetis, Inc. 5.60% 11/16/2032		25		26
				3,207
Energy 0.27%
Apache Corp. 4.25% 1/15/2030		385		341
Baker Hughes Holdings, LLC 2.061% 12/15/2026		8		7
BP Capital Markets America, Inc. 3.633% 4/6/2030		360		331
Cenovus Energy, Inc. 5.40% 6/15/2047		73		66
EQT Corp. 5.00% 1/15/2029		35		33
EQT Corp. 3.625% 5/15/20311		20		17

American Funds Insurance Series 119

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Equinor ASA 2.375% 5/22/2030	USD	365	$	311
Exxon Mobil Corp. 2.995% 8/16/2039		200		154
Exxon Mobil Corp. 3.452% 4/15/2051		25		19
Kinder Morgan, Inc. 5.45% 8/1/2052		11		10
MPLX, LP 4.95% 9/1/2032		20		19
MPLX, LP 4.95% 3/14/2052		20		16
New Fortress Energy, Inc. 6.50% 9/30/20261		80		75
NGL Energy Operating, LLC 7.50% 2/1/20261		80		71
ONEOK, Inc. 3.10% 3/15/2030		42		35
ONEOK, Inc. 7.15% 1/15/2051		97		99
Pemex Project Funding Master Trust, Series 13, 6.625% 6/15/2035		150		109
Petróleos Mexicanos 6.50% 1/23/2029		20		17
Petróleos Mexicanos 8.75% 6/2/2029		177		166
Sabine Pass Liquefaction, LLC 4.50% 5/15/2030		142		132
Shell International Finance BV 2.00% 11/7/2024		420		400
TransCanada Corp. 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)12		540		515
TransCanada PipeLines, Ltd. 5.10% 3/15/2049		150		137
Williams Companies, Inc. 5.30% 8/15/2052		40		36
				3,116
Communication services 0.24%
América Móvil, SAB de CV, 8.46% 12/18/2036	MXN	1,300		58
AT&T, Inc. 3.50% 6/1/2041	USD	75		56
CCO Holdings, LLC 4.25% 2/1/20311		360		290
CCO Holdings, LLC 4.75% 2/1/20321		25		20
CCO Holdings, LLC 4.25% 1/15/20341		175		130
Charter Communications Operating, LLC 3.70% 4/1/2051		25		15
Meta Platforms, Inc. 3.85% 8/15/2032		160		141
Meta Platforms, Inc. 4.45% 8/15/2052		95		76
Netflix, Inc. 4.875% 4/15/2028		150		145
SBA Tower Trust 1.631% 11/15/20261		253		215
Sprint Corp. 6.875% 11/15/2028		325		338
Sprint Corp. 8.75% 3/15/2032		90		107
T-Mobile US, Inc. 3.875% 4/15/2030		625		568
T-Mobile US, Inc. 2.55% 2/15/2031		253		207
Verizon Communications, Inc. 1.75% 1/20/2031		142		111
Walt Disney Company 4.625% 3/23/2040		120		113
WarnerMedia Holdings, Inc. 4.279% 3/15/20321		56		46
WarnerMedia Holdings, Inc. 5.05% 3/15/20421		47		36
WarnerMedia Holdings, Inc. 5.141% 3/15/20521		88		64
				2,736
Utilities 0.23%
AEP Transmission Co., LLC 3.80% 6/15/2049		45		35
Duke Energy Florida, LLC 5.95% 11/15/2052		25		27
Edison International 4.125% 3/15/2028		132		123
Edison International 6.95% 11/15/2029		25		26
FirstEnergy Corp. 2.65% 3/1/2030		493		403
FirstEnergy Corp. 2.25% 9/1/2030		107		85
ITC Holdings Corp. 3.35% 11/15/2027		25		23
Pacific Gas and Electric Co. 3.25% 2/16/2024		1,025		1,001
Pacific Gas and Electric Co. 2.95% 3/1/2026		97		89
Pacific Gas and Electric Co. 3.75% 7/1/2028		105		93
Pacific Gas and Electric Co. 4.65% 8/1/2028		284		262
Pacific Gas and Electric Co. 2.50% 2/1/2031		375		292
Southern California Edison Co., Series C, 3.60% 2/1/2045		206		149
Union Electric Co. 3.90% 4/1/2052		25		20
WEC Energy Group, Inc. 5.15% 10/1/2027		25		25
				2,653

120 American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials 0.20%
AerCap Ireland Capital DAC 3.30% 1/30/2032	USD	150	$	118
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)12		82		78
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)12		40		39
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)12		231		177
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)12		84		80
Charles Schwab Corp. 2.45% 3/3/2027		25		23
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)12		35		28
CME Group, Inc. 2.65% 3/15/2032		50		42
Corebridge Financial, Inc. 3.85% 4/5/20291		180		164
Corebridge Financial, Inc. 3.90% 4/5/20321		32		28
Corebridge Financial, Inc. 4.35% 4/5/20421		7		6
Corebridge Financial, Inc. 4.40% 4/5/20521		49		39
Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)1,12		250		257
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,12		200		184
Discover Financial Services 6.70% 11/29/2032		25		25
Goldman Sachs Group, Inc. 2.65% 10/21/2032 (USD-SOFR + 1.264% on 10/21/2031)12		75		59
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)12		40		33
Intercontinental Exchange, Inc. 4.60% 3/15/2033		18		17
Intercontinental Exchange, Inc. 4.95% 6/15/2052		16		15
JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)12		100		100
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)12		40		39
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)12		227		174
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)12		17		14
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)12		25		24
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)12		20		19
Navient Corp. 5.00% 3/15/2027		150		132
New York Life Global Funding 3.00% 1/10/20281		150		138
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)12		38		24
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)12		45		44
Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)12		105		89
Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)12		35		33
				2,242
Consumer discretionary 0.19%
Bayerische Motoren Werke AG 3.45% 4/1/20271		25		23
Bayerische Motoren Werke AG 4.15% 4/9/20301		290		276
Bayerische Motoren Werke AG 3.70% 4/1/20321		25		22
Daimler Trucks Finance North America, LLC 1.125% 12/14/20231		495		476
Daimler Trucks Finance North America, LLC 1.625% 12/13/20241		175		162
Daimler Trucks Finance North America, LLC 2.375% 12/14/20281		150		126
Daimler Trucks Finance North America, LLC 2.50% 12/14/20311		150		117
Ford Motor Co. 2.30% 2/10/2025		200		183
Ford Motor Credit Company, LLC 5.125% 6/16/2025		200		193
Grand Canyon University 4.125% 10/1/2024		200		188
McDonald’s Corp. 4.60% 9/9/2032		15		15
McDonald’s Corp. 5.15% 9/9/2052		10		10
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20251		160		172
Toyota Motor Credit Corp. 5.40% 11/10/2025		228		232
				2,195
Industrials 0.10%
Ashtead Capital, Inc. 5.50% 8/11/20321		200		192
Boeing Company 4.508% 5/1/2023		270		270
Boeing Company 2.75% 2/1/2026		91		84
Boeing Company 3.625% 2/1/2031		280		246
Boeing Company 5.805% 5/1/2050		95		89

American Funds Insurance Series 121

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031	USD	78	$	65
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		102		69
CSX Corp. 4.75% 11/15/2048		50		45
CSX Corp. 4.50% 11/15/2052		35		31
Lockheed Martin Corp. 5.10% 11/15/2027		19		19
Masco Corp. 3.125% 2/15/2051		10		6
Union Pacific Corp. 2.80% 2/14/2032		17		15
Union Pacific Corp. 3.50% 2/14/2053		20		15
				1,146
Consumer staples 0.09%
7-Eleven, Inc. 0.80% 2/10/20241		50		48
7-Eleven, Inc. 1.30% 2/10/20281		30		25
7-Eleven, Inc. 1.80% 2/10/20311		207		159
Altria Group, Inc. 3.875% 9/16/2046		22		15
Altria Group, Inc. 3.70% 2/4/2051		28		18
Anheuser-Busch InBev NV 4.50% 6/1/2050		20		18
British American Tobacco PLC 4.70% 4/2/2027		105		101
British American Tobacco PLC 4.448% 3/16/2028		150		139
British American Tobacco PLC 4.54% 8/15/2047		82		58
British American Tobacco PLC 4.758% 9/6/2049		121		88
Kraft Heinz Company 3.00% 6/1/2026		93		87
Kraft Heinz Company 4.875% 10/1/2049		170		148
Kraft Heinz Company 5.50% 6/1/2050		75		72
Philip Morris International, Inc. 5.125% 11/17/2027		43		43
Philip Morris International, Inc. 5.625% 11/17/2029		23		23
Philip Morris International, Inc. 5.75% 11/17/2032		16		16
				1,058
Information technology 0.07%
Apple, Inc. 3.35% 8/8/2032		20		18
Apple, Inc. 3.95% 8/8/2052		20		17
Broadcom, Inc. 4.00% 4/15/20291		3		3
Broadcom, Inc. 4.15% 4/15/20321		11		10
Broadcom, Inc. 3.137% 11/15/20351		2		1
Broadcom, Inc. 3.75% 2/15/20511		91		63
Lenovo Group, Ltd. 5.875% 4/24/2025		400		390
Oracle Corp. 2.875% 3/25/2031		64		53
Oracle Corp. 3.60% 4/1/2050		150		102
ServiceNow, Inc. 1.40% 9/1/2030		130		100
				757
Materials 0.03%
Celanese US Holdings, LLC 6.379% 7/15/2032		10		9
Dow Chemical Co. 3.60% 11/15/2050		75		54
International Flavors & Fragrances, Inc. 1.832% 10/15/20271		100		84
International Flavors & Fragrances, Inc. 3.468% 12/1/20501		10		7
LYB International Finance III, LLC 3.625% 4/1/2051		102		69
Nutrien, Ltd. 5.90% 11/7/2024		84		85
South32 Treasury, Ltd. 4.35% 4/14/20321		10		9
				317
Real estate 0.02%
American Tower Corp. 4.05% 3/15/2032		11		10
Equinix, Inc. 1.55% 3/15/2028		25		21
Equinix, Inc. 3.20% 11/18/2029		144		125
Equinix, Inc. 2.50% 5/15/2031		47		38
				194
Total corporate bonds, notes & loans				19,621

122 American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations 0.84%
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/20271,9	USD	96	$	93
American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/20279		100		98
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/20361,9		86		83
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/20521,9		87		83
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/20521,9		100		95
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 4.958% 12/18/20259,10		132		132
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20271,9		197		179
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20271,9		100		90
Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 2/20/20351,9		69		64
CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 4.577% 9/15/20259,10		103		103
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,9		354		317
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20601,9		89		73
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20601,9		91		79
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/20601,9		91		72
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20611,9		319		276
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20621,9		493		483
Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/20249		36		36
Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/20249		44		44
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20391,9		131		123
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.407% 2/15/20259,10		70		70
Freedom Financial, Series 2022-1FP, Class A, 0.94% 3/19/20291,9		7		7
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20451,9		506		447
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20461,9		85		72
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20391,9		133		125
GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 4.536% 10/21/20249,10		76		76
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.408% 9/16/20259,10		78		78
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20351,9		184		188
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20251,9		247		228
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20251,9		100		92
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20271,9		268		234
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20271,9		100		86
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20271,9		100		83
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 4.387% 5/15/20259,10		100		100
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/20691,9		46		40
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20691,9		143		122
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20621,9		211		187
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20621,9		423		376
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/20621,9,10		218		212
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,9		935		792
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/20249		199		194
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 4.487% 8/15/20249,10		236		236
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 5/17/20271,9		100		92
Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/20311,9		100		87
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20271,9		100		98
Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/20259		158		158
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/20269		577		578
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/20531,9		73		62

American Funds Insurance Series 123

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20331,9	USD	211	$	188
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/20341,9,10		335		297
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 4.377% 8/15/20259,10		27		27
Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)9,12		160		157
Verizon Master Trust, Series 2022-7, Class A1A, 5.23% 11/22/2027 (5.98% on 11/20/2024)9,12		451		454
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/20249		102		100
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/20251,9		492		487
Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/20261,9		80		79
Westlake Automobile Receivables Trust, Series 2022-3, Class B, 5.99% 12/15/20271,9		100		100
				9,532
Bonds & notes of governments & government agencies outside the U.S. 0.07%
Peru (Republic of) 2.783% 1/23/2031		190		158
Portuguese Republic 5.125% 10/15/2024		18		18
Qatar (State of) 4.50% 4/23/2028		200		201
Saudi Arabia (Kingdom of) 3.625% 3/4/2028		200		191
United Mexican States 3.25% 4/16/2030		200		175
				743
Municipals 0.02%
California 0.00%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		15		12
Illinois 0.02%
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		225		216
Total municipals				228
Total bonds, notes  & other debt instruments (cost: $218,921,000)				207,479
Short-term securities 7.36%		Shares
Money market investments 6.84%
Capital Group Central Cash Fund 4.31%6,13		779,601		77,952
Money market investments purchased with collateral from securities on loan 0.52%
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%13,14		2,241,328		2,241
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%13,14		1,944,356		1,945
Capital Group Central Cash Fund 4.31%6,13,14		17,119		1,712
				5,898
Total short-term securities (cost: $83,839,000)				83,850
Total investment securities 102.99% (cost: $1,046,428,000)				1,173,072
Other assets less liabilities (2.99)%				(34,006	)
Net assets 100.00%			$	1,139,066

124 American Funds Insurance Series

Capital Income Builder (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
2 Year U.S. Treasury Note Futures	Long	203	March 2023	USD	41,631			$	49
5 Year U.S. Treasury Note Futures	Long	357	March 2023		38,531				(52	)
10 Year Ultra U.S. Treasury Note Futures	Long	7	March 2023		828				(12	)
10 Year U.S. Treasury Note Futures	Short	14	March 2023		(1,572	)			11
20 Year U.S. Treasury Bond Futures	Long	9	March 2023		1,128				(13	)
30 Year Ultra U.S. Treasury Bond Futures	Long	61	March 2023		8,193				(62	)
								$	(79	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay									Upfront			Unrealized (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date	Notional amount (000)		Value at 12/31/2022 (000)				premium paid (000)			appreciation at 12/31/2022 (000)
3.52647%	Annual	U.S. EFFR	Annual	6/16/2024		USD5,215		$	(90	)		$	—		$	(90	)
3.5291%	Annual	U.S. EFFR	Annual	6/16/2024		5,635			(98	)			—			(98	)
3.497%	Annual	U.S. EFFR	Annual	6/16/2024		5,600			(99	)			—			(99	)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024		898			(17	)			—			(17	)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024		4,100			(76	)			—			(76	)
3-month USD-LIBOR	Quarterly	0.5935%	Semi-annual	5/18/2030		7,200			1,512				—			1,512
3-month USD-LIBOR	Quarterly	0.807%	Semi-annual	5/18/2050		805			388				—			388
								$	1,520			$	—		$	1,520

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Financing rate received	Payment frequency	Reference index	Expiration date	Notional amount (000)		15	Value at 12/31/2022 (000)		16	Upfront premium paid (000)		Unrealized depreciation at 12/31/2022 (000)
5.00%	Quarterly	CDX.NA.HY.38	6/20/2027		USD6,138		$	127		$	174	$	(47	)

American Funds Insurance Series 125

Capital Income Builder (continued)

Investments in affiliates⁶

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Investment funds 2.46%
Capital Group Central Corporate Bond Fund	$	30,304	$	6,708	$	3,076		$	(677	)		$(5,200	)		$28,059		$  900
Short-term securities 6.99%
Money market investments 6.84%
Capital Group Central Cash Fund 4.31%13		42,892		254,586		219,519			(14	)		7			77,952		1,714
Money market investments purchased with collateral from securities on loan 0.15%
Capital Group Central Cash Fund 4.31%13,14		1,954				242	17								1,712		—	18
Total short-term securities															79,664
Total 9.45%								$	(691	)		$(5,193	)		$107,723		$  2,614

1	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $20,234,000, which represented 1.78% of the net assets of the fund.
2	Value determined using significant unobservable inputs.
3	Security did not produce income during the last 12 months.
4	Amount less than one thousand.
5	All or a portion of this security was on loan. The total value of all such securities was $6,251,000, which represented .55% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
6	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
7	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,982,000, which represented .17% of the net assets of the fund.
8	Index-linked bond whose principal amount moves with a government price index.
9	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
10	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
11	Purchased on a TBA basis.
12	Step bond; coupon rate may change at a later date.
13	Rate represents the seven-day yield at 12/31/2022.
14	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
15	The maximum potential amount the fund may pay as a protection seller should a credit event occur.
16	The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.
17	Represents net activity. Refer to Note 5 for more information on securities lending.
18	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

Assn. = Association

CAD = Canadian dollars

CDI = CREST Depository Interest

CME = CME Group

DAC = Designated Activity Company

EFFR = Effective Federal Funds Rate

EUR = Euros

G.O. = General Obligation

GBP = British pounds

GDR = Global Depositary Receipts

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

126 American Funds Insurance Series

Asset Allocation Fund

Investment portfolio December 31, 2022

Common stocks 67.78%	Shares		Value (000)
Health care 13.40%
UnitedHealth Group, Inc.		929,300	$	492,696
Johnson & Johnson		2,030,000		358,600
Pfizer, Inc.		5,493,542		281,489
Humana, Inc.		500,000		256,095
Gilead Sciences, Inc.		2,665,000		228,790
Cigna Corp.		650,000		215,371
AbbVie, Inc.		1,221,978		197,484
Abbott Laboratories		1,600,000		175,664
Eli Lilly and Company		400,469		146,508
Vertex Pharmaceuticals, Inc.1		505,500		145,978
CVS Health Corp.		1,453,100		135,414
Regeneron Pharmaceuticals, Inc.1		187,220		135,077
Centene Corp.1		1,235,513		101,324
Bristol-Myers Squibb Company		1,374,818		98,918
AstraZeneca PLC		461,000		62,565
AstraZeneca PLC (ADR)		249,881		16,942
Thermo Fisher Scientific, Inc.		116,000		63,880
Alnylam Pharmaceuticals, Inc.1		261,834		62,225
Novo Nordisk A/S, Class B		246,400		33,363
AbCellera Biologics, Inc.1,2		2,871,293		29,086
Seagen, Inc.1		170,500		21,911
Rotech Healthcare, Inc.1,3,4		184,138		19,703
Elevance Health, Inc.		37,542		19,258
Zoetis, Inc., Class A		95,618		14,013
Karuna Therapeutics, Inc.1		57,100		11,220
				3,323,574
Consumer discretionary 9.59%
Aramark		11,375,152		470,249
Home Depot, Inc.		1,206,200		380,990
General Motors Company		6,575,000		221,183
Booking Holdings, Inc.1		87,604		176,546
Lennar Corp., Class A		1,357,800		122,881
Dollar General Corp.		493,075		121,420
LVMH Moët Hennessy-Louis Vuitton SE		165,700		120,372
Amazon.com, Inc.1		1,340,400		112,594
Target Corp.		750,000		111,780
Etsy, Inc.1		840,578		100,684
Entain PLC		6,000,000		96,202
Burlington Stores, Inc.1		431,484		87,488
D.R. Horton, Inc.		870,000		77,552
Royal Caribbean Cruises, Ltd.1		1,014,324		50,138
YUM! Brands, Inc.		277,000		35,478
Dollar Tree Stores, Inc.1		185,000		26,166
YETI Holdings, Inc.1		495,471		20,468
Darden Restaurants, Inc.		142,000		19,643
Chipotle Mexican Grill, Inc.1		9,709		13,471
Li Auto, Inc., Class A (ADR)1,2		350,694		7,154
Xpeng, Inc., Class A (ADR)1,2		703,800		6,996
				2,379,455
Financials 9.21%
Aon PLC, Class A		807,600		242,393
Chubb, Ltd.		800,000		176,480
Apollo Asset Management, Inc.		2,630,627		167,808
Synchrony Financial		4,100,000		134,726
JPMorgan Chase & Co.		973,100		130,493
First Republic Bank		1,000,000		121,890
Bank of America Corp.		3,000,000		99,360
Arthur J. Gallagher & Co.		476,724		89,881
Capital One Financial Corp.		850,000		79,016
Blue Owl Capital, Inc., Class A2		7,085,161		75,103

American Funds Insurance Series 127

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Goldman Sachs Group, Inc.		213,000	$	73,140
Ares Management Corp., Class A		1,015,403		69,494
KKR & Co., Inc.		1,497,000		69,491
Nasdaq, Inc.		1,098,300		67,381
Charles Schwab Corp.		801,126		66,702
CME Group, Inc., Class A		380,200		63,934
Discover Financial Services		600,000		58,698
Toronto-Dominion Bank (CAD denominated)2		885,700		57,348
SLM Corp.		3,345,000		55,527
Intercontinental Exchange, Inc.		538,487		55,243
Blackstone, Inc., nonvoting shares		737,500		54,715
S&P Global, Inc.		118,700		39,757
Brookfield Corp., Class A		1,260,000		39,640
The Bank of N.T. Butterfield & Son, Ltd.		1,120,585		33,405
Morgan Stanley		339,372		28,853
Antin Infrastructure Partners SA		1,243,300		27,033
EQT AB		1,250,263		26,646
Wells Fargo & Company		570,000		23,535
Progressive Corp.		105,000		13,620
Bridgepoint Group PLC		5,809,554		13,461
OneMain Holdings, Inc.		300,000		9,993
Brookfield Asset Management, Ltd., Class A		315,000		9,031
Islandsbanki hf.		9,555,235		8,073
Jonah Energy Parent, LLC3		32,117		1,899
Sberbank of Russia PJSC1,3		8,880,000		—	5
				2,283,769
Information technology 8.88%
Microsoft Corp.		3,355,454		804,705
Broadcom, Inc.		1,249,134		698,428
ASML Holding NV (New York registered) (ADR)		316,764		173,080
MKS Instruments, Inc.		1,600,000		135,568
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		1,275,000		94,975
Mastercard, Inc., Class A		195,977		68,147
NVIDIA Corp.		332,696		48,620
MediaTek, Inc.		1,463,000		29,717
Oracle Corp.		321,820		26,306
Paychex, Inc.		205,595		23,759
GoDaddy, Inc., Class A1		281,000		21,024
Apple, Inc.		150,000		19,490
KLA Corp.		49,000		18,474
MicroStrategy, Inc., Class A1		96,100		13,605
Applied Materials, Inc.		135,000		13,146
Snowflake, Inc., Class A1		85,810		12,317
				2,201,361
Consumer staples 6.59%
Philip Morris International, Inc.		9,438,592		955,280
Nestlé SA		1,954,200		225,682
Archer Daniels Midland Company		1,880,000		174,558
British American Tobacco PLC (ADR)		2,634,146		105,313
British American Tobacco PLC		1,080,000		42,849
Altria Group, Inc.		1,570,000		71,764
Avenue Supermarts, Ltd.1		970,539		47,566
Costco Wholesale Corp.		26,000		11,869
				1,634,881
Industrials 6.22%
Northrop Grumman Corp.		933,553		509,356
Lockheed Martin Corp.		474,900		231,034
L3Harris Technologies, Inc.		1,094,000		227,782
Boeing Company1		1,039,506		198,015

128 American Funds Insurance Series

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Caterpillar, Inc.		618,000	$	148,048
CSX Corp.		2,628,369		81,427
Raytheon Technologies Corp.		395,000		39,863
General Electric Co.		288,000		24,132
Huntington Ingalls Industries, Inc.		100,000		23,068
AMETEK, Inc.		140,000		19,561
Chart Industries, Inc.1		130,200		15,003
Copart, Inc.1		232,000		14,126
Storskogen Group AB, Class B		16,853,587		12,088
				1,543,503
Communication services 4.72%
Alphabet, Inc., Class C1		2,992,500		265,525
Alphabet, Inc., Class A1		1,269,460		112,004
Charter Communications, Inc., Class A1		821,000		278,401
Meta Platforms, Inc., Class A1		1,777,348		213,886
Netflix, Inc.1		384,527		113,390
Comcast Corp., Class A		2,874,400		100,518
ZoomInfo Technologies, Inc.1		1,747,900		52,629
Activision Blizzard, Inc.		400,000		30,620
Electronic Arts, Inc.		35,000		4,276
				1,171,249
Energy 4.12%
Canadian Natural Resources, Ltd. (CAD denominated)2		7,515,800		417,366
Pioneer Natural Resources Company		752,000		171,749
ConocoPhillips		1,252,000		147,736
Cenovus Energy, Inc. (CAD denominated)		7,500,000		145,513
Hess Corp.		400,000		56,728
Chevron Corp.		270,000		48,462
TC Energy Corp.		631,700		25,180
Equitrans Midstream Corp.		718,490		4,814
Diamond Offshore Drilling, Inc.1		266,381		2,770
Altera Infrastructure, LP1,3		6,273		497
Constellation Oil Services Holding SA, Class B-11,3		480,336		53
McDermott International, Ltd.1		30,762		10
Bighorn Permian Resources, LLC3		4,392		—	5
				1,020,878
Materials 3.45%
Corteva, Inc.		4,365,508		256,605
Mosaic Co.		1,940,000		85,108
Linde PLC		256,541		83,678
Royal Gold, Inc.		700,000		78,904
Wheaton Precious Metals Corp.		1,785,000		69,758
Nucor Corp.		500,000		65,905
Franco-Nevada Corp.		347,089		47,313
First Quantum Minerals, Ltd.		2,100,000		43,877
ATI, Inc.1		1,350,000		40,311
Vale SA, ordinary nominative shares		1,750,000		29,460
Nutrien, Ltd. (CAD denominated)		400,272		29,222
Lundin Mining Corp.2		4,320,000		26,513
				856,654
Real estate 0.96%
VICI Properties, Inc. REIT		2,769,449		89,730
Gaming and Leisure Properties, Inc. REIT		1,593,566		83,009
Equinix, Inc. REIT		63,445		41,559
Crown Castle, Inc. REIT		166,000		22,516
				236,814

American Funds Insurance Series 129

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Utilities 0.64%
CenterPoint Energy, Inc.		1,717,846	$	51,518
Exelon Corp.		779,231		33,686
AES Corp.		983,067		28,273
Sempra Energy		132,039		20,405
FirstEnergy Corp.		307,000		12,876
Constellation Energy Corp.		138,666		11,955
				158,713
Total common stocks (cost: $11,870,390,000)				16,810,851
Preferred securities 0.00%
Industrials 0.00%
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,6		450		189
Total preferred securities (cost: $466,000)				189
Rights & warrants 0.00%
Energy 0.00%
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/20711,3		4		—	5
Total rights & warrants (cost: $0)				—	5
Convertible stocks 0.26%
Health care 0.26%
Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 7/9/20243,4		50,000		63,388
Total convertible stocks (cost: $50,000,000)				63,388
Investment funds 5.51%
Capital Group Central Corporate Bond Fund7		167,745,028		1,367,122
Total investment funds (cost: $1,676,023,000)				1,367,122
Bonds, notes & other debt instruments 21.72%	Principal amount (000)
Mortgage-backed obligations 7.58%
Federal agency mortgage-backed obligations 7.02%
Fannie Mae Pool #AD7072 4.00% 6/1/20258	USD	2		2
Fannie Mae Pool #AE2321 4.00% 8/1/20258		1		1
Fannie Mae Pool #AE3069 4.00% 9/1/20258		1		1
Fannie Mae Pool #AH0829 4.00% 1/1/20268		1		1
Fannie Mae Pool #AH6431 4.00% 2/1/20268		168		165
Fannie Mae Pool #AH5618 4.00% 2/1/20268		2		1
Fannie Mae Pool #890329 4.00% 4/1/20268		27		26
Fannie Mae Pool #MA1109 4.00% 5/1/20278		2		2
Fannie Mae Pool #MA3653 3.00% 3/1/20298		13		12
Fannie Mae Pool #AL8347 4.00% 3/1/20298		185		181
Fannie Mae Pool #254767 5.50% 6/1/20338		208		214
Fannie Mae Pool #555956 5.50% 12/1/20338		131		135
Fannie Mae Pool #BN1085 4.00% 1/1/20348		411		403
Fannie Mae Pool #BN3172 4.00% 1/1/20348		162		158
Fannie Mae Pool #929185 5.50% 1/1/20368		383		396
Fannie Mae Pool #893641 6.00% 9/1/20368		776		811
Fannie Mae Pool #893688 6.00% 10/1/20368		164		171
Fannie Mae Pool #AS8554 3.00% 12/1/20368		5,967		5,542
Fannie Mae Pool #907239 6.00% 12/1/20368		54		56
Fannie Mae Pool #928031 6.00% 1/1/20378		63		65
Fannie Mae Pool #888292 6.00% 3/1/20378		547		571
Fannie Mae Pool #AD0249 5.50% 4/1/20378		111		114

130 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #190379 5.50% 5/1/20378	USD	55		$	57
Fannie Mae Pool #924952 6.00% 8/1/20378		865			903
Fannie Mae Pool #888637 6.00% 9/1/20378		10			10
Fannie Mae Pool #995674 6.00% 5/1/20388		310			324
Fannie Mae Pool #AD0119 6.00% 7/1/20388		938			984
Fannie Mae Pool #995224 6.00% 9/1/20388		8			8
Fannie Mae Pool #AE0021 6.00% 10/1/20388		286			298
Fannie Mae Pool #AL7164 6.00% 10/1/20388		196			201
Fannie Mae Pool #889983 6.00% 10/1/20388		18			19
Fannie Mae Pool #AD0095 6.00% 11/1/20388		689			717
Fannie Mae Pool #AB0538 6.00% 11/1/20388		110			114
Fannie Mae Pool #995391 6.00% 11/1/20388		14			15
Fannie Mae Pool #AD0833 6.00% 1/1/20398		—	5		—	5
Fannie Mae Pool #AL0309 6.00% 1/1/20408		62			65
Fannie Mae Pool #AL0013 6.00% 4/1/20408		182			190
Fannie Mae Pool #AL7228 6.00% 4/1/20418		242			248
Fannie Mae Pool #AB4536 6.00% 6/1/20418		413			428
Fannie Mae Pool #MA4387 2.00% 7/1/20418		7,655			6,462
Fannie Mae Pool #MA4501 2.00% 12/1/20418		8,791			7,421
Fannie Mae Pool #FS0305 1.50% 1/1/20428		22,809			18,688
Fannie Mae Pool #MA4520 2.00% 1/1/20428		14,931			12,603
Fannie Mae Pool #AP2131 3.50% 8/1/20428		3,155			2,956
Fannie Mae Pool #AU8813 4.00% 11/1/20438		2,218			2,169
Fannie Mae Pool #AU9348 4.00% 11/1/20438		1,262			1,234
Fannie Mae Pool #AU9350 4.00% 11/1/20438		1,052			1,015
Fannie Mae Pool #AL8773 3.50% 2/1/20458		5,278			4,945
Fannie Mae Pool #FM9416 3.50% 7/1/20458		8,847			8,192
Fannie Mae Pool #AL8354 3.50% 10/1/20458		1,320			1,231
Fannie Mae Pool #AL8522 3.50% 5/1/20468		2,806			2,610
Fannie Mae Pool #BC7611 4.00% 5/1/20468		113			109
Fannie Mae Pool #AS8310 3.00% 11/1/20468		373			335
Fannie Mae Pool #BD9307 4.00% 11/1/20468		1,322			1,263
Fannie Mae Pool #BD9699 3.50% 12/1/20468		1,482			1,375
Fannie Mae Pool #BE1290 3.50% 2/1/20478		2,160			2,005
Fannie Mae Pool #BM1179 3.00% 4/1/20478		470			421
Fannie Mae Pool #256975 7.00% 10/1/20478		2			2
Fannie Mae Pool #CA0770 3.50% 11/1/20478		1,522			1,415
Fannie Mae Pool #257036 7.00% 11/1/20478		6			7
Fannie Mae Pool #MA3211 4.00% 12/1/20478		2,648			2,535
Fannie Mae Pool #MA3277 4.00% 2/1/20488		11			10
Fannie Mae Pool #BK5255 4.00% 5/1/20488		11			11
Fannie Mae Pool #FM3278 3.50% 11/1/20488		16,898			15,676
Fannie Mae Pool #FM3280 3.50% 5/1/20498		2,314			2,144
Fannie Mae Pool #CA4756 3.00% 12/1/20498		1,745			1,556
Fannie Mae Pool #CA5659 2.50% 5/1/20508		2,353			1,999
Fannie Mae Pool #CA5968 2.50% 6/1/20508		5,666			4,869
Fannie Mae Pool #CA6593 2.50% 8/1/20508		12,778			11,002
Fannie Mae Pool #CA7599 2.50% 11/1/20508		1,607			1,386
Fannie Mae Pool #FM4897 3.00% 11/1/20508		14,598			13,142
Fannie Mae Pool #CA8828 2.50% 2/1/20518		4,022			3,458
Fannie Mae Pool #CA9291 2.50% 2/1/20518		52			44
Fannie Mae Pool #CA9390 2.50% 3/1/20518		666			565
Fannie Mae Pool #CB0290 2.00% 4/1/20518		4,822			3,945
Fannie Mae Pool #FM7741 2.50% 5/1/20518		816			693
Fannie Mae Pool #FM8453 3.00% 8/1/20518		4,876			4,347
Fannie Mae Pool #FM8436 2.50% 9/1/20518		45			39
Fannie Mae Pool #CB1810 3.00% 10/1/20518		165			145
Fannie Mae Pool #BU0616 2.50% 11/1/20518		49			42
Fannie Mae Pool #CB2078 3.00% 11/1/20518		9,882			8,696
Fannie Mae Pool #CB2286 2.50% 12/1/20518		17,352			14,835
Fannie Mae Pool #CB2402 2.50% 12/1/20518		10,959			9,290

American Funds Insurance Series 131

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CB2375 2.50% 12/1/20518	USD	7,995	$	6,825
Fannie Mae Pool #BU8372 2.50% 12/1/20518		955		812
Fannie Mae Pool #CB2323 2.50% 12/1/20518		947		805
Fannie Mae Pool #CB2312 2.50% 12/1/20518		366		311
Fannie Mae Pool #CB2319 2.50% 12/1/20518		196		168
Fannie Mae Pool #BT9510 2.50% 12/1/20518		94		81
Fannie Mae Pool #BT9483 2.50% 12/1/20518		95		81
Fannie Mae Pool #CB2372 2.50% 12/1/20518		93		80
Fannie Mae Pool #FS0235 2.50% 1/1/20528		12,638		10,713
Fannie Mae Pool #FS0182 3.00% 1/1/20528		13,050		11,488
Fannie Mae Pool #FS0303 3.00% 1/1/20528		978		859
Fannie Mae Pool #CB3666 2.50% 2/1/20528		24,794		21,026
Fannie Mae Pool #FS0546 2.50% 2/1/20528		11,820		10,020
Fannie Mae Pool #BV4367 2.50% 2/1/20528		818		695
Fannie Mae Pool #FS0613 2.50% 2/1/20528		736		625
Fannie Mae Pool #BV9531 2.50% 2/1/20528		721		612
Fannie Mae Pool #BU8226 2.50% 2/1/20528		612		520
Fannie Mae Pool #BV4259 2.50% 2/1/20528		596		507
Fannie Mae Pool #BV3216 2.50% 2/1/20528		487		413
Fannie Mae Pool #BU7298 2.50% 2/1/20528		361		306
Fannie Mae Pool #BV0307 2.50% 2/1/20528		75		63
Fannie Mae Pool #BV3495 2.50% 2/1/20528		64		55
Fannie Mae Pool #FS0647 3.00% 2/1/20528		67,926		60,633
Fannie Mae Pool #CB2896 3.00% 2/1/20528		7,625		6,703
Fannie Mae Pool #CB5013 2.50% 3/1/20528		3,992		3,392
Fannie Mae Pool #BV6631 2.50% 3/1/20528		921		782
Fannie Mae Pool #BV8086 2.50% 3/1/20528		596		508
Fannie Mae Pool #BT8111 2.50% 3/1/20528		593		503
Fannie Mae Pool #BV4173 2.50% 3/1/20528		525		446
Fannie Mae Pool #BU8885 2.50% 3/1/20528		507		431
Fannie Mae Pool #FS0831 3.00% 3/1/20528		16,034		14,095
Fannie Mae Pool #CB3170 3.00% 3/1/20528		7,000		6,156
Fannie Mae Pool #CB3410 3.00% 3/1/20528		158		139
Fannie Mae Pool #MA4578 2.50% 4/1/20528		31,872		27,036
Fannie Mae Pool #BV5332 2.50% 4/1/20528		966		820
Fannie Mae Pool #BV4656 2.50% 4/1/20528		873		741
Fannie Mae Pool #BV2996 2.50% 4/1/20528		814		691
Fannie Mae Pool #CB3351 2.50% 4/1/20528		739		628
Fannie Mae Pool #BV4182 2.50% 4/1/20528		730		620
Fannie Mae Pool #FS1922 2.50% 4/1/20528		716		608
Fannie Mae Pool #BV8569 2.50% 4/1/20528		683		580
Fannie Mae Pool #BV7698 2.50% 4/1/20528		620		526
Fannie Mae Pool #BV7717 2.50% 4/1/20528		593		504
Fannie Mae Pool #BU8933 3.00% 4/1/20528		1,825		1,604
Fannie Mae Pool #CB3364 3.00% 4/1/20528		457		402
Fannie Mae Pool #BU8825 2.50% 5/1/20528		1,018		864
Fannie Mae Pool #BW2204 2.50% 5/1/20528		885		752
Fannie Mae Pool #BV9818 2.50% 5/1/20528		790		672
Fannie Mae Pool #BW0160 2.50% 5/1/20528		665		565
Fannie Mae Pool #MA4598 2.50% 5/1/20528		162		137
Fannie Mae Pool #BV9644 2.50% 5/1/20528		89		76
Fannie Mae Pool #FS1877 3.00% 5/1/20528		5,704		5,012
Fannie Mae Pool #BV7238 3.00% 5/1/20528		1,886		1,658
Fannie Mae Pool #CB3495 3.00% 5/1/20528		1,867		1,640
Fannie Mae Pool #BT7819 3.00% 5/1/20528		138		121
Fannie Mae Pool #BW1436 4.50% 5/1/20528		3,137		3,023
Fannie Mae Pool #MA4624 3.00% 6/1/20528		1,431		1,257
Fannie Mae Pool #BW2935 3.00% 6/1/20528		747		657
Fannie Mae Pool #BW1449 3.00% 6/1/20528		400		352
Fannie Mae Pool #BV9701 3.00% 6/1/20528		114		100
Fannie Mae Pool #BW5663 4.50% 6/1/20528		2,906		2,800

132 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CB4534 4.50% 6/1/20528	USD	2,080	$	2,004
Fannie Mae Pool #FS2239 2.50% 7/1/20528		10,586		8,987
Fannie Mae Pool #MA4652 2.50% 7/1/20528		7,000		5,940
Fannie Mae Pool #BV7868 2.50% 7/1/20528		996		845
Fannie Mae Pool #BV2584 2.50% 7/1/20528		602		510
Fannie Mae Pool #BW5528 2.50% 7/1/20528		525		445
Fannie Mae Pool #BW6043 2.50% 7/1/20528		62		53
Fannie Mae Pool #BW5579 3.50% 7/1/20528		2,000		1,819
Fannie Mae Pool #CB4159 4.00% 7/1/20528		1,519		1,427
Fannie Mae Pool #FS2555 4.50% 7/1/20528		125		120
Fannie Mae Pool #MA4743 2.50% 8/1/20528		6,986		5,925
Fannie Mae Pool #BW7293 3.50% 8/1/20528		3,000		2,729
Fannie Mae Pool #CB4363 3.50% 8/1/20528		960		874
Fannie Mae Pool #BV7903 3.50% 8/1/20528		200		182
Fannie Mae Pool #BV8024 4.00% 8/1/20528		1,924		1,807
Fannie Mae Pool #BW7302 4.00% 8/1/20528		289		272
Fannie Mae Pool #BW4199 4.50% 8/1/20528		2,996		2,887
Fannie Mae Pool #BW3035 4.50% 8/1/20528		2,532		2,440
Fannie Mae Pool #BW5789 4.50% 8/1/20528		999		963
Fannie Mae Pool #BW6395 4.50% 8/1/20528		999		962
Fannie Mae Pool #BW7349 3.00% 9/1/20528		1,886		1,658
Fannie Mae Pool #BW7780 3.00% 9/1/20528		219		192
Fannie Mae Pool #MA4732 4.00% 9/1/20528		56,336		52,898
Fannie Mae Pool #BW7326 4.00% 9/1/20528		1,648		1,547
Fannie Mae Pool #BW9348 4.00% 9/1/20528		1,429		1,342
Fannie Mae Pool #BW8103 4.00% 9/1/20528		1,353		1,271
Fannie Mae Pool #MA4733 4.50% 9/1/20528		12,197		11,752
Fannie Mae Pool #BV0957 4.50% 9/1/20528		3,075		2,962
Fannie Mae Pool #BW1192 4.50% 9/1/20528		2,185		2,105
Fannie Mae Pool #BW1201 5.00% 9/1/20528		2,361		2,331
Fannie Mae Pool #MA4824 2.50% 10/1/20528		94		80
Fannie Mae Pool #MA4782 3.50% 10/1/20528		3,000		2,729
Fannie Mae Pool #BW8980 4.00% 10/1/20528		5,340		5,014
Fannie Mae Pool #BW1210 4.00% 10/1/20528		4,034		3,788
Fannie Mae Pool #BW7356 4.00% 10/1/20528		3,356		3,151
Fannie Mae Pool #BX0509 4.00% 10/1/20528		1,444		1,356
Fannie Mae Pool #MA4784 4.50% 10/1/20528		14,120		13,605
Fannie Mae Pool #CB4959 4.50% 10/1/20528		9,275		8,936
Fannie Mae Pool #BV0961 4.50% 10/1/20528		3,995		3,849
Fannie Mae Pool #BW8981 4.50% 10/1/20528		2,309		2,224
Fannie Mae Pool #BX0097 4.50% 10/1/20528		998		962
Fannie Mae Pool #MA4785 5.00% 10/1/20528		3,500		3,455
Fannie Mae Pool #MA4887 2.50% 11/1/20528		1,448		1,228
Fannie Mae Pool #MA4854 2.50% 11/1/20528		902		765
Fannie Mae Pool #BW1309 2.50% 11/1/20528		813		690
Fannie Mae Pool #MA4885 3.00% 11/1/20528		801		704
Fannie Mae Pool #FS3279 3.50% 11/1/20528		9,999		9,099
Fannie Mae Pool #MA4803 3.50% 11/1/20528		1,000		910
Fannie Mae Pool #MA4804 4.00% 11/1/20528		6,621		6,217
Fannie Mae Pool #BW1310 4.00% 11/1/20528		1,509		1,417
Fannie Mae Pool #BX3075 4.50% 11/1/20528		2,973		2,865
Fannie Mae Pool #MA4911 3.00% 12/1/20528		650		571
Fannie Mae Pool #MA4838 3.50% 12/1/20528		4,500		4,093
Fannie Mae Pool #MA4839 4.00% 12/1/20528		4,000		3,756
Fannie Mae Pool #MA4841 5.00% 12/1/20528		6,256		6,175
Fannie Mae Pool #MA4877 6.50% 12/1/20528		1,000		1,026
Fannie Mae Pool #MA4868 5.00% 1/1/20538		7,999		7,896
Fannie Mae Pool #BX4609 5.00% 1/1/20538		1,277		1,261
Fannie Mae Pool #MA4869 5.50% 1/1/20538		100		100
Fannie Mae Pool #MA4895 6.50% 1/1/20538		7,427		7,618
Fannie Mae Pool #BM6736 4.50% 11/1/20598		11,696		11,413

American Funds Insurance Series 133

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BF0497 3.00% 7/1/20608	USD	4,130	$	3,619
Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/20418		24		26
Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/20418		84		86
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.298% 7/25/20238,9		1,660		1,644
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 12/25/20238,9		1,909		1,877
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/20248,9		1,338		1,314
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 7/25/20248,9		3,273		3,169
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.471% 12/25/20268,9		7,323		6,758
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/20278,9		2,602		2,446
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/20368		39		32
Freddie Mac Pool #C91912 3.00% 2/1/20378		11,022		10,254
Freddie Mac Pool #G03978 5.00% 3/1/20388		420		429
Freddie Mac Pool #G04553 6.50% 9/1/20388		48		51
Freddie Mac Pool #G08347 4.50% 6/1/20398		67		67
Freddie Mac Pool #C03518 5.00% 9/1/20408		572		580
Freddie Mac Pool #Q05807 4.00% 1/1/20428		1,648		1,586
Freddie Mac Pool #Q23185 4.00% 11/1/20438		1,303		1,275
Freddie Mac Pool #Q23190 4.00% 11/1/20438		758		732
Freddie Mac Pool #760014 2.74% 8/1/20458,9		179		173
Freddie Mac Pool #Q37988 4.00% 12/1/20458		5,730		5,510
Freddie Mac Pool #G60344 4.00% 12/1/20458		4,930		4,740
Freddie Mac Pool #Z40130 3.00% 1/1/20468		4,452		4,029
Freddie Mac Pool #Q41090 4.50% 6/1/20468		204		200
Freddie Mac Pool #Q41909 4.50% 7/1/20468		242		238
Freddie Mac Pool #760015 2.561% 1/1/20478,9		444		420
Freddie Mac Pool #Q46021 3.50% 2/1/20478		1,150		1,068
Freddie Mac Pool #SI2002 4.00% 3/1/20488		2,336		2,234
Freddie Mac Pool #SD8106 2.00% 11/1/20508		33,078		27,081
Freddie Mac Pool #SD7528 2.00% 11/1/20508		17,984		14,872
Freddie Mac Pool #QC2344 2.50% 4/1/20518		966		821
Freddie Mac Pool #RA5288 2.00% 5/1/20518		30,665		25,100
Freddie Mac Pool #SD8151 2.50% 6/1/20518		330		281
Freddie Mac Pool #RA5782 2.50% 9/1/20518		10,333		8,855
Freddie Mac Pool #SD7545 2.50% 9/1/20518		7,074		6,091
Freddie Mac Pool #RA5759 2.50% 9/1/20518		2,039		1,728
Freddie Mac Pool #QC7910 2.50% 9/1/20518		931		795
Freddie Mac Pool #QC6921 2.50% 9/1/20518		911		774
Freddie Mac Pool #RA5971 3.00% 9/1/20518		6,901		6,123
Freddie Mac Pool #QC6456 3.00% 9/1/20518		701		616
Freddie Mac Pool #RA6107 2.50% 10/1/20518		5,385		4,568
Freddie Mac Pool #QC8778 2.50% 10/1/20518		462		392
Freddie Mac Pool #QC9156 2.50% 10/1/20518		327		278
Freddie Mac Pool #QC7814 2.50% 10/1/20518		27		23
Freddie Mac Pool #RA6231 2.50% 11/1/20518		1,993		1,690
Freddie Mac Pool #QC9944 2.50% 11/1/20518		1,474		1,251
Freddie Mac Pool #QD1746 2.50% 11/1/20518		933		792
Freddie Mac Pool #QC9788 2.50% 11/1/20518		930		790
Freddie Mac Pool #QD1523 2.50% 11/1/20518		218		185
Freddie Mac Pool #RA6483 2.50% 12/1/20518		6,952		5,934
Freddie Mac Pool #RA7081 2.50% 12/1/20518		2,698		2,288
Freddie Mac Pool #QD3362 2.50% 12/1/20518		854		725
Freddie Mac Pool #RA6433 2.50% 12/1/20518		43		37
Freddie Mac Pool #RA6485 3.00% 12/1/20518		1,935		1,701
Freddie Mac Pool #RA6428 3.00% 12/1/20518		420		369
Freddie Mac Pool #SD0853 2.50% 1/1/20528		5,650		4,790
Freddie Mac Pool #SD7552 2.50% 1/1/20528		2,429		2,077
Freddie Mac Pool #SD0854 2.50% 1/1/20528		1,987		1,688
Freddie Mac Pool #RA6615 2.50% 1/1/20528		600		510
Freddie Mac Pool #QD5254 2.50% 1/1/20528		597		507
Freddie Mac Pool #SD8194 2.50% 2/1/20528		642		545
Freddie Mac Pool #QD9066 2.50% 2/1/20528		501		426

134 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #QD6379 2.50% 2/1/20528	USD	97	$	83
Freddie Mac Pool #QD6971 2.50% 2/1/20528		63		54
Freddie Mac Pool #QD7312 2.50% 2/1/20528		32		27
Freddie Mac Pool #RA6806 3.00% 2/1/20528		2,000		1,758
Freddie Mac Pool #QD6948 3.00% 2/1/20528		1,906		1,676
Freddie Mac Pool #RA6608 3.00% 2/1/20528		954		838
Freddie Mac Pool #QD7089 3.50% 2/1/20528		1,195		1,089
Freddie Mac Pool #QD8976 2.50% 3/1/20528		952		809
Freddie Mac Pool #QE0957 2.50% 3/1/20528		875		743
Freddie Mac Pool #RA6959 2.50% 3/1/20528		766		651
Freddie Mac Pool #QE0615 2.50% 3/1/20528		606		515
Freddie Mac Pool #SD8200 2.50% 3/1/20528		437		371
Freddie Mac Pool #QD8152 2.50% 3/1/20528		367		312
Freddie Mac Pool #QD8673 3.00% 3/1/20528		1,542		1,356
Freddie Mac Pool #RA6992 3.00% 3/1/20528		1,097		964
Freddie Mac Pool #SD8205 2.50% 4/1/20528		6,581		5,582
Freddie Mac Pool #QD9911 2.50% 4/1/20528		2,676		2,269
Freddie Mac Pool #QE0800 2.50% 4/1/20528		2,628		2,231
Freddie Mac Pool #QE0170 2.50% 4/1/20528		1,711		1,451
Freddie Mac Pool #QE3079 2.50% 4/1/20528		932		792
Freddie Mac Pool #QD9907 2.50% 4/1/20528		850		722
Freddie Mac Pool #QE0407 2.50% 4/1/20528		769		653
Freddie Mac Pool #QE5290 2.50% 4/1/20528		740		628
Freddie Mac Pool #QE0025 2.50% 4/1/20528		549		466
Freddie Mac Pool #QE0799 2.50% 4/1/20528		123		105
Freddie Mac Pool #SD7554 2.50% 4/1/20528		94		80
Freddie Mac Pool #QE2101 2.50% 4/1/20528		45		38
Freddie Mac Pool #SD8206 3.00% 4/1/20528		800		703
Freddie Mac Pool #RA7063 3.50% 4/1/20528		22,000		20,028
Freddie Mac Pool #QE2352 2.50% 5/1/20528		40		34
Freddie Mac Pool #QE1793 3.00% 5/1/20528		1,910		1,679
Freddie Mac Pool #QE3080 3.00% 5/1/20528		400		351
Freddie Mac Pool #RA7386 3.50% 5/1/20528		7,332		6,669
Freddie Mac Pool #SD8220 3.00% 6/1/20528		4,451		3,913
Freddie Mac Pool #QE4383 4.00% 6/1/20528		2,336		2,193
Freddie Mac Pool #QE6097 2.50% 7/1/20528		83		71
Freddie Mac Pool #QE5714 3.50% 7/1/20528		4,000		3,639
Freddie Mac Pool #QE6274 3.50% 7/1/20528		4,000		3,638
Freddie Mac Pool #SD8226 3.50% 7/1/20528		2,667		2,426
Freddie Mac Pool #QE5983 3.50% 7/1/20528		2,000		1,819
Freddie Mac Pool #QE7680 4.50% 7/1/20528		2,533		2,441
Freddie Mac Pool #RA7747 2.50% 8/1/20528		2,681		2,273
Freddie Mac Pool #QE8026 2.50% 8/1/20528		1,675		1,421
Freddie Mac Pool #SD8234 2.50% 8/1/20528		32		27
Freddie Mac Pool #RA7749 3.50% 8/1/20528		13,390		12,181
Freddie Mac Pool #QE9057 4.00% 8/1/20528		1,231		1,156
Freddie Mac Pool #QE7157 4.00% 8/1/20528		224		210
Freddie Mac Pool #SD1576 5.00% 8/1/20528		3,206		3,165
Freddie Mac Pool #SD8262 2.50% 9/1/20528		9,650		8,185
Freddie Mac Pool #QF0923 2.50% 9/1/20528		597		506
Freddie Mac Pool #SD8242 3.00% 9/1/20528		17,971		15,797
Freddie Mac Pool #SD8243 3.50% 9/1/20528		4,039		3,675
Freddie Mac Pool #SD8244 4.00% 9/1/20528		4,000		3,756
Freddie Mac Pool #QE9625 4.00% 9/1/20528		1,586		1,489
Freddie Mac Pool #QF0152 4.50% 9/1/20528		1,531		1,475
Freddie Mac Pool #SD8246 5.00% 9/1/20528		79,771		78,743
Freddie Mac Pool #RA7938 5.00% 9/1/20528		1,321		1,304
Freddie Mac Pool #QF1751 2.50% 10/1/20528		946		803
Freddie Mac Pool #SD8271 2.50% 10/1/20528		579		491
Freddie Mac Pool #QF1464 4.00% 10/1/20528		1,521		1,429
Freddie Mac Pool #QF1489 4.00% 10/1/20528		1,281		1,203

American Funds Insurance Series 135

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD8256 4.00% 10/1/20528	USD	1,000	$	939
Freddie Mac Pool #QF1925 4.00% 10/1/20528		1,000		939
Freddie Mac Pool #SD8257 4.50% 10/1/20528		53,823		51,858
Freddie Mac Pool #QF3304 5.00% 10/1/20528		3,694		3,646
Freddie Mac Pool #SD8291 2.50% 11/1/20528		855		725
Freddie Mac Pool #SD8283 2.50% 11/1/20528		634		538
Freddie Mac Pool #SD8273 3.50% 11/1/20528		4,000		3,639
Freddie Mac Pool #SD8264 3.50% 11/1/20528		4,000		3,639
Freddie Mac Pool #QF3364 4.00% 11/1/20528		2,477		2,326
Freddie Mac Pool #SD8265 4.00% 11/1/20528		251		235
Freddie Mac Pool #SD8266 4.50% 11/1/20528		4		3
Freddie Mac Pool #SD8275 4.50% 12/1/20528		1,295		1,248
Freddie Mac Pool #SD8276 5.00% 12/1/20528		6,999		6,909
Freddie Mac Pool #SD8281 6.50% 12/1/20528		14,617		14,994
Freddie Mac Pool #SD8284 3.00% 1/1/20538		11,360		9,985
Freddie Mac Pool #SD8285 3.50% 1/1/20538		5,499		5,003
Freddie Mac Pool #SD8286 4.00% 1/1/20538		336		315
Freddie Mac Pool #SD8288 5.00% 1/1/20538		3,778		3,729
Freddie Mac Pool #SD8282 6.50% 1/1/20538		706		724
Freddie Mac, Series T041, Class 3A, 4.402% 7/25/20328,9		187		179
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 8/25/20258,9		9,778		9,538
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2/25/20268		7,370		7,077
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 4/25/20288		3,237		3,158
Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 6/25/20328		19,961		16,758
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20568,9		2,646		2,476
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/20568,9		1,149		1,082
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20568		5,121		4,758
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20568,9		5,074		4,744
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20578,9		911		831
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/20578		755		684
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20578		1,823		1,730
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/20578		1,942		1,757
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20588		9,501		8,965
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/20598		5,448		5,052
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20288		2,154		2,056
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/20298		4,272		4,072
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/20298		2,455		2,255
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/20298		2,682		2,465
Government National Mortgage Assn. 2.00% 1/1/20538,10		68,784		57,662
Government National Mortgage Assn. 2.50% 1/1/20538,10		5,866		5,085
Government National Mortgage Assn. 3.00% 1/1/20538,10		83,663		74,514
Government National Mortgage Assn. 3.50% 1/1/20538,10		16,502		15,165
Government National Mortgage Assn. 4.00% 1/1/20538,10		3,200		3,029
Government National Mortgage Assn. 4.50% 1/1/20538,10		33,456		32,460
Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/20488		437		417
Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/20488		342		332
Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/20508		204		200

136 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/20518	USD	1,762	$	1,734
Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/20518		490		482
Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/20528		1,260		1,193
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20528		10,566		10,009
Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/20528		1,000		947
Uniform Mortgage-Backed Security 1.50% 1/1/20388,10		25,420		22,012
Uniform Mortgage-Backed Security 2.50% 1/1/20388,10		638		584
Uniform Mortgage-Backed Security 2.00% 1/1/20538,10		108,193		88,062
Uniform Mortgage-Backed Security 4.00% 1/1/20538,10		7,100		6,660
Uniform Mortgage-Backed Security 4.50% 1/1/20538,10		9,560		9,203
Uniform Mortgage-Backed Security 5.00% 1/1/20538,10		4,884		4,813
Uniform Mortgage-Backed Security 5.50% 1/1/20538,10		60,890		61,059
Uniform Mortgage-Backed Security 6.00% 1/1/20538,10		12,770		12,962
Uniform Mortgage-Backed Security 4.00% 2/1/20538,10		15,948		14,963
Uniform Mortgage-Backed Security 5.00% 2/1/20538,10		35,408		34,891
Uniform Mortgage-Backed Security 5.50% 2/1/20538,10		16,800		16,838
Uniform Mortgage-Backed Security 6.00% 2/1/20538,10		36,230		36,745
				1,739,465
Commercial mortgage-backed securities 0.44%
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/20638		2,909		2,435
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.394% 3/15/20648,9		2,550		2,246
Barclays Commercial Mortgage Securities, LLC, Series 2017-DELC, Class A, 5.293% 8/15/20366,8,9		2,000		1,966
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/20518		1,000		927
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/20538		2,960		2,466
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 4.907% 9/15/20346,8,9		5,954		5,711
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/20366,8,9		4,505		4,346
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/20366,8,9		7,968		7,593
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/20366,8,9		5,968		5,613
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/20386,8,9		7,481		7,216
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 5.188% 6/15/20386,8,9		1,351		1,290
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 5.418% 6/15/20386,8,9		1,220		1,156
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/20386,8,9		5,254		5,063
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/20488		470		459
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/20508		4,735		4,540
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/20488		780		758
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/20386,8,9		1,537		1,495
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/20386,8,9		1,403		1,351
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/20386,8,9		1,465		1,410
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/20406,8		3,795		2,918
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/20538		2,489		2,059
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/20396,8		1,964		1,682
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/20396,8		868		708
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/20396,8,9		523		407

American Funds Insurance Series 137

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/20426,8	USD	1,431	$	1,171
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/20386,8,9		1,236		1,184
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 5.718% 10/15/20386,8,9		1,904		1,803
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/20396,8		13,772		11,780
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/20266,8,9		3,950		3,837
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/20478		556		541
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/20488		467		454
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/20416,8		2,194		1,756
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/20386,8,9		4,808		4,631
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 5.336% 1/15/20396,8,9		10,709		10,352
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/20276,8,9		6,379		6,373
				109,697
Collateralized mortgage-backed obligations (privately originated) 0.12%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20486,8,9		1,101		870
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/20296,8,9		496		496
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/20686,8,9		1,181		1,140
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/20416,8,9		192		190
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/20376,8		4,096		3,664
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/20606,8,9		2,081		1,788
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/20348		148		141
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/20696,8		2,051		2,196
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/20696,8		6,250		6,425
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 7.689% 10/25/20278,9		235		237
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/20426,8,9		996		998
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/20266,8		4,304		3,724
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 6.25% 11/25/20596,8,9		1,042		1,042
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/20348		314		300
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/20556,8,9		4,040		3,909
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20526,8,9		2,784		2,248
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 10/25/20636,8,9		355		328
				29,696
Total mortgage-backed obligations				1,878,858
U.S. Treasury bonds & notes 6.52%
U.S. Treasury 4.53%
U.S. Treasury 0.125% 2/28/2023		44,825		44,537
U.S. Treasury 2.50% 5/15/2024		700		679
U.S. Treasury 2.50% 5/31/2024		100,000		97,016
U.S. Treasury 3.25% 8/31/2024		22,613		22,143
U.S. Treasury 1.50% 9/30/2024		907		862
U.S. Treasury 4.50% 11/30/2024		760		760

138 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.00% 12/15/2024	USD	10,725	$	10,038
U.S. Treasury 3.00% 7/15/2025		3,165		3,066
U.S. Treasury 4.00% 12/15/2025		32,029		31,829
U.S. Treasury 0.375% 1/31/2026		45,000		40,052
U.S. Treasury 0.50% 2/28/2026		42,515		37,903
U.S. Treasury 1.625% 5/15/2026		1,500		1,381
U.S. Treasury 1.50% 8/15/2026		500		456
U.S. Treasury 0.75% 8/31/2026		52		46
U.S. Treasury 0.875% 9/30/2026		565		502
U.S. Treasury 1.125% 10/31/2026		471		421
U.S. Treasury 1.125% 2/28/2027		762		678
U.S. Treasury 2.375% 5/15/2027		880		820
U.S. Treasury 2.625% 5/31/2027		96,250		90,738
U.S. Treasury 0.50% 6/30/2027		36,300		31,057
U.S. Treasury 4.125% 9/30/2027		90,000		90,345
U.S. Treasury 3.875% 11/30/2027		39,923		39,707
U.S. Treasury 0.625% 12/31/2027		7,109		6,025
U.S. Treasury 2.875% 5/15/2028		5,217		4,926
U.S. Treasury 1.25% 9/30/2028		3,142		2,699
U.S. Treasury 1.50% 11/30/2028		50,000		43,417
U.S. Treasury 1.375% 12/31/2028		10,900		9,398
U.S. Treasury 2.875% 4/30/2029		50,000		46,843
U.S. Treasury 3.875% 11/30/2029		1,662		1,651
U.S. Treasury 1.50% 2/15/2030		36,651		31,236
U.S. Treasury 0.625% 5/15/2030		20,225		16,012
U.S. Treasury 2.875% 5/15/2032		50,000		46,102
U.S. Treasury 4.125% 11/15/2032		96,356		98,276
U.S. Treasury 1.125% 5/15/2040		62,775		39,393
U.S. Treasury 1.375% 11/15/2040		52,695		34,328
U.S. Treasury 1.75% 8/15/2041		47,854		32,834
U.S. Treasury 2.00% 11/15/2041		1,181		846
U.S. Treasury 4.00% 11/15/2042		21,751		21,312
U.S. Treasury 2.50% 2/15/2046		3,755		2,822
U.S. Treasury 3.00% 5/15/2047		9,355		7,690
U.S. Treasury 3.00% 2/15/2048		336		277
U.S. Treasury 2.00% 2/15/2050		13,825		9,184
U.S. Treasury 1.375% 8/15/2050		12,500		6,993
U.S. Treasury 2.375% 5/15/2051		4,757		3,430
U.S. Treasury 2.00% 8/15/2051		1,356		893
U.S. Treasury 2.25% 2/15/205211		72,025		50,351
U.S. Treasury 3.00% 8/15/205211		73,627		61,049
				1,123,023
U.S. Treasury inflation-protected securities 1.99%
U.S. Treasury Inflation-Protected Security 0.50% 4/15/202412		22,067		21,475
U.S. Treasury Inflation-Protected Security 0.125% 7/15/202412		76,769		74,363
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202412		98,718		95,142
U.S. Treasury Inflation-Protected Security 0.25% 1/15/202512		25,161		24,151
U.S. Treasury Inflation-Protected Security 0.375% 7/15/202512		4,649		4,467
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202512		3,905		3,711
U.S. Treasury Inflation-Protected Security 0.125% 4/15/202612		43,574		40,962
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202612		15,266		14,319
U.S. Treasury Inflation-Protected Security 1.625% 10/15/202712		50,295		50,231
U.S. Treasury Inflation-Protected Security 0.75% 7/15/202812		20,774		19,790
U.S. Treasury Inflation-Protected Security 0.875% 1/15/202912		23,419		22,309

American Funds Insurance Series 139

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.125% 1/15/203112	USD	27,071	$	24,019
U.S. Treasury Inflation-Protected Security 0.125% 1/15/203212		60,545		52,974
U.S. Treasury Inflation-Protected Security 1.00% 2/15/204912		55,158		46,174
				494,087
Total U.S. Treasury bonds & notes				1,617,110
Corporate bonds, notes & loans 5.63%
Financials 1.27%
ACE INA Holdings, Inc. 3.35% 5/3/2026		880		843
ACE INA Holdings, Inc. 4.35% 11/3/2045		400		348
Advisor Group Holdings, LLC 6.25% 3/1/20286		4,470		4,115
AerCap Ireland Capital DAC 2.45% 10/29/2026		5,457		4,779
AerCap Ireland Capital DAC 3.00% 10/29/2028		4,501		3,779
AerCap Ireland Capital DAC 3.30% 1/30/2032		2,838		2,226
AerCap Ireland Capital DAC 3.85% 10/29/2041		1,970		1,400
AG Merger Sub II, Inc. 10.75% 8/1/20276		2,420		2,453
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20276		1,072		1,083
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)6,13		7,750		7,899
Alliant Holdings Intermediate, LLC 4.25% 10/15/20276		2,100		1,884
Alliant Holdings Intermediate, LLC 5.875% 11/1/20296		2,295		1,890
Ally Financial, Inc. 8.00% 11/1/2031		3,000		3,127
American International Group, Inc. 2.50% 6/30/2025		10,533		9,926
AmWINS Group, Inc. 4.875% 6/30/20296		1,348		1,145
Aretec Escrow Issuer, Inc. 7.50% 4/1/20296		1,250		1,034
Banco Santander, SA 5.147% 8/18/2025		2,400		2,376
Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)13		2,428		2,034
Bank of America Corp. 3.55% 3/5/2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)13		6,000		5,978
Bank of America Corp. 1.197% 10/24/2026 (USD-SOFR + 1.01% on 10/24/2025)13		2,500		2,225
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)13		1,565		1,373
Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)13		2,345		2,127
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)13		1,000		766
Bank of Nova Scotia 1.625% 5/1/2023		5,000		4,948
Berkshire Hathaway, Inc. 2.75% 3/15/2023		1,615		1,608
Berkshire Hathaway, Inc. 3.125% 3/15/2026		500		480
Blackstone Private Credit Fund 7.05% 9/29/20256		2,510		2,493
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)6,13		2,400		1,961
Castlelake Aviation Finance DAC 5.00% 4/15/20276		3,370		2,937
Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)13		8,000		8,043
Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)13		3,254		2,743
CME Group, Inc. 3.75% 6/15/2028		3,425		3,297
Coinbase Global, Inc. 3.375% 10/1/20286		2,625		1,391
Coinbase Global, Inc. 3.625% 10/1/20316		2,875		1,388
Compass Diversified Holdings 5.25% 4/15/20296		820		703
Compass Diversified Holdings 5.00% 1/15/20326		715		569
Corebridge Financial, Inc. 3.50% 4/4/20256		642		616
Corebridge Financial, Inc. 3.65% 4/5/20276		914		853
Corebridge Financial, Inc. 3.85% 4/5/20296		621		567
Corebridge Financial, Inc. 3.90% 4/5/20326		351		307
Corebridge Financial, Inc. 4.35% 4/5/20426		203		167
Corebridge Financial, Inc. 4.40% 4/5/20526		489		390
Crédit Agricole SA 4.375% 3/17/20256		850		822
Credit Suisse Group AG 3.80% 6/9/2023		1,875		1,826
Credit Suisse Group AG 4.207% 6/12/2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)6,13		4,500		4,388
Credit Suisse Group AG 3.625% 9/9/2024		1,500		1,400
Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)6,13		1,568		1,387
Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)6,13		1,250		1,069

140 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Credit Suisse Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)6,13	USD	800	$	642
Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)6,13		6,000		5,817
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)13		2,212		1,954
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)13		2,788		2,367
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)13		5,000		4,257
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/20263,9,14		709		616
Digital Currency Group, Inc., Term Loan, 8.75% 11/30/20263,14		945		758
DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)6,13		7,750		7,758
FS Energy and Power Fund 7.50% 8/15/20236		1,995		2,001
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)13		2,198		1,925
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)13		4,000		3,567
Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)13		390		357
Goldman Sachs Group, Inc. 2.615% 4/22/2032 (USD-SOFR + 1.281% on 4/22/2031)13		2,323		1,858
Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041)13		2,000		1,448
Groupe BPCE SA 2.75% 1/11/20236		600		600
Groupe BPCE SA 5.70% 10/22/20236		2,250		2,234
Groupe BPCE SA 5.15% 7/21/20246		3,710		3,634
Groupe BPCE SA 1.00% 1/20/20266		3,000		2,633
Hightower Holding, LLC 6.75% 4/15/20296		870		731
HSBC Holdings PLC 4.25% 3/14/2024		3,000		2,948
HSBC Holdings PLC 2.633% 11/7/2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)13		625		587
HSBC Holdings PLC 2.099% 6/4/2026 (USD-SOFR + 1.929% on 6/4/2025)13		3,000		2,733
HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)13		1,500		1,316
Intercontinental Exchange, Inc. 2.65% 9/15/2040		7,425		5,166
Intesa Sanpaolo SpA 3.375% 1/12/20236		750		750
Intesa Sanpaolo SpA 5.017% 6/26/20246		1,730		1,664
Intesa Sanpaolo SpA 3.25% 9/23/20246		750		712
Intesa Sanpaolo SpA 3.875% 7/14/20276		300		268
Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)6,13		4,600		4,680
JPMorgan Chase & Co. 3.559% 4/23/2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)13		4,725		4,694
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)13		6,000		5,831
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)13		4,000		3,826
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)13		3,740		3,652
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)13		299		278
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)13		3,982		3,803
Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)13		1,222		1,077
Lloyds Banking Group PLC 4.05% 8/16/2023		2,000		1,987
Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)13		800		693
LPL Holdings, Inc. 4.625% 11/15/20276		2,700		2,527
LPL Holdings, Inc. 4.375% 5/15/20316		1,805		1,537
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024		820		809
Marsh & McLennan Companies, Inc. 4.375% 3/15/2029		1,705		1,651
Marsh & McLennan Companies, Inc. 4.90% 3/15/2049		719		665
Marsh & McLennan Companies, Inc. 2.90% 12/15/2051		920		594
MGIC Investment Corp. 5.25% 8/15/2028		1,175		1,085
Morgan Stanley 3.737% 4/24/2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)13		300		298
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)13		2,450		2,410

American Funds Insurance Series 141

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Morgan Stanley 3.125% 7/27/2026	USD	325	$	304
MSCI, Inc. 3.625% 11/1/20316		2,225		1,843
National Australia Bank, Ltd. 1.887% 1/12/20276		5,000		4,450
Navient Corp. 5.50% 1/25/2023		1,594		1,594
Navient Corp. 6.125% 3/25/2024		8,030		7,879
Navient Corp. 5.875% 10/25/2024		1,005		974
Navient Corp. 6.75% 6/15/2026		300		285
Navient Corp. 5.50% 3/15/2029		5,980		4,888
New York Life Global Funding 2.35% 7/14/20266		590		544
Northwestern Mutual Global Funding 1.75% 1/11/20276		2,500		2,211
OneMain Finance Corp. 3.875% 9/15/2028		756		602
Owl Rock Capital Corp. 4.00% 3/30/2025		102		96
Owl Rock Capital Corp. 3.75% 7/22/2025		2,874		2,658
Owl Rock Capital Corp. 3.40% 7/15/2026		1,290		1,128
Owl Rock Capital Corp. II 4.625% 11/26/20246		2,305		2,194
Owl Rock Capital Corp. III 3.125% 4/13/2027		2,520		2,078
Owl Rock Core Income Corp. 4.70% 2/8/2027		2,500		2,258
Oxford Finance, LLC 6.375% 2/1/20276		1,125		1,049
PNC Financial Services Group, Inc. 3.90% 4/29/2024		2,000		1,977
Power Financial Corp., Ltd. 5.25% 8/10/2028		383		373
Power Financial Corp., Ltd. 6.15% 12/6/2028		350		356
Power Financial Corp., Ltd. 4.50% 6/18/2029		554		513
Power Financial Corp., Ltd. 3.95% 4/23/2030		1,213		1,067
Prudential Financial, Inc. 4.35% 2/25/2050		2,205		1,879
Prudential Financial, Inc. 3.70% 3/13/2051		755		580
Quicken Loans, LLC 3.625% 3/1/20296		1,505		1,195
Rabobank Nederland 4.375% 8/4/2025		4,500		4,397
Rocket Mortgage, LLC 2.875% 10/15/20266		2,110		1,812
Royal Bank of Canada 1.15% 6/10/2025		4,711		4,316
Ryan Specialty Group, LLC 4.375% 2/1/20306		270		234
Springleaf Finance Corp. 6.125% 3/15/2024		2,550		2,472
Starwood Property Trust, Inc. 5.50% 11/1/20236		1,160		1,152
Starwood Property Trust, Inc. 4.375% 1/15/20276		1,540		1,350
Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)6,13		2,800		2,591
Toronto-Dominion Bank 2.65% 6/12/2024		625		605
Toronto-Dominion Bank 0.75% 9/11/2025		5,375		4,803
Toronto-Dominion Bank 1.25% 9/10/2026		2,425		2,124
Toronto-Dominion Bank 1.95% 1/12/2027		2,500		2,231
Toronto-Dominion Bank 2.45% 1/12/2032		1,500		1,219
Travelers Companies, Inc. 4.00% 5/30/2047		860		699
U.S. Bancorp 2.375% 7/22/2026		4,000		3,696
UBS Group AG 4.125% 9/24/20256		2,750		2,677
UniCredit SpA 4.625% 4/12/20276		625		586
Wells Fargo & Company 2.164% 2/11/2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)13		8,000		7,464
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)13		4,337		4,024
Westpac Banking Corp. 2.75% 1/11/2023		1,750		1,749
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)13		3,000		2,753
Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)13		3,325		2,478
Westpac Banking Corp. 2.963% 11/16/2040		1,500		996
				315,964
Energy 0.62%
Altera Infrastructure, LP 8.50% 7/15/20233,6,15		3,550		663
Antero Midstream Partners, LP 5.375% 6/15/20296		2,170		1,987
Antero Resources Corp. 7.625% 2/1/20296		955		962
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20266		2,000		1,943

142 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20296	USD	1,270	$	1,134
Bonanza Creek Energy, Inc. 5.00% 10/15/20266		480		439
BP Capital Markets America, Inc. 2.772% 11/10/2050		681		438
Canadian Natural Resources, Ltd. 2.05% 7/15/2025		961		895
Canadian Natural Resources, Ltd. 4.95% 6/1/2047		1,559		1,360
Cheniere Energy, Inc. 4.625% 10/15/2028		4,645		4,207
Chesapeake Energy Corp. 4.875% 4/15/202215		7,225		163
Chesapeake Energy Corp. 5.50% 2/1/20266		685		662
Chesapeake Energy Corp. 5.875% 2/1/20296		2,240		2,126
CNX Midstream Partners, LP 4.75% 4/15/20306		1,055		867
CNX Resources Corp. 7.25% 3/14/20276		1,725		1,715
CNX Resources Corp. 6.00% 1/15/20296		2,675		2,465
CNX Resources Corp. 7.375% 1/15/20316		553		531
Comstock Resources, Inc. 5.875% 1/15/20306		450		387
Constellation Oil Services Holding SA 13.50% 6/30/20253,6		1,120		1,120
Constellation Oil Services Holding SA 4.00% PIK 12/31/202616		434		257
Crestwood Midstream Partners, LP 8.00% 4/1/20296		4,265		4,250
Diamond Foreign Asset Co. 9.00% Cash 4/22/20276,9,16		204		194
Diamond Foreign Asset Co. 9.00% Cash 4/22/202716		185		176
DT Midstream, Inc. 4.375% 6/15/20316		1,680		1,412
Enbridge Energy Partners, LP, Series B, 7.50% 4/15/2038		300		331
Enbridge, Inc. 4.00% 10/1/2023		278		276
Enbridge, Inc. 2.50% 1/15/2025		300		284
Enbridge, Inc. 3.70% 7/15/2027		62		58
Energy Transfer Operating, LP 5.00% 5/15/2050		1,869		1,502
Energy Transfer Partners, LP 4.50% 4/15/2024		1,210		1,193
Energy Transfer Partners, LP 4.75% 1/15/2026		2,494		2,432
Enterprise Products Operating, LLC 4.90% 5/15/2046		500		437
EQM Midstream Partners, LP 4.125% 12/1/2026		686		612
EQM Midstream Partners, LP 6.50% 7/1/20276		1,690		1,618
EQM Midstream Partners, LP 5.50% 7/15/2028		3,088		2,767
EQM Midstream Partners, LP 7.50% 6/1/20306		642		619
EQM Midstream Partners, LP 4.75% 1/15/20316		1,635		1,340
EQT Corp. 5.00% 1/15/2029		340		320
EQT Corp. 7.25% 2/1/203013		1,110		1,153
EQT Corp. 3.625% 5/15/20316		400		340
Equinor ASA 3.00% 4/6/2027		4,000		3,739
Equinor ASA 3.625% 9/10/2028		3,685		3,494
Exxon Mobil Corp. 2.019% 8/16/2024		643		615
Exxon Mobil Corp. 2.44% 8/16/2029		1,963		1,719
Exxon Mobil Corp. 3.452% 4/15/2051		1,000		758
Genesis Energy, LP 6.50% 10/1/2025		4,280		4,097
Genesis Energy, LP 6.25% 5/15/2026		1,805		1,654
Genesis Energy, LP 8.00% 1/15/2027		4,612		4,362
Genesis Energy, LP 7.75% 2/1/2028		470		433
Halliburton Company 3.80% 11/15/2025		6		6
Harvest Midstream I, LP 7.50% 9/1/20286		850		813
Hess Midstream Operations, LP 4.25% 2/15/20306		960		822
Hess Midstream Operations, LP 5.50% 10/15/20306		400		366
Hess Midstream Partners, LP 5.125% 6/15/20286		2,155		1,997
Hilcorp Energy I, LP 6.00% 4/15/20306		350		312
Hilcorp Energy I, LP 6.00% 2/1/20316		460		398
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/20276		545		536
Kinder Morgan, Inc. 5.45% 8/1/2052		1,238		1,118
Marathon Oil Corp. 4.40% 7/15/2027		1,005		961
MPLX, LP 4.125% 3/1/2027		500		473
MPLX, LP 2.65% 8/15/2030		4,273		3,472
MPLX, LP 4.50% 4/15/2038		750		635
MPLX, LP 4.70% 4/15/2048		1,101		874
New Fortress Energy, Inc. 6.75% 9/15/20256		1,065		1,010
New Fortress Energy, Inc. 6.50% 9/30/20266		2,435		2,266

American Funds Insurance Series 143

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
NGL Energy Operating, LLC 7.50% 2/1/20266		USD	14,165	$	12,637
NGL Energy Partners, LP 6.125% 3/1/2025			3,422		2,794
Oasis Petroleum, Inc. 6.375% 6/1/20266			1,945		1,897
ONEOK, Inc. 5.85% 1/15/2026			347		352
Parkland Corp. 4.625% 5/1/20306			1,035		858
Petróleos Mexicanos 6.875% 10/16/2025			3,755		3,682
Petróleos Mexicanos 5.35% 2/12/2028			1,870		1,578
Petróleos Mexicanos 6.75% 9/21/2047			1,996		1,278
Pioneer Natural Resources Company 2.15% 1/15/2031			1,669		1,323
Plains All American Pipeline, LP 3.80% 9/15/2030			113		98
Range Resources Corp. 8.25% 1/15/2029			1,040		1,073
Range Resources Corp. 4.75% 2/15/20306			1,670		1,474
Rockies Express Pipeline, LLC 4.95% 7/15/20296			2,689		2,421
Southwestern Energy Co. 7.75% 10/1/2027			2,450		2,501
Southwestern Energy Co. 8.375% 9/15/2028			395		408
Southwestern Energy Co. 5.375% 2/1/2029			1,355		1,258
Southwestern Energy Co. 5.375% 3/15/2030			1,945		1,778
Southwestern Energy Co. 4.75% 2/1/2032			960		822
Statoil ASA 3.25% 11/10/2024			2,850		2,780
Statoil ASA 4.25% 11/23/2041			2,000		1,769
Sunoco, LP 4.50% 5/15/2029			1,050		920
Sunoco, LP 4.50% 4/30/2030			1,255		1,091
Targa Resources Partners, LP 5.50% 3/1/2030			2,260		2,130
Total SE 2.986% 6/29/2041			88		66
TransCanada PipeLines, Ltd. 4.25% 5/15/2028			1,090		1,034
TransCanada PipeLines, Ltd. 4.10% 4/15/2030			598		549
TransCanada PipeLines, Ltd. 4.75% 5/15/2038			2,000		1,790
TransCanada PipeLines, Ltd. 4.875% 5/15/2048			700		615
Valero Energy Corp. 4.00% 4/1/2029			4,000		3,773
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20316			840		717
Weatherford International, Ltd. 11.00% 12/1/20246			497		509
Weatherford International, Ltd. 6.50% 9/15/20286			2,380		2,337
Weatherford International, Ltd. 8.625% 4/30/20306			7,690		7,398
Western Gas Partners, LP 4.50% 3/1/2028			3,018		2,785
Western Midstream Operating, LP 4.30% 2/1/203013			1,125		985
Williams Companies, Inc. 3.50% 11/15/2030			1,094		959
					153,004
Health care 0.60%
AbbVie, Inc. 3.80% 3/15/2025			206		201
AbbVie, Inc. 2.95% 11/21/2026			1,445		1,346
AdaptHealth, LLC 5.125% 3/1/20306			830		708
AmerisourceBergen Corp. 0.737% 3/15/2023			1,291		1,280
Amgen, Inc. 4.40% 2/22/2062			1,697		1,352
Anthem, Inc. 2.375% 1/15/2025			818		777
AstraZeneca Finance, LLC 1.20% 5/28/2026			3,786		3,375
AstraZeneca Finance, LLC 1.75% 5/28/2028			1,871		1,609
AstraZeneca Finance, LLC 2.25% 5/28/2031			742		619
AstraZeneca PLC 3.375% 11/16/2025			1,140		1,101
Bausch Health Companies, Inc. 5.00% 1/30/20286			1,735		836
Bausch Health Companies, Inc. 4.875% 6/1/20286			7,450		4,753
Bausch Health Companies, Inc. 5.00% 2/15/20296			1,000		481
Baxter International, Inc. 1.322% 11/29/2024			7,109		6,623
Baxter International, Inc. 1.915% 2/1/2027			4,739		4,208
Baxter International, Inc. 2.272% 12/1/2028			3,180		2,718
Bayer US Finance II, LLC 3.875% 12/15/20236			1,685		1,661
Becton, Dickinson and Company 3.363% 6/6/2024			198		194
Boston Scientific Corp. 3.45% 3/1/2024			313		307
Centene Corp. 4.25% 12/15/2027			565		531
Centene Corp. 2.45% 7/15/2028			1,325		1,121

144 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Centene Corp. 4.625% 12/15/2029		USD	1,265	$	1,159
Cigna Corp. 3.75% 7/15/2023			245		243
Community Health Systems, Inc. 5.625% 3/15/20276			1,960		1,684
Community Health Systems, Inc. 5.25% 5/15/20306			3,675		2,778
Eli Lilly and Company 3.375% 3/15/2029			1,353		1,269
GlaxoSmithKline PLC 3.625% 5/15/2025			2,825		2,761
HCA, Inc. 3.375% 3/15/20296			804		708
HCA, Inc. 3.50% 9/1/2030			4,050		3,503
HCA, Inc. 3.625% 3/15/20326			1,000		849
HCA, Inc. 4.375% 3/15/20426			1,500		1,201
HCA, Inc. 4.625% 3/15/20526			1,450		1,135
Jazz Securities DAC 4.375% 1/15/20296			1,975		1,764
Merck & Co., Inc. 1.90% 12/10/2028			600		516
Merck & Co., Inc. 2.75% 12/10/2051			1,103		742
Molina Healthcare, Inc. 4.375% 6/15/20286			440		402
Molina Healthcare, Inc. 3.875% 11/15/20306			2,899		2,461
Molina Healthcare, Inc. 3.875% 5/15/20326			3,855		3,207
Novant Health, Inc. 3.168% 11/1/2051			3,750		2,608
Novartis Capital Corp. 1.75% 2/14/2025			1,250		1,179
Novartis Capital Corp. 2.00% 2/14/2027			2,386		2,174
Owens & Minor, Inc. 4.375% 12/15/2024			5,615		5,436
Owens & Minor, Inc. 4.50% 3/31/20296			4,175		3,334
Par Pharmaceutical, Inc. 7.50% 4/1/20276			7,303		5,566
Pfizer, Inc. 2.95% 3/15/2024			219		214
Shire PLC 2.875% 9/23/2023			1,365		1,342
Summa Health 3.511% 11/15/2051			1,655		1,123
Tenet Healthcare Corp. 4.875% 1/1/20266			11,225		10,638
Tenet Healthcare Corp. 4.25% 6/1/20296			2,060		1,788
Tenet Healthcare Corp. 4.375% 1/15/20306			1,925		1,670
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024			7,016		6,891
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025			935		931
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026			17,790		15,594
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029			7,495		6,684
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046			3,550		2,178
UnitedHealth Group, Inc. 1.15% 5/15/2026			2,610		2,334
UnitedHealth Group, Inc. 5.30% 2/15/2030			2,500		2,582
UnitedHealth Group, Inc. 2.00% 5/15/2030			974		806
UnitedHealth Group, Inc. 4.20% 5/15/2032			767		730
UnitedHealth Group, Inc. 3.05% 5/15/2041			3,875		2,928
UnitedHealth Group, Inc. 3.25% 5/15/2051			2,504		1,804
UnitedHealth Group, Inc. 4.75% 5/15/2052			1,250		1,161
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/20256			6,275		5,344
					149,222
Consumer discretionary 0.59%
Allied Universal Holdco, LLC 4.625% 6/1/20286			1,660		1,374
Amazon.com, Inc. 2.70% 6/3/2060			2,765		1,679
American Honda Finance Corp. 3.50% 2/15/2028			750		702
Asbury Automotive Group, Inc. 4.625% 11/15/20296			2,115		1,785
Atlas LuxCo 4 SARL 4.625% 6/1/20286			1,065		865
Bayerische Motoren Werke AG 2.25% 9/15/20236			300		294
Caesars Entertainment, Inc. 6.25% 7/1/20256			2,815		2,741
Carnival Corp. 4.00% 8/1/20286			3,875		3,167
Daimler Trucks Finance North America, LLC 3.50% 4/7/20256			2,000		1,920
Daimler Trucks Finance North America, LLC 2.00% 12/14/20266			2,400		2,118
Daimler Trucks Finance North America, LLC 3.65% 4/7/20276			450		421
Daimler Trucks Finance North America, LLC 2.375% 12/14/20286			1,350		1,137
Fertitta Entertainment, Inc. 4.625% 1/15/20296			3,580		3,034
Fertitta Entertainment, Inc. 6.75% 1/15/20306			1,790		1,447
First Student Bidco, Inc. 4.00% 7/31/20296			1,300		1,077

American Funds Insurance Series 145

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Ford Motor Credit Company, LLC 5.125% 6/16/2025		USD	3,855	$	3,714
Ford Motor Credit Company, LLC 4.542% 8/1/2026			2,455		2,266
Ford Motor Credit Company, LLC 2.70% 8/10/2026			2,110		1,835
General Motors Financial Co. 2.35% 2/26/2027			783		685
Hanesbrands, Inc. 4.875% 5/15/20266			2,700		2,417
Hilton Grand Vacations Borrower 5.00% 6/1/20296			3,580		3,083
Hilton Worldwide Holdings, Inc. 4.00% 5/1/20316			1,885		1,581
Home Depot, Inc. 1.50% 9/15/2028			3,000		2,556
Home Depot, Inc. 3.90% 12/6/2028			825		796
Home Depot, Inc. 2.95% 6/15/2029			4,000		3,627
Home Depot, Inc. 1.875% 9/15/2031			3,000		2,405
Home Depot, Inc. 4.25% 4/1/2046			2,000		1,742
Home Depot, Inc. 4.50% 12/6/2048			428		391
Hyundai Capital America 1.00% 9/17/20246			3,025		2,797
Hyundai Capital America 1.50% 6/15/20266			850		737
Hyundai Capital America 1.65% 9/17/20266			3,075		2,707
Hyundai Capital America 2.375% 10/15/20276			2,579		2,210
Hyundai Capital America 2.10% 9/15/20286			3,075		2,529
International Game Technology PLC 6.50% 2/15/20256			1,880		1,895
International Game Technology PLC 5.25% 1/15/20296			6,490		6,059
KB Home 7.25% 7/15/2030			1,295		1,260
Kontoor Brands, Inc. 4.125% 11/15/20296			910		745
Lindblad Expeditions, LLC 6.75% 2/15/20276			775		704
Lithia Motors, Inc. 3.875% 6/1/20296			2,900		2,388
Lithia Motors, Inc. 4.375% 1/15/20316			1,025		836
Marriott International, Inc. 2.75% 10/15/2033			2,500		1,914
McDonald’s Corp. 4.60% 9/9/2032			1,275		1,251
Melco International Development, Ltd. 5.75% 7/21/20286			1,710		1,433
Mercedes-Benz Finance North America, LLC 5.375% 11/26/20256			1,500		1,510
Mercedes-Benz Finance North America, LLC 5.25% 11/29/20276			2,875		2,895
NCL Corp., Ltd. 5.875% 2/15/20276			2,450		2,125
NCL Corp., Ltd. 7.75% 2/15/20296			1,375		1,037
Neiman Marcus Group, LLC 7.125% 4/1/20266			1,345		1,263
Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/20256,9			780		213
Party City Holdings, Inc. 8.75% 2/15/20266			3,440		998
Penske Automotive Group, Inc. 3.75% 6/15/2029			1,375		1,118
Premier Entertainment Sub, LLC 5.625% 9/1/20296			1,690		1,248
Premier Entertainment Sub, LLC 5.875% 9/1/20316			1,690		1,198
Real Hero Merger Sub 2, Inc. 6.25% 2/1/20296			715		491
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20256			2,423		2,604
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20266			3,120		2,526
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20276			3,520		2,855
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20296			1,408		1,417
Sally Holdings, LLC 5.625% 12/1/2025			2,705		2,610
Sands China, Ltd. 5.625% 8/8/2025			1,302		1,247
Sands China, Ltd. 2.80% 3/8/202713			2,075		1,780
Scientific Games Corp. 7.00% 5/15/20286			750		717
Scientific Games Corp. 7.25% 11/15/20296			2,240		2,154
Sonic Automotive, Inc. 4.625% 11/15/20296			3,035		2,434
Sonic Automotive, Inc. 4.875% 11/15/20316			1,325		1,043
Stellantis Finance US, Inc. 1.711% 1/29/20276			2,200		1,891
Stellantis Finance US, Inc. 5.625% 1/12/20286			2,500		2,480
Stellantis Finance US, Inc. 2.691% 9/15/20316			2,150		1,646
Stellantis Finance US, Inc. 6.375% 9/12/20326			2,000		1,980
Tempur Sealy International, Inc. 4.00% 4/15/20296			850		715
The Gap, Inc. 3.625% 10/1/20296			486		343
The Gap, Inc. 3.875% 10/1/20316			323		226
Toyota Motor Credit Corp. 0.80% 1/9/2026			429		383
Toyota Motor Credit Corp. 1.90% 1/13/2027			2,500		2,234
Travel + Leisure Co. 4.50% 12/1/20296			2,100		1,714
Volkswagen Group of America Finance, LLC 4.25% 11/13/20236			3,770		3,734

146 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Volkswagen Group of America Finance, LLC 4.625% 11/13/20256		USD	3,845	$	3,786
Volkswagen Group of America Finance, LLC 3.20% 9/26/20266			3,201		2,972
Wheel Pros, Inc. 6.50% 5/15/20296			1,750		621
Wyndham Destinations, Inc. 4.625% 3/1/20306			1,300		1,080
Wyndham Worldwide Corp. 4.375% 8/15/20286			2,255		2,027
Wynn Las Vegas, LLC 4.25% 5/30/20236			2,193		2,165
					145,804
Communication services 0.53%
Alphabet, Inc. 1.998% 8/15/2026			3,000		2,762
Alphabet, Inc. 1.90% 8/15/2040			1,375		918
Alphabet, Inc. 2.25% 8/15/2060			1,265		719
AT&T, Inc. 3.50% 9/15/2053			5,140		3,492
CCO Holdings, LLC 4.75% 3/1/20306			2,500		2,162
CCO Holdings, LLC 4.50% 8/15/20306			3,500		2,899
CCO Holdings, LLC 4.25% 2/1/20316			3,875		3,117
CCO Holdings, LLC 4.75% 2/1/20326			2,150		1,747
CCO Holdings, LLC 4.50% 5/1/2032			2,710		2,162
Charter Communications Operating, LLC 4.908% 7/23/2025			500		491
Charter Communications Operating, LLC 3.70% 4/1/2051			2,000		1,223
Charter Communications Operating, LLC 3.90% 6/1/2052			3,000		1,895
Comcast Corp. 2.35% 1/15/2027			4,000		3,640
Comcast Corp. 3.20% 7/15/2036			375		305
Comcast Corp. 2.80% 1/15/2051			791		503
Comcast Corp. 2.887% 11/1/2051			2,571		1,663
CSC Holdings, LLC 3.375% 2/15/20316			1,875		1,226
DIRECTV Financing, LLC 5.875% 8/15/20276			3,655		3,277
DISH Network Corp. 11.75% 11/15/20276			3,700		3,815
Embarq Corp. 7.995% 6/1/2036			6,465		3,020
Fox Corp. 4.03% 1/25/2024			1,120		1,107
Frontier Communications Corp. 5.875% 10/15/20276			2,225		2,071
Frontier Communications Corp. 5.00% 5/1/20286			5,550		4,851
Frontier Communications Corp. 6.75% 5/1/20296			4,400		3,646
Frontier Communications Holdings, LLC 5.875% 11/1/2029			1,850		1,434
Frontier Communications Holdings, LLC 6.00% 1/15/20306			1,900		1,495
Frontier Communications Holdings, LLC 8.75% 5/15/20306			1,100		1,121
Gray Escrow II, Inc. 5.375% 11/15/20316			900		650
iHeartCommunications, Inc. 5.25% 8/15/20276			3,093		2,625
Intelsat Jackson Holding Co. 6.50% 3/15/20306			2,891		2,592
Ligado Networks, LLC 15.50% PIK 11/1/20236,16			4,712		1,537
Live Nation Entertainment, Inc. 3.75% 1/15/20286			1,350		1,154
Midas OpCo Holdings, LLC 5.625% 8/15/20296			3,205		2,649
Netflix, Inc. 4.875% 4/15/2028			1,250		1,210
Netflix, Inc. 5.875% 11/15/2028			2,175		2,210
Netflix, Inc. 6.375% 5/15/2029			50		52
Netflix, Inc. 5.375% 11/15/20296			25		24
News Corp. 3.875% 5/15/20296			875		760
News Corp. 5.125% 2/15/20326			550		501
Nexstar Broadcasting, Inc. 4.75% 11/1/20286			3,175		2,751
SBA Tower Trust 1.631% 11/15/20266			8,707		7,408
Scripps Escrow II, Inc. 3.875% 1/15/20296			2,325		1,869
Sinclair Television Group, Inc. 4.125% 12/1/20306			1,175		882
Sirius XM Radio, Inc. 4.00% 7/15/20286			3,575		3,118
Sirius XM Radio, Inc. 4.125% 7/1/20306			950		786
Sirius XM Radio, Inc. 3.875% 9/1/20316			1,975		1,545
Sprint Corp. 6.875% 11/15/2028			2,525		2,627
Take-Two Interactive Software, Inc. 3.30% 3/28/2024			3,175		3,102
Take-Two Interactive Software, Inc. 4.00% 4/14/2032			2,438		2,165
T-Mobile US, Inc. 1.50% 2/15/2026			500		448
T-Mobile US, Inc. 2.05% 2/15/2028			325		280

American Funds Insurance Series 147

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Univision Communications, Inc. 6.625% 6/1/20276		USD	5,800	$	5,608
Univision Communications, Inc. 4.50% 5/1/20296			3,475		2,913
Univision Communications, Inc. 7.375% 6/30/20306			225		215
Verizon Communications, Inc. 2.875% 11/20/2050			2,453		1,548
Virgin Media O2 4.25% 1/31/20316			4,525		3,673
Virgin Media Secured Finance PLC 4.50% 8/15/20306			2,115		1,771
VMED O2 UK Financing I PLC 4.75% 7/15/20316			225		183
Vodafone Group PLC 5.25% 5/30/2048			500		443
Vodafone Group PLC 4.25% 9/17/2050			4,350		3,337
WarnerMedia Holdings, Inc. 3.638% 3/15/20256			3,807		3,623
WarnerMedia Holdings, Inc. 3.755% 3/15/20276			1,018		918
WarnerMedia Holdings, Inc. 4.054% 3/15/20296			1,435		1,244
WarnerMedia Holdings, Inc. 4.279% 3/15/20326			2,903		2,399
WarnerMedia Holdings, Inc. 5.05% 3/15/20426			2,500		1,922
WarnerMedia Holdings, Inc. 5.141% 3/15/20526			1,500		1,096
Ziggo Bond Co. BV 5.125% 2/28/20306			1,775		1,436
Ziggo Bond Finance BV 4.875% 1/15/20306			725		608
					132,643
Industrials 0.53%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20266			1,005		968
Allison Transmission Holdings, Inc. 3.75% 1/30/20316			3,445		2,838
Avis Budget Car Rental, LLC 5.75% 7/15/20276			1,025		929
Avis Budget Group, Inc. 5.375% 3/1/20296			2,450		2,099
Avolon Holdings Funding, Ltd. 3.95% 7/1/20246			1,587		1,520
Avolon Holdings Funding, Ltd. 4.25% 4/15/20266			1,126		1,022
Avolon Holdings Funding, Ltd. 4.375% 5/1/20266			1,975		1,802
Boeing Company 4.875% 5/1/2025			1,555		1,545
Boeing Company 3.10% 5/1/2026			251		236
Boeing Company 3.25% 2/1/2028			4,000		3,639
Boeing Company 5.15% 5/1/2030			1,100		1,076
Boeing Company 3.60% 5/1/2034			6,250		5,016
Boeing Company 5.805% 5/1/2050			4,000		3,729
Bombardier, Inc. 7.125% 6/15/20266			4,100		3,985
Bombardier, Inc. 7.875% 4/15/20276			8,070		7,844
Bombardier, Inc. 6.00% 2/15/20286			1,010		935
BWX Technologies, Inc. 4.125% 4/15/20296			1,025		899
Canadian Pacific Railway, Ltd. 1.75% 12/2/2026			1,385		1,236
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031			1,738		1,444
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051			829		561
Chart Industries, Inc. 7.50% 1/1/20306			1,347		1,356
Clarivate Science Holdings Corp. 3.875% 7/1/20286			590		512
Clarivate Science Holdings Corp. 4.875% 7/1/20296			520		443
CoreLogic, Inc. 4.50% 5/1/20286			6,075		4,669
Covanta Holding Corp. 4.875% 12/1/20296			1,035		849
CSX Corp. 4.25% 3/15/2029			1,062		1,024
CSX Corp. 2.50% 5/15/2051			1,125		688
Honeywell International, Inc. 2.30% 8/15/2024			2,640		2,536
Honeywell International, Inc. 1.35% 6/1/2025			5,947		5,503
Honeywell International, Inc. 2.70% 8/15/2029			1,470		1,310
Icahn Enterprises Finance Corp. 4.75% 9/15/2024			2,090		2,009
Icahn Enterprises, LP 5.25% 5/15/2027			1,185		1,088
Icahn Enterprises, LP 4.375% 2/1/2029			1,525		1,292
L3Harris Technologies, Inc. 1.80% 1/15/2031			2,625		2,021
Lockheed Martin Corp. 5.10% 11/15/2027			951		974
Lockheed Martin Corp. 5.25% 1/15/2033			1,742		1,802
Lockheed Martin Corp. 5.70% 11/15/2054			1,849		1,949
LSC Communications, Inc. 8.75% 10/15/20233,6,15			4,063		12
Masco Corp. 1.50% 2/15/2028			774		642
Masco Corp. 2.00% 2/15/2031			497		384

148 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Masco Corp. 3.125% 2/15/2051		USD	230	$	144
MasTec, Inc. 4.50% 8/15/20286			1,425		1,279
Mileage Plus Holdings, LLC 6.50% 6/20/20276			1,980		1,973
Norfolk Southern Corp. 3.05% 5/15/2050			2,746		1,852
Northrop Grumman Corp. 2.93% 1/15/2025			1,820		1,747
Northrop Grumman Corp. 3.25% 1/15/2028			3,495		3,229
Otis Worldwide Corp. 2.293% 4/5/2027			2,135		1,914
Roller Bearing Company of America, Inc. 4.375% 10/15/20296			195		169
Rolls-Royce PLC 5.75% 10/15/20276			1,940		1,851
Siemens AG 1.20% 3/11/20266			3,887		3,468
Siemens AG 1.70% 3/11/20286			3,700		3,167
SkyMiles IP, Ltd. 4.75% 10/20/20286			2,950		2,777
Spirit AeroSystems, Inc. 9.375% 11/30/20296			507		534
The Brink’s Co. 4.625% 10/15/20276			2,385		2,186
TransDigm, Inc. 6.25% 3/15/20266			3,476		3,436
TransDigm, Inc. 5.50% 11/15/2027			2,200		2,070
Triumph Group, Inc. 8.875% 6/1/20246			2,295		2,339
Triumph Group, Inc. 6.25% 9/15/20246			4,775		4,534
Triumph Group, Inc. 7.75% 8/15/2025			3,950		3,366
Union Pacific Corp. 2.40% 2/5/2030			2,414		2,071
Union Pacific Corp. 2.95% 3/10/2052			1,000		681
Union Pacific Corp. 3.839% 3/20/2060			546		425
Union Pacific Corp. 3.799% 4/6/2071			545		405
United Airlines, Inc. 4.375% 4/15/20266			975		905
United Airlines, Inc. 4.625% 4/15/20296			2,225		1,941
United Rentals, Inc. 3.875% 2/15/2031			2,050		1,723
United Technologies Corp. 3.65% 8/16/2023			52		52
United Technologies Corp. 3.95% 8/16/2025			3,155		3,085
United Technologies Corp. 4.125% 11/16/2028			1,075		1,031
Vertical U.S. Newco, Inc. 5.25% 7/15/20276			2,000		1,779
					130,519
Materials 0.40%
Alcoa Nederland Holding BV 4.125% 3/31/20296			1,175		1,044
Allegheny Technologies, Inc. 4.875% 10/1/2029			710		628
Allegheny Technologies, Inc. 5.125% 10/1/2031			1,110		983
Anglo American Capital PLC 2.25% 3/17/20286			484		408
Anglo American Capital PLC 2.625% 9/10/20306			2,500		2,037
Anglo American Capital PLC 3.95% 9/10/20506			1,281		942
Arconic Rolled Products Corp. 6.125% 2/15/20286			750		705
Avient Corp. 7.125% 8/1/20306			855		837
Ball Corp. 6.875% 3/15/2028			1,415		1,455
Ball Corp. 3.125% 9/15/2031			3,520		2,832
CAN-PACK SA 3.875% 11/15/20296			935		738
Celanese US Holdings, LLC 6.165% 7/15/2027			3,500		3,458
Chevron Phillips Chemical Co., LLC 3.30% 5/1/20236			595		591
Cleveland-Cliffs, Inc. 5.875% 6/1/2027			9,000		8,613
Cleveland-Cliffs, Inc. 4.625% 3/1/20296			1,825		1,622
Cleveland-Cliffs, Inc. 4.875% 3/1/20316			1,351		1,195
CVR Partners, LP 6.125% 6/15/20286			745		669
Dow Chemical Co. 3.60% 11/15/2050			1,328		955
First Quantum Minerals, Ltd. 6.50% 3/1/20246			2,204		2,159
First Quantum Minerals, Ltd. 7.50% 4/1/20256			11,350		11,071
First Quantum Minerals, Ltd. 6.875% 3/1/20266			3,625		3,438
First Quantum Minerals, Ltd. 6.875% 10/15/20276			4,240		3,987
FXI Holdings, Inc. 7.875% 11/1/20246			2,321		1,933
FXI Holdings, Inc. 12.25% 11/15/20266			4,492		3,726
Glencore Funding, LLC 4.125% 3/12/20246			945		930
International Flavors & Fragrances, Inc. 1.832% 10/15/20276			5,400		4,541
Kaiser Aluminum Corp. 4.625% 3/1/20286			2,495		2,181

American Funds Insurance Series 149

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
LSB Industries, Inc. 6.25% 10/15/20286		USD	860	$	788
LYB International Finance III, LLC 2.25% 10/1/2030			1,198		953
LYB International Finance III, LLC 3.625% 4/1/2051			2,537		1,708
LYB International Finance III, LLC 3.80% 10/1/2060			1,186		774
Methanex Corp. 5.125% 10/15/2027			6,300		5,854
Mineral Resources, Ltd. 8.50% 5/1/20306			1,525		1,548
Mosaic Co. 4.05% 11/15/2027			1,050		991
Nova Chemicals Corp. 4.25% 5/15/20296			1,875		1,536
Novelis Corp. 3.875% 8/15/20316			1,115		912
Praxair, Inc. 1.10% 8/10/2030			2,938		2,258
SCIH Salt Holdings, Inc. 4.875% 5/1/20286			3,485		2,997
SCIH Salt Holdings, Inc. 6.625% 5/1/20296			1,230		992
Sherwin-Williams Company 3.125% 6/1/2024			275		267
Sherwin-Williams Company 3.80% 8/15/2049			5,208		3,891
South32 Treasury, Ltd. 4.35% 4/14/20326			1,527		1,311
SPCM SA 3.375% 3/15/20306			600		484
Venator Finance SARL 9.50% 7/1/20256			1,825		1,323
Venator Finance SARL 5.75% 7/15/20256			5,845		2,005
Warrior Met Coal, Inc. 7.875% 12/1/20286			3,400		3,356
Westlake Chemical Corp. 4.375% 11/15/2047			500		378
					98,004
Utilities 0.31%
Ameren Corp. 2.50% 9/15/2024			969		927
Calpine Corp. 3.75% 3/1/20316			1,975		1,593
Commonwealth Edison Co. 4.35% 11/15/2045			1,085		931
Commonwealth Edison Co. 3.85% 3/15/2052			2,600		2,083
Dominion Resources, Inc., junior subordinated, 3.071% 8/15/202413			920		887
Duke Energy Carolinas, LLC 3.95% 11/15/2028			1,250		1,202
Duke Energy Corp. 4.50% 8/15/2032			2,000		1,879
Duke Energy Corp. 3.50% 6/15/2051			2,000		1,398
Duke Energy Florida, LLC 3.20% 1/15/2027			1,445		1,366
Duke Energy Indiana, Inc. 3.25% 10/1/2049			1,225		856
Duke Energy Progress, LLC 3.70% 10/15/2046			457		348
Duke Energy Progress, LLC 2.50% 8/15/2050			202		122
Duke Energy Progress, LLC 2.90% 8/15/2051			91		60
Edison International 3.55% 11/15/2024			2,200		2,125
EDP Finance BV 3.625% 7/15/20246			4,100		3,959
Electricité de France SA 4.75% 10/13/20356			1,250		1,057
Electricité de France SA 4.875% 9/21/20386			2,750		2,246
Electricité de France SA 5.60% 1/27/2040			525		481
Emera US Finance, LP 3.55% 6/15/2026			320		300
Enersis Américas SA 4.00% 10/25/2026			245		233
Entergy Corp. 2.80% 6/15/2030			3,325		2,816
Eversource Energy 3.80% 12/1/2023			2,730		2,700
FirstEnergy Corp. 3.40% 3/1/2050			2,250		1,489
FirstEnergy Transmission, LLC 2.866% 9/15/20286			675		590
NRG Energy, Inc. 3.625% 2/15/20316			1,875		1,429
Pacific Gas and Electric Co. 2.10% 8/1/2027			125		107
Pacific Gas and Electric Co. 2.50% 2/1/2031			2,941		2,289
Pacific Gas and Electric Co. 3.30% 8/1/2040			100		68
Pacific Gas and Electric Co. 3.50% 8/1/2050			1,250		781
PacifiCorp, First Mortgage Bonds, 4.125% 1/15/2049			4,000		3,293
PG&E Corp. 5.00% 7/1/2028			3,750		3,429
PG&E Corp. 5.25% 7/1/2030			3,400		3,099
Public Service Electric and Gas Co. 3.60% 12/1/2047			548		419
Public Service Electric and Gas Co. 3.15% 1/1/2050			2,451		1,727
Southern California Edison Co. 2.85% 8/1/2029			4,450		3,877
Southern California Edison Co. 6.00% 1/15/2034			2,500		2,620
Southern California Edison Co. 5.75% 4/1/2035			675		675

150 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Southern California Edison Co. 5.35% 7/15/2035		USD	3,000	$	2,915
Southern California Edison Co. 4.00% 4/1/2047			264		208
Talen Energy Corp. 7.25% 5/15/20276			8,334		8,664
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/20269,14			2,815		2,861
Talen Energy Supply, LLC 7.625% 6/1/20286			1,180		1,232
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20296			1,030		903
Virginia Electric and Power Co. 2.40% 3/30/2032			2,575		2,088
Xcel Energy, Inc. 2.60% 12/1/2029			1,950		1,669
					76,001
Real estate 0.28%
Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026			315		305
Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028			1,220		1,148
Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029			1,940		1,654
Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031			1,320		1,155
Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033			4,095		3,056
Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049			410		349
American Tower Corp. 1.45% 9/15/2026			2,369		2,070
American Tower Corp. 3.55% 7/15/2027			1,425		1,322
American Tower Corp. 3.60% 1/15/2028			1,000		921
American Tower Corp. 1.50% 1/31/2028			2,500		2,073
American Tower Corp. 2.30% 9/15/2031			1,500		1,170
American Tower Corp. 2.95% 1/15/2051			2,000		1,247
Anywhere Real Estate Group, LLC 5.75% 1/15/20296			2,260		1,712
Essex Portfolio, LP 3.875% 5/1/2024			1,000		980
Essex Portfolio, LP 3.50% 4/1/2025			6,825		6,587
Extra Space Storage, Inc. 2.35% 3/15/2032			1,385		1,051
GLP Capital, LP 3.35% 9/1/2024			1,263		1,212
Hospitality Properties Trust 4.35% 10/1/2024			560		510
Host Hotels & Resorts, LP 4.50% 2/1/2026			355		341
Howard Hughes Corp. 5.375% 8/1/20286			1,450		1,309
Howard Hughes Corp. 4.125% 2/1/20296			1,860		1,560
Howard Hughes Corp. 4.375% 2/1/20316			2,690		2,180
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031			2,401		1,780
Iron Mountain, Inc. 5.25% 7/15/20306			3,785		3,298
Iron Mountain, Inc. 4.50% 2/15/20316			2,650		2,184
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029			2,645		2,100
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030			1,940		1,482
Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031			2,260		1,704
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20276			3,757		3,163
Park Intermediate Holdings, LLC 4.875% 5/15/20296			2,280		1,933
Public Storage 1.85% 5/1/2028			2,490		2,140
Public Storage 1.95% 11/9/2028			2,027		1,733
Public Storage 2.30% 5/1/2031			719		585
RHP Hotel Properties, LP 4.50% 2/15/20296			1,300		1,123
RLJ Lodging Trust, LP 4.00% 9/15/20296			1,240		1,007
Scentre Group 3.50% 2/12/20256			3,075		2,945
Scentre Group 3.25% 10/28/20256			1,000		939
Scentre Group 3.75% 3/23/20276			2,430		2,241
Sun Communities Operating, LP 2.30% 11/1/2028			1,845		1,540
Sun Communities Operating, LP 2.70% 7/15/2031			876		694
UDR, Inc. 2.95% 9/1/2026			760		699
VICI Properties, LP 3.875% 2/15/20296			1,367		1,200
VICI Properties, LP 4.625% 12/1/20296			532		485
VICI Properties, LP 4.125% 8/15/20306			971		851
					69,738

American Funds Insurance Series 151

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Information technology 0.27%
Adobe, Inc. 1.90% 2/1/2025		USD	366	$	346
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/20249,14			225		200
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/20259,14			4,150		3,121
Analog Devices, Inc. 1.70% 10/1/2028			1,286		1,092
Analog Devices, Inc. 2.10% 10/1/2031			1,212		982
Analog Devices, Inc. 2.80% 10/1/2041			2,961		2,179
Analog Devices, Inc. 2.95% 10/1/2051			1,955		1,327
Apple, Inc. 3.00% 2/9/2024			625		613
Apple, Inc. 3.35% 2/9/2027			40		38
Apple, Inc. 1.20% 2/8/2028			5,000		4,245
Apple, Inc. 3.95% 8/8/2052			3,500		2,994
Block, Inc. 3.50% 6/1/2031			2,325		1,858
Booz Allen Hamilton, Inc. 4.00% 7/1/20296			1,000		882
Broadcom, Inc. 1.95% 2/15/20286			1,407		1,191
Broadcom, Inc. 2.60% 2/15/20336			2,524		1,901
Broadcom, Inc. 3.469% 4/15/20346			1,771		1,418
CommScope Finance, LLC 6.00% 3/1/20266			1,600		1,480
Diebold Nixdorf, Inc. 9.375% 7/15/20256			10,434		7,462
Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/20263,6,16			6,909		4,162
Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/20253,9,14			4,731		3,186
Fidelity National Information Services, Inc. 3.10% 3/1/2041			302		209
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/20249,14		EUR	1,343		1,243
Fiserv, Inc. 3.50% 7/1/2029		USD	471		425
Fiserv, Inc. 2.65% 6/1/2030			3,605		3,039
Gartner, Inc. 4.50% 7/1/20286			650		607
Intuit, Inc. 0.95% 7/15/2025			1,530		1,394
Intuit, Inc. 1.35% 7/15/2027			1,395		1,209
Intuit, Inc. 1.65% 7/15/2030			1,845		1,484
Mastercard, Inc. 2.00% 11/18/2031			3,874		3,120
Microsoft Corp. 2.921% 3/17/2052			4,814		3,431
NCR Corp. 5.125% 4/15/20296			1,650		1,383
PayPal Holdings, Inc. 2.65% 10/1/2026			662		612
PayPal Holdings, Inc. 2.30% 6/1/2030			616		507
Sabre GLBL, Inc. 7.375% 9/1/20256			946		911
Sabre GLBL, Inc. 11.25% 12/15/20276			1,157		1,192
Sabre Holdings Corp. 9.25% 4/15/20256			3,122		3,115
Synaptics, Inc. 4.00% 6/15/20296			875		738
Unisys Corp. 6.875% 11/1/20276			725		558
VeriSign, Inc. 2.70% 6/15/2031			625		511
Veritas US, Inc. 7.50% 9/1/20256			835		577
Viavi Solutions, Inc. 3.75% 10/1/20296			725		611
					67,553
Consumer staples 0.23%
7-Eleven, Inc. 0.80% 2/10/20246			1,700		1,618
7-Eleven, Inc. 0.95% 2/10/20266			825		723
7-Eleven, Inc. 1.30% 2/10/20286			2,500		2,076
Albertsons Companies, Inc. 3.50% 3/15/20296			1,230		1,035
Altria Group, Inc. 3.40% 2/4/2041			1,500		1,000
Altria Group, Inc. 3.70% 2/4/2051			1,395		879
Anheuser-Busch InBev NV 4.00% 4/13/2028			845		806
Anheuser-Busch InBev NV 4.35% 6/1/2040			2,500		2,208
Anheuser-Busch InBev NV 4.60% 4/15/2048			1,500		1,311
British American Tobacco PLC 3.222% 8/15/2024			2,826		2,723
British American Tobacco PLC 3.215% 9/6/2026			3,323		3,070
British American Tobacco PLC 4.54% 8/15/2047			940		668
Central Garden & Pet Co. 4.125% 4/30/20316			1,395		1,157
Coca-Cola Company 1.00% 3/15/2028			940		787
Conagra Brands, Inc. 1.375% 11/1/2027			4,615		3,852
Constellation Brands, Inc. 3.60% 2/15/2028			625		580

152 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Constellation Brands, Inc. 2.25% 8/1/2031		USD	1,487	$	1,185
Coty, Inc. 4.75% 1/15/20296			1,680		1,523
Imperial Tobacco Finance PLC 6.125% 7/27/20276			845		842
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20266			2,990		2,590
Lamb Weston Holdings, Inc. 4.125% 1/31/20306			2,210		1,955
PepsiCo, Inc. 2.625% 10/21/2041			5,000		3,721
PepsiCo, Inc. 3.625% 3/19/2050			777		639
PepsiCo, Inc. 2.75% 10/21/2051			1,723		1,200
Philip Morris International, Inc. 2.875% 5/1/2024			788		765
Philip Morris International, Inc. 3.25% 11/10/2024			2,000		1,936
Philip Morris International, Inc. 0.875% 5/1/2026			2,990		2,630
Philip Morris International, Inc. 5.125% 11/17/2027			3,073		3,101
Philip Morris International, Inc. 3.375% 8/15/2029			788		711
Philip Morris International, Inc. 5.625% 11/17/2029			1,482		1,507
Philip Morris International, Inc. 1.75% 11/1/2030			2,956		2,322
Philip Morris International, Inc. 5.75% 11/17/2032			938		959
Post Holdings, Inc. 4.625% 4/15/20306			2,886		2,496
Prestige Brands International, Inc. 3.75% 4/1/20316			1,115		921
Reynolds American, Inc. 5.85% 8/15/2045			2,030		1,737
Simmons Foods, Inc. 4.625% 3/1/20296			560		457
					57,690
Total corporate bonds, notes & loans					1,396,142
Asset-backed obligations 1.68%
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/20266,8			1,050		1,005
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 5.029% 1/15/20306,8,9			2,205		2,182
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 5.029% 10/16/20306,8,9			1,639		1,612
American Express Credit Account Master Trust, Series 2018-9, Class A, (1-month USD-LIBOR + 0.38%) 4.698% 4/15/20268,9			9,000		8,995
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 5.245% 1/22/20286,8,9			2,566		2,538
Avis Budget Rental Car Funding (AESOP), LLC, Series 2017-2A, Class A, 2.97% 3/20/20246,8			960		957
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-1A, Class A, 3.70% 9/20/20246,8			1,114		1,103
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/20256,8			3,100		3,049
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20276,8			539		489
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20276,8			138		124
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/20276,8			11,617		10,133
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/20288			6,633		6,706
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/20306,8,9			3,660		3,614
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/20336,8			531		494
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20376,8			4,807		4,092
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/20416,8			665		582
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 5.328% 7/27/20306,8,9			5,164		5,089
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20606,8			5,191		4,639
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20606,8			1,746		1,444
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20616,8			6,093		5,277
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD-LIBOR + 0.62%) 4.981% 4/22/20268,9			4,960		4,963

American Funds Insurance Series 153

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20456,8		USD	1,446	$	1,245
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/20456,8			5,382		4,669
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20456,8			1,170		1,017
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/20466,8			1,607		1,373
Discover Card Execution Note Trust, Series 2018-A6, Class A6, (1-month USD-LIBOR + 0.39%) 4.708% 3/15/20268,9			11,400		11,397
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 3/16/20268			256		256
DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/20266,8			6,318		6,335
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 5.059% 4/15/20286,8,9			5,181		5,131
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/20456,8			351		297
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/20286,8			6,513		6,341
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/20296,8			3,263		3,192
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/20296,8			5,092		5,109
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20258			1,100		1,101
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20376,8			5,999		5,320
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/20266,8			3,272		3,292
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/20306,8			4,825		4,760
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/20306,8			6,000		5,885
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20316,8			9,605		9,181
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20316,8			8,861		8,318
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20456,8			685		604
GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/20456,8			275		245
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20396,8			2,443		2,294
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20406,8			10,273		9,116
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20406,8			12,830		11,408
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20416,8			4,021		3,468
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20416,8			5,992		5,201
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/20416,8			474		402
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/20233,6,8			5,930		5,689
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20256,8			8,452		7,816
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20256,8			634		581
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20256,8			405		365
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/20266,8			8,390		8,026
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20276,8			5,565		4,853
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20276,8			685		588
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20276,8			429		355
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/20286,8			4,900		4,305
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/20286,8			8,750		8,096
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 5.079% 4/15/20296,8,9			1,090		1,087
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.278% 7/21/20306,8,9			5,497		5,411
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/20296,8,9			2,311		2,288
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 3/20/20266,8			4,700		4,486
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/20266,8			1,900		1,840
Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/20276,8			2,531		2,473
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20696,8			5,085		4,327
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/20706,8			5,969		5,062
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/20466,8			6,343		5,341
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/20626,8			10,468		9,303
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20626,8			5,889		5,217
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20626,8			10,010		8,901
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20616,8			23,051		19,520
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.328% 7/25/20306,8,9			1,752		1,733
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 5.757% 11/25/20286,8,9			1,415		1,405

154 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.143% 4/20/20296,8,9		USD	437	$	433
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 4.879% 10/15/20296,8,9			8,431		8,324
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 5.479% 10/15/20296,8,9			5,378		5,207
Palmer Square Loan Funding, CLO, Series 2022-5, Class A1, (3-month USD CME Term SOFR + 1.56%) 4.084% 1/15/20316,8,9			5,871		5,838
PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/20368			2,725		2,534
PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 2.45% 1/20/20316,8,9			9,947		9,947
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 5.019% 10/15/20306,8,9			4,634		4,571
Santander Drive Auto Receivables Trust, Series 2022-5, Class A2, 3.98% 1/15/20258			4,359		4,337
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/20258			646		643
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/20268			1,987		1,991
Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/20268			4,101		4,027
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 5.048% 1/15/20536,8,9			6,531		6,256
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/20466,8			3,451		2,775
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/20466,8			4,820		4,182
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/20416,8			4,782		4,039
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20336,8			2,480		2,209
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/20336,8			2,048		1,770
Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 6.678% 10/20/20316,8,9			7,500		7,500
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20756,8			3,286		2,989
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20456,8			1,820		1,599
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20456,8			801		699
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20466,8			924		778
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20466,8			2,661		2,267
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/20316,8			3,250		3,134
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/20336,8			889		814
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/20346,8,9			7,257		6,439
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20456,8			10,345		8,870
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20466,8			1,823		1,523
Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/20256,8			6,521		6,506
					417,313
Bonds & notes of governments & government agencies outside the U.S. 0.17%
CPPIB Capital, Inc. 2.75% 11/2/20276			6,600		6,096
European Investment Bank 0.75% 10/26/2026			6,194		5,433
OMERS Finance Trust 3.50% 4/19/20326			4,315		3,905
OMERS Finance Trust 4.00% 4/19/20526			4,315		3,459
Panama (Republic of) 3.298% 1/19/2033			4,365		3,545
Panama (Republic of) 4.50% 1/19/2063			1,035		733
Peru (Republic of) 1.862% 12/1/2032			2,525		1,848
Peru (Republic of) 2.78% 12/1/2060			3,775		2,214
Qatar (State of) 3.375% 3/14/20246			2,315		2,271
Qatar (State of) 4.00% 3/14/20296			745		733
Qatar (State of) 4.817% 3/14/20496			750		731
Swedish Export Credit Corp. 3.625% 9/3/2024			5,089		4,993
United Mexican States 2.659% 5/24/2031			2,703		2,187
United Mexican States 4.875% 5/19/2033			1,790		1,647
United Mexican States 3.771% 5/24/2061			1,528		971
					40,766

American Funds Insurance Series 155

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Municipals 0.14%
California 0.02%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026		USD	1,200	$	1,079
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027			1,660		1,454
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034			495		398
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 6/1/2042			1,170		869
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 6/1/2046			2,470		2,288
					6,088
Connecticut 0.00%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 11/15/2044			5		5
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 11/15/2044			10		10
					15
Florida 0.04%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027			5,335		4,649
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030			5,365		4,399
					9,048
Guam 0.00%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036			240		196
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043			315		246
					442
Illinois 0.01%
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033			4,125		3,952
Maryland 0.00%
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 9/1/2040			10		10
Minnesota 0.00%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 7/1/2038			30		30
New York 0.03%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity)			2,865		2,556
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028			4,745		4,036
					6,592
Ohio 0.02%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds  (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031			5,110		4,314
South Carolina 0.00%
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 7/1/2041			10		10

156 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Municipals (continued)
South Dakota 0.00%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 5/1/2034		USD	5	$	5
Tennessee 0.00%
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 7/1/2043			5		5
Wisconsin 0.02%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034			5,865		5,213
Total municipals					35,724
Total bonds, notes & other debt instruments (cost: $5,829,150,000)					5,385,913
Short-term securities 6.82%			Shares
Money market investments 6.61%
Capital Group Central Cash Fund 4.31%7,17			16,398,802		1,639,716
Money market investments purchased with collateral from securities on loan 0.21%
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%17,18			20,644,758		20,645
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%17,18			17,940,546		17,940
Capital Group Central Cash Fund 4.31%7,17,18			126,229		12,622
					51,207
Total short-term securities (cost: $1,690,721,000)					1,690,923
Total investment securities 102.09% (cost: $21,116,750,000)					25,318,386
Other assets less liabilities (2.09)%					(517,812	)
Net assets 100.00%				$	24,800,574

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
2 Year U.S. Treasury Note Futures	Long	543	March 2023		USD111,357			$	139
5 Year U.S. Treasury Note Futures	Long	2,120	March 2023		228,811				(257	)
10 Year U.S. Treasury Note Futures	Long	1,324	March 2023		148,681				(1,571	)
10 Year Ultra U.S. Treasury Note Futures	Short	3,101	March 2023		(366,790	)			2,180
20 Year U.S. Treasury Bond Futures	Long	960	March 2023		120,330				(1,534	)
30 Year Ultra U.S. Treasury Bond Futures	Long	53	March 2023		7,119				(123	)
								$	(1,166	)

American Funds Insurance Series 157

Asset Allocation Fund (continued)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index

Financing rate paid

Payment frequency

Expiration date

Notional amount (000)

Value at 12/31/2022 (000)

Upfront premium received (000)

Unrealized depreciation at 12/31/2022 (000)

CDX.NA.IG.39

1.00%

Quarterly

12/20/2027

USD238,057

$(1,903

)

$(280

)

$(1,623

)

Investments in affiliates⁷

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Common stocks 0.00%
Health care 0.00%
NuCana PLC (ADR)19	$	7,086	$	—		$	2,674	$	(14,288	)	$	9,876		$	—	$	—
Investment funds 5.51%
Capital Group Central Corporate Bond Fund		1,617,261		83,203			40,000		(10,186	)		(283,156	)		1,367,122		43,890
Short-term securities 6.66%
Money market investments 6.61%
Capital Group Central Cash Fund 4.31%17		1,417,334		4,300,144			4,077,429		(250	)		(83	)		1,639,716		36,585
Money market investments purchased with collateral from securities on loan 0.05%
Capital Group Central Cash Fund 4.31%17,18		8,492		4,130	20										12,622		—	21
Total short-term securities															1,652,338
Total 12.17%								$	(24,724	)	$	(273,363	)	$	3,019,460	$	80,475

Restricted securities⁴

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 7/9/2024 3	7/9/2021	$	50,000	$	63,388		.26	%
Rotech Healthcare, Inc.1,3	8/22/2014		6,949		19,703		.08
Total		$	56,949	$	83,091		.34	%

158 American Funds Insurance Series

Asset Allocation Fund (continued)

1	Security did not produce income during the last 12 months.
2	All or a portion of this security was on loan. The total value of all such securities was $67,688,000, which represented .27% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Value determined using significant unobservable inputs.
4	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $83,091,000, which represented .33% of the net assets of the fund.
5	Amount less than one thousand.
6	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,155,580,000, which represented 4.66% of the net assets of the fund.
7	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
8	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
9	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
10	Purchased on a TBA basis.
11	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $8,779,000, which represented .04% of the net assets of the fund.
12	Index-linked bond whose principal amount moves with a government price index.
13	Step bond; coupon rate may change at a later date.
14	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $8,799,000, which represented .04% of the net assets of the fund.
15	Scheduled interest and/or principal payment was not received.
16	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
17	Rate represents the seven-day yield at 12/31/2022.
18	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
19	Affiliated issuer during the reporting period but no longer held at 12/31/2022.
20	Represents net activity. Refer to Note 5 for more information on securities lending.
21	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

Agcy. = Agency

AMT = Alternative Minimum Tax

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Dept. = Department

Dev. = Development

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 159

American Funds Global Balanced Fund

(formerly Global Balanced Fund)

Investment portfolio December 31, 2022

Common stocks 58.58%	Shares		Value (000)
Financials 10.64%
Zurich Insurance Group AG		10,777	$	5,150
B3 SA-Brasil, Bolsa, Balcao		2,047,634		5,123
HDFC Bank, Ltd. (ADR)		25,988		1,778
HDFC Bank, Ltd.		79,465		1,564
DNB Bank ASA		156,181		3,092
AIA Group, Ltd.		195,894		2,158
Toronto-Dominion Bank (CAD denominated)		32,954		2,134
PNC Financial Services Group, Inc.		11,839		1,870
Kotak Mahindra Bank, Ltd.		78,279		1,722
DBS Group Holdings, Ltd.		55,100		1,395
Citigroup, Inc.		30,627		1,385
BlackRock, Inc.		1,886		1,337
ING Groep NV		98,239		1,199
United Overseas Bank, Ltd.		47,600		1,092
BNP Paribas SA		12,920		735
Nasdaq, Inc.		11,966		734
JPMorgan Chase & Co.		5,371		720
KBC Groep NV		11,130		715
Münchener Rückversicherungs-Gesellschaft AG		1,931		628
Aegon NV		122,629		622
Bank Central Asia Tbk PT		1,108,100		608
Tryg A/S		24,243		575
Banco Santander, SA		176,586		529
Ping An Insurance (Group) Company of China, Ltd., Class H		66,500		439
Ping An Insurance (Group) Company of China, Ltd., Class A		11,400		77
FinecoBank SpA		26,543		442
Great-West Lifeco, Inc.		17,334		401
CME Group, Inc., Class A		2,292		385
Fairfax Financial Holdings, Ltd., subordinate voting shares		506		300
Allfunds Group PLC		18,078		126
Lufax Holding, Ltd. (ADR)		47,602		92
				39,127
Industrials 8.37%
Raytheon Technologies Corp.		71,227		7,188
General Electric Co.		39,535		3,313
BAE Systems PLC		264,063		2,729
Thales SA		20,022		2,560
General Dynamics Corp.		8,468		2,101
Carrier Global Corp.		49,012		2,022
L3Harris Technologies, Inc.		9,073		1,889
Siemens AG		13,373		1,856
Honeywell International, Inc.		6,585		1,411
RELX PLC		46,732		1,295
CSX Corp.		38,467		1,192
LIXIL Corp.		54,500		831
Deutsche Post AG		17,657		665
Safran SA		4,525		565
Trelleborg AB, Class B		11,334		262
Brenntag SE		3,756		240
Melrose Industries PLC		141,781		230
Airbus SE, non-registered shares		1,805		215
NIBE Industrier AB, Class B		21,550		201
				30,765
Health care 7.78%
Abbott Laboratories		57,298		6,291
Gilead Sciences, Inc.		30,992		2,661
Novartis AG		28,897		2,617
Siemens Healthineers AG		51,525		2,578
UnitedHealth Group, Inc.		4,540		2,407

160 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Thermo Fisher Scientific, Inc.		3,354	$	1,847
AstraZeneca PLC		12,615		1,712
Merck KGaA		8,165		1,581
AbbVie, Inc.		8,136		1,315
Stryker Corp.		3,999		978
Amgen, Inc.		3,365		884
Medtronic PLC		11,261		875
Eurofins Scientific SE, non-registered shares		11,316		815
BioMarin Pharmaceutical, Inc.1		6,615		685
Humana, Inc.		1,166		597
Bayer AG		10,117		522
Takeda Pharmaceutical Company, Ltd.		8,400		262
				28,627
Information technology 6.47%
Broadcom, Inc.		16,303		9,115
Microsoft Corp.		31,123		7,464
Micron Technology, Inc.		44,625		2,230
Taiwan Semiconductor Manufacturing Company, Ltd.		97,000		1,414
GlobalWafers Co., Ltd.		86,000		1,195
ServiceNow, Inc.1		2,184		848
Accenture PLC, Class A		3,024		807
Apple, Inc.		3,194		415
Applied Materials, Inc.		2,383		232
Texas Instruments, Inc.		380		63
				23,783
Consumer staples 5.34%
Nestlé SA		35,802		4,135
Philip Morris International, Inc.		36,010		3,645
ITC, Ltd.		833,272		3,340
Imperial Brands PLC		95,936		2,397
Seven & i Holdings Co., Ltd.		39,200		1,677
Pernod Ricard SA		5,580		1,097
British American Tobacco PLC		27,475		1,090
Heineken NV		7,506		705
Altria Group, Inc.		14,317		654
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		104,700		465
Treasury Wine Estates, Ltd.		27,708		256
Kweichow Moutai Co., Ltd., Class A		721		178
				19,639
Utilities 4.80%
DTE Energy Company		29,637		3,483
Power Grid Corporation of India, Ltd.		1,007,658		2,594
NextEra Energy, Inc.		28,214		2,359
Duke Energy Corp.		16,849		1,735
E.ON SE		157,688		1,574
Entergy Corp.		10,025		1,128
Iberdrola, SA, non-registered shares		77,458		906
ENN Energy Holdings, Ltd.		64,000		893
Dominion Energy, Inc.		14,276		875
National Grid PLC		65,238		784
Enel SpA		122,240		657
SembCorp Industries, Ltd.		187,100		471
Public Service Enterprise Group, Inc.		3,391		208
				17,667

American Funds Insurance Series 161

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Common stocks (continued)	Shares		Value (000)
Materials 4.33%
Freeport-McMoRan, Inc.		87,143	$	3,311
Linde PLC		6,504		2,122
BHP Group, Ltd. (CDI)		62,248		1,919
Evonik Industries AG		96,394		1,851
Fortescue Metals Group, Ltd.		126,401		1,762
Rio Tinto PLC		20,187		1,417
Shin-Etsu Chemical Co., Ltd.		11,000		1,340
Vale SA (ADR), ordinary nominative shares		64,102		1,088
UPM-Kymmene OYJ		15,079		565
International Flavors & Fragrances, Inc.		2,739		287
Air Liquide SA, non-registered shares		1,874		267
				15,929
Energy 4.02%
Canadian Natural Resources, Ltd. (CAD denominated)		125,963		6,995
Neste OYJ		40,724		1,881
Shell PLC (GBP denominated)		54,477		1,548
Chevron Corp.		8,045		1,444
BP PLC		184,567		1,073
DT Midstream, Inc.		10,284		568
Baker Hughes Co., Class A		17,643		521
TC Energy Corp. (CAD denominated)		12,080		482
Woodside Energy Group, Ltd. (CDI)		10,942		264
				14,776
Communication services 3.14%
Alphabet, Inc., Class A1		19,243		1,698
Alphabet, Inc., Class C1		7,907		701
Netflix, Inc.1		8,029		2,368
Singapore Telecommunications, Ltd.		782,600		1,502
Comcast Corp., Class A		30,643		1,072
BCE, Inc.		22,635		995
Omnicom Group, Inc.		10,624		867
Universal Music Group NV		31,035		749
SoftBank Corp.		54,400		615
Meta Platforms, Inc., Class A1		4,089		492
Electronic Arts, Inc.		4,021		491
				11,550
Consumer discretionary 2.27%
LVMH Moët Hennessy-Louis Vuitton SE		2,423		1,760
Cie. Financière Richemont SA, Class A		8,551		1,107
Ferrari NV		3,990		855
Ferrari NV (EUR denominated)		1,039		222
General Motors Company		27,725		933
Tesla, Inc.1		7,350		905
InterContinental Hotels Group PLC		12,297		708
Starbucks Corp.		4,596		456
Royal Caribbean Cruises, Ltd.1		8,302		410
Astra International Tbk PT		1,050,300		383
Aptiv PLC1		2,518		234
D.R. Horton, Inc.		2,232		199
Airbnb, Inc., Class A1		1,851		158
JD.com, Inc., Class A		1,200		34
				8,364

162 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Common stocks (continued)		Shares		Value (000)
Real estate 1.42%
Embassy Office Parks REIT		342,621	$	1,390
Equinix, Inc. REIT		2,059		1,349
CTP NV		104,148		1,226
Digital Realty Trust, Inc. REIT		4,683		470
Crown Castle, Inc. REIT		3,025		410
Americold Realty Trust, Inc. REIT		12,798		362
				5,207
Total common stocks (cost: $194,190,000)				215,434
Preferred securities 0.40%
Financials 0.25%
Fannie Mae, Series S, 8.25% noncumulative preferred shares1		223,000		522
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1		192,000		389
				911
Consumer discretionary 0.15%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares1		5,497		558
Total preferred securities (cost: $1,986,000)				1,469
Convertible stocks 0.34%
Utilities 0.23%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		16,500		828
Health care 0.11%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023		300		407
Total convertible stocks (cost: $1,214,000)				1,235
Investment funds 1.50%
Capital Group Central Corporate Bond Fund2		678,772		5,532
Total investment funds (cost: $5,481,000)				5,532
Bonds, notes & other debt instruments 34.19%		Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 13.26%
Abu Dhabi (Emirate of) 0.75% 9/2/20233	USD	275		267
Agricultural Development Bank of China 3.75% 1/25/2029	CNY	550		83
Asian Development Bank 1.125% 6/10/2025	GBP	100		112
Australia (Commonwealth of), Series 152, 2.75% 11/21/2028	AUD	310		200
Australia (Commonwealth of), Series 157, 1.50% 6/21/2031		1,055		591
Australia (Commonwealth of), Series 163, 1.00% 11/21/2031		150		79
Australia (Commonwealth of), Series 166, 3.00% 11/21/2033		2,250		1,388
Austria (Republic of) 0% 2/20/2031	EUR	660		553
Brazil (Federative Republic of) 10.00% 1/1/2023	BRL	600		108
Brazil (Federative Republic of) 0% 1/1/2024		1,700		284
Brazil (Federative Republic of) 10.00% 1/1/2025		900		163
Canada 0.75% 10/1/2024	CAD	1,125		785
Canada 2.25% 6/1/2025		1,400		998
Canada 0.25% 3/1/2026		570		378
Canada 3.50% 3/1/2028		1,009		749
Chile (Republic of) 4.70% 9/1/2030	CLP	245,000		279

American Funds Insurance Series 163

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
China (People’s Republic of), Series 1910, 3.86% 7/22/2049	CNY	2,110	$	336
China (People’s Republic of), Series INBK, 3.39% 3/16/2050		1,600		235
China (People’s Republic of), Series INBK, 3.81% 9/14/2050		10,290		1,626
China Development Bank Corp., Series 2008, 2.89% 6/22/2025		3,240		470
China Development Bank Corp., Series 2004, 3.43% 1/14/2027		1,060		156
China Development Bank Corp., Series 2009, 3.39% 7/10/2027		8,580		1,258
China Development Bank Corp., Series 1805, 4.88% 2/9/2028		2,040		322
Colombia (Republic of), Series B, 5.75% 11/3/2027	COP	2,331,300		365
Colombia (Republic of), Series B, 7.00% 3/26/2031		5,308,700		776
European Investment Bank 0.375% 9/15/2027	EUR	110		105
European Investment Bank 0.25% 1/20/2032		860		717
European Union 0% 7/6/2026		100		97
European Union 0.25% 10/22/2026		50		48
French Republic O.A.T. 0.75% 2/25/2028		640		618
French Republic O.A.T. 0% 11/25/2030		1,320		1,128
French Republic O.A.T. 0% 5/25/2032		650		527
French Republic O.A.T. 2.00% 11/25/2032		610		596
French Republic O.A.T. 3.25% 5/25/2045		160		171
Germany (Federal Republic of) 0% 4/16/2027		950		915
Germany (Federal Republic of) 0% 8/15/2031		2,600		2,258
Germany (Federal Republic of) 0% 2/15/2032		540		463
Germany (Federal Republic of) 1.70% 8/15/2032		1,129		1,127
Germany (Federal Republic of) 1.00% 5/15/2038		640		548
Germany (Federal Republic of) 0% 8/15/2050		200		112
Germany (Federal Republic of) 0% 8/15/2052		260		139
Greece (Hellenic Republic of) 3.45% 4/2/2024		110		118
Greece (Hellenic Republic of) 3.375% 2/15/2025		300		321
Greece (Hellenic Republic of) 1.75% 6/18/2032		790		668
India (Republic of) 5.15% 11/9/2025	INR	8,000		92
Indonesia (Republic of), Series 78, 8.25% 5/15/2029	IDR	1,833,000		127
Indonesia (Republic of), Series 87, 6.50% 2/15/2031		1,253,000		78
Israel (State of) 2.875% 1/29/2024	EUR	200		213
Israel (State of) 1.50% 1/18/2027		100		100
Italy (Republic of) 1.35% 4/1/2030		660		581
Italy (Republic of) 2.50% 12/1/2032		650		583
Japan, Series 17, 0.10% 9/10/20234	JPY	10,900		84
Japan, Series 18, 0.10% 3/10/20244		21,660		169
Japan, Series 19, 0.10% 9/10/20244		31,620		247
Japan, Series 150, 0.005% 12/20/2026		84,950		644
Japan, Series 22, 0.10% 3/10/20274		26,454		211
Japan, Series 346, 0.10% 3/20/2027		134,150		1,018
Japan, Series 363, 0.10% 6/20/2031		56,000		412
Japan, Series 365, 0.10% 12/20/2031		317,600		2,340
Japan, Series 152, 1.20% 3/20/2035		264,400		2,109
Japan, Series 179, 0.50% 12/20/2041		71,600		476
Japan, Series 42, 1.70% 3/20/2044		50,150		408
Japan, Series 37, 0.60% 6/20/2050		26,950		162
Japan, Series 74, 1.00% 3/20/2052		178,400		1,178
Japan, Series 76, 1.40% 9/20/2052		80,350		586
KfW 1.125% 7/4/2025	GBP	95		106
Malaysia (Federation of), Series 0119, 3.906% 7/15/2026	MYR	1,380		315
Malaysia (Federation of), Series 0219, 3.885% 8/15/2029		620		140
Malaysia (Federation of), Series 0519, 3.757% 5/22/2040		270		57
Morocco (Kingdom of) 3.50% 6/19/2024	EUR	100		107
Morocco (Kingdom of) 1.50% 11/27/2031		100		79
Netherlands (Kingdom of the) 5.50% 1/15/2028		100		121
Nova Scotia (Province of) 3.15% 12/1/2051	CAD	170		101
Peru (Republic of) 2.392% 1/23/2026	USD	90		83
Philippines (Republic of) 0.001% 4/12/2024	JPY	100,000		753

164 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Philippines (Republic of) 0.25% 4/28/2025	EUR	100	$	99
Philippines (Republic of) 1.648% 6/10/2031	USD	200		160
Poland (Republic of), Series 1029, 2.75% 10/25/2029	PLN	410		74
Portuguese Republic 0.475% 10/18/2030	EUR	230		199
Romania 2.125% 3/7/2028		130		117
Romania 3.624% 5/26/2030		392		344
Romania 2.00% 1/28/2032		100		72
Romania 2.00% 4/14/2033		200		138
Romania 3.375% 2/8/2038		80		58
Romania 4.625% 4/3/2049		39		30
Romania 3.375% 1/28/2050		73		45
Russian Federation 7.00% 8/16/20235,6	RUB	16,600		77
Russian Federation 2.875% 12/4/20255	EUR	200		90
Russian Federation 4.25% 6/23/20275	USD	200		86
Russian Federation 4.375% 3/21/20295		200		82
Russian Federation 6.90% 5/23/20295	RUB	28,250		123
Russian Federation 7.65% 4/10/20305		38,320		166
Russian Federation 5.90% 3/12/20315		5,620		24
Russian Federation 6.90% 7/23/20315		18,200		79
Russian Federation 8.50% 9/17/20315		5,530		24
Russian Federation 7.70% 3/23/20335		23,030		100
Russian Federation 7.25% 5/10/20345		8,140		35
Serbia (Republic of) 3.125% 5/15/2027	EUR	385		356
Serbia (Republic of) 2.05% 9/23/2036		185		112
South Africa (Republic of), Series R-2030, 8.00% 1/31/2030	ZAR	3,000		157
Spain (Kingdom of) 0% 1/31/2027	EUR	335		317
Spain (Kingdom of) 0.80% 7/30/2027		490		474
Spain (Kingdom of) 0.50% 10/31/2031		395		329
Spain (Kingdom of) 0.70% 4/30/2032		830		693
Tunisia (Republic of) 6.75% 10/31/2023		260		235
Tunisia (Republic of) 6.75% 10/31/2023		150		135
Ukraine 6.876% 5/21/20313,5	USD	250		48
Ukraine 6.876% 5/21/20315		200		38
United Kingdom 2.75% 9/7/2024	GBP	50		60
United Kingdom 1.25% 7/22/2027		410		447
United Kingdom 0.375% 10/22/2030		490		463
United Kingdom 0.25% 7/31/2031		160		145
United Kingdom 1.00% 1/31/2032		1,490		1,427
United Kingdom 4.25% 6/7/2032		1,165		1,474
United Kingdom 3.25% 1/22/2044		174		187
United Kingdom 1.25% 7/31/2051		413		270
United Mexican States, Series M, 5.75% 3/5/2026	MXN	18,200		846
United Mexican States, Series M, 7.50% 6/3/2027		1,950		94
United Mexican States, Series M, 7.75% 5/29/2031		5,000		238
United Mexican States, Series M, 8.00% 11/7/2047		5,120		235
United Mexican States, Series M, 8.00% 7/31/2053		18,880		864
				48,783
U.S. Treasury bonds & notes 12.04%
U.S. Treasury 11.52%
U.S. Treasury 2.50% 3/31/2023	USD	1,182		1,177
U.S. Treasury 2.75% 4/30/2023		1,485		1,477
U.S. Treasury 1.50% 2/29/2024		5,058		4,876
U.S. Treasury 2.50% 4/30/2024		995		967
U.S. Treasury 3.25% 8/31/2024		706		691
U.S. Treasury 1.50% 10/31/2024		1,300		1,232
U.S. Treasury 1.00% 12/15/2024		620		580
U.S. Treasury 1.75% 3/15/2025		98		93
U.S. Treasury 3.00% 7/15/2025		1,016		984

American Funds Insurance Series 165

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 3.125% 8/15/2025	USD	18	$	17
U.S. Treasury 0.25% 8/31/2025		833		749
U.S. Treasury 4.50% 11/15/2025		178		179
U.S. Treasury 0.375% 11/30/2025		50		45
U.S. Treasury 0.50% 2/28/2026		500		446
U.S. Treasury 0.75% 3/31/2026		2,075		1,861
U.S. Treasury 0.875% 6/30/2026		74		66
U.S. Treasury 2.25% 2/15/2027		298		277
U.S. Treasury 1.875% 2/28/2027		6,696		6,133
U.S. Treasury 2.50% 3/31/2027		1,025		962
U.S. Treasury 2.75% 4/30/2027		6,460		6,125
U.S. Treasury 2.75% 7/31/2027		46		43
U.S. Treasury 3.125% 8/31/2027		2,160		2,078
U.S. Treasury 4.125% 9/30/2027		268		269
U.S. Treasury 4.125% 10/31/2027		357		358
U.S. Treasury 2.875% 5/15/2028		1,275		1,204
U.S. Treasury 2.875% 8/15/2028		557		525
U.S. Treasury 0.625% 5/15/2030		823		652
U.S. Treasury 0.625% 8/15/2030		650		512
U.S. Treasury 1.625% 5/15/2031		375		316
U.S. Treasury 1.25% 8/15/2031		395		321
U.S. Treasury 1.375% 11/15/2031		834		680
U.S. Treasury 1.875% 2/15/2032		779		661
U.S. Treasury 2.875% 5/15/2032		640		590
U.S. Treasury 2.75% 8/15/2032		1,279		1,164
U.S. Treasury 4.125% 11/15/2032		195		199
U.S. Treasury 1.875% 2/15/20417		920		652
U.S. Treasury 2.25% 5/15/20417		525		395
U.S. Treasury 2.875% 11/15/2046		400		322
U.S. Treasury 1.25% 5/15/2050		140		76
U.S. Treasury 2.375% 5/15/2051		490		353
U.S. Treasury 2.00% 8/15/2051		560		369
U.S. Treasury 1.875% 11/15/20517		686		437
U.S. Treasury 2.25% 2/15/20527		765		535
U.S. Treasury 2.875% 5/15/2052		273		220
U.S. Treasury 3.00% 8/15/2052		510		423
U.S. Treasury 4.00% 11/15/2052		70		70
				42,361
U.S. Treasury inflation-protected securities 0.52%
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20244		829		803
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20244		575		555
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20274		367		346
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20494		249		208
				1,912
Total U.S. Treasury bonds & notes				44,273
Corporate bonds, notes & loans 5.64%
Financials 1.80%
ACE INA Holdings, Inc. 3.35% 5/3/2026		10		10
ACE INA Holdings, Inc. 4.35% 11/3/2045		20		17
AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)8	EUR	200		167
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)3,8	USD	200		204
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)8	EUR	100		106
Banco de Sabadell, SA 2.625% 3/24/2026 (5-year EUR Mid-Swap + 2.20% on 3/24/2025)8		100		101
Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)8	USD	200		188
Bank of America Corp. 1.319% 6/19/2026 (USD-SOFR + 1.15% on 6/19/2025)8		500		451
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)8		160		140

166 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)8	USD	236	$	214
Bank of America Corp. 2.496% 2/13/2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)8		20		16
Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)8		475		472
Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)8		103		96
Citigroup, Inc. 3.106% 4/8/2026 (USD-SOFR + 2.842% on 3/8/2026)8		175		166
Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)8		310		269
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)8		110		99
Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)8		29		27
Commonwealth Bank of Australia 2.688% 3/11/20313		225		174
Corebridge Financial, Inc. 3.90% 4/5/20323		59		52
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)8		160		136
Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)8	EUR	100		95
Goldman Sachs Group, Inc. 1.00% 3/18/20339		210		162
Goldman Sachs Group, Inc. 4.017% 10/31/2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)8	USD	78		64
Groupe BPCE SA 5.70% 10/22/20233		200		199
Groupe BPCE SA 1.00% 4/1/2025	EUR	100		101
HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)8	USD	200		191
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)8		186		164
JPMorgan Chase & Co. 4.493% 3/24/2031 (USD-SOFR + 3.79% on 3/24/2030)8		160		150
Morgan Stanley 3.125% 7/27/2026		110		103
Morgan Stanley 0.985% 12/10/2026 (USD-SOFR + 0.72% on 12/10/2025)8		200		175
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)8		126		111
Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030)8		72		60
Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)8	EUR	510		485
New York Life Insurance Company 3.75% 5/15/20503	USD	23		18
Nordea Bank AB 3.60% 6/6/20253		200		193
Royal Bank of Canada 1.20% 4/27/2026		175		156
UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)3,8		450		442
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)8		210		195
Wells Fargo & Company 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)8		400		354
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)8		100		85
				6,608
Utilities 0.89%
Alabama Power Co. 3.00% 3/15/2052		250		166
CMS Energy Corp. 3.00% 5/15/2026		150		140
Consumers Energy Co. 3.60% 8/15/2032		250		228
Duke Energy Carolinas, LLC 3.05% 3/15/2023		280		279
Duke Energy Progress, LLC 3.70% 9/1/2028		75		71
E.ON SE 1.625% 3/29/2031	EUR	240		216
Edison International 4.125% 3/15/2028	USD	160		149
Enel Finance International SA 1.875% 7/12/20283		200		159
Enersis Américas SA 4.00% 10/25/2026		35		33
Entergy Louisiana, LLC 4.75% 9/15/2052		100		90
Exelon Corp. 3.40% 4/15/2026		150		143
FirstEnergy Corp. 3.50% 4/1/20283		35		32
Florida Power & Light Company 2.875% 12/4/2051		120		81
Interstate Power and Light Co. 2.30% 6/1/2030		50		41
NextEra Energy Capital Holdings, Inc. 2.75% 11/1/2029		232		201
Niagara Mohawk Power Corp. 3.508% 10/1/20243		85		82
Pacific Gas and Electric Co. 2.95% 3/1/2026		25		23
Pacific Gas and Electric Co. 2.10% 8/1/2027		100		86

American Funds Insurance Series 167

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 3.00% 6/15/2028	USD	140	$	121
Pacific Gas and Electric Co. 4.65% 8/1/2028		114		105
Pacific Gas and Electric Co. 4.55% 7/1/2030		31		28
Pacific Gas and Electric Co. 2.50% 2/1/2031		600		467
Pacific Gas and Electric Co. 3.25% 6/1/2031		50		41
Pacific Gas and Electric Co. 3.50% 8/1/2050		137		86
Xcel Energy, Inc. 3.35% 12/1/2026		216		203
				3,271
Consumer discretionary 0.62%
Amazon.com, Inc. 2.80% 8/22/2024		45		44
Bayerische Motoren Werke AG 3.90% 4/9/20253		70		69
Bayerische Motoren Werke AG 4.15% 4/9/20303		70		67
Daimler Trucks Finance North America, LLC 3.65% 4/7/20273		150		140
General Motors Financial Co. 2.40% 4/10/2028		150		126
Hyundai Capital America 1.50% 6/15/20263		250		217
Hyundai Capital America 2.375% 10/15/20273		109		93
Hyundai Capital Services, Inc. 3.75% 3/5/20233		250		249
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20253		222		239
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20283		185		148
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20293		70		70
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20293		59		61
Stellantis Finance US, Inc. 5.625% 1/12/20283		400		397
Stellantis Finance US, Inc. 2.691% 9/15/20313		200		153
Toyota Motor Credit Corp. 3.375% 4/1/2030		33		30
Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds (9-year EUR Mid-Swap + 3.36% on 3/28/2031)8	EUR	200		175
				2,278
Health care 0.45%
Aetna, Inc. 2.80% 6/15/2023	USD	10		10
Amgen, Inc. 1.90% 2/21/2025		40		37
Amgen, Inc. 2.20% 2/21/2027		30		27
Amgen, Inc. 4.20% 3/1/2033		280		260
AstraZeneca Finance, LLC 2.25% 5/28/2031		69		57
AstraZeneca PLC 3.50% 8/17/2023		150		149
Becton, Dickinson and Company 3.734% 12/15/2024		10		10
Becton, Dickinson and Company 3.70% 6/6/2027		43		41
Becton, Dickinson and Company 2.823% 5/20/2030		28		24
Becton, Dickinson and Company 4.298% 8/22/2032		320		300
Cigna Corp. 4.125% 11/15/2025		80		78
EMD Finance, LLC 3.25% 3/19/20253		250		240
Stryker Corp. 0.75% 3/1/2029	EUR	210		188
Takeda Pharmaceutical Company, Ltd. 2.25% 11/21/2026		100		102
UnitedHealth Group, Inc. 4.00% 5/15/2029	USD	135		129
				1,652
Communication services 0.42%
AT&T, Inc. 2.75% 6/1/2031		375		312
AT&T, Inc. 2.55% 12/1/2033		64		49
Comcast Corp. 0% 9/14/2026	EUR	100		94
Deutsche Telekom International Finance BV 9.25% 6/1/2032	USD	45		56
Netflix, Inc. 3.875% 11/15/20299	EUR	200		201
Orange SA 9.00% 3/1/20318	USD	65		80
T-Mobile US, Inc. 2.05% 2/15/2028		200		172
Verizon Communications, Inc. 0.375% 3/22/2029	EUR	140		121

168 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Verizon Communications, Inc. 2.55% 3/21/2031	USD	325	$	268
Verizon Communications, Inc. 0.75% 3/22/2032	EUR	100		80
WarnerMedia Holdings, Inc. 5.05% 3/15/20423	USD	168		129
				1,562
Information technology 0.38%
Apple, Inc. 3.35% 8/8/2032		580		528
Broadcom, Inc. 4.00% 4/15/20293		21		19
Broadcom, Inc. 4.15% 11/15/2030		70		63
Broadcom, Inc. 3.419% 4/15/20333		53		43
Broadcom, Inc. 3.137% 11/15/20353		15		11
Lenovo Group, Ltd. 5.875% 4/24/2025		269		262
Mastercard, Inc. 2.00% 11/18/2031		102		82
Microsoft Corp. 2.40% 8/8/2026		187		175
Oracle Corp. 2.65% 7/15/2026		216		199
				1,382
Industrials 0.32%
Boeing Company 4.508% 5/1/2023		400		399
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		164		111
Carrier Global Corp. 2.242% 2/15/2025		6		6
Carrier Global Corp. 2.493% 2/15/2027		7		6
CSX Corp. 3.80% 4/15/2050		6		5
CSX Corp. 2.50% 5/15/2051		75		46
Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/20343		95		92
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20273		200		181
Singapore Airlines, Ltd. 3.375% 1/19/2029		200		181
United Technologies Corp. 4.125% 11/16/2028		170		163
				1,190
Consumer staples 0.26%
Altria Group, Inc. 2.20% 6/15/2027	EUR	270		260
Anheuser-Busch InBev NV 4.00% 4/13/2028	USD	100		95
Anheuser-Busch InBev NV 4.75% 1/23/2029		220		218
British American Tobacco PLC 3.215% 9/6/2026		62		57
British American Tobacco PLC 4.70% 4/2/2027		67		64
British American Tobacco PLC 3.557% 8/15/2027		105		96
British American Tobacco PLC 3.462% 9/6/2029		75		65
Philip Morris International, Inc. 5.75% 11/17/2032		110		113
				968
Energy 0.24%
Canadian Natural Resources, Ltd. 2.95% 7/15/2030		161		136
Halliburton Company 3.80% 11/15/2025		2		2
Kinder Morgan, Inc. 4.30% 6/1/2025		165		162
Petróleos Mexicanos 6.75% 9/21/2047		107		69
Qatar Petroleum 3.125% 7/12/20413		270		208
Statoil ASA 3.70% 3/1/2024		50		49
TransCanada Corp. 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)8		288		275
				901
Real estate 0.14%
American Tower Corp. 0.875% 5/21/2029	EUR	250		214
Equinix, Inc. 2.15% 7/15/2030	USD	176		140
Essex Portfolio, LP 3.50% 4/1/2025		120		116
Essex Portfolio, LP 3.375% 4/15/2026		40		38
				508

American Funds Insurance Series 169

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Materials 0.12%
Celanese US Holdings, LLC 5.337% 1/19/2029	EUR	300		$	305
Celanese US Holdings, LLC 6.379% 7/15/2032	USD	50			48
Vale Overseas, Ltd. 3.75% 7/8/2030		94			82
					435
Total corporate bonds, notes & loans					20,755
Mortgage-backed obligations 2.58%
Federal agency mortgage-backed obligations 1.56%
Fannie Mae Pool #FM7100 3.50% 6/1/205010		350			324
Fannie Mae Pool #CB2402 2.50% 12/1/205110		315			267
Fannie Mae Pool #BV9612 2.50% 4/1/205210		271			230
Fannie Mae Pool #FS2555 4.50% 7/1/205210		148			143
Fannie Mae Pool #MA4732 4.00% 9/1/205210		471			442
Fannie Mae Pool #BW3812 4.50% 9/1/205210		120			116
Fannie Mae Pool #MA4784 4.50% 10/1/205210		135			130
Fannie Mae Pool #BW7796 5.00% 10/1/205210		840			829
Fannie Mae Pool #BW1299 4.00% 11/1/205210		57			53
Fannie Mae Pool #BW1385 4.00% 12/1/205210		290			272
Freddie Mac Pool #ZJ9038 5.00% 6/1/202310		—	11		—	11
Freddie Mac Pool #QE8253 4.50% 8/1/205210		200			193
Freddie Mac Pool #SD8256 4.00% 10/1/205210		100			94
Freddie Mac Pool #SD8257 4.50% 10/1/205210		513			494
Freddie Mac Pool #QF2182 4.50% 10/1/205210		84			81
Freddie Mac Pool #QF3955 4.00% 12/1/205210		238			224
Freddie Mac Pool #SD8275 4.50% 12/1/205210		75			72
Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/203310		580			546
Government National Mortgage Assn. 3.50% 1/1/205310,12		1,350			1,241
					5,751
Other mortgage-backed securities 1.02%
Nordea Kredit 0.50% 10/1/204010	DKK	1,615			181
Nykredit Realkredit AS, Series 01E, 1.50% 10/1/203710		502			62
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/204010		7,234			809
Nykredit Realkredit AS, Series 01E, 1.50% 10/1/204010		1,281			158
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/204310		20,442			2,228
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/205010		1,365			136
Nykredit Realkredit AS, Series CCE, 1.00% 10/1/205010		590			63
Nykredit Realkredit AS, Series 01E, 1.00% 10/1/205310		862			90
Realkredit Danmark AS 1.00% 10/1/205310		194			20
					3,747
Total mortgage-backed obligations					9,498
Asset-backed obligations 0.63%
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 4.958% 12/18/202510,13	USD	203			203
CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 4.577% 9/15/202510,13		128			128
Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/202410		56			56
Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/202410		66			66
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.407% 2/15/202510,13		111			111
GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 4.536% 10/21/202410,13		110			110
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.408% 9/16/202510,13		121			121
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 4.387% 5/15/202510,13		120			120

170 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/202410	USD	302	$	295
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 4.487% 8/15/202410,13		283		283
Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/202510		193		193
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 4.377% 8/15/202510,13		40		40
Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)8,10		250		245
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/202410		155		153
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/20253,10		181		180
				2,304
Municipals 0.04%
Ohio 0.02%
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048		100		72
Texas 0.02%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		80		57
Total municipals				129
Total bonds, notes & other debt instruments (cost: $141,023,000)				125,742

Short-term securities 4.34%	Weighted average yield at acquisition
Commercial paper 3.27%
British Columbia (Province of) 1/23/2023		3.996	%	2,560		2,553
KfW 1/27/20233		3.890		4,500		4,485
Toronto-Dominion Bank 1/27/20233		4.132		5,000		4,983
						12,021
				Shares
Money market investments 1.07%
Capital Group Central Cash Fund 4.31%2,14				39,285		3,928
Total short-term securities (cost: $15,953,000)						15,949
Total investment securities 99.35% (cost: $359,847,000)						365,361
Other assets less liabilities 0.65%						2,399
Net assets 100.00%					$	367,760

American Funds Insurance Series 171

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
2 Year U.S. Treasury Note Futures	Long	5	March 2023		USD1,025			$	1
5 Year Euro-Bobl Futures	Long	49	March 2023		6,071				(205	)
5 Year U.S. Treasury Note Futures	Long	95	March 2023		10,253				(8	)
10 Year Euro-Bund Futures	Long	14	March 2023		1,992				(128	)
10 Year Italy Government Bond Futures	Short	1	March 2023		(116	)			9
10 Year Japanese Government Bond Futures	Short	1	March 2023		(1,108	)			23
10 Year Australian Treasury Bond Futures	Long	4	March 2023		315				(19	)
10 Year Ultra U.S. Treasury Note Futures	Long	6	March 2023		710				(6	)
10 Year U.S. Treasury Note Futures	Short	6	March 2023		(674	)			4
10 Year UK Gilt Futures	Short	2	March 2023		(241	)			15
20 Year U.S. Treasury Bond Futures	Long	4	March 2023		501				(11	)
30 Year Euro-Buxl Futures	Long	2	March 2023		290				(54	)
30 Year Ultra U.S. Treasury Bond Futures	Short	6	March 2023		(806	)			6
								$	(373	)

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 12/31/2022 (000)
KRW	1,761,900	USD	1,337	Citibank	1/9/2023		$	63
USD	687	KRW	894,770	Bank of America	1/9/2023			(23	)
EUR	2,560	DKK	19,040	Standard Chartered Bank	1/10/2023			(1	)
USD	203	NZD	320	HSBC Bank	1/10/2023			(1	)
SEK	1,270	USD	122	UBS AG	1/10/2023			(1	)
USD	511	MYR	2,250	JPMorgan Chase	1/10/2023			(3	)
USD	640	AUD	950	HSBC Bank	1/10/2023			(7	)
USD	445	MXN	8,853	Goldman Sachs	1/10/2023			(8	)
EUR	4,105	USD	4,324	Goldman Sachs	1/12/2023			74
CAD	1,450	USD	1,063	HSBC Bank	1/12/2023			8
USD	74	CAD	100	HSBC Bank	1/12/2023			—	11
NZD	470	USD	299	Morgan Stanley	1/12/2023			(1	)
USD	1,585	EUR	1,500	BNP Paribas	1/12/2023			(21	)
JPY	169,239	USD	1,256	Bank of America	1/13/2023			35
JPY	89,090	USD	656	Bank of America	1/13/2023			24
USD	278	COP	1,337,640	Citibank	1/13/2023			3
USD	563	CAD	760	Standard Chartered Bank	1/13/2023			2
USD	98	GBP	80	Morgan Stanley	1/13/2023			1
GBP	240	USD	292	Bank of New York Mellon	1/13/2023			(2	)
USD	303	MXN	6,020	UBS AG	1/13/2023			(5	)
JPY	466,020	USD	3,428	Standard Chartered Bank	1/20/2023			133
JPY	81,321	AUD	890	HSBC Bank	1/20/2023			15
JPY	51,480	USD	380	Standard Chartered Bank	1/20/2023			14
USD	112	CLP	100,000	Bank of America	1/23/2023			(6	)
USD	564	BRL	3,025	Citibank	1/23/2023			(7	)
JPY	118,440	USD	821	Standard Chartered Bank	1/27/2023			85
JPY	172,080	USD	1,271	BNP Paribas	1/27/2023			46
JPY	45,290	USD	313	UBS AG	1/27/2023			33
JPY	78,800	USD	585	Goldman Sachs	1/27/2023			18
PLN	4,260	USD	922	Citibank	2/2/2023			47

172 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Forward currency contracts (continued)

Contract amount						Unrealized appreciation
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	(depreciation) at 12/31/2022 (000)
USD	245	PLN	1,150	UBS AG	2/2/2023		$	(17	)
USD	420	PLN	1,940	Citibank	2/2/2023			(21	)
PLN	1,940	USD	468	BNP Paribas	2/2/2023			(26	)
KRW	405,540	USD	307	Standard Chartered Bank	2/28/2023			16
CNH	8,530	USD	1,218	Standard Chartered Bank	3/6/2023			22
JPY	76,110	USD	565	BNP Paribas	3/6/2023			20
EUR	720	USD	757	Bank of America	3/6/2023			17
KRW	347,180	USD	267	HSBC Bank	3/6/2023			10
							$	536

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at				Upfront premium			Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		12/31/2022 (000)				paid (000)			at 12/31/2022 (000)
1.2475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023	NZD	375		$	(6	)		$	—		$	(6	)
1.234974%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023		3,197			(51	)			—			(51	)
1.2375%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/26/2023		1,178			(20	)			—			(20	)
1.264%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/27/2023		2,945			(48	)			—			(48	)
1.26%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/30/2023		486			(8	)			—			(8	)
1.28%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/31/2023		486			(8	)			—			(8	)
1.30%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/3/2023		533			(9	)			—			(9	)
1.4975%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/21/2023		1,001			(17	)			—			(17	)
1.445%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/28/2023		1,000			(18	)			—			(18	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/29/2023		1,019			(19	)			—			(19	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/30/2023		1,023			(19	)			—			(19	)
1.5125%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023		904			(17	)			—			(17	)
1.53%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023		1,031			(20	)			—			(20	)
1.5625%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/15/2023		1,029			(19	)			—			(19	)
1.59%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/18/2023		1,029			(19	)			—			(19	)
1.62%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/19/2023		1,144			(21	)			—			(21	)
3.7697%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/6/2023		5,500			(47	)			—			(47	)
2.24%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023		1,463			(24	)			—			(24	)
2.2525%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023		1,463			(24	)			—			(24	)
2.20%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/9/2023		123			(2	)			—			(2	)
2.495%	Annual	SONIA	Annual	5/5/2024	GBP	3,050			(77	)			—			(77	)
2.42%	Annual	SONIA	Annual	5/5/2024		6,100			(160	)			—			(160	)
2.9588%	Annual	SONIA	Annual	6/9/2024		4,180			(84	)			—			(84	)
SONIA	Annual	5.6325%	Annual	9/25/2024		7,720			(88	)			—			(88	)
6.59%	28-day	28-day MXN-TIIE	28-day	6/25/2026	MXN	2,000			(7	)			—			(7	)
6.585%	28-day	28-day MXN-TIIE	28-day	6/25/2026		2,600			(10	)			—			(10	)
6.64%	28-day	28-day MXN-TIIE	28-day	6/25/2026		3,200			(12	)			—			(12	)
6.6175%	28-day	28-day MXN-TIIE	28-day	6/25/2026		8,600			(31	)			—			(31	)
6.633%	28-day	28-day MXN-TIIE	28-day	6/25/2026		8,900			(32	)			—			(32	)
6.58%	28-day	28-day MXN-TIIE	28-day	6/25/2026		11,300			(42	)			—			(42	)
7.59%	28-day	28-day MXN-TIIE	28-day	10/29/2026		2,500			(6	)			—			(6	)
7.62%	28-day	28-day MXN-TIIE	28-day	10/29/2026		3,701			(8	)			—			(8	)
7.66%	28-day	28-day MXN-TIIE	28-day	10/29/2026		6,100			(13	)			—			(13	)

American Funds Insurance Series 173

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay			Notional		Value at				Upfront premium			Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		12/31/2022 (000)				paid (000)			at 12/31/2022 (000)
7.64%	28-day	28-day MXN-TIIE	28-day	10/29/2026	MXN	6,000		$	(13	)		$	—		$	(13	)
7.52%	28-day	28-day MXN-TIIE	28-day	10/30/2026		7,639			(18	)			—			(18	)
9.07%	28-day	28-day MXN-TIIE	28-day	4/28/2027		20,400			8				—			8
								$	(1,009	)		$	—		$	(1,009	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Financing rate received	Payment frequency	Reference index	Expiration date	Notional amount (000)			15	Value at 12/31/2022 (000)			16	Upfront premium paid (000)			Unrealized appreciation at 12/31/2022 (000)
1.00%	Quarterly	CDX.NA.IG.39	12/20/2027		USD	2,580			$	20			$	13		$	7

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Investment funds 1.50%
Capital Group Central Corporate Bond Fund	$	—	$	5,481	$	—	$	—	$	51	$	5,532	$	50
Short-term securities 1.07%
Money market investments 1.07%
Capital Group Central Cash Fund 4.31%14		1,127		144,034		141,236		3		—		3,928		343
Total 2.57%							$	3	$	51	$	9,460	$	393

Restricted securities⁹

	Acquisition date(s)	Cost (000)			Value (000)			Percent of net assets
Netflix, Inc. 3.875% 11/15/2029	7/11/20222-7/12/2022		$	191		$	201		.06	%
Goldman Sachs Group, Inc. 1.00% 3/18/2033	5/19/2021			251			162		.04
Total			$	442		$	363		.10	%

174 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

1	Security did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
3	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $14,344,000, which represented 3.90% of the net assets of the fund.
4	Index-linked bond whose principal amount moves with a government price index.
5	Scheduled interest and/or principal payment was not received.
6	Value determined using significant unobservable inputs.
7	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $758,000, which represented .21% of the net assets of the fund.
8	Step bond; coupon rate may change at a later date.
9	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $363,000, which represented .10% of the net assets of the fund.
10	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
11	Amount less than one thousand.
12	Purchased on a TBA basis.
13	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
14	Rate represents the seven-day yield at 12/31/2022.
15	The maximum potential amount the fund may pay as a protection seller should a credit event occur.
16	The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

Key to abbreviations

ADR = American Depositary Receipts

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NZD = New Zealand dollars

PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

TIIE = Equilibrium Interbank Interest Rate

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series 175

The Bond Fund of America

Investment portfolio December 31, 2022

Bonds, notes & other debt instruments 95.37%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 34.59%
Financials 9.65%
ACE INA Holdings, Inc. 3.35% 5/3/2026	USD	2,025	$	1,941
ACE INA Holdings, Inc. 4.35% 11/3/2045		2,220		1,933
AerCap Ireland Capital DAC 1.65% 10/29/2024		5,996		5,535
AerCap Ireland Capital DAC 6.50% 7/15/2025		1,798		1,824
AerCap Ireland Capital DAC 1.75% 1/30/2026		2,841		2,503
AerCap Ireland Capital DAC 2.45% 10/29/2026		10,289		9,010
AerCap Ireland Capital DAC 3.00% 10/29/2028		10,345		8,686
AerCap Ireland Capital DAC 3.30% 1/30/2032		11,338		8,891
AerCap Ireland Capital DAC 3.40% 10/29/2033		5,120		3,896
AerCap Ireland Capital DAC 3.85% 10/29/2041		1,254		891
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 10/29/2023		3,130		3,013
Ally Financial, Inc. 5.125% 9/30/2024		1,500		1,486
Ally Financial, Inc. 8.00% 11/1/2031		8,075		8,418
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)1		4,501		4,265
Arthur J. Gallagher & Co. 3.50% 5/20/2051		1,073		754
Banco Santander, SA 5.147% 8/18/2025		4,000		3,960
Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)1		1,400		1,198
Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)1		1,970		1,818
Bank of America Corp. 1.658% 3/11/2027 (USD-SOFR + 0.91% on 3/11/2026)1		981		869
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)1		7,989		7,009
Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)1		2,635		2,524
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)1		11,107		10,866
Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)1		1,502		1,553
Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)1		10,129		9,189
Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)1		2,773		2,338
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)1		21,177		16,224
Bank of America Corp. 2.687% 4/22/2032 (USD-SOFR + 1.32% on 4/22/2031)1		8,343		6,698
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)1		36,155		27,930
Bank of America Corp. 2.572% 10/20/2032 (USD-SOFR + 1.21% on 10/20/2031)1		2,613		2,053
Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)1		4,089		3,305
Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)1		10,180		9,340
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)1		7,947		7,568
Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)1,2		4,850		4,814
Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)1		4,525		4,496
BNP Paribas SA 1.323% 1/13/2027 (USD-SOFR + 1.004% on 1/13/2026)1,2		7,581		6,634
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)1,2		13,134		11,569
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)1,2		3,594		2,936
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)1,2		4,177		3,276
Canadian Imperial Bank of Commerce (CIBC) 3.60% 4/7/2032		1,303		1,152
Capital One Financial Corp. 1.343% 12/6/2024 (USD-SOFR + 0.69% on 12/6/2023)1		4,525		4,334
Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)1		2,430		2,382
Capital One Financial Corp. 4.927% 5/10/2028 (USD-SOFR + 2.057% on 5/10/2027)1		4,650		4,509
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031		1,126		880
CIT Group, Inc. 3.929% 6/19/2024 (USD-SOFR + 3.827% on 6/19/2023)1		5,410		5,364
Citigroup, Inc. 4.60% 3/9/2026		1,800		1,770
Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)1		8,740		7,591
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)1		5,520		4,984
Citigroup, Inc. 4.658% 5/24/2028 (USD-SOFR + 1.887% on 5/24/2027)1		3,386		3,282
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)1		1,030		834
Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)1		5,350		4,590
Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)1		1,718		1,614
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)1		2,781		2,878
Corebridge Financial, Inc. 3.50% 4/4/20252		1,439		1,381
Corebridge Financial, Inc. 3.65% 4/5/20272		4,493		4,195
Corebridge Financial, Inc. 3.85% 4/5/20292		5,794		5,289
Corebridge Financial, Inc. 3.90% 4/5/20322		5,959		5,221
Corebridge Financial, Inc. 4.35% 4/5/20422		361		298

176 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Corebridge Financial, Inc. 4.40% 4/5/20522	USD	1,352	$	1,078
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)1,2		4,450		4,060
Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)1,2		2,450		2,145
Credit Suisse Group AG 3.80% 6/9/2023		15,327		14,927
Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)1,2		850		752
Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)1,2		7,609		6,505
Credit Suisse Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)1,2		11,200		8,973
Credit Suisse Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)1,2		1,265		1,154
Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)1,2		5,476		4,262
Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)1,2		7,369		5,106
Credit Suisse Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)1,2		576		507
Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)1,2		6,658		6,835
Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)1,2		2,990		2,565
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,2		2,975		2,740
Deutsche Bank AG 3.95% 2/27/2023		6,350		6,328
Deutsche Bank AG 0.898% 5/28/2024		2,500		2,339
Deutsche Bank AG 3.70% 5/30/2024		5,150		5,007
Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)1		10,475		10,120
Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)1		3,673		3,512
Deutsche Bank AG 4.10% 1/13/2026		7,305		7,029
Deutsche Bank AG 4.10% 1/13/2026		857		824
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)1		41,608		36,749
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)1		4,315		3,664
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)1		7,258		6,179
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)1		2,900		2,331
Discover Financial Services 6.70% 11/29/2032		1,475		1,504
DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)1,2		1,200		1,045
GE Capital Funding, LLC 4.55% 5/15/2032		973		927
Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)1		3,030		2,660
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)1		13,275		11,468
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)1		13,961		12,226
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)1		1,758		1,568
Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)1		7,403		6,907
Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)1		1,534		1,473
Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)1		9,600		8,786
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)1		10,422		8,490
Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)1		3,160		2,161
Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.834% on 11/10/2026)1		1,750		1,665
Groupe BPCE SA 2.75% 1/11/20232		6,875		6,871
Groupe BPCE SA 5.70% 10/22/20232		28,166		27,963
Groupe BPCE SA 5.15% 7/21/20242		5,481		5,369
Groupe BPCE SA 1.625% 1/14/20252		2,980		2,776
Groupe BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)1,2		6,350		5,649
Groupe BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)1,2		6,195		5,908
HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)1		5,270		4,571
HSBC Holdings PLC 4.583% 6/19/2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)1		6,410		5,913
HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)1		5,917		4,786
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)1		5,250		4,074
HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)1		3,595		3,339
Huarong Finance 2017 Co., Ltd. 4.75% 4/27/2027		669		585
Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027		6,335		5,422
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 5.824% 2/24/20233		2,750		2,741
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.007% 2/24/20253		397		374
Huarong Finance II Co., Ltd. 5.50% 1/16/2025		6,669		6,328

American Funds Insurance Series 177

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Huarong Finance II Co., Ltd. 5.00% 11/19/2025	USD	480	$	444
Huarong Finance II Co., Ltd. 4.625% 6/3/2026		200		177
Huarong Finance II Co., Ltd. 4.875% 11/22/2026		2,106		1,886
Intercontinental Exchange, Inc. 4.35% 6/15/2029		8,710		8,433
Intercontinental Exchange, Inc. 4.60% 3/15/2033		4,601		4,408
Intercontinental Exchange, Inc. 4.95% 6/15/2052		5,327		4,963
Intesa Sanpaolo SpA 3.375% 1/12/20232		10,035		10,030
Intesa Sanpaolo SpA 5.017% 6/26/20242		68,143		65,545
Intesa Sanpaolo SpA 3.25% 9/23/20242		770		731
Intesa Sanpaolo SpA 5.71% 1/15/20262		15,400		14,816
Intesa Sanpaolo SpA 3.875% 7/14/20272		6,250		5,581
Intesa Sanpaolo SpA 3.875% 1/12/20282		1,986		1,753
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20322		2,060		1,714
JPMorgan Chase & Co. 0.969% 6/23/2025 (USD-SOFR + 0.58% on 6/23/2024)1		5,870		5,475
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)1		11,105		10,289
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)1		3,620		3,518
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)1		1,832		1,612
JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)1		5,965		5,172
JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)1		4,350		3,941
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)1		12,080		11,555
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)1		8,465		8,265
JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)1		9,600		8,729
JPMorgan Chase & Co. 2.069% 6/1/2029 (USD-SOFR + 1.015% on 6/1/2028)1		2,453		2,053
JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)1		11,980		11,186
JPMorgan Chase & Co. 2.522% 4/22/2031 (USD-SOFR + 2.04% on 4/22/2030)1		1,766		1,449
JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)1		4,802		3,858
JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)1		5,313		4,213
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)1		553		452
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)1		1,907		1,771
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)1		5,475		5,229
Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)1		2,415		2,128
Keb Hana Bank 3.25% 3/30/20272		1,315		1,227
Lloyds Banking Group PLC 2.438% 2/5/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)1		2,675		2,493
Marsh & McLennan Companies, Inc. 2.375% 12/15/2031		367		297
Marsh & McLennan Companies, Inc. 2.90% 12/15/2051		505		326
MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)1,2		1,405		1,521
MetLife, Inc. 3.60% 11/13/2025		3,490		3,395
MetLife, Inc. 5.00% 7/15/2052		165		158
Mitsubishi UFJ Financial Group, Inc. 0.962% 10/11/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)1		2,960		2,724
Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)1		6,200		5,383
Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)1		2,225		1,930
Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)1		2,970		2,618
Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)1		2,945		2,781
Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)1		1,197		1,146
Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)1		4,615		4,026
Mizuho Financial Group, Inc. 5.669% 9/13/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)1		2,390		2,379
Morgan Stanley 0.791% 1/22/2025 (USD-SOFR + 0.509% on 1/22/2024)1		3,065		2,901
Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)1		2,300		2,200

178 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)1	USD	10,488	$	9,114
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)1		3,671		3,497
Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)1		2,007		2,075
Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)1		26,412		20,326
Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)1		2,813		2,209
Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)1		6,616		5,369
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)1		3,375		3,181
Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)1		3,810		4,004
Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)1		2,286		2,096
MSCI, Inc. 3.25% 8/15/20332		2,750		2,128
Navient Corp. 6.75% 6/25/2025		425		409
OneMain Holdings, Inc. 7.125% 3/15/2026		250		238
Rede D’Or Finance SARL 4.50% 1/22/20302		1,572		1,355
Santander Holdings USA, Inc. 3.50% 6/7/2024		8,325		8,092
Santander Holdings USA, Inc. 2.49% 1/6/20281		3,625		3,115
State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)1		1,640		1,520
Sumitomo Mitsui Banking Corp. 2.174% 1/14/2027		1,100		977
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)1		1,530		971
Synchrony Financial 4.375% 3/19/2024		3,640		3,576
Toronto-Dominion Bank 1.95% 1/12/2027		1,060		946
Travelers Companies, Inc. 2.55% 4/27/2050		768		478
U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)1		2,440		2,387
UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)1,2		4,000		3,446
UniCredit SpA 4.625% 4/12/20272		1,395		1,307
UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)1,2		16,130		14,182
Vigorous Champion International, Ltd. 4.25% 5/28/2029		462		415
Wells Fargo & Company 2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)1		20,480		19,382
Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)1		3,524		3,428
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)1		9,236		8,569
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)1		7,450		7,289
Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)1		7,665		6,478
Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)1		3,675		3,500
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)1		20,666		17,607
Willis North America, Inc. 4.65% 6/15/2027		1,290		1,248
				986,796
Utilities 4.42%
AEP Texas, Inc. 3.45% 5/15/2051		1,475		1,048
Alabama Power Co. 3.00% 3/15/2052		3,697		2,458
Alfa Desarrollo SpA 4.55% 9/27/20512		1,001		763
Ameren Corp. 4.50% 3/15/2049		2,875		2,634
Baltimore Gas & Electric 4.55% 6/1/2052		525		467
Berkshire Hathaway Energy Company 4.50% 2/1/2045		5,895		5,161
Comisión Federal de Electricidad 4.688% 5/15/20292		3,655		3,249
Comisión Federal de Electricidad 3.875% 7/26/20332		1,340		1,019
Connecticut Light and Power Co. 2.05% 7/1/2031		1,775		1,430
Consumers Energy Co. 4.05% 5/15/2048		1,413		1,173
Consumers Energy Co. 3.75% 2/15/2050		5,625		4,416
Consumers Energy Co. 3.10% 8/15/2050		4,123		2,883
Consumers Energy Co. 3.50% 8/1/2051		235		178
Duke Energy Corp. 3.75% 4/15/2024		3,826		3,760
Duke Energy Corp. 4.50% 8/15/2032		7,811		7,340
Duke Energy Corp. 3.50% 6/15/2051		1,139		796
Duke Energy Florida, LLC 3.40% 10/1/2046		5,669		4,098
Duke Energy Florida, LLC 3.00% 12/15/2051		711		480
Duke Energy Florida, LLC 5.95% 11/15/2052		575		616

American Funds Insurance Series 179

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Duke Energy Progress, LLC 3.70% 9/1/2028	USD	3,750	$	3,530
Duke Energy Progress, LLC 2.00% 8/15/2031		1,775		1,407
Duke Energy Progress, LLC 2.50% 8/15/2050		644		389
Edison International 3.55% 11/15/2024		6,850		6,618
Edison International 4.95% 4/15/2025		175		172
Edison International 5.75% 6/15/2027		3,181		3,196
Edison International 4.125% 3/15/2028		3,644		3,387
Edison International 6.95% 11/15/2029		2,525		2,643
Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)1	EUR	2,800		2,346
Emera US Finance, LP 0.833% 6/15/2024	USD	600		560
Emera US Finance, LP 2.639% 6/15/2031		4,400		3,456
Enel Società per Azioni 8.75% 9/24/2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)1,2		1,000		1,003
ENN Clean Energy International Investment, Ltd. 3.375% 5/12/20262		1,310		1,143
Entergy Louisiana, LLC 4.20% 9/1/2048		6,325		5,207
Entergy Louisiana, LLC 4.75% 9/15/2052		1,525		1,377
Eversource Energy 3.80% 12/1/2023		5,000		4,945
FirstEnergy Corp. 1.60% 1/15/2026		20,066		17,774
FirstEnergy Corp. 3.50% 4/1/20282		2,400		2,191
FirstEnergy Corp. 4.10% 5/15/20282		425		401
FirstEnergy Corp. 2.65% 3/1/2030		12,524		10,234
FirstEnergy Corp. 2.25% 9/1/2030		13,707		10,904
FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)1		12,178		11,355
FirstEnergy Transmission, LLC 2.866% 9/15/20282		4,000		3,498
Florida Power & Light Company 2.45% 2/3/2032		4,890		4,087
Florida Power & Light Company 2.875% 12/4/2051		9,334		6,305
Georgia Power Co. 3.70% 1/30/2050		275		206
Interchile SA 4.50% 6/30/20562		465		385
Israel Electric Corp., Ltd. 4.25% 8/14/20282		10,190		9,649
Israel Electric Corp., Ltd. 3.75% 2/22/20322		340		299
ITC Holdings Corp. 3.35% 11/15/2027		1,118		1,031
Jersey Central Power & Light Co. 2.75% 3/1/20322		525		425
Mississippi Power Co. 4.25% 3/15/2042		5,020		4,093
Monongahela Power Co. 3.55% 5/15/20272		1,700		1,600
NextEra Energy Capital Holdings, Inc. 1.875% 1/15/2027		2,772		2,457
Northern States Power Co. 4.50% 6/1/2052		3,328		3,035
Oncor Electric Delivery Company, LLC 4.15% 6/1/20322		1,035		980
Oncor Electric Delivery Company, LLC 4.55% 9/15/20322		975		958
Pacific Gas and Electric Co. 3.25% 6/15/2023		5,615		5,554
Pacific Gas and Electric Co. 3.40% 8/15/2024		2,000		1,920
Pacific Gas and Electric Co. 3.15% 1/1/2026		27,543		25,623
Pacific Gas and Electric Co. 2.95% 3/1/2026		10,850		9,956
Pacific Gas and Electric Co. 3.30% 3/15/2027		5,850		5,212
Pacific Gas and Electric Co. 3.30% 12/1/2027		12,289		10,865
Pacific Gas and Electric Co. 3.75% 7/1/2028		13,075		11,621
Pacific Gas and Electric Co. 4.65% 8/1/2028		7,900		7,278
Pacific Gas and Electric Co. 4.55% 7/1/2030		35,299		32,078
Pacific Gas and Electric Co. 2.50% 2/1/2031		19,695		15,326
Pacific Gas and Electric Co. 3.25% 6/1/2031		1,300		1,060
Pacific Gas and Electric Co. 3.30% 8/1/2040		8,898		6,055
Pacific Gas and Electric Co. 3.75% 8/15/2042		9,466		6,383
Pacific Gas and Electric Co. 4.75% 2/15/2044		336		258
Pacific Gas and Electric Co. 3.50% 8/1/2050		6,836		4,272
Public Service Electric and Gas Co. 3.20% 5/15/2029		6,000		5,456
Public Service Electric and Gas Co. 1.90% 8/15/2031		775		618
Public Service Electric and Gas Co. 3.10% 3/15/2032		7,500		6,577
Puget Energy, Inc. 3.65% 5/15/2025		300		286
Southern California Edison Co. 4.20% 3/1/2029		11,000		10,485
Southern California Edison Co. 2.85% 8/1/2029		8,200		7,144
Southern California Edison Co. 2.50% 6/1/2031		5,149		4,256

180 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Southern California Edison Co. 5.95% 11/1/2032	USD	1,100	$	1,166
Southern California Edison Co. 5.75% 4/1/2035		4,549		4,546
Southern California Edison Co. 5.35% 7/15/2035		6,450		6,267
Southern California Edison Co. 5.625% 2/1/2036		7,051		6,888
Southern California Edison Co. 5.55% 1/15/2037		3,844		3,774
Southern California Edison Co. 5.95% 2/1/2038		5,121		5,188
Southern California Edison Co. 4.00% 4/1/2047		9,402		7,391
Southern California Edison Co. 4.125% 3/1/2048		5,765		4,628
Southern California Edison Co. 4.875% 3/1/2049		555		491
Southern California Edison Co. 3.65% 2/1/2050		8,086		5,943
Southern California Edison Co., Series C, 3.60% 2/1/2045		2,717		1,960
Southwestern Electric Power Co. 1.65% 3/15/2026		3,550		3,179
Southwestern Electric Power Co. 3.25% 11/1/2051		2,270		1,502
Union Electric Co. 2.15% 3/15/2032		3,175		2,518
Virginia Electric and Power Co. 2.30% 11/15/2031		2,425		1,958
Virginia Electric and Power Co. 2.40% 3/30/2032		5,345		4,333
WEC Energy Group, Inc. 2.20% 12/15/2028		1,575		1,336
Wisconsin Electric Power Co. 2.85% 12/1/2051		375		241
Wisconsin Power and Light Co. 1.95% 9/16/2031		525		413
Wisconsin Power and Light Co. 3.65% 4/1/2050		1,075		793
Xcel Energy, Inc. 3.30% 6/1/2025		5,650		5,428
Xcel Energy, Inc. 1.75% 3/15/2027		5,660		4,966
Xcel Energy, Inc. 2.60% 12/1/2029		2,925		2,504
Xcel Energy, Inc. 2.35% 11/15/2031		9,059		7,263
Xcel Energy, Inc. 4.60% 6/1/2032		11,675		11,185
				451,359
Consumer discretionary 4.21%
Allied Universal Holdco, LLC 4.625% 6/1/20282		335		277
Amazon.com, Inc. 3.30% 4/13/2027		1,760		1,673
Amazon.com, Inc. 1.65% 5/12/2028		3,860		3,321
Amazon.com, Inc. 3.45% 4/13/2029		1,305		1,222
Amazon.com, Inc. 3.60% 4/13/2032		6,830		6,271
Amazon.com, Inc. 2.875% 5/12/2041		650		488
Amazon.com, Inc. 3.10% 5/12/2051		9,380		6,727
Amazon.com, Inc. 3.95% 4/13/2052		1,635		1,362
Amazon.com, Inc. 3.25% 5/12/2061		4,100		2,828
Amazon.com, Inc. 4.10% 4/13/2062		470		391
Atlas LuxCo 4 SARL 4.625% 6/1/20282		255		207
Bath & Body Works, Inc. 6.875% 11/1/2035		740		659
Bayerische Motoren Werke AG 1.25% 8/12/20262		100		88
Bayerische Motoren Werke AG 3.45% 4/1/20272		1,075		1,016
Bayerische Motoren Werke AG 1.95% 8/12/20312		620		486
Bayerische Motoren Werke AG 3.70% 4/1/20322		1,350		1,210
Daimler Trucks Finance North America, LLC 1.125% 12/14/20232		3,015		2,898
Daimler Trucks Finance North America, LLC 1.625% 12/13/20242		4,950		4,597
Daimler Trucks Finance North America, LLC 3.50% 4/7/20252		1,750		1,680
Daimler Trucks Finance North America, LLC 3.65% 4/7/20272		4,140		3,875
Daimler Trucks Finance North America, LLC 2.375% 12/14/20282		3,975		3,348
Daimler Trucks Finance North America, LLC 2.50% 12/14/20312		9,625		7,486
DaimlerChrysler North America Holding Corp. 3.35% 2/22/20232		2,000		1,993
DaimlerChrysler North America Holding Corp. 1.75% 3/10/20232		8,000		7,953
Ford Motor Co. 2.90% 2/10/2029		1,065		852
Ford Motor Credit Company, LLC 5.125% 6/16/2025		3,870		3,729
Ford Motor Credit Company, LLC 4.271% 1/9/2027		18,542		16,803
Ford Motor Credit Company, LLC 4.125% 8/17/2027		39,080		35,066
Ford Motor Credit Company, LLC 3.815% 11/2/2027		3,790		3,337
Ford Motor Credit Company, LLC 7.35% 11/4/2027		6,289		6,460
Ford Motor Credit Company, LLC 5.113% 5/3/2029		4,205		3,817
General Motors Company 4.35% 4/9/2025		11,358		11,059

American Funds Insurance Series 181

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
General Motors Company 6.125% 10/1/2025	USD	23,743	$	24,188
General Motors Company 5.40% 10/15/2029		781		747
General Motors Company 5.40% 4/1/2048		7,200		5,915
General Motors Financial Co. 3.25% 1/5/2023		964		964
General Motors Financial Co. 1.05% 3/8/2024		4,200		3,990
General Motors Financial Co. 1.50% 6/10/2026		6,712		5,837
General Motors Financial Co. 2.35% 2/26/2027		9,771		8,547
General Motors Financial Co. 2.40% 4/10/2028		13,909		11,722
General Motors Financial Co. 2.40% 10/15/2028		464		386
General Motors Financial Co. 3.60% 6/21/2030		465		392
General Motors Financial Co. 2.35% 1/8/2031		6,075		4,594
General Motors Financial Co. 2.70% 6/10/2031		5,495		4,223
Grand Canyon University 4.125% 10/1/2024		4,190		3,941
Home Depot, Inc. 2.95% 6/15/2029		6,081		5,515
Home Depot, Inc. 4.50% 12/6/2048		1,915		1,747
Hyundai Capital America 2.375% 2/10/20232		9,977		9,955
Hyundai Capital America 1.25% 9/18/20232		3,150		3,054
Hyundai Capital America 0.875% 6/14/20242		380		355
Hyundai Capital America 3.40% 6/20/20242		8,180		7,899
Hyundai Capital America 1.00% 9/17/20242		2,750		2,543
Hyundai Capital America 2.65% 2/10/20252		12,372		11,645
Hyundai Capital America 1.80% 10/15/20252		13,274		11,952
Hyundai Capital America 1.30% 1/8/20262		6,000		5,254
Hyundai Capital America 1.50% 6/15/20262		7,475		6,485
Hyundai Capital America 1.65% 9/17/20262		7,275		6,403
Hyundai Capital America 3.00% 2/10/20272		9,000		8,090
Hyundai Capital America 2.375% 10/15/20272		7,543		6,465
Hyundai Capital America 1.80% 1/10/20282		5,965		4,901
Hyundai Capital America 2.00% 6/15/20282		5,775		4,714
Hyundai Capital America 2.10% 9/15/20282		3,010		2,476
Hyundai Capital Services, Inc. 1.25% 2/8/20262		3,695		3,213
KIA Corp. 2.375% 2/14/20252		1,580		1,467
Marriott International, Inc. 5.75% 5/1/2025		330		333
Marriott International, Inc. 3.125% 6/15/2026		410		384
Marriott International, Inc. 5.00% 10/15/2027		4,470		4,418
Marriott International, Inc. 2.75% 10/15/2033		2,226		1,705
McDonald’s Corp. 2.125% 3/1/2030		2,482		2,082
McDonald’s Corp. 4.60% 9/9/2032		1,765		1,731
McDonald’s Corp. 4.45% 3/1/2047		3,535		3,082
McDonald’s Corp. 3.625% 9/1/2049		2,938		2,224
McDonald’s Corp. 5.15% 9/9/2052		730		704
Meituan Dianping 3.05% 10/28/20302		3,200		2,471
Nissan Motor Co., Ltd. 3.043% 9/15/20232		240		235
Nissan Motor Co., Ltd. 3.522% 9/17/20252		800		744
Nissan Motor Co., Ltd. 2.00% 3/9/20262		12,000		10,333
Nissan Motor Co., Ltd. 2.75% 3/9/20282		11,200		9,089
Nissan Motor Co., Ltd. 4.81% 9/17/20302		16,083		13,685
Sands China, Ltd. 2.80% 3/8/20271		2,368		2,031
Starbucks Corp. 3.75% 12/1/2047		3,785		2,891
Stellantis Finance US, Inc. 1.711% 1/29/20272		6,921		5,948
Stellantis Finance US, Inc. 5.625% 1/12/20282		825		818
Stellantis Finance US, Inc. 2.691% 9/15/20312		6,554		5,016
Stellantis Finance US, Inc. 6.375% 9/12/20322		12,065		11,946
Toyota Motor Credit Corp. 3.375% 4/1/2030		4,954		4,505
Volkswagen Group of America Finance, LLC 4.25% 11/13/20232		15,000		14,858
Volkswagen Group of America Finance, LLC 2.85% 9/26/20242		546		523
Volkswagen Group of America Finance, LLC 3.35% 5/13/20252		2,636		2,520

182 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Volkswagen Group of America Finance, LLC 1.625% 11/24/20272	USD	2,550	$	2,139
Wyndham Destinations, Inc. 6.625% 7/31/20262		675		662
Wynn Resorts Finance, LLC 5.125% 10/1/20292		410		352
				430,187
Health care 3.84%
AbbVie, Inc. 3.20% 11/21/2029		8,482		7,666
AbbVie, Inc. 4.25% 11/21/2049		8		7
Amgen, Inc. 3.00% 2/22/2029		325		288
Amgen, Inc. 4.05% 8/18/2029		8,400		7,869
Amgen, Inc. 2.45% 2/21/2030		5,131		4,329
Amgen, Inc. 4.20% 3/1/2033		9,522		8,839
Amgen, Inc. 4.875% 3/1/2053		4,975		4,440
Amgen, Inc. 4.40% 2/22/2062		196		156
Anthem, Inc. 2.375% 1/15/2025		1,534		1,457
Anthem, Inc. 4.10% 5/15/2032		8,711		8,128
Anthem, Inc. 4.55% 5/15/2052		1,721		1,504
AstraZeneca Finance, LLC 1.75% 5/28/2028		1,429		1,229
AstraZeneca Finance, LLC 2.25% 5/28/2031		2,087		1,741
AstraZeneca PLC 4.00% 1/17/2029		5,920		5,694
Bausch Health Companies, Inc. 4.875% 6/1/20282		830		529
Baxter International, Inc. 2.539% 2/1/2032		3,906		3,113
Bayer US Finance II, LLC 4.25% 12/15/20252		17,570		17,043
Becton, Dickinson and Company 4.298% 8/22/2032		545		512
Centene Corp. 4.25% 12/15/2027		14,860		13,969
Centene Corp. 2.45% 7/15/2028		12,410		10,499
Centene Corp. 4.625% 12/15/2029		14,945		13,691
Centene Corp. 3.375% 2/15/2030		15,718		13,323
Centene Corp. 2.50% 3/1/2031		8,550		6,707
Centene Corp. 2.625% 8/1/2031		2,510		1,977
Danaher Corp. 2.80% 12/10/2051		1,090		725
Eli Lilly and Company 3.375% 3/15/2029		1,255		1,177
GE Healthcare Holding, LLC 5.65% 11/15/20272		4,895		4,961
GE Healthcare Holding, LLC 5.857% 3/15/20302		1,145		1,175
GE Healthcare Holding, LLC 5.905% 11/22/20322		8,640		8,980
GE Healthcare Holding, LLC 6.377% 11/22/20522		375		401
Gilead Sciences, Inc. 1.65% 10/1/2030		1,570		1,249
HCA, Inc. 3.125% 3/15/20272		755		688
HCA, Inc. 2.375% 7/15/2031		2,318		1,810
HCA, Inc. 3.625% 3/15/20322		5,000		4,244
HCA, Inc. 4.625% 3/15/20522		390		305
Johnson & Johnson 0.95% 9/1/2027		12,753		11,001
Johnson & Johnson 2.10% 9/1/2040		825		571
Johnson & Johnson 2.25% 9/1/2050		1,933		1,205
Laboratory Corporation of America Holdings 1.55% 6/1/2026		1,058		938
Laboratory Corporation of America Holdings 4.70% 2/1/2045		4,160		3,584
Merck & Co., Inc. 1.70% 6/10/2027		3,093		2,747
Merck & Co., Inc. 2.75% 12/10/2051		808		544
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030		1,918		1,486
Roche Holdings, Inc. 1.93% 12/13/20282		7,845		6,720
Roche Holdings, Inc. 2.076% 12/13/20312		12,562		10,254
Roche Holdings, Inc. 2.607% 12/13/20512		645		421
Shire PLC 3.20% 9/23/2026		13,588		12,762
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025		45,000		44,821
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		68,853		60,352
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028		26,824		26,215
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046		46,666		28,634
UnitedHealth Group, Inc. 3.75% 7/15/2025		5,410		5,294
UnitedHealth Group, Inc. 3.70% 5/15/2027		1,184		1,147
UnitedHealth Group, Inc. 4.00% 5/15/2029		2,231		2,136

American Funds Insurance Series 183

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
UnitedHealth Group, Inc. 2.00% 5/15/2030	USD	855	$	707
UnitedHealth Group, Inc. 4.20% 5/15/2032		3,169		3,018
UnitedHealth Group, Inc. 3.05% 5/15/2041		1,300		982
UnitedHealth Group, Inc. 4.25% 6/15/2048		960		834
UnitedHealth Group, Inc. 3.25% 5/15/2051		927		668
UnitedHealth Group, Inc. 4.75% 5/15/2052		1,400		1,300
UnitedHealth Group, Inc. 4.95% 5/15/2062		294		277
UnitedHealth Group, Inc. 6.05% 2/15/2063		230		251
Zoetis, Inc. 5.60% 11/16/2032		2,850		2,964
				392,258
Communication services 3.31%
AT&T, Inc. 1.70% 3/25/2026		19,000		17,145
AT&T, Inc. 1.65% 2/1/2028		4,700		3,977
AT&T, Inc. 4.30% 2/15/2030		15,940		15,047
AT&T, Inc. 2.55% 12/1/2033		15,003		11,574
AT&T, Inc. 3.50% 9/15/2053		19,935		13,545
CCO Holdings, LLC 4.75% 2/1/20322		1,265		1,028
CCO Holdings, LLC 4.25% 1/15/20342		3,875		2,867
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/20272		4,800		4,484
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.25% 1/15/2029		1,351		1,090
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031		8,212		6,412
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033		2,642		2,268
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.75% 4/1/2048		5,000		4,114
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.25% 4/1/2053		1,240		962
CenturyLink, Inc. 4.00% 2/15/20272		10,381		8,821
Comcast Corp. 3.15% 2/15/2028		7,200		6,660
Comcast Corp. 4.00% 3/1/2048		5,000		4,033
Meta Platforms, Inc. 4.45% 8/15/2052		3,775		3,019
Netflix, Inc. 4.875% 4/15/2028		23,259		22,511
Netflix, Inc. 5.875% 11/15/2028		29,196		29,664
Netflix, Inc. 6.375% 5/15/2029		5,078		5,235
Netflix, Inc. 5.375% 11/15/20292		15,350		14,917
Netflix, Inc. 4.875% 6/15/20302		18,215		17,018
News Corp. 5.125% 2/15/20322		1,300		1,185
SBA Tower Trust 1.631% 11/15/20262		6,741		5,735
Sirius XM Radio, Inc. 4.00% 7/15/20282		675		589
Sprint Corp. 7.625% 2/15/2025		6,665		6,895
Tencent Holdings, Ltd. 2.39% 6/3/20302		10,000		8,153
T-Mobile US, Inc. 3.50% 4/15/2025		3,275		3,152
T-Mobile US, Inc. 2.25% 2/15/2026		2,388		2,177
T-Mobile US, Inc. 2.625% 4/15/2026		9,691		8,899
T-Mobile US, Inc. 3.75% 4/15/2027		5,000		4,717
T-Mobile US, Inc. 2.625% 2/15/2029		3,117		2,643
T-Mobile US, Inc. 2.40% 3/15/2029		1,224		1,035
T-Mobile US, Inc. 3.875% 4/15/2030		4,500		4,087
T-Mobile US, Inc. 2.875% 2/15/2031		17,956		14,862
T-Mobile US, Inc. 3.00% 2/15/2041		2,100		1,490
T-Mobile US, Inc. 3.40% 10/15/2052		12,280		8,307
Verizon Communications, Inc. 4.329% 9/21/2028		1,539		1,483
Verizon Communications, Inc. 1.75% 1/20/2031		15,450		12,023
Verizon Communications, Inc. 2.55% 3/21/2031		7,535		6,215
Verizon Communications, Inc. 2.355% 3/15/2032		2,815		2,239
Verizon Communications, Inc. 3.40% 3/22/2041		2,050		1,549
Verizon Communications, Inc. 2.875% 11/20/2050		3,000		1,894
Verizon Communications, Inc. 3.55% 3/22/2051		1,975		1,416
Verizon Communications, Inc. 3.875% 3/1/2052		3,155		2,408
Vodafone Group PLC 4.25% 9/17/2050		3,050		2,340
WarnerMedia Holdings, Inc. 3.428% 3/15/20242		6,552		6,364
WarnerMedia Holdings, Inc. 3.638% 3/15/20252		3,056		2,909

184 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
WarnerMedia Holdings, Inc. 3.755% 3/15/20272	USD	9,501	$	8,569
WarnerMedia Holdings, Inc. 4.054% 3/15/20292		1,316		1,141
WarnerMedia Holdings, Inc. 4.279% 3/15/20322		4,932		4,075
WarnerMedia Holdings, Inc. 5.05% 3/15/20422		3,147		2,419
WarnerMedia Holdings, Inc. 5.141% 3/15/20522		10,630		7,769
WarnerMedia Holdings, Inc. 5.391% 3/15/20622		2,802		2,057
ZipRecruiter, Inc. 5.00% 1/15/20302		1,500		1,239
				338,426
Industrials 3.13%
ADT Security Corp. 4.125% 8/1/20292		510		434
Air Lease Corp. 0.80% 8/18/2024		3,175		2,926
Air Lease Corp. 2.875% 1/15/2026		10,172		9,423
Air Lease Corp. 2.20% 1/15/2027		4,341		3,789
Air Lease Corp. 2.10% 9/1/2028		2,450		2,000
Avolon Holdings Funding, Ltd. 3.95% 7/1/20242		12,514		11,987
Avolon Holdings Funding, Ltd. 2.125% 2/21/20262		8,333		7,181
Avolon Holdings Funding, Ltd. 4.25% 4/15/20262		3,302		2,997
Avolon Holdings Funding, Ltd. 3.25% 2/15/20272		8,000		6,857
Avolon Holdings Funding, Ltd. 2.528% 11/18/20272		2,142		1,715
BNSF Funding Trust I, junior subordinated, 6.613% 12/15/2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)1		1,680		1,590
Boeing Company 4.508% 5/1/2023		11,358		11,338
Boeing Company 1.95% 2/1/2024		5,646		5,441
Boeing Company 2.80% 3/1/2024		500		485
Boeing Company 4.875% 5/1/2025		32,512		32,292
Boeing Company 2.75% 2/1/2026		18,384		17,057
Boeing Company 2.196% 2/4/2026		18,411		16,748
Boeing Company 3.10% 5/1/2026		649		611
Boeing Company 2.70% 2/1/2027		6,473		5,852
Boeing Company 5.04% 5/1/2027		14,350		14,215
Boeing Company 3.25% 2/1/2028		11,379		10,353
Boeing Company 3.25% 3/1/2028		1,925		1,724
Boeing Company 5.15% 5/1/2030		42,874		41,935
Boeing Company 3.625% 2/1/2031		1,602		1,408
Boeing Company 3.90% 5/1/2049		1,411		997
Boeing Company 5.805% 5/1/2050		4,122		3,843
Canadian Pacific Railway, Ltd. 1.75% 12/2/2026		1,982		1,769
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031		3,131		2,602
Canadian Pacific Railway, Ltd. 3.00% 12/2/2041		1,677		1,271
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		3,111		2,106
Carrier Global Corp. 3.377% 4/5/2040		15,000		11,443
CSX Corp. 4.10% 11/15/2032		8,010		7,534
CSX Corp. 4.50% 11/15/2052		6,670		5,828
Dun & Bradstreet Corp. 5.00% 12/15/20292		2,798		2,398
Eaton Corp. 4.15% 3/15/2033		1,518		1,416
Eaton Corp. 4.70% 8/23/2052		535		487
General Dynamics Corp. 3.625% 4/1/2030		675		629
Mexico City Airport Trust 5.50% 10/31/2046		1,959		1,512
Mexico City Airport Trust 5.50% 7/31/2047		5,909		4,564
Mexico City Airport Trust 5.50% 7/31/20472		1,132		874
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20272		2,690		2,441
Norfolk Southern Corp. 4.55% 6/1/2053		1,188		1,039
Northrop Grumman Corp. 3.25% 1/15/2028		10,845		10,021
Raytheon Technologies Corp. 1.90% 9/1/2031		3,087		2,431
Raytheon Technologies Corp. 2.375% 3/15/2032		1,321		1,073
Raytheon Technologies Corp. 2.82% 9/1/2051		665		434
Raytheon Technologies Corp. 3.03% 3/15/2052		1,190		812
Republic Services, Inc. 2.375% 3/15/2033		1,635		1,309
Spirit AeroSystems, Inc. 9.375% 11/30/20292		503		530

American Funds Insurance Series 185

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Summit Digitel Infrastructure Private, Ltd. 2.875% 8/12/20312	USD	2,550	$	1,962
Triton Container International, Ltd. 1.15% 6/7/20242		1,609		1,489
Triton Container International, Ltd. 3.15% 6/15/20312		2,482		1,934
Union Pacific Corp. 2.15% 2/5/2027		2,213		2,002
Union Pacific Corp. 2.40% 2/5/2030		4,454		3,820
Union Pacific Corp. 2.375% 5/20/2031		3,938		3,326
Union Pacific Corp. 2.80% 2/14/2032		6,734		5,832
Union Pacific Corp. 3.375% 2/14/2042		530		424
Union Pacific Corp. 3.25% 2/5/2050		7,000		5,078
Union Pacific Corp. 2.95% 3/10/2052		1,405		957
United Rentals, Inc. 5.50% 5/15/2027		2,500		2,472
United Technologies Corp. 3.125% 5/4/2027		4,551		4,245
United Technologies Corp. 4.125% 11/16/2028		4,974		4,771
Waste Management, Inc. 4.15% 4/15/2032		2,155		2,057
				320,090
Energy 2.54%
Antero Resources Corp. 5.375% 3/1/20302		280		260
Apache Corp. 4.625% 11/15/2025		645		624
Apache Corp. 4.25% 1/15/2030		2,465		2,186
Apache Corp. 5.35% 7/1/2049		800		648
Baker Hughes Holdings, LLC 2.061% 12/15/2026		1,136		1,020
Canadian Natural Resources, Ltd. 2.05% 7/15/2025		754		702
Canadian Natural Resources, Ltd. 3.85% 6/1/2027		1,151		1,086
Cenovus Energy, Inc. 5.375% 7/15/2025		2,763		2,756
Cenovus Energy, Inc. 4.25% 4/15/2027		13,613		13,032
Cenovus Energy, Inc. 2.65% 1/15/2032		2,969		2,378
Cenovus Energy, Inc. 5.25% 6/15/2037		770		704
Cenovus Energy, Inc. 5.40% 6/15/2047		14,816		13,323
Cheniere Energy Partners, LP 3.25% 1/31/2032		937		746
Chevron Corp. 2.954% 5/16/2026		3,365		3,196
Chevron Corp. 3.078% 5/11/2050		692		500
Devon Energy Corp. 4.50% 1/15/2030		5,197		4,850
DT Midstream, Inc. 4.125% 6/15/20292		555		478
Ecopetrol SA 5.875% 5/28/2045		452		316
Enbridge, Inc. 4.00% 10/1/2023		1,500		1,488
Energy Transfer Partners, LP 6.25% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.028% on 2/15/2023)1		7,850		6,682
Energy Transfer Partners, LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2049)1		500		373
EQT Corp. 5.70% 4/1/2028		1,223		1,218
EQT Corp. 7.25% 2/1/20301		7,500		7,791
Equinor ASA 3.625% 9/10/2028		4,928		4,673
Equinor ASA 3.125% 4/6/2030		20,000		18,004
Equinor ASA 3.25% 11/18/2049		5,687		4,159
Exxon Mobil Corp. 3.043% 3/1/2026		4,625		4,417
Exxon Mobil Corp. 2.61% 10/15/2030		1,040		911
Occidental Petroleum Corp. 8.875% 7/15/2030		630		712
Odebrecht Drilling Norbe 7.35% PIK 12/1/20262,4		40		22
Odebrecht Drilling Norbe 0% perpetual bonds2		1,150		3
Oleoducto Central SA 4.00% 7/14/20272		1,715		1,516
Oleoducto Central SA 4.00% 7/14/2027		350		309
Petróleos Mexicanos 3.50% 1/30/2023		1,500		1,496
Petróleos Mexicanos 6.875% 10/16/2025		5,000		4,903
Petróleos Mexicanos 6.875% 8/4/2026		24,876		23,550
Petróleos Mexicanos 6.49% 1/23/2027		20,653		18,867
Petróleos Mexicanos 6.50% 3/13/2027		31,829		29,102
Petróleos Mexicanos 6.50% 1/23/2029		3,139		2,694
Petróleos Mexicanos 8.75% 6/2/2029		5,805		5,451
Petróleos Mexicanos 6.70% 2/16/2032		14,854		11,693

186 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Qatar Petroleum 2.25% 7/12/20312	USD	22,020	$	18,281
Qatar Petroleum 3.125% 7/12/20412		7,310		5,644
Qatar Petroleum 3.30% 7/12/20512		2,185		1,619
SA Global Sukuk, Ltd. 1.602% 6/17/20262		7,645		6,842
Sabine Pass Liquefaction, LLC 5.75% 5/15/2024		5,148		5,152
Shell International Finance BV 3.875% 11/13/2028		9,410		9,081
Shell International Finance BV 2.75% 4/6/2030		1,186		1,043
Southwestern Energy Co. 5.95% 1/23/20251		495		487
Total Capital Canada, Ltd. 2.75% 7/15/2023		2,140		2,113
Total Capital International 3.455% 2/19/2029		885		822
TransCanada PipeLines, Ltd. 4.10% 4/15/2030		1,578		1,449
Western Midstream Operating, LP 3.35% 2/1/20251		2,782		2,637
Western Midstream Operating, LP 4.30% 2/1/20301		2,202		1,927
Western Midstream Operating, LP 5.50% 2/1/20501		3,079		2,542
Williams Partners, LP 4.50% 11/15/2023		500		497
Williams Partners, LP 4.30% 3/4/2024		595		588
				259,563
Consumer staples 1.83%
7-Eleven, Inc. 1.80% 2/10/20312		4,676		3,582
7-Eleven, Inc. 2.80% 2/10/20512		5,000		3,082
Altria Group, Inc. 4.40% 2/14/2026		4,585		4,494
Altria Group, Inc. 4.50% 5/2/2043		1,585		1,196
Altria Group, Inc. 5.95% 2/14/2049		8,434		7,539
Anheuser-Busch InBev NV 4.75% 1/23/2029		7,500		7,419
Anheuser-Busch InBev NV 5.55% 1/23/2049		5,000		4,971
Anheuser-Busch InBev NV 4.50% 6/1/2050		1,355		1,192
British American Tobacco International Finance PLC 3.95% 6/15/20252		16,879		16,226
British American Tobacco International Finance PLC 1.668% 3/25/2026		4,070		3,611
British American Tobacco PLC 3.557% 8/15/2027		9,561		8,750
British American Tobacco PLC 4.448% 3/16/2028		3,065		2,844
British American Tobacco PLC 2.259% 3/25/2028		4,348		3,616
British American Tobacco PLC 4.742% 3/16/2032		2,675		2,381
British American Tobacco PLC 4.39% 8/15/2037		1,500		1,171
British American Tobacco PLC 4.54% 8/15/2047		13,490		9,582
British American Tobacco PLC 4.758% 9/6/2049		21,450		15,620
British American Tobacco PLC 5.65% 3/16/2052		430		356
Conagra Brands, Inc. 5.30% 11/1/2038		436		412
Conagra Brands, Inc. 5.40% 11/1/2048		57		53
Constellation Brands, Inc. 3.50% 5/9/2027		7,500		7,035
Constellation Brands, Inc. 4.35% 5/9/2027		890		868
Constellation Brands, Inc. 2.875% 5/1/2030		620		529
Constellation Brands, Inc. 2.25% 8/1/2031		1,487		1,185
Constellation Brands, Inc. 4.75% 5/9/2032		2,284		2,205
Imperial Tobacco Finance PLC 6.125% 7/27/20272		1,810		1,804
JBS USA Lux SA 2.50% 1/15/20272		3,880		3,399
JBS USA Lux SA 3.00% 2/2/20292		2,709		2,248
JBS USA Lux SA 5.50% 1/15/20302		435		415
JBS USA Lux SA 3.625% 1/15/20322		1,430		1,160
JBS USA Lux SA 3.00% 5/15/20322		3,430		2,635
JBS USA Lux SA 5.75% 4/1/20332		7,368		7,046
Kraft Heinz Company 5.50% 6/1/2050		2,725		2,619
PepsiCo, Inc. 1.95% 10/21/2031		6,979		5,658
Philip Morris International, Inc. 5.00% 11/17/2025		6,555		6,592
Philip Morris International, Inc. 5.125% 11/17/2027		4,898		4,942
Philip Morris International, Inc. 5.625% 11/17/2029		4,309		4,382
Philip Morris International, Inc. 5.75% 11/17/2032		6,327		6,470
Philip Morris International, Inc. 4.125% 3/4/2043		4,117		3,270
Philip Morris International, Inc. 4.875% 11/15/2043		5,433		4,774
PT Indofood CBP Sukses Makmur Tbk 3.398% 6/9/2031		3,110		2,590

American Funds Insurance Series 187

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
PT Indofood CBP Sukses Makmur Tbk 4.745% 6/9/2051	USD	685	$	507
Reynolds American, Inc. 4.45% 6/12/2025		14,570		14,267
Reynolds American, Inc. 5.85% 8/15/2045		1,688		1,445
Wal-Mart Stores, Inc. 4.15% 9/9/2032		570		557
Wal-Mart Stores, Inc. 4.50% 9/9/2052		480		460
				187,159
Information technology 0.82%
Analog Devices, Inc. 2.80% 10/1/2041		521		383
Apple, Inc. 2.70% 8/5/2051		7,080		4,701
Apple, Inc. 3.95% 8/8/2052		1,805		1,544
Block, Inc. 2.75% 6/1/2026		1,975		1,767
Block, Inc. 3.50% 6/1/2031		825		659
Broadcom Corp. 3.875% 1/15/2027		7,027		6,657
Broadcom, Inc. 4.00% 4/15/20292		1,470		1,338
Broadcom, Inc. 4.15% 4/15/20322		2,270		1,999
Broadcom, Inc. 3.469% 4/15/20342		33,872		27,121
Broadcom, Inc. 3.137% 11/15/20352		2,149		1,587
Broadcom, Inc. 3.187% 11/15/20362		4,803		3,465
Broadcom, Inc. 4.926% 5/15/20372		4,049		3,547
Global Payments, Inc. 2.90% 11/15/2031		1,005		795
Oracle Corp. 1.65% 3/25/2026		4,867		4,363
Oracle Corp. 2.30% 3/25/2028		6,875		5,967
Oracle Corp. 2.875% 3/25/2031		3,345		2,782
Oracle Corp. 3.95% 3/25/2051		4,869		3,490
PayPal Holdings, Inc. 5.05% 6/1/2052		3,775		3,439
salesforce.com, inc. 1.95% 7/15/2031		3,775		3,019
salesforce.com, inc. 2.70% 7/15/2041		875		628
salesforce.com, inc. 2.90% 7/15/2051		5,140		3,393
salesforce.com, inc. 3.05% 7/15/2061		265		170
VeriSign, Inc. 2.70% 6/15/2031		1,494		1,220
				84,034
Real estate 0.70%
American Tower Corp. 1.45% 9/15/2026		657		574
American Tower Corp. 3.65% 3/15/2027		2,291		2,143
Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/20312		395		318
Corporate Office Properties, LP 2.00% 1/15/2029		1,139		876
Corporate Office Properties, LP 2.75% 4/15/2031		1,547		1,161
Corporate Office Properties, LP 2.90% 12/1/2033		564		402
Equinix, Inc. 2.90% 11/18/2026		3,287		3,009
Equinix, Inc. 3.20% 11/18/2029		3,846		3,356
Equinix, Inc. 2.50% 5/15/2031		7,760		6,254
Equinix, Inc. 3.90% 4/15/2032		1,155		1,029
Equinix, Inc. 3.40% 2/15/2052		1,201		823
Extra Space Storage, Inc. 2.35% 3/15/2032		698		530
FibraSOMA 4.375% 7/22/20312		1,475		1,105
Hospitality Properties Trust 4.50% 3/15/2025		855		739
Hospitality Properties Trust 3.95% 1/15/2028		1,710		1,217
Howard Hughes Corp. 4.375% 2/1/20312		675		547
Invitation Homes Operating Partnership, LP 2.30% 11/15/2028		767		636
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031		2,048		1,518
Invitation Homes Operating Partnership, LP 2.70% 1/15/2034		660		483
Iron Mountain, Inc. 4.875% 9/15/20272		1,605		1,479
Iron Mountain, Inc. 5.25% 3/15/20282		3,500		3,226
Iron Mountain, Inc. 5.25% 7/15/20302		675		588
Omega Healthcare Investors, Inc. 4.375% 8/1/2023		186		185
Piedmont Operating Partnership, LP 4.45% 3/15/2024		1,000		983
Public Storage 1.95% 11/9/2028		993		849
Public Storage 2.30% 5/1/2031		3,195		2,601

188 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Scentre Group 3.50% 2/12/20252	USD	4,565	$	4,372
Sun Communities Operating, LP 2.30% 11/1/2028		1,026		856
Sun Communities Operating, LP 2.70% 7/15/2031		3,877		3,070
VICI Properties, LP 4.375% 5/15/2025		670		652
VICI Properties, LP 4.75% 2/15/2028		6,844		6,505
VICI Properties, LP 4.95% 2/15/2030		5,515		5,257
VICI Properties, LP 4.125% 8/15/20302		425		373
VICI Properties, LP 5.125% 5/15/2032		11,766		10,917
VICI Properties, LP 5.625% 5/15/2052		2,695		2,388
				71,021
Materials 0.13%
Air Products and Chemicals, Inc. 2.70% 5/15/2040		2,911		2,178
Celanese US Holdings, LLC 6.05% 3/15/2025		195		194
Celanese US Holdings, LLC 6.165% 7/15/2027		2,875		2,840
Celanese US Holdings, LLC 6.33% 7/15/2029		775		755
Celanese US Holdings, LLC 6.379% 7/15/2032		2,055		1,960
Glencore Funding, LLC 2.625% 9/23/20312		790		631
Glencore Funding, LLC 3.375% 9/23/20512		370		242
International Flavors & Fragrances, Inc. 2.30% 11/1/20302		3,536		2,813
Methanex Corp. 5.125% 10/15/2027		510		474
Nova Chemicals Corp. 4.25% 5/15/20292		425		348
South32 Treasury, Ltd. 4.35% 4/14/20322		1,384		1,188
				13,623
Municipals 0.01%
Aeropuerto International de Tocume SA 4.00% 8/11/20412		730		603
Aeropuerto International de Tocume SA 5.125% 8/11/20612		565		464
				1,067
Total corporate bonds, notes & loans				3,535,583
U.S. Treasury bonds & notes 27.43%
U.S. Treasury 14.76%
U.S. Treasury 0.125% 5/31/2023		39,035		38,325
U.S. Treasury 2.25% 12/31/2023		24,768		24,174
U.S. Treasury 1.50% 2/29/2024		9,807		9,455
U.S. Treasury 2.50% 4/30/2024		22,390		21,755
U.S. Treasury 0.375% 9/15/2024		15,740		14,672
U.S. Treasury 4.50% 11/30/2024		38,095		38,103
U.S. Treasury 3.00% 7/15/2025		97,643		94,593
U.S. Treasury 4.00% 12/15/2025		67,475		67,053
U.S. Treasury 0.375% 12/31/2025		44,080		39,409
U.S. Treasury 0.375% 1/31/2026		40,000		35,602
U.S. Treasury 0.75% 5/31/2026		20,625		18,401
U.S. Treasury 0.75% 8/31/2026		26,766		23,705
U.S. Treasury 1.375% 8/31/2026		45,000		40,809
U.S. Treasury 0.50% 4/30/2027		45,625		39,295
U.S. Treasury 2.75% 4/30/2027		11,500		10,903
U.S. Treasury 2.25% 11/15/20275		105,830		97,546
U.S. Treasury 6.125% 11/15/2027		24,000		26,188
U.S. Treasury 3.875% 11/30/2027		46,272		46,021
U.S. Treasury 1.25% 5/31/2028		21,480		18,605
U.S. Treasury 3.875% 11/30/2029		149		148
U.S. Treasury 3.875% 12/31/2029		5,750		5,710
U.S. Treasury 1.625% 5/15/2031		1,630		1,372
U.S. Treasury 4.125% 11/15/2032		15,000		15,299
U.S. Treasury 4.25% 5/15/2039		106,700		110,123
U.S. Treasury 1.125% 5/15/2040		124,213		77,947
U.S. Treasury 1.375% 11/15/2040		40,000		26,058
U.S. Treasury 1.875% 2/15/2041		46,900		33,221

American Funds Insurance Series 189

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 2.00% 11/15/2041	USD	247		$	177
U.S. Treasury 2.375% 2/15/2042		3,271			2,500
U.S. Treasury 4.00% 11/15/2042		766			751
U.S. Treasury 3.00% 2/15/2049		123,340			102,162
U.S. Treasury 1.25% 5/15/2050		21,285			11,514
U.S. Treasury 2.00% 8/15/2051		1,587			1,044
U.S. Treasury 1.875% 11/15/2051		4,670			2,974
U.S. Treasury 3.00% 8/15/20525		493,436			409,137
U.S. Treasury 4.00% 11/15/2052		3,800			3,820
					1,508,571
U.S. Treasury inflation-protected securities 12.67%
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20236		206,245			205,862
U.S. Treasury Inflation-Protected Security 0.625% 4/15/20236		85,927			85,102
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20236		6,574			6,498
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20246		255,440			250,190
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20246		29,208			28,425
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20246		250,395			242,546
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20246		57,910			55,812
U.S. Treasury Inflation-Protected Security 0.25% 1/15/20256		26,921			25,840
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20256		28,626			27,283
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20256		71,002			68,225
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20266		3,300			3,168
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20266		13,368			12,538
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20276		66,635			62,091
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20276		85,852			80,941
U.S. Treasury Inflation-Protected Security 1.625% 10/15/20276		21,184			21,157
U.S. Treasury Inflation-Protected Security 0.50% 1/15/20285,6		90,600			85,240
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20316		20,209			17,930
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20316		13,385			11,811
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20516		6,118			3,947
					1,294,606
Total U.S. Treasury bonds & notes					2,803,177
Mortgage-backed obligations 25.81%
Federal agency mortgage-backed obligations 23.23%
Fannie Mae Pool #254764 5.50% 6/1/20237		—	8		—	8
Fannie Mae Pool #AB1068 4.50% 5/1/20257		37			37
Fannie Mae Pool #256133 4.50% 1/1/20267		32			31
Fannie Mae Pool #AR3058 3.00% 1/1/20287		75			72
Fannie Mae Pool #AS8018 3.00% 9/1/20317		44			42
Fannie Mae Pool #BM4741 3.00% 4/1/20327		28			27
Fannie Mae Pool #913966 6.00% 2/1/20377		34			36
Fannie Mae Pool #945680 6.00% 9/1/20377		426			444
Fannie Mae Pool #924866 2.765% 10/1/20373,7		419			410
Fannie Mae Pool #988588 5.50% 8/1/20387		185			192
Fannie Mae Pool #889982 5.50% 11/1/20387		919			953
Fannie Mae Pool #AB1297 5.00% 8/1/20407		191			194
Fannie Mae Pool #AH8144 5.00% 4/1/20417		805			810
Fannie Mae Pool #AH9479 5.00% 4/1/20417		754			764
Fannie Mae Pool #AI1862 5.00% 5/1/20417		952			963
Fannie Mae Pool #AI3510 5.00% 6/1/20417		524			530
Fannie Mae Pool #AJ0704 5.00% 9/1/20417		444			452
Fannie Mae Pool #AJ5391 5.00% 11/1/20417		321			325
Fannie Mae Pool #MA4501 2.00% 12/1/20417		9,994			8,437
Fannie Mae Pool #MA4540 2.00% 2/1/20427		2,628			2,218
Fannie Mae Pool #AZ3904 4.00% 5/1/20457		42			40
Fannie Mae Pool #FM9416 3.50% 7/1/20457		2,819			2,610
Fannie Mae Pool #AL8522 3.50% 5/1/20467		896			833
Fannie Mae Pool #BD1968 4.00% 7/1/20467		792			757

190 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BD5477 4.00% 7/1/20467	USD	137	$	132
Fannie Mae Pool #BE0592 4.00% 11/1/20467		313		295
Fannie Mae Pool #MA3058 4.00% 7/1/20477		42		40
Fannie Mae Pool #CA0770 3.50% 11/1/20477		4,696		4,364
Fannie Mae Pool #CA0706 4.00% 11/1/20477		91		87
Fannie Mae Pool #BM4413 4.50% 12/1/20477		2,854		2,812
Fannie Mae Pool #CA1189 3.50% 2/1/20487		1,384		1,285
Fannie Mae Pool #BJ5749 4.00% 5/1/20487		16		16
Fannie Mae Pool #BF0293 3.00% 7/1/20487		6,893		6,129
Fannie Mae Pool #BF0318 3.50% 8/1/20487		5,642		5,198
Fannie Mae Pool #FM4891 3.50% 10/1/20487		20,838		19,368
Fannie Mae Pool #BM4676 4.00% 10/1/20487		13		12
Fannie Mae Pool #FM3280 3.50% 5/1/20497		738		684
Fannie Mae Pool #CA3807 3.00% 7/1/20497		1,416		1,267
Fannie Mae Pool #CA3806 3.00% 7/1/20497		913		818
Fannie Mae Pool #FM1262 4.00% 7/1/20497		22,731		21,695
Fannie Mae Pool #FM0007 3.50% 9/1/20497		15,691		14,461
Fannie Mae Pool #FM1589 3.50% 9/1/20497		4,398		4,048
Fannie Mae Pool #FM1954 3.50% 11/1/20497		6,796		6,252
Fannie Mae Pool #CA5968 2.50% 6/1/20507		6,170		5,302
Fannie Mae Pool #FM5507 3.00% 7/1/20507		18,556		16,591
Fannie Mae Pool #CA6309 3.00% 7/1/20507		6,665		5,981
Fannie Mae Pool #BP6715 2.00% 9/1/20507		1		1
Fannie Mae Pool #CA7028 2.50% 9/1/20507		1,108		957
Fannie Mae Pool #BQ3005 2.50% 10/1/20507		1,935		1,646
Fannie Mae Pool #CA7257 2.50% 10/1/20507		314		270
Fannie Mae Pool #CA7599 2.50% 11/1/20507		7,463		6,437
Fannie Mae Pool #FM4897 3.00% 11/1/20507		18,989		17,095
Fannie Mae Pool #MA4208 2.00% 12/1/20507		12,762		10,450
Fannie Mae Pool #CA8828 2.50% 2/1/20517		6,306		5,420
Fannie Mae Pool #CB0290 2.00% 4/1/20517		21,666		17,724
Fannie Mae Pool #MA4305 2.00% 4/1/20517		33		27
Fannie Mae Pool #BR1035 2.00% 5/1/20517		20		16
Fannie Mae Pool #FM7510 3.00% 6/1/20517		242		213
Fannie Mae Pool #FM7900 2.50% 7/1/20517		533		457
Fannie Mae Pool #FM8442 2.50% 8/1/20517		9,106		7,723
Fannie Mae Pool #CB1527 2.50% 9/1/20517		1,264		1,074
Fannie Mae Pool #FS0965 2.00% 11/1/20517		156		128
Fannie Mae Pool #CB2402 2.50% 12/1/20517		4,932		4,181
Fannie Mae Pool #FM9846 2.50% 12/1/20517		569		483
Fannie Mae Pool #CB2787 3.50% 12/1/20517		27		25
Fannie Mae Pool #FS2776 2.50% 1/1/20527		3,264		2,769
Fannie Mae Pool #CB2765 2.00% 2/1/20527		6,870		5,649
Fannie Mae Pool #FS0647 3.00% 2/1/20527		41,218		36,792
Fannie Mae Pool #CB3744 2.50% 3/1/20527		1,000		848
Fannie Mae Pool #CB3170 3.00% 3/1/20527		392		345
Fannie Mae Pool #BV7773 2.50% 4/1/20527		9,356		7,942
Fannie Mae Pool #BV5370 2.50% 4/1/20527		8,486		7,196
Fannie Mae Pool #BV2994 2.50% 4/1/20527		3,401		2,887
Fannie Mae Pool #MA4578 2.50% 4/1/20527		780		662
Fannie Mae Pool #BV7521 2.50% 5/1/20527		1,000		848
Fannie Mae Pool #CB3495 3.00% 5/1/20527		1,174		1,031
Fannie Mae Pool #MA4599 3.00% 5/1/20527		500		439
Fannie Mae Pool #BV9975 2.50% 6/1/20527		3,301		2,802
Fannie Mae Pool #BV2452 3.00% 6/1/20527		739		649
Fannie Mae Pool #CB4159 4.00% 7/1/20527		1,689		1,586
Fannie Mae Pool #BW1001 4.50% 7/1/20527		675		651
Fannie Mae Pool #BV2562 4.50% 7/1/20527		522		503
Fannie Mae Pool #MA4699 3.50% 8/1/20527		900		819
Fannie Mae Pool #MA4700 4.00% 8/1/20527		2,823		2,651
Fannie Mae Pool #BV8024 4.00% 8/1/20527		2,138		2,008

American Funds Insurance Series 191

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BW9409 4.50% 8/1/20527	USD	1,998		$	1,925
Fannie Mae Pool #BW5751 4.50% 8/1/20527		1,983			1,910
Fannie Mae Pool #BW2284 4.50% 8/1/20527		1,944			1,873
Fannie Mae Pool #BW6191 4.50% 8/1/20527		999			965
Fannie Mae Pool #BW7611 4.50% 8/1/20527		974			938
Fannie Mae Pool #BW8077 4.50% 8/1/20527		90			86
Fannie Mae Pool #MA4732 4.00% 9/1/20527		9,060			8,508
Fannie Mae Pool #BW7326 4.00% 9/1/20527		1,831			1,720
Fannie Mae Pool #BW9348 4.00% 9/1/20527		1,588			1,491
Fannie Mae Pool #BW8103 4.00% 9/1/20527		1,504			1,412
Fannie Mae Pool #BV0952 4.50% 9/1/20527		4,153			4,001
Fannie Mae Pool #BW3812 4.50% 9/1/20527		3,994			3,848
Fannie Mae Pool #BW9386 4.50% 9/1/20527		2,996			2,888
Fannie Mae Pool #BV0957 4.50% 9/1/20527		2,996			2,887
Fannie Mae Pool #BW8692 4.50% 9/1/20527		999			963
Fannie Mae Pool #BW9180 4.50% 9/1/20527		420			405
Fannie Mae Pool #BW8497 4.50% 9/1/20527		65			63
Fannie Mae Pool #BW7702 4.50% 9/1/20527		42			40
Fannie Mae Pool #MA4761 5.00% 9/1/20527		36,426			35,956
Fannie Mae Pool #BW1295 3.50% 10/1/20527		574			522
Fannie Mae Pool #BW8980 4.00% 10/1/20527		5,933			5,571
Fannie Mae Pool #BW1210 4.00% 10/1/20527		4,482			4,208
Fannie Mae Pool #BW7356 4.00% 10/1/20527		3,728			3,500
Fannie Mae Pool #BX0509 4.00% 10/1/20527		1,604			1,506
Fannie Mae Pool #CB4794 4.50% 10/1/20527		15,949			15,370
Fannie Mae Pool #MA4784 4.50% 10/1/20527		10,684			10,294
Fannie Mae Pool #BW8745 4.50% 10/1/20527		4,974			4,792
Fannie Mae Pool #BX0097 4.50% 10/1/20527		2,995			2,885
Fannie Mae Pool #BW7795 4.50% 10/1/20527		496			478
Fannie Mae Pool #BW8592 4.50% 10/1/20527		149			143
Fannie Mae Pool #MA4820 6.50% 10/1/20527		294			303
Fannie Mae Pool #MA4854 2.50% 11/1/20527		902			765
Fannie Mae Pool #MA4803 3.50% 11/1/20527		7,069			6,431
Fannie Mae Pool #MA4804 4.00% 11/1/20527		9,106			8,550
Fannie Mae Pool #BW1310 4.00% 11/1/20527		1,677			1,574
Fannie Mae Pool #BX1042 4.50% 11/1/20527		548			528
Fannie Mae Pool #BX1516 4.50% 11/1/20527		542			523
Fannie Mae Pool #BX1035 4.50% 11/1/20527		308			297
Fannie Mae Pool #BX3075 4.50% 11/1/20527		291			280
Fannie Mae Pool #BX2558 4.50% 11/1/20527		62			60
Fannie Mae Pool #MA4805 4.50% 11/1/20527		36			35
Fannie Mae Pool #BW1380 4.50% 12/1/20527		13,486			12,993
Fannie Mae Pool #MA4840 4.50% 12/1/20527		4,721			4,549
Fannie Mae Pool #MA4841 5.00% 12/1/20527		4,013			3,961
Fannie Mae Pool #MA4877 6.50% 12/1/20527		58,203			59,707
Fannie Mae Pool #BX4022 6.50% 12/1/20527		200			205
Fannie Mae Pool #MA4868 5.00% 1/1/20537		8,583			8,472
Fannie Mae Pool #MA4895 6.50% 1/1/20537		4,225			4,335
Fannie Mae Pool #BF0145 3.50% 3/1/20577		11,899			10,887
Fannie Mae Pool #BF0264 3.50% 5/1/20587		9,059			8,322
Fannie Mae Pool #BF0332 3.00% 1/1/20597		19,463			17,158
Fannie Mae Pool #BF0497 3.00% 7/1/20607		22,447			19,666
Fannie Mae Pool #BF0585 4.50% 12/1/20617		1,326			1,293
Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/20253,7		—	8		—	8
Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/20417		7			7
Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/20417		17			19
Fannie Mae, Series 2002-W1, Class 2A, 4.915% 2/25/20423,7		21			21
Freddie Mac Pool #ZS8507 3.00% 11/1/20287		113			108
Freddie Mac Pool #ZK7590 3.00% 1/1/20297		2,445			2,346
Freddie Mac Pool #A15120 5.50% 10/1/20337		51			52
Freddie Mac Pool #QN1073 3.00% 12/1/20347		46			44

192 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #G05196 5.50% 10/1/20387	USD	50	$	52
Freddie Mac Pool #G05267 5.50% 12/1/20387		37		39
Freddie Mac Pool #G06020 5.50% 12/1/20397		72		75
Freddie Mac Pool #G05860 5.50% 2/1/20407		265		275
Freddie Mac Pool #A93948 4.50% 9/1/20407		157		156
Freddie Mac Pool #G06868 4.50% 4/1/20417		177		176
Freddie Mac Pool #G06841 5.50% 6/1/20417		422		439
Freddie Mac Pool #RB5138 2.00% 12/1/20417		2,632		2,222
Freddie Mac Pool #RB5145 2.00% 2/1/20427		2,569		2,169
Freddie Mac Pool #RB5148 2.00% 3/1/20427		5,501		4,643
Freddie Mac Pool #Z40130 3.00% 1/1/20467		20,778		18,802
Freddie Mac Pool #ZT2100 3.00% 4/1/20477		109		98
Freddie Mac Pool #G08789 4.00% 11/1/20477		628		603
Freddie Mac Pool #G61733 3.00% 12/1/20477		5,178		4,642
Freddie Mac Pool #G67709 3.50% 3/1/20487		13,489		12,616
Freddie Mac Pool #G61628 3.50% 9/1/20487		330		307
Freddie Mac Pool #Q58494 4.00% 9/1/20487		1,273		1,217
Freddie Mac Pool #ZN4842 3.50% 4/1/20497		751		693
Freddie Mac Pool #RA1369 3.50% 9/1/20497		1,997		1,840
Freddie Mac Pool #SD7508 3.50% 10/1/20497		10,988		10,187
Freddie Mac Pool #QA4673 3.00% 11/1/20497		29,606		26,538
Freddie Mac Pool #SD8090 2.00% 9/1/20507		1,362		1,115
Freddie Mac Pool #SD8106 2.00% 11/1/20507		2,836		2,321
Freddie Mac Pool #SD8128 2.00% 2/1/20517		115		94
Freddie Mac Pool #SD8134 2.00% 3/1/20517		191		156
Freddie Mac Pool #RA5288 2.00% 5/1/20517		2,916		2,387
Freddie Mac Pool #SD1852 2.50% 6/1/20517		13,776		11,687
Freddie Mac Pool #QC2817 2.50% 6/1/20517		2,789		2,389
Freddie Mac Pool #QC7173 2.50% 9/1/20517		3,203		2,723
Freddie Mac Pool #QD1746 2.50% 11/1/20517		3,044		2,585
Freddie Mac Pool #SD1385 2.50% 11/1/20517		1,671		1,434
Freddie Mac Pool #RA6485 3.00% 12/1/20517		35,637		31,327
Freddie Mac Pool #SD7552 2.50% 1/1/20527		11,001		9,407
Freddie Mac Pool #QD5725 2.50% 1/1/20527		2,995		2,544
Freddie Mac Pool #QD4799 2.50% 1/1/20527		1,000		848
Freddie Mac Pool #RA6608 3.00% 2/1/20527		888		780
Freddie Mac Pool #QD7089 3.50% 2/1/20527		867		790
Freddie Mac Pool #QE0327 2.50% 4/1/20527		1,000		849
Freddie Mac Pool #QE2020 2.50% 5/1/20527		7,000		5,941
Freddie Mac Pool #SD8219 2.50% 6/1/20527		73,484		62,311
Freddie Mac Pool #SD8220 3.00% 6/1/20527		3,363		2,957
Freddie Mac Pool #QE4855 3.50% 6/1/20527		68		62
Freddie Mac Pool #QE4084 6.50% 6/1/20527		333		345
Freddie Mac Pool #SD8234 2.50% 8/1/20527		5,524		4,684
Freddie Mac Pool #SD8237 4.00% 8/1/20527		2,186		2,053
Freddie Mac Pool #QE9057 4.00% 8/1/20527		1,368		1,285
Freddie Mac Pool #QE8065 4.50% 8/1/20527		4,104		3,954
Freddie Mac Pool #QE7539 4.50% 8/1/20527		2,160		2,083
Freddie Mac Pool #QE8253 4.50% 8/1/20527		1,712		1,649
Freddie Mac Pool #QE6903 4.50% 8/1/20527		248		239
Freddie Mac Pool #QE7702 4.50% 8/1/20527		35		34
Freddie Mac Pool #SD8242 3.00% 9/1/20527		73		64
Freddie Mac Pool #QE9625 4.00% 9/1/20527		1,763		1,655
Freddie Mac Pool #SD8244 4.00% 9/1/20527		1,457		1,368
Freddie Mac Pool #QE9919 4.50% 9/1/20527		23,534		22,676
Freddie Mac Pool #QF0313 4.50% 9/1/20527		9,988		9,636
Freddie Mac Pool #QF0660 4.50% 9/1/20527		2,996		2,889
Freddie Mac Pool #QE9813 4.50% 9/1/20527		406		392
Freddie Mac Pool #QF0820 4.50% 9/1/20527		366		353
Freddie Mac Pool #RA7930 4.50% 9/1/20527		306		295
Freddie Mac Pool #QF1205 4.50% 9/1/20527		298		287

American Funds Insurance Series 193

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #QF0311 5.00% 9/1/20527	USD	17,998	$	17,766
Freddie Mac Pool #QF2029 3.00% 10/1/20527		696		612
Freddie Mac Pool #QF1464 4.00% 10/1/20527		1,691		1,588
Freddie Mac Pool #QF2379 4.50% 10/1/20527		4,994		4,816
Freddie Mac Pool #QF1254 4.50% 10/1/20527		3,226		3,108
Freddie Mac Pool #QF1849 4.50% 10/1/20527		2,140		2,062
Freddie Mac Pool #QF2136 4.50% 10/1/20527		1,908		1,838
Freddie Mac Pool #QF0819 4.50% 10/1/20527		863		833
Freddie Mac Pool #QF2380 4.50% 10/1/20527		632		611
Freddie Mac Pool #QF2845 4.50% 10/1/20527		537		518
Freddie Mac Pool #QF2182 4.50% 10/1/20527		303		292
Freddie Mac Pool #QF0866 4.50% 10/1/20527		126		121
Freddie Mac Pool #SD8263 3.00% 11/1/20527		14,713		12,932
Freddie Mac Pool #SD8264 3.50% 11/1/20527		4,331		3,940
Freddie Mac Pool #QF3144 3.50% 11/1/20527		673		614
Freddie Mac Pool #SD1896 4.00% 11/1/20527		20,313		19,355
Freddie Mac Pool #SD1894 4.00% 11/1/20527		7,177		6,853
Freddie Mac Pool #QF3364 4.00% 11/1/20527		2,753		2,585
Freddie Mac Pool #QF2936 4.50% 11/1/20527		2,907		2,801
Freddie Mac Pool #QF2846 4.50% 11/1/20527		998		961
Freddie Mac Pool #QF3276 5.50% 11/1/20527		703		707
Freddie Mac Pool #QF2862 6.50% 11/1/20527		100		103
Freddie Mac Pool #SD8280 6.50% 11/1/20527		53		54
Freddie Mac Pool #QF3956 4.50% 12/1/20527		18,992		18,299
Freddie Mac Pool #SD8275 4.50% 12/1/20527		2,480		2,390
Freddie Mac Pool #SD8276 5.00% 12/1/20527		32,354		31,937
Freddie Mac Pool #QF4754 5.00% 12/1/20527		3,000		2,961
Freddie Mac Pool #QF4185 6.50% 12/1/20527		668		685
Freddie Mac Pool #SD8284 3.00% 1/1/20537		4,597		4,040
Freddie Mac Pool #SD8288 5.00% 1/1/20537		1,671		1,649
Freddie Mac Pool #SD8282 6.50% 1/1/20537		59,134		60,661
Freddie Mac, Series 3061, Class PN, 5.50% 11/15/20357		58		58
Freddie Mac, Series 3318, Class JT, 5.50% 5/15/20377		125		126
Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/20367		121		100
Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/20367		118		99
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20577		8,360		7,937
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20587		1,930		1,821
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20327		10,720		10,343
Government National Mortgage Assn. 2.00% 1/1/20537,9		14,785		12,394
Government National Mortgage Assn. 3.00% 1/1/20537,9		9,533		8,491
Government National Mortgage Assn. 3.50% 1/1/20537,9		33,185		30,495
Government National Mortgage Assn. 4.00% 1/1/20537,9		33,300		31,515
Government National Mortgage Assn. 5.00% 1/1/20537,9		75,701		75,023
Government National Mortgage Assn. 5.50% 1/1/20537,9		4,775		4,803
Government National Mortgage Assn. 5.50% 2/1/20537,9		51,027		51,288
Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/20497		12,379		11,844
Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/20497		35		35
Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/20497		5,200		5,081
Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/20507		11,395		10,581
Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/20527		10,072		9,541
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20527		18,573		17,594
Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/20527		62,302		60,506
Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/20527		485		471
Uniform Mortgage-Backed Security 2.50% 1/1/20387,9		7,545		6,905
Uniform Mortgage-Backed Security 2.00% 1/1/20537,9		210,537		171,362
Uniform Mortgage-Backed Security 2.50% 1/1/20537,9		62,762		53,158
Uniform Mortgage-Backed Security 3.00% 1/1/20537,9		11,245		9,871
Uniform Mortgage-Backed Security 4.00% 1/1/20537,9		2,735		2,565

194 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 4.50% 1/1/20537,9	USD	5,931	$	5,709
Uniform Mortgage-Backed Security 5.00% 1/1/20537,9		42,025		41,417
Uniform Mortgage-Backed Security 5.50% 1/1/20537,9		212,640		213,231
Uniform Mortgage-Backed Security 6.00% 1/1/20537,9		10,275		10,430
Uniform Mortgage-Backed Security 3.50% 2/1/20537,9		10,960		9,965
Uniform Mortgage-Backed Security 4.00% 2/1/20537,9		76,136		71,431
Uniform Mortgage-Backed Security 5.00% 2/1/20537,9		13,100		12,908
Uniform Mortgage-Backed Security 6.00% 2/1/20537,9		112,000		113,591
Uniform Mortgage-Backed Security 6.50% 2/1/20537,9		215,026		219,946
				2,374,821
Commercial mortgage-backed securities 1.51%
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/20527		770		722
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/20527		100		92
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/20617		205		191
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/20617		127		117
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/20613,7		2,444		2,335
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/20617		1,018		900
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/20637		295		247
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/20527		2,541		2,427
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/20533,7		781		757
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/20392,3,7		8,575		8,420
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/20372,3,7		3,822		3,739
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/20272,3,7		8,476		8,431
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/20362,3,7		14,727		14,207
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 5.268% 9/15/20362,3,7		570		539
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/20362,3,7		5,292		5,043
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/20362,3,7		995		936
BX Trust, Series 2021-ARIA Class C, (1-month USD-LIBOR + 1.646%) 5.964% 10/15/20362,3,7		996		931
BX Trust, Series 2021-RISE, Class A, (1-month USD-LIBOR + 0.74%) 5.065% 11/15/20362,3,7		12,622		12,131
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/20372,3,7		5,441		5,335
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/20382,3,7		3,741		3,608
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 5.188% 6/15/20382,3,7		433		413
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 5.418% 6/15/20382,3,7		293		278
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 5.718% 6/15/20382,3,7		740		699
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/20382,3,7		9,979		9,616
BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 5.568% 11/15/20382,3,7		339		325
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 5.818% 11/15/20382,3,7		100		95
BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 6.168% 11/15/20382,3,7		151		143
BX Trust, Series 2022-GPA, Class A, (1-month USD CME Term SOFR + 2.165%) 6.501% 10/15/20392,3,7		3,198		3,185

American Funds Insurance Series 195

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/20497	USD	610	$	574
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/20477		350		339
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 6/15/20577		1,137		1,080
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/20497		200		182
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/20382,3,7		2,811		2,735
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/20382,3,7		641		618
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/20382,3,7		875		841
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 6.568% 7/15/20382,3,7		670		643
Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 12/10/20362,7		304		284
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/20402,7		1,897		1,458
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/20362,3,7		3,894		3,786
GS Mortgage Securities Trust, Series 2022-SHIP, Class A, (1-month USD CME Term SOFR + 0.731%) 5.067% 8/15/20242,3,7		1,317		1,300
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/20507		400		369
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/20527		100		93
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/20537		1,536		1,271
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (1-month USD CME Term SOFR + 2.245%) 6.581% 10/15/20392,3,7		3,391		3,398
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/20477		3,280		3,206
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/20507		640		599
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/20507		240		221
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/20392,7		7,867		6,739
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/20493,7		2,040		1,906
La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 6.059% 3/15/20392,3,7		848		831
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/20382,3,7		1,576		1,510
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/20262,3,7		154		150
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/20477		5,446		5,277
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/20487		410		389
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/20497		245		230
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/20487		730		670
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/20412,7		4,065		3,253
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 4.894% 7/15/20362,3,7		9,351		8,989
SREIT Trust, Series 2021-FLWR, Class B, (1-month USD-LIBOR + 0.926%) 5.244% 7/15/20362,3,7		1,000		954
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/20382,3,7		8,739		8,418
SREIT Trust, Series 2021-MFP, Class B, (1-month USD-LIBOR + 1.079%) 5.398% 11/15/20382,3,7		263		251
SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 5.647% 11/15/20382,3,7		141		134

196 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 9/15/20487	USD	2,373	$	2,267
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/20497		2,550		2,406
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/20527		1,019		892
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/20607		205		192
				154,317
Collateralized mortgage-backed obligations (privately originated) 1.07%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20482,3,7		2,864		2,263
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/20552,7		131		119
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)1,2,7		6,000		5,521
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/20292,3,7		414		414
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/20592,3,7		923		830
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/20592,3,7		586		556
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20612,7		4,867		4,221
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/20302,3,7		425		413
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20312,3,7		3,032		2,858
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20362,3,7		1,700		1,616
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20612,3,7		6,893		6,513
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/20602,3,7		204		186
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/20662,3,7		1,660		1,406
Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) 6.678% 5/25/20422,3,7		326		330
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/20372,7		1,575		1,409
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/20602,3,7		1,611		1,384
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/20692,7		2,051		2,196
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/20692,7		2,604		2,677
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/20512,3,7		2,073		1,674
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/20512,3,7		1,937		1,562
Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/20512,3,7		2,038		1,646
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/20512,3,7		3,206		2,589
Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/20512,3,7		2,222		1,794
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.089% 4/25/20283,7		1,497		1,548
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/20422,3,7		1,537		1,531
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 6.128% 5/25/20422,3,7		73		73
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 6.878% 6/25/20422,3,7		278		281
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/20422,3,7		611		612
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.628% 9/25/20422,3,7		1,519		1,552
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/20502,3,7		3,005		3,000
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 10.389% 8/25/20502,3,7		949		1,011
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/20662,3,7		3,494		2,935
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/20262,7		5,380		4,654
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/20512,3,7		882		712
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)1,2,7		3,534		3,273

American Funds Insurance Series 197

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20612,3,7	USD	858		$	780
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)1,2,7		2,644			2,380
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/20552,3,7		16,160			15,635
MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/20602,3,7		3,088			2,720
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/20562,3,7		3,558			2,965
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20392,7		1,132			1,028
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20312,3,7		3,346			3,155
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20602,7		10,737			9,539
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/20332,10		1,680			1,486
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20382,7		5,033			4,381
					109,428
Total mortgage-backed obligations					2,638,566
Asset-backed obligations 4.52%
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 8/17/20262,7		701			665
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/20262,7		672			643
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/20272,7		765			744
AGL CLO, Ltd., Series 2022-18A, Class A1, (3-month USD CME Term SOFR + 1.32%) 5.308% 4/21/20312,3,7		—	8		—	8
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 6/15/20262,7		1,178			1,169
American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 6/15/20262,7		2,500			2,429
American Credit Acceptance Receivables Trust, Series 2022-3, Class B, 4.55% 10/13/20262,7		360			353
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/20272,7		1,055			1,038
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/20272,7		806			760
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/20362,7		1,136			1,097
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/20522,7		2,781			2,631
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/20522,7		396			376
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/20277		997			935
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/20277		1,109			1,009
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/20277		2,613			2,319
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/20252,7		2,755			2,710
Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A, 3.35% 9/22/20252,7		2,210			2,137
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/20262,7		7,689			7,124
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20272,7		2,427			2,203
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20272,7		623			560
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class C, 4.25% 2/20/20272,7		1,279			1,144
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/20272,7		3,445			3,005
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/20272,7		531			449
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/20272,7		193			161
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/20302,3,7		575			568

198 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/20342,7	USD	180	$	170
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/20342,7		269		227
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/20462,7		3,951		3,250
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/20462,7		497		375
CarMax Auto Owner Trust, Series 2019-2, Class C, 3.16% 2/18/20257		400		396
CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/20267		210		190
CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/20277		206		184
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/20287		538		514
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20372,7		15,953		13,578
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/20372,7		6,185		5,238
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/20372,7		671		544
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/20412,7		802		702
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20602,7		18,679		16,693
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20602,7		1,950		1,613
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20602,7		3,395		2,969
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/20602,7		368		291
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20612,7		6,053		5,242
CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/20612,7		1,917		1,602
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20622,7		15,132		14,821
CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/20622,7		6,637		6,257
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20452,7		2,298		1,978
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20452,7		4,800		4,174
CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/20462,7		436		363
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 3/17/20252,7		249		248
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 6/16/20252,7		405		404
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20262,7		1,883		1,849
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 9/15/20262,7		514		507
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/20262,7		590		559
CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/20282,7		2,111		2,033
CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/20282,7		2,797		2,658
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 7/15/20257		86		86
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 10/15/20267		3,890		3,844
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/20277		5,369		5,249
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/20297		4,053		3,800
DriveTime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 2/18/20252,7		2,320		2,309
DriveTime Auto Owner Trust, Series 2019-3, Class D, 2.96% 4/15/20252,7		1,473		1,454
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/20262,7		817		791
DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/20262,7		825		792
DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/20262,7		449		414
DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/20272,7		1,179		1,156
DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/20272,7		1,231		1,170
DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/20272,7		832		764
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/20452,7		428		362
Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/20292,7		897		851
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/20292,7		1,380		1,350
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/20252,7		3,251		3,218
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 7/15/20257		401		397
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/20252,7		3,405		3,352
Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 9/15/20257		721		716
Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/20257		1,162		1,150
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20257		587		588
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/20252,7		893		875
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/20267		1,807		1,737
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/20267		1,012		975
Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/20267		3,047		2,976
Exeter Automobile Receivables Trust, Series 2022-4A, Class B, 4.57% 1/15/20277		568		558
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/20277		2,612		2,388

American Funds Insurance Series 199

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/20287	USD	1,201	$	1,127
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20372,7		17,959		15,928
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/20382,7		1,380		1,195
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20392,7		1,733		1,628
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/20302,7		17,675		17,438
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20312,7		30,070		28,744
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20452,7		2,069		1,827
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20462,7		1,421		1,210
GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/20462,7		158		134
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20402,7		2,868		2,550
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20412,7		9,797		8,450
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20412,7		2,739		2,378
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/20412,7		214		181
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 7/22/20247		301		300
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 12/20/20247		425		424
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20352,7		2,703		2,756
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/20232,7,10		8,590		8,241
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20252,7		12,703		11,748
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20252,7		1,171		1,074
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20252,7		810		731
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20272,7		17,770		15,498
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20272,7		1,264		1,085
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20272,7		859		710
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 8/17/20262,7		866		842
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 11/16/20262,7		304		285
LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/20272,7		1,207		1,188
LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/20272,7		438		426
LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/20302,7		623		596
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.278% 7/21/20302,3,7		892		878
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/20292,3,7		574		568
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/20262,7		1,242		1,203
Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.24% 9/15/20262,7		230		223
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20287,10,11		1,006		1,006
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20287,10,11		150		150
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20692,7		4,052		3,449
Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/20692,7		2,516		2,110
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/20702,7		895		759
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/20462,7		4,396		3,702
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/20622,7		314		279
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20622,7		5,377		4,762
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20622,7		12,315		10,951
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/20622,3,7		4,035		3,918
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20612,7		50,765		42,988
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.328% 7/25/20302,3,7		273		270
Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 3/8/20282,7		240		224
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.143% 4/20/20292,3,7		256		253
PFS Financing Corp., Series 2021-B, Class A, 0.775% 8/17/20262,7		7,884		7,276
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20272,7		1,721		1,681
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 10/15/20242,7		804		802
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/20252,7		1,355		1,341
Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD-LIBOR + 1.25%) 5.639% 7/25/20512,3,7		577		558

200 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 7/15/20257	USD	1,584	$	1,574
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 9/15/20257		523		521
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 1/15/20267		1,480		1,467
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/20267		2,812		2,736
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/20267		2,211		2,120
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/20277		917		892
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/20277		1,802		1,686
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/20277		1,677		1,613
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/20277		2,236		2,073
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/20287		856		828
SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/20462,7		2,641		2,190
SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/20462,7		487		397
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/20462,7		2,392		1,923
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/20462,7		3,233		2,805
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/20412,7		451		381
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20332,7		1,243		1,108
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/20332,7		1,441		1,245
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20752,7		2,300		2,092
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20452,7		2,971		2,610
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/20452,7		1,252		1,135
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20452,7		2,223		1,939
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20462,7		6,190		5,211
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/20462,7		346		288
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20462,7		5,200		4,431
TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/20452,7		4,358		3,747
TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/20462,7		130		107
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/20312,7		6,000		5,785
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20452,7		10,418		8,932
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20462,7		3,563		2,978
Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/20462,7		346		285
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/20252,7		1,557		1,518
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/20262,7		3,023		2,866
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/20262,7		1,690		1,632
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/20262,7		2,181		2,050
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/20262,7		1,446		1,318
				461,708
Municipals 1.62%
California 0.03%
G.O. Bonds, Series 2009, 7.50% 4/1/2034		2,100		2,541
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		650		523
				3,064
Illinois 1.47%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029		65		61
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039		30,835		26,399
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040		8,945		7,689
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 12/15/2025		2,500		2,155
G.O. Bonds, Series 2013-B, 4.31% 4/1/2023		2,125		2,122
G.O. Bonds, Pension Funding, Series 2003, 4.95% 6/1/2023		6,228		6,231
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		107,000		102,807
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 3/1/2023		3,210		3,215
				150,679

American Funds Insurance Series 201

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued)
New York 0.05%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 2.202% 3/15/2034	USD	6,390	$	4,881
Texas 0.03%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		4,075		2,899
Wisconsin 0.04%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034		4,580		4,071
Total municipals				165,594
Bonds & notes of governments & government agencies outside the U.S. 1.29%
Chile (Republic of) 3.50% 1/31/2034		600		513
Chile (Republic of) 3.10% 5/7/2041		2,340		1,689
Chile (Republic of) 4.34% 3/7/2042		1,320		1,120
Chile (Republic of) 4.00% 1/31/2052		580		450
Colombia (Republic of) 4.125% 5/15/2051		3,120		1,878
Colombia (Republic of), Series B, 5.75% 11/3/2027	COP	24,813,800		3,883
Dominican Republic 5.95% 1/25/20272	USD	8,100		7,954
Indonesia (Republic of) 4.65% 9/20/2032		2,690		2,638
Indonesia (Republic of) 3.35% 3/12/2071		1,660		1,109
Indonesia (Republic of), Series 91, 6.375% 4/15/2032	IDR	31,265,000		1,936
Israel (State of) 1.00% 3/31/2030	ILS	11,800		2,799
Israel (State of) 3.375% 1/15/2050	USD	4,750		3,670
Israel (State of) 3.875% 7/3/2050		4,775		4,036
Malaysia (Federation of), Series 0219, 3.885% 8/15/2029	MYR	5,290		1,193
Panama (Republic of) 3.362% 6/30/2031	USD	15,625		12,695
Panama (Republic of) 3.87% 7/23/2060		7,500		4,863
Panama (Republic of) 4.50% 1/19/2063		395		280
Paraguay (Republic of) 5.00% 4/15/2026		1,250		1,248
Peru (Republic of) 6.35% 8/12/2028	PEN	5,840		1,463
Peru (Republic of) 5.94% 2/12/2029		6,005		1,450
Peru (Republic of) 2.783% 1/23/2031	USD	2,155		1,788
Peru (Republic of) 6.15% 8/12/2032	PEN	12,950		2,998
Peru (Republic of) 3.60% 1/15/2072	USD	7,640		4,999
Philippines (Republic of) 3.229% 3/29/2027		475		457
Philippines (Republic of) 3.20% 7/6/2046		4,900		3,598
Philippines (Republic of) 4.20% 3/29/2047		272		234
Poland (Republic of) 5.75% 11/16/2032		555		593
Portuguese Republic 5.125% 10/15/2024		24,775		24,868
PT Indonesia Asahan Aluminium Tbk 5.71% 11/15/20232		1,020		1,023
PT Indonesia Asahan Aluminium Tbk 4.75% 5/15/20252		1,270		1,251
PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/20302		340		324
PT Indonesia Asahan Aluminium Tbk 5.80% 5/15/20502		1,150		966
Qatar (State of) 4.50% 4/23/20282		5,100		5,141
Qatar (State of) 5.103% 4/23/20482		3,400		3,425
Romania 3.75% 2/7/2034	EUR	5,625		4,515
Saudi Arabia (Kingdom of) 3.628% 4/20/20272	USD	5,000		4,846
Saudi Arabia (Kingdom of) 3.625% 3/4/20282		11,435		10,939
United Mexican States 4.875% 5/19/2033		2,175		2,001
United Mexican States 3.50% 2/12/2034		1,030		827
United Mexican States 4.40% 2/12/2052		440		325
				131,985

202 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Federal agency bonds & notes 0.11%
Fannie Mae 2.125% 4/24/2026	USD	11,910	$	11,160
Total bonds, notes & other debt instruments (cost: $10,540,248,000)				9,747,773
Short-term securities 13.95%		Shares
Money market investments 13.95%
Capital Group Central Cash Fund 4.31%12,13		14,258,627		1,425,720
Total short-term securities (cost: $1,425,522,000)				1,425,720
Total investment securities 109.32% (cost: $11,965,770,000)				11,173,493
Other assets less liabilities (9.32)%				(952,411	)
Net assets 100.00%			$	10,221,082

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
3 Month SOFR Futures	Short	658	June 2023	USD(156,415	)		$	2,698
2 Year U.S. Treasury Note Futures	Short	2,055	March 2023	(421,436	)			1,029
5 Year Euro-Bobl Futures	Long	1	March 2023	124				(4	)
5 Year U.S. Treasury Note Futures	Long	16,226	March 2023	1,751,267				(2,467	)
10 Year U.S. Treasury Note Futures	Long	2,294	March 2023	257,609				(1,391	)
10 Year Ultra U.S. Treasury Note Futures	Short	1,388	March 2023	(164,174	)			2,514
20 Year U.S. Treasury Bond Futures	Long	999	March 2023	125,218				(2,035	)
30 Year Ultra U.S. Treasury Bond Futures	Long	1,708	March 2023	229,406				(7,297	)
							$	(6,953	)

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 12/31/2022 (000)
USD	1,965	IDR	30,407,000	Citibank	1/9/2023		$	11
USD	3,158	ILS	10,725	HSBC Bank	1/11/2023			106
USD	1,173	MYR	5,150	HSBC Bank	1/11/2023			(4)
USD	1,248	EUR	1,180	Morgan Stanley	1/11/2023			(16)
USD	4,761	COP	22,893,650	Citibank	1/13/2023			52
USD	5,947	EUR	5,628	JPMorgan Chase	1/13/2023			(84)
USD	613	EUR	582	JPMorgan Chase	1/20/2023			(11)
USD	5,952	PEN	22,885	Citibank	1/23/2023			(59)
JPY	3,460,300	USD	24,759	Morgan Stanley	2/17/2023			1,783
JPY	3,432,900	USD	25,173	Morgan Stanley	2/17/2023			1,158
JPY	3,448,400	USD	25,841	Morgan Stanley	3/17/2023			711
							$	3,647

American Funds Insurance Series 203

The Bond Fund of America (continued)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional	Value at				Upfront premium		Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)	12/31/2022 (000)				paid (000)			at 12/31/2022 (000)
SOFR	Annual	0.471%	Annual	10/26/2023	USD87,775		$	3,103			$—			$	3,103
0.45801%	Annual	SOFR	Annual	10/26/2023	85,775			(3,041	)		—				(3,041	)
3.497%	Annual	U.S. EFFR	Annual	6/16/2024	27,000			(479	)		—				(479	)
3.52647%	Annual	U.S. EFFR	Annual	6/16/2024	72,532			(1,257	)		—				(1,257	)
3.5291%	Annual	U.S. EFFR	Annual	6/16/2024	78,378			(1,355	)		—				(1,355	)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024	4,154			(76	)		—				(76	)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024	19,800			(369	)		—				(369	)
4.5645%	Annual	U.S. EFFR	Annual	10/19/2024	19,200			(5	)		—				(5	)
4.533%	Annual	U.S. EFFR	Annual	10/20/2024	23,900			(20	)		—				(20	)
4.56%	Annual	U.S. EFFR	Annual	10/27/2024	24,000			(4	)		—				(4	)
4.5245%	Annual	U.S. EFFR	Annual	10/27/2024	28,800			(23	)		—				(23	)
3-month USD-LIBOR	Quarterly	1.972%	Semi-annual	4/26/2051	23,200			6,475			—				6,475
3-month USD-LIBOR	Quarterly	1.9855%	Semi-annual	4/26/2051	8,580			2,374			—				2,374
3-month USD-LIBOR	Quarterly	1.9778%	Semi-annual	4/28/2051	13,500			3,753			—				3,753
							$	9,076			$—			$	9,076

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)	Value at 12/31/2022 (000)				Upfront premium (received) paid (000)				Unrealized depreciation at 12/31/2022 (000)
CDX.NA.IG.39	1.00%	Quarterly	12/20/2027	USD74,676		$	(597	)		$	(310	)		$	(287	)
CDX.NA.HY.39	5.00%	Quarterly	12/20/2027	153,455			(945	)			5,777				(6,722	)
						$	(1,542	)		$	5,467			$	(7,009	)

Investments in affiliates¹³

	Value of affiliate at 1/1/2022 (000)	Additions (000)	Reductions (000)	Net realized loss (000)	Net unrealized appreciation (000)	Value of affiliate at 12/31/2022 (000)	Dividend income (000)
Short-term securities 13.95%
Money market investments 13.95%
Capital Group Central Cash Fund 4.31%12	$1,311,257	$4,011,285	$3,896,680	$(218)	$ 76	$1,425,720	$34,880

204 American Funds Insurance Series

The Bond Fund of America (continued)

Restricted securities¹¹

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20287,10	12/6/2022	$	1,006	$	1,006		.01	%
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20287,10	12/6/2022		150		150		.00
Total		$	1,156	$	1,156		.01	%

1	Step bond; coupon rate may change at a later date.
2	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,530,868,000, which represented 14.98% of the net assets of the fund.
3	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
4	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
5	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $58,239,000, which represented .57% of the net assets of the fund.
6	Index-linked bond whose principal amount moves with a government price index.
7	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
8	Amount less than one thousand.
9	Purchased on a TBA basis.
10	Value determined using significant unobservable inputs.
11	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $1,156,000, which represented .01% of the net assets of the fund.
12	Rate represents the seven-day yield at 12/31/2022.
13	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

Assn. = Association

Auth. = Authority

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

COP = Colombian pesos

DAC = Designated Activity Company

EFFR = Effective Federal Funds Rate

EUR = Euros

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

IDR = Indonesian rupiah

ILS = Israeli shekels

JPY = Japanese yen

LIBOR = London Interbank Offered Rate

MYR = Malaysian ringgits

PEN = Peruvian nuevos soles

PIK = Payment In Kind

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 205

Capital World Bond Fund

Investment portfolio December 31, 2022

Bonds, notes & other debt instruments 90.28%	Principal amount (000)			Value (000)
Euros 19.79%
AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)1	EUR	2,800	$	2,333
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)1		4,200		4,471
Altria Group, Inc. 1.00% 2/15/2023		1,020		1,089
Altria Group, Inc. 2.20% 6/15/2027		2,900		2,795
Altria Group, Inc. 3.125% 6/15/2031		800		711
American Honda Finance Corp. 1.95% 10/18/2024		560		584
American Tower Corp. 0.45% 1/15/2027		2,525		2,321
American Tower Corp. 0.875% 5/21/2029		1,470		1,257
AT&T, Inc. 1.60% 5/19/2028		2,350		2,237
Austria (Republic of) 0% 2/20/2031		6,900		5,785
Banco de Sabadell, SA 2.625% 3/24/2026 (5-year EUR Mid-Swap + 2.20% on 3/24/2025)1		500		504
Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1,2		5,000		5,177
CaixaBank, SA 2.25% 4/17/2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)1		2,400		2,345
Celanese US Holdings, LLC 4.777% 7/19/2026		235		240
Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)1		700		665
Deutsche Telekom International Finance BV 7.50% 1/24/2033		200		273
Dow Chemical Co. 0.50% 3/15/2027		1,110		1,035
E.ON SE 1.625% 3/29/2031		810		731
Egypt (Arab Republic of) 5.625% 4/16/2030		300		224
Equinor ASA 1.375% 5/22/2032		2,550		2,267
European Investment Bank 0.25% 1/20/2032		4,900		4,085
European Investment Bank 1.50% 6/15/2032		1,000		932
European Union 0% 7/6/2026		1,600		1,545
European Union 0.25% 10/22/2026		610		591
European Union 0% 7/4/2031		705		584
European Union 0% 7/4/2035		220		159
European Union 0.20% 6/4/2036		1,500		1,080
Finland (Republic of) 1.50% 9/15/2032		3,380		3,154
French Republic O.A.T. 0.75% 2/25/2028		4,500		4,347
French Republic O.A.T. 0% 11/25/2030		19,550		16,712
French Republic O.A.T. 0% 5/25/2032		2,120		1,718
French Republic O.A.T. 2.00% 11/25/2032		4,260		4,162
French Republic O.A.T. 0.50% 5/25/2040		2,080		1,414
French Republic O.A.T. 0.75% 5/25/2052		5,930		3,416
Germany (Federal Republic of) 0% 4/11/2025		2,100		2,124
Germany (Federal Republic of) 0% 10/9/2026		6,060		5,908
Germany (Federal Republic of) 0% 4/16/2027		32,700		31,482
Germany (Federal Republic of) 1.30% 10/15/2027		3,580		3,626
Germany (Federal Republic of) 0% 2/15/2030		13,340		12,029
Germany (Federal Republic of) 0% 8/15/2030		15,050		13,413
Germany (Federal Republic of) 0% 8/15/2031		12,600		10,944
Germany (Federal Republic of) 1.70% 8/15/2032		10,906		10,887
Germany (Federal Republic of) 1.00% 5/15/2038		6,040		5,175
Germany (Federal Republic of) 0% 8/15/2050		1,200		673
Germany (Federal Republic of) 0% 8/15/2052		2,650		1,421
Goldman Sachs Group, Inc. 3.375% 3/27/20252		5,000		5,327
Goldman Sachs Group, Inc. 1.00% 3/18/20332		2,705		2,091
Greece (Hellenic Republic of) 3.375% 2/15/2025		5,825		6,236
Greece (Hellenic Republic of) 1.75% 6/18/2032		5,970		5,047
Groupe BPCE SA 4.625% 7/18/2023		1,200		1,296
Groupe BPCE SA 1.00% 4/1/2025		2,900		2,925
Intesa Sanpaolo SpA 6.625% 9/13/2023		510		557
Israel (State of) 2.875% 1/29/2024		1,180		1,258
Italy (Republic of) 1.85% 7/1/2025		17,700		18,218
Italy (Republic of) 1.35% 4/1/2030		7		6
Italy (Republic of) 2.50% 12/1/2032		9,610		8,613
JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1,2		3,208		2,944

206 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Euros (continued)
KfW 0.125% 6/30/2025	EUR	590	$	590
Lloyds Banking Group PLC 1.75% 9/7/2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)1		2,400		2,472
Morgan Stanley 2.103% 5/8/2026 (3-month EUR-EURIBOR + 0.904% on 5/8/2025)1		580		592
Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)1		1,535		1,460
Morocco (Kingdom of) 3.50% 6/19/2024		1,400		1,492
Morocco (Kingdom of) 1.50% 11/27/2031		3,300		2,617
Philippines (Republic of) 0.25% 4/28/2025		875		870
Portuguese Republic 0.475% 10/18/2030		1,610		1,395
Quebec (Province of) 0.25% 5/5/2031		920		764
Quebec (Province of) 0.50% 1/25/2032		1,155		957
Romania 2.125% 3/7/2028		1,440		1,291
Romania 1.75% 7/13/2030		2,560		1,913
Romania 2.00% 1/28/2032		1,605		1,153
Romania 3.75% 2/7/2034		530		425
Russian Federation 2.875% 12/4/20253		3,000		1,349
Russian Federation 2.875% 12/4/20253		1,500		674
Serbia (Republic of) 3.125% 5/15/2027		847		783
Serbia (Republic of) 1.50% 6/26/2029		3,353		2,584
Spain (Kingdom of) 0% 1/31/2027		2,325		2,198
Spain (Kingdom of) 0.80% 7/30/2027		8,970		8,674
Spain (Kingdom of) 1.45% 4/30/2029		1,890		1,824
Spain (Kingdom of) 1.25% 10/31/2030		1,295		1,191
Spain (Kingdom of) 0.50% 10/31/2031		4,645		3,873
Spain (Kingdom of) 0.70% 4/30/2032		4,785		3,993
Spain (Kingdom of) 1.90% 10/31/2052		1,010		695
State Grid Overseas Investment, Ltd. 1.375% 5/2/2025		441		442
State Grid Overseas Investment, Ltd. 2.125% 5/2/2030		200		177
Stryker Corp. 0.25% 12/3/2024		480		483
Stryker Corp. 0.75% 3/1/2029		980		877
Stryker Corp. 1.00% 12/3/2031		450		376
TOTAL SA 1.75% junior subordinated perpetual bonds (5-year EUR-EURIBOR + 1.765% on 4/4/2024)1		2,000		2,025
Toyota Motor Credit Corp. 0.125% 11/5/2027		1,850		1,684
Tunisia (Republic of) 6.75% 10/31/2023		5,109		4,612
Tunisia (Republic of) 6.75% 10/31/2023		1,295		1,169
Ukraine 6.75% 6/20/2028		3,119		619
Ukraine 6.75% 6/20/2028		1,225		243
Ukraine 4.375% 1/27/2032		2,705		476
Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds (9-year EUR Mid-Swap + 3.36% on 3/28/2031)1		1,300		1,140
				293,295
Japanese yen 7.50%
Japan, Series 18, 0.10% 3/10/20244	JPY	1,064,481		8,293
Japan, Series 19, 0.10% 9/10/20244		463,865		3,628
Japan, Series 346, 0.10% 3/20/2027		777,900		5,905
Japan, Series 356, 0.10% 9/20/2029		1,720,800		12,847
Japan, Series 116, 2.20% 3/20/2030		576,100		4,933
Japan, Series 26, 0.005% 3/10/20314		527,493		4,178
Japan, Series 362, 0.10% 3/20/2031		737,200		5,435
Japan, Series 365, 0.10% 12/20/2031		520,150		3,832
Japan, Series 145, 1.70% 6/20/2033		742,700		6,290
Japan, Series 152, 1.20% 3/20/2035		987,100		7,875
Japan, Series 21, 2.30% 12/20/2035		720,000		6,451
Japan, Series 162, 0.60% 9/20/2037		1,617,000		11,642
Japan, Series 179, 0.50% 12/20/2041		196,950		1,309
Japan, Series 37, 0.60% 6/20/2050		694,500		4,183
Japan, Series 70, 0.70% 3/20/2051		276,100		1,694
Japan, Series 73, 0.70% 12/20/2051		1,568,700		9,576

American Funds Insurance Series 207

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Japanese yen (continued)
Japan, Series 74, 1.00% 3/20/2052	JPY	626,900	$	4,140
Japan, Series 76, 1.40% 9/20/2052		296,450		2,162
Philippines (Republic of) 0.001% 4/12/2024		900,000		6,778
				111,151
British pounds 4.17%
American Honda Finance Corp. 0.75% 11/25/2026	GBP	1,420		1,470
Asian Development Bank 1.125% 6/10/2025		1,240		1,393
KfW 1.125% 7/4/2025		1,165		1,305
Lloyds Banking Group PLC 7.625% 4/22/2025		655		835
Quebec (Province of) 2.25% 9/15/2026		1,870		2,083
United Kingdom 0.125% 1/30/2026		425		463
United Kingdom 1.25% 7/22/2027		3,060		3,335
United Kingdom 4.25% 12/7/2027		5,910		7,336
United Kingdom 4.75% 12/7/2030		8,230		10,732
United Kingdom 0.25% 7/31/2031		11,850		10,738
United Kingdom 1.00% 1/31/2032		10,970		10,504
United Kingdom 4.25% 6/7/2032		3,010		3,809
United Kingdom 0.625% 7/31/2035		210		171
United Kingdom 0.875% 1/31/2046		4,916		3,151
United Kingdom 1.25% 7/31/2051		6,635		4,338
United Kingdom 1.125% 10/22/2073		225		119
				61,782
Chinese yuan renminbi 2.84%
China (People’s Republic of), Series INBK, 2.75% 2/17/2032	CNY	25,660		3,646
China (People’s Republic of), Series 1910, 3.86% 7/22/2049		103,240		16,440
China (People’s Republic of), Series INBK, 3.39% 3/16/2050		26,230		3,854
China (People’s Republic of), Series INBK, 3.81% 9/14/2050		51,550		8,146
China (People’s Republic of), Series INBK, 3.53% 10/18/2051		45,510		6,877
China Development Bank Corp., Series 1814, 4.15% 10/26/2025		20,900		3,133
				42,096
Canadian dollars 2.31%
Canada 0.75% 10/1/2024	CAD	14,570		10,169
Canada 0.25% 3/1/2026		5,800		3,847
Canada 3.50% 3/1/2028		24,018		17,831
Canada 2.75% 12/1/2048		3,500		2,337
				34,184
Mexican pesos 2.13%
Petróleos Mexicanos 7.19% 9/12/2024	MXN	42,534		2,024
United Mexican States 4.50% 12/4/20254		16,544		845
United Mexican States, Series M, 5.75% 3/5/2026		44,700		2,078
United Mexican States, Series M, 7.50% 6/3/2027		251,720		12,188
United Mexican States, Series M20, 8.50% 5/31/2029		140,400		7,013
United Mexican States, Series M30, 8.50% 11/18/2038		21,100		1,025
United Mexican States, Series M, 8.00% 11/7/2047		7,830		359
United Mexican States, Series M, 8.00% 7/31/2053		133,170		6,095
				31,627
Australian dollars 1.63%
Australia (Commonwealth of), Series 163, 1.00% 11/21/2031	AUD	5,789		3,061
Australia (Commonwealth of), Series 166, 3.00% 11/21/2033		12,355		7,622
Australia (Commonwealth of), Series 167, 3.75% 5/21/2034		20,520		13,529
				24,212

208 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Danish kroner 1.62%
Nordea Kredit 0.50% 10/1/20405	DKK	17,477	$	1,955
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20405		90,967		10,167
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20435		106,007		11,555
Realkredit Danmark AS 1.00% 10/1/20535		2,712		285
				23,962
South Korean won 0.52%
South Korea (Republic of), Series 2503, 1.50% 3/10/2025	KRW	5,183,670		3,908
South Korea (Republic of), Series 2712, 2.375% 12/10/2027		5,158,930		3,821
				7,729
Colombian pesos 0.48%
Colombia (Republic of), Series B, 7.00% 3/26/2031	COP	31,310,800		4,575
Colombia (Republic of), Series B, 7.25% 10/26/2050		21,884,200		2,569
				7,144
Chilean pesos 0.41%
Chile (Republic of) 4.00% 3/1/2023	CLP	2,300,000		2,681
Chile (Republic of) 1.50% 3/1/20264		808,331		933
Chile (Republic of) 5.00% 10/1/2028		955,000		1,089
Chile (Republic of) 4.70% 9/1/2030		1,205,000		1,371
				6,074
Indonesian rupiah 0.37%
Indonesia (Republic of), Series 84, 7.25% 2/15/2026	IDR	22,733,000		1,495
Indonesia (Republic of), Series 95, 6.375% 8/15/2028		3,136,000		200
Indonesia (Republic of), Series 78, 8.25% 5/15/2029		23,729,000		1,643
Indonesia (Republic of), Series 82, 7.00% 9/15/2030		2,930,000		190
Indonesia (Republic of), Series 68, 8.375% 3/15/2034		27,353,000		1,926
				5,454
Russian rubles 0.23%
Russian Federation 7.00% 8/16/20233,6	RUB	430,300		1,984
Russian Federation 7.65% 4/10/20303		316,110		1,371
				3,355
Brazilian reais 0.21%
Brazil (Federative Republic of) 6.00% 8/15/20244	BRL	13,461		2,531
Brazil (Federative Republic of) 10.00% 1/1/2025		3,300		598
				3,129
South African rand 0.20%
South Africa (Republic of), Series R-2030, 8.00% 1/31/2030	ZAR	30,120		1,581
South Africa (Republic of), Series R-2048, 8.75% 2/28/2048		30,850		1,420
				3,001
Dominican pesos 0.15%
Dominican Republic 8.90% 2/15/2023	DOP	128,000		2,271
Malaysian ringgits 0.15%
Malaysia (Federation of), Series 0519, 3.757% 5/22/2040	MYR	10,588		2,222
Ukrainian hryvnia 0.11%
Ukraine 15.97% 4/19/20236	UAH	78,370		1,592
Indian rupees 0.08%
India (Republic of) 5.15% 11/9/2025	INR	96,010		1,102

American Funds Insurance Series 209

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Romanian leu 0.07%
Romania 4.75% 2/24/2025	RON	5,000	$	1,038
Polish zloty 0.06%
Poland (Republic of), Series 1029, 2.75% 10/25/2029	PLN	4,900		879
Norwegian kroner 0.04%
Norway (Kingdom of) 2.125% 5/18/2032	NOK	6,615		619
U.S. dollars 45.21%
1375209 BC, Ltd. 9.00% 1/30/20287	USD	60		59
7-Eleven, Inc. 0.95% 2/10/20267		520		456
7-Eleven, Inc. 1.30% 2/10/20287		2,180		1,810
7-Eleven, Inc. 1.80% 2/10/20317		2,015		1,544
ACE INA Holdings, Inc. 3.35% 5/3/2026		195		187
ACE INA Holdings, Inc. 4.35% 11/3/2045		425		370
Advisor Group Holdings, LLC 6.25% 3/1/20287		295		272
AerCap Ireland Capital DAC 2.45% 10/29/2026		2,102		1,841
Aeropuerto International de Tocume SA 5.125% 8/11/20617		660		542
Aetna, Inc. 2.80% 6/15/2023		340		336
AG Merger Sub II, Inc. 10.75% 8/1/20277		256		260
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20277		103		104
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)1,7		1,225		1,249
Alabama Power Co. 3.00% 3/15/2052		980		651
Albertsons Companies, Inc. 4.625% 1/15/20277		125		116
Albertsons Companies, Inc. 3.50% 3/15/20297		340		286
Alcoa Nederland Holding BV 4.125% 3/31/20297		75		67
Allegheny Technologies, Inc. 4.875% 10/1/2029		25		22
Allegheny Technologies, Inc. 5.125% 10/1/2031		45		40
Alliant Holdings Intermediate, LLC 6.75% 10/15/20277		280		252
Alliant Holdings Intermediate, LLC 5.875% 11/1/20297		90		74
Allied Universal Holdco, LLC 9.75% 7/15/20277		175		153
Allied Universal Holdco, LLC 6.00% 6/1/20297		300		218
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/20258,9		570		429
Altera Infrastructure, LP 8.50% 7/15/20233,6,7		555		104
Amazon.com, Inc. 1.50% 6/3/2030		2,040		1,644
American Electric Power Company, Inc. 1.00% 11/1/2025		250		224
American Express Co. 3.375% 5/3/2024		4,202		4,119
Amgen, Inc. 2.20% 2/21/2027		445		400
AmWINS Group, Inc. 4.875% 6/30/20297		220		187
Anglo American Capital PLC 3.95% 9/10/20507		521		383
Angola (Republic of) 9.50% 11/12/2025		3,580		3,693
Anywhere Real Estate Group, LLC 5.75% 1/15/20297		200		152
Anywhere Real Estate Group, LLC 5.25% 4/15/20307		130		95
Apple, Inc. 3.35% 8/8/2032		1,600		1,457
Ardagh Group SA 6.50% Cash 6/30/20277,10		210		146
Aretec Escrow Issuer, Inc. 7.50% 4/1/20297		180		149
Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)1		1,921		523
Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)1		3,025		775
Asbury Automotive Group, Inc. 5.00% 2/15/20327		55		45
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/20298,9		120		106
Ascent Resources Utica Holdings, LLC 8.25% 12/31/20287		160		157
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20297		55		49
AssuredPartners, Inc. 7.00% 8/15/20257		120		116
AssuredPartners, Inc. 5.625% 1/15/20297		365		301
AstraZeneca PLC 3.50% 8/17/2023		2,700		2,678
AT&T, Inc. 3.50% 9/15/2053		2,070		1,406
Atkore, Inc. 4.25% 6/1/20317		25		21
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 2.75%) 7.134% 9/22/20288,9		149		147

210 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 10.134% 9/21/20298,9	USD	213	$	207
Avantor Funding, Inc. 4.625% 7/15/20287		160		146
Avantor Funding, Inc. 3.875% 11/1/20297		90		76
B&G Foods, Inc. 5.25% 4/1/2025		65		57
B&G Foods, Inc. 5.25% 9/15/2027		220		169
Ball Corp. 6.875% 3/15/2028		108		111
Bank of America Corp. 2.456% 10/22/2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)1		847		801
Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)1		6,260		5,778
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)1		3,745		3,286
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)1		4,780		3,693
Bank of Nova Scotia 2.45% 2/2/2032		2,100		1,695
Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)1		2,350		2,335
Barclays Bank PLC 5.501% 8/9/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 8/5/2027)1		1,290		1,252
Bath & Body Works, Inc. 6.625% 10/1/20307		120		113
Bath & Body Works, Inc. 6.875% 11/1/2035		75		67
Bausch Health Americas, Inc. 9.25% 4/1/20267		80		56
Bausch Health Companies, Inc. 5.75% 8/15/20277		140		96
Bausch Health Companies, Inc. 14.00% 10/15/20307		160		96
Bausch Health Companies, Inc. 5.25% 2/15/20317		160		78
Bayer AG 3.375% 10/8/20247		840		812
Bayer US Finance II, LLC 4.25% 12/15/20257		203		197
Bayerische Motoren Werke AG 3.90% 4/9/20257		900		881
Bayerische Motoren Werke AG 4.15% 4/9/20307		900		857
Beasley Mezzanine Holdings, LLC 8.625% 2/1/20267		30		18
Becton, Dickinson and Company 4.298% 8/22/2032		320		300
Berkshire Hathaway Energy Company 2.85% 5/15/2051		300		198
BIP-V Chinook Holdco, LLC 5.50% 6/15/20317		400		350
Blue Racer Midstream, LLC 7.625% 12/15/20257		65		65
BMC Software, Inc. 9.125% 3/1/20267		160		151
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/20268,9		25		23
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)1,7		700		572
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)1,7		1,275		1,000
Boeing Company 5.15% 5/1/2030		2,855		2,792
Boeing Company 3.625% 2/1/2031		1,127		990
Bombardier, Inc. 7.125% 6/15/20267		60		58
Bombardier, Inc. 6.00% 2/15/20287		65		60
Bombardier, Inc. 7.45% 5/1/20347		125		126
Booz Allen Hamilton, Inc. 3.875% 9/1/20287		43		38
Booz Allen Hamilton, Inc. 4.00% 7/1/20297		132		116
Boyd Gaming Corp. 4.75% 12/1/2027		120		112
Boyd Gaming Corp. 4.75% 6/15/20317		45		39
Boyne USA, Inc. 4.75% 5/15/20297		107		95
Braskem Netherlands Finance BV 4.50% 1/31/20307		745		635
British American Tobacco PLC 2.789% 9/6/2024		1,150		1,101
British American Tobacco PLC 3.215% 9/6/2026		955		882
British American Tobacco PLC 3.557% 8/15/2027		1,545		1,414
British American Tobacco PLC 3.462% 9/6/2029		1,150		991
Broadcom, Inc. 4.00% 4/15/20297		250		228
Broadcom, Inc. 3.419% 4/15/20337		698		562
Broadcom, Inc. 3.469% 4/15/20347		48		38
Broadcom, Inc. 3.137% 11/15/20357		185		137
Broadcom, Inc. 3.75% 2/15/20517		926		643
BroadStreet Partners, Inc. 5.875% 4/15/20297		160		136
BWX Technologies, Inc. 4.125% 4/15/20297		195		171
Caesars Entertainment, Inc. 6.25% 7/1/20257		35		34
Caesars Entertainment, Inc. 4.625% 10/15/20297		15		12
Caesars Resort Collection, LLC 5.75% 7/1/20257		165		162
California Resources Corp. 7.125% 2/1/20267		100		96

American Funds Insurance Series 211

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Callon Petroleum Co. 7.50% 6/15/20307	USD	30	$	27
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031		798		663
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		1,378		933
CAN-PACK SA 3.875% 11/15/20297		90		71
Carnival Corp. 6.00% 5/1/20297		100		67
CCO Holdings, LLC 4.75% 3/1/20307		135		117
CCO Holdings, LLC 4.50% 8/15/20307		255		211
CCO Holdings, LLC 4.25% 2/1/20317		155		125
CCO Holdings, LLC 4.50% 6/1/20337		162		125
CCO Holdings, LLC 4.25% 1/15/20347		70		52
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/20277		125		117
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.75% 2/15/2028		2,650		2,394
CDI Escrow Issuer, Inc. 5.75% 4/1/20307		70		63
CDK Global, Inc. 7.25% 6/15/20297		55		54
Cedar Fair, LP 5.50% 5/1/20257		120		119
Centene Corp. 2.45% 7/15/2028		40		34
Centene Corp. 4.625% 12/15/2029		325		298
Centene Corp. 2.50% 3/1/2031		155		122
Central Garden & Pet Co. 4.125% 10/15/2030		74		61
Central Garden & Pet Co. 4.125% 4/30/20317		110		91
Charles River Laboratories International, Inc. 4.25% 5/1/20287		35		32
Charles River Laboratories International, Inc. 4.00% 3/15/20317		70		61
Cheniere Energy Partners, LP 4.50% 10/1/2029		160		144
Cheniere Energy Partners, LP 4.00% 3/1/2031		75		64
Cheniere Energy Partners, LP 3.25% 1/31/2032		56		45
Chesapeake Energy Corp. 4.875% 4/15/20223		915		21
Chesapeake Energy Corp. 5.875% 2/1/20297		130		123
Chesapeake Energy Corp. 6.75% 4/15/20297		30		29
Ciena Corp. 4.00% 1/31/20307		80		71
Cigna Corp. 2.375% 3/15/2031		375		308
Clarivate Science Holdings Corp. 3.875% 7/1/20287		45		39
Clarivate Science Holdings Corp. 4.875% 7/1/20297		55		47
Cleveland-Cliffs, Inc. 4.875% 3/1/20317		130		115
CMS Energy Corp. 3.875% 3/1/2024		100		98
CMS Energy Corp. 3.00% 5/15/2026		1,200		1,118
CNX Resources Corp. 7.25% 3/14/20277		240		239
Coinbase Global, Inc. 3.375% 10/1/20287		55		29
Coinbase Global, Inc. 3.625% 10/1/20317		85		41
Colombia (Republic of) 3.875% 4/25/2027		350		311
Commonwealth Bank of Australia 2.688% 3/11/20317		4,650		3,593
Compass Diversified Holdings 5.25% 4/15/20297		307		263
Compass Diversified Holdings 5.00% 1/15/20327		65		52
Comstock Resources, Inc. 6.75% 3/1/20297		110		99
Comstock Resources, Inc. 5.875% 1/15/20307		65		56
Constellation Oil Services Holding SA 4.00% PIK 12/31/202610		1,097		649
Constellium SE 3.75% 4/15/20297		125		102
Consumers Energy Co. 3.375% 8/15/2023		345		342
Consumers Energy Co. 3.60% 8/15/2032		1,600		1,462
Corebridge Financial, Inc. 3.90% 4/5/20327		748		655
CoreLogic, Inc. 4.50% 5/1/20287		364		280
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/20298,9		65		47
Corporate Office Properties, LP 2.75% 4/15/2031		1,212		910
Covanta Holding Corp. 4.875% 12/1/20297		25		21
Crédit Agricole SA 4.375% 3/17/20257		1,100		1,064
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)1,7		2,675		2,441
Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)1,7		1,000		693
Crestwood Midstream Partners, LP 6.00% 2/1/20297		85		78
Crestwood Midstream Partners, LP 8.00% 4/1/20297		100		100
Crown Castle International Corp. 2.50% 7/15/2031		767		620
CSX Corp. 3.80% 4/15/2050		75		59
CVR Partners, LP 6.125% 6/15/20287		100		90
Daimler Trucks Finance North America, LLC 3.65% 4/7/20277		725		679

212 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Danske Bank AS 3.875% 9/12/20237	USD	1,675	$	1,654
Darling Ingredients, Inc. 6.00% 6/15/20307		245		240
DaVita, Inc. 4.625% 6/1/20307		65		52
Deluxe Corp. 8.00% 6/1/20297		20		16
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)1		850		751
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)1		1,160		985
Deutsche Telekom International Finance BV 9.25% 6/1/2032		930		1,166
Development Bank of Mongolia, LLC 7.25% 10/23/2023		1,980		1,777
Diamond Foreign Asset Co. 9.00% Cash 4/22/20277,9,10		25		24
Diamond Foreign Asset Co. 9.00% Cash 4/22/202710		22		21
Diamond Sports Group, LLC 6.625% 8/15/20277		310		3
Diebold Nixdorf, Inc. 9.375% 7/15/20257		309		221
Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/20256,8,9		93		63
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/20266,8,9		17		15
Digital Currency Group, Inc., Term Loan, 8.75% 11/30/20266,8		22		18
DIRECTV Financing, LLC 5.875% 8/15/20277		110		99
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 9.384% 8/2/20278,9		102		99
Discovery Communications, Inc. 3.625% 5/15/2030		468		387
DISH DBS Corp. 5.25% 12/1/20267		15		13
DISH Network Corp. 11.75% 11/15/20277		260		268
Dominican Republic 5.50% 1/27/20257		1,375		1,366
Dominican Republic 8.625% 4/20/20277		225		235
Dominican Republic 5.50% 2/22/20297		350		323
Dominican Republic 6.40% 6/5/20497		813		660
Duke Energy Progress, LLC 2.00% 8/15/2031		2,360		1,871
Dun & Bradstreet Corp. 5.00% 12/15/20297		197		169
Edison International 4.125% 3/15/2028		2,390		2,222
Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2049)1		100		84
Electricité de France SA 4.875% 9/21/20387		795		649
Empresas Publicas de Medellin ESP 4.25% 7/18/20297		1,030		819
Enbridge, Inc. 4.00% 10/1/2023		600		595
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/20297		205		156
Enel Finance International SA 1.375% 7/12/20267		1,248		1,077
Enel Finance International SA 1.875% 7/12/20287		1,227		977
Entegris Escrow Corp. 4.75% 4/15/20297		45		41
Entergy Corp. 0.90% 9/15/2025		750		669
Entergy Louisiana, LLC 4.75% 9/15/2052		1,275		1,151
EQM Midstream Partners, LP 6.50% 7/1/20277		225		215
EQM Midstream Partners, LP 7.50% 6/1/20307		45		43
EQM Midstream Partners, LP 6.50% 7/15/2048		40		30
EQT Corp. 7.25% 2/1/20301		40		42
Equinix, Inc. 1.80% 7/15/2027		1,145		982
Equinix, Inc. 2.15% 7/15/2030		3,216		2,566
Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024		3,910		2,457
Fair Isaac Corp. 4.00% 6/15/20287		120		109
Fannie Mae Pool #MA2754 3.00% 9/1/20265		59		57
Fannie Mae Pool #AO4151 3.50% 6/1/20425		108		101
Fannie Mae Pool #AP7888 3.50% 10/1/20425		338		316
Fannie Mae Pool #AQ0770 3.50% 11/1/20425		131		123
Fannie Mae Pool #FM8399 2.50% 8/1/20515		889		759
Fannie Mae Pool #BT9589 2.50% 8/1/20515		34		29
Fannie Mae Pool #CB1552 2.50% 9/1/20515		998		848
Fannie Mae Pool #BQ7435 2.50% 9/1/20515		97		83
Fannie Mae Pool #MA4414 2.50% 9/1/20515		33		28
Fannie Mae Pool #FS0031 2.50% 10/1/20515		336		284
Fannie Mae Pool #BT3056 2.50% 11/1/20515		721		613
Fannie Mae Pool #CB2402 2.50% 12/1/20515		3,207		2,718
Fannie Mae Pool #BU3413 2.50% 12/1/20515		807		685
Fannie Mae Pool #BU3058 2.50% 12/1/20515		268		227

American Funds Insurance Series 213

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Fannie Mae Pool #BV2930 2.50% 1/1/20525	USD	998	$	846
Fannie Mae Pool #BU8226 2.50% 2/1/20525		1,260		1,070
Fannie Mae Pool #BU1339 2.50% 2/1/20525		275		234
Fannie Mae Pool #BV0307 2.50% 2/1/20525		273		232
Fannie Mae Pool #BQ7473 2.50% 2/1/20525		158		134
Fannie Mae Pool #CB2866 2.50% 2/1/20525		95		81
Fannie Mae Pool #BV2189 2.50% 2/1/20525		62		53
Fannie Mae Pool #CB2876 2.50% 2/1/20525		31		27
Fannie Mae Pool #CB2809 2.50% 2/1/20525		32		27
Fannie Mae Pool #BV3694 2.50% 2/1/20525		32		27
Fannie Mae Pool #FS0647 3.00% 2/1/20525		2,865		2,557
Fannie Mae Pool #BV4040 2.50% 3/1/20525		1,645		1,398
Fannie Mae Pool #BV7520 2.50% 3/1/20525		864		734
Fannie Mae Pool #BV8086 2.50% 3/1/20525		809		690
Fannie Mae Pool #BU6885 2.50% 3/1/20525		808		686
Fannie Mae Pool #BV5642 2.50% 3/1/20525		94		80
Fannie Mae Pool #MA4578 2.50% 4/1/20525		4,881		4,140
Fannie Mae Pool #BV5332 2.50% 4/1/20525		1,929		1,638
Fannie Mae Pool #BQ7478 2.50% 4/1/20525		1,222		1,038
Fannie Mae Pool #CB3350 2.50% 4/1/20525		1,011		859
Fannie Mae Pool #BU8802 2.50% 4/1/20525		998		848
Fannie Mae Pool #BU8916 2.50% 4/1/20525		785		666
Fannie Mae Pool #BU6901 2.50% 4/1/20525		91		77
Fannie Mae Pool #MA4600 3.50% 5/1/20525		2,782		2,531
Fannie Mae Pool #BV8959 2.50% 6/1/20525		127		108
Fannie Mae Pool #FS2239 2.50% 7/1/20525		6,973		5,920
Fannie Mae Pool #FS2555 4.50% 7/1/20525		1,105		1,065
Fannie Mae Pool #BW6395 4.50% 8/1/20525		999		963
Fannie Mae Pool #BW5789 4.50% 8/1/20525		371		357
Fannie Mae Pool #BW1201 5.00% 9/1/20525		2,820		2,783
Fannie Mae Pool #MA4761 5.00% 9/1/20525		524		517
Fannie Mae Pool #MA4784 4.50% 10/1/20525		2,209		2,128
Fannie Mae Pool #MA4785 5.00% 10/1/20525		1,300		1,283
Fannie Mae Pool #MA4804 4.00% 11/1/20525		854		802
Fannie Mae Pool #MA4839 4.00% 12/1/20525		442		415
Fannie Mae Pool #MA4841 5.00% 12/1/20525		3,000		2,961
Fannie Mae Pool #MA4866 4.00% 1/1/20535		238		223
Fannie Mae Pool #MA4868 5.00% 1/1/20535		1,000		987
Fertitta Entertainment, Inc. 4.625% 1/15/20297		25		21
Fertitta Entertainment, Inc. 6.75% 1/15/20307		25		20
First Quantum Minerals, Ltd. 6.875% 3/1/20267		325		308
First Quantum Minerals, Ltd. 6.875% 10/15/20277		240		226
First Student Bidco, Inc. 4.00% 7/31/20297		85		70
FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)1		1,800		1,678
FirstEnergy Transmission, LLC 2.866% 9/15/20287		2,325		2,033
Florida Power & Light Company 2.875% 12/4/2051		1,465		990
Ford Motor Co. 3.25% 2/12/2032		20		15
Ford Motor Credit Company, LLC 3.81% 1/9/2024		290		282
Ford Motor Credit Company, LLC 2.90% 2/16/2028		200		165
Ford Motor Credit Company, LLC 4.00% 11/13/2030		125		103
Freddie Mac Pool #ZS8588 3.00% 11/1/20305		47		45
Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/20335		3,975		3,742
Freddie Mac Pool #QC7173 2.50% 9/1/20515		132		112
Freddie Mac Pool #QC9156 2.50% 10/1/20515		866		736
Freddie Mac Pool #QD1523 2.50% 11/1/20515		757		643
Freddie Mac Pool #QD2521 2.50% 12/1/20515		67		57
Freddie Mac Pool #SD0853 2.50% 1/1/20525		885		750
Freddie Mac Pool #QD9066 2.50% 2/1/20525		210		179
Freddie Mac Pool #QD7063 2.50% 2/1/20525		95		81
Freddie Mac Pool #QD9879 2.50% 3/1/20525		730		619
Freddie Mac Pool #QD9460 2.50% 3/1/20525		663		562
Freddie Mac Pool #RA6959 2.50% 3/1/20525		27		23

214 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Freddie Mac Pool #QD9200 2.50% 4/1/20525	USD	919	$	780
Freddie Mac Pool #QE0323 2.50% 4/1/20525		900		765
Freddie Mac Pool #QE2310 2.50% 4/1/20525		840		713
Freddie Mac Pool #QE4383 4.00% 6/1/20525		3,563		3,345
Freddie Mac Pool #QE6084 5.00% 7/1/20525		1,276		1,260
Freddie Mac Pool #QE8063 4.00% 8/1/20525		300		282
Freddie Mac Pool #QE8065 4.50% 8/1/20525		3,700		3,565
Freddie Mac Pool #QF0152 4.50% 9/1/20525		500		482
Freddie Mac Pool #QF1489 4.00% 10/1/20525		1,000		939
Freddie Mac Pool #SD8256 4.00% 10/1/20525		400		376
Freddie Mac Pool #SD8257 4.50% 10/1/20525		8,419		8,111
Freddie Mac Pool #QF0866 4.50% 10/1/20525		2,226		2,151
Freddie Mac Pool #QF1486 4.50% 10/1/20525		400		385
Freddie Mac Pool #QF3304 5.00% 10/1/20525		800		790
Freddie Mac Pool #SD8264 3.50% 11/1/20525		4,668		4,246
Freddie Mac Pool #QF3985 4.00% 11/1/20525		308		290
Freddie Mac Pool #SD8275 4.50% 12/1/20525		598		576
Freddie Mac Pool #SD8276 5.00% 12/1/20525		4,753		4,692
Freddie Mac Pool #SD8288 5.00% 1/1/20535		507		501
Frontier Communications Corp. 5.875% 10/15/20277		100		93
Frontier Communications Corp. 5.00% 5/1/20287		65		57
Frontier Communications Holdings, LLC 5.875% 11/1/2029		250		194
FS Energy and Power Fund 7.50% 8/15/20237		150		150
FXI Holdings, Inc. 12.25% 11/15/20267		497		412
Gartner, Inc. 3.75% 10/1/20307		70		60
General Motors Financial Co. 1.05% 3/8/2024		725		689
Genesis Energy, LP 8.00% 1/15/2027		125		118
Georgia (Republic of) 2.75% 4/22/20267		400		363
GoDaddy Operating Co. 3.50% 3/1/20297		80		67
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)1		1,080		933
Goldman Sachs Group, Inc. 2.383% 7/21/2032 (USD-SOFR + 1.248% on 7/21/2031)1		726		565
Government National Mortgage Assn. 3.50% 1/1/20535,11		7,440		6,837
Gray Escrow II, Inc. 5.375% 11/15/20317		30		22
Group 1 Automotive, Inc. 4.00% 8/15/20287		145		123
Groupe BPCE SA 5.15% 7/21/20247		1,800		1,763
Grupo Energia Bogota SA ESP 4.875% 5/15/20307		660		593
Hanesbrands, Inc. 4.625% 5/15/20247		120		116
Hanesbrands, Inc. 4.875% 5/15/20267		100		90
Harsco Corp. 5.75% 7/31/20277		200		158
Harvest Midstream I, LP 7.50% 9/1/20287		25		24
HCA, Inc. 5.625% 9/1/2028		120		120
HealthEquity, Inc. 4.50% 10/1/20297		30		26
Hess Midstream Operations, LP 5.50% 10/15/20307		34		31
Hightower Holding, LLC 6.75% 4/15/20297		235		198
Hilcorp Energy I, LP 6.00% 4/15/20307		105		94
Hilcorp Energy I, LP 6.00% 2/1/20317		115		100
Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030		25		23
Hilton Worldwide Holdings, Inc. 4.00% 5/1/20317		155		130
Honduras (Republic of) 6.25% 1/19/2027		2,083		1,843
Honduras (Republic of) 5.625% 6/24/2030		958		773
Howard Hughes Corp. 5.375% 8/1/20287		275		248
Howard Hughes Corp. 4.125% 2/1/20297		195		164
Howard Hughes Corp. 4.375% 2/1/20317		120		97
Howard Midstream Energy Partners, LLC 6.75% 1/15/20277		60		58
HSBC Holdings PLC 2.633% 11/7/2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)1		305		287
HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)1		4,172		3,995
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)1		921		706
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 5.824% 2/24/20239		3,326		3,316
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.007% 2/24/20259		363		342
Huarong Finance II Co., Ltd. 5.50% 1/16/2025		880		835

American Funds Insurance Series 215

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Huarong Finance II Co., Ltd. 5.00% 11/19/2025	USD	1,007	$	931
HUB International, Ltd. 7.00% 5/1/20267		315		309
Hyundai Capital America 0.875% 6/14/20247		1,200		1,120
Hyundai Capital America 1.50% 6/15/20267		2,375		2,061
Hyundai Capital America 1.65% 9/17/20267		269		237
Hyundai Capital America 2.00% 6/15/20287		600		490
Hyundai Capital Services, Inc. 3.75% 3/5/20237		2,450		2,442
iHeartCommunications, Inc. 5.25% 8/15/20277		80		68
Ingles Markets, Inc. 4.00% 6/15/20317		140		118
Intesa Sanpaolo SpA 5.017% 6/26/20247		3,270		3,145
Intesa Sanpaolo SpA 7.00% 11/21/20257		225		230
Iraq (Republic of) 6.752% 3/9/20237		545		539
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20327		55		46
Iron Mountain, Inc. 5.25% 7/15/20307		235		205
Israel (State of) 3.375% 1/15/2050		1,470		1,136
Israel (State of) 3.875% 7/3/2050		795		672
Jacobs Entertainment, Inc. 6.75% 2/15/20297		25		23
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)1		45		43
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.23% 12/4/20268,9		64		60
KB Home 6.875% 6/15/2027		50		50
Keb Hana Bank 3.25% 3/30/20277		1,370		1,278
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029		110		87
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030		245		187
Kinetik Holdings, LP 5.875% 6/15/20307		50		47
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20267		85		74
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20277		140		115
LABL Escrow Issuer, LLC 10.50% 7/15/20277		45		42
Lamar Media Corp. 3.75% 2/15/2028		135		121
Lamar Media Corp. 3.625% 1/15/2031		160		132
Lamb Weston Holdings, Inc. 4.125% 1/31/20307		200		177
Lamb Weston Holdings, Inc. 4.375% 1/31/20327		60		53
Las Vegas Sands Corp. 3.20% 8/8/2024		25		24
LCM Investments Holdings II, LLC 4.875% 5/1/20297		110		88
Level 3 Financing, Inc. 3.75% 7/15/20297		210		151
Levi Strauss & Co. 3.50% 3/1/20317		115		91
Ligado Networks, LLC 15.50% PIK 11/1/20237,10		124		40
Lindblad Expeditions, LLC 6.75% 2/15/20277		5		5
Lithia Motors, Inc. 4.625% 12/15/20277		120		108
Live Nation Entertainment, Inc. 4.75% 10/15/20277		130		116
Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)1		7,000		6,067
LPL Holdings, Inc. 4.625% 11/15/20277		485		454
LPL Holdings, Inc. 4.00% 3/15/20297		25		22
LSB Industries, Inc. 6.25% 10/15/20287		126		115
LSC Communications, Inc. 8.75% 10/15/20233,6,7		431		1
Mallinckrodt PLC 10.00% 4/15/20257		440		379
Marriott International, Inc. 2.75% 10/15/2033		5		4
Mastercard, Inc. 2.00% 11/18/2031		600		483
Match Group, Inc. 5.625% 2/15/20297		130		121
Meituan Dianping 2.125% 10/28/2025		1,730		1,532
Meituan Dianping 3.05% 10/28/20307		3,095		2,390
Methanex Corp. 5.125% 10/15/2027		55		51
Methanex Corp. 5.25% 12/15/2029		170		151
Mexico City Airport Trust 5.50% 7/31/2047		432		334
MGM Resorts International 5.50% 4/15/2027		90		84
Midas OpCo Holdings, LLC 5.625% 8/15/20297		145		120
Mileage Plus Holdings, LLC 6.50% 6/20/20277		63		63
Mineral Resources, Ltd. 8.00% 11/1/20277		155		159
Mineral Resources, Ltd. 8.50% 5/1/20307		25		25
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20277		3,236		2,937
Mohegan Gaming & Entertainment 8.00% 2/1/20267		105		98

216 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Molina Healthcare, Inc. 4.375% 6/15/20287	USD	80	$	73
Molina Healthcare, Inc. 3.875% 11/15/20307		75		64
MoneyGram International, Inc. 5.375% 8/1/20267		50		51
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)1		2,164		1,901
Morgan Stanley 1.928% 4/28/2032 (USD-SOFR + 1.02% on 4/28/2031)1		1,396		1,057
Mozart Debt Merger Sub, Inc. 5.25% 10/1/20297		155		123
MSCI, Inc. 3.875% 2/15/20317		215		179
MSCI, Inc. 3.625% 11/1/20317		350		290
Murphy Oil Corp. 5.625% 5/1/2027		15		15
Murphy Oil USA, Inc. 4.75% 9/15/2029		48		44
Nabors Industries, Inc. 7.375% 5/15/20277		55		53
National Financial Partners Corp. 6.875% 8/15/20287		105		87
Nationstar Mortgage Holdings, Inc. 5.125% 12/15/20307		135		104
Navient Corp. 5.00% 3/15/2027		45		39
Navient Corp. 4.875% 3/15/2028		145		119
NCL Corp., Ltd. 5.875% 2/15/20277		80		69
NCR Corp. 5.25% 10/1/20307		15		12
Neiman Marcus Group, LLC 7.125% 4/1/20267		85		80
Netflix, Inc. 4.875% 4/15/2028		45		44
Netflix, Inc. 4.875% 6/15/20307		225		210
New Fortress Energy, Inc. 6.75% 9/15/20257		50		47
New Fortress Energy, Inc. 6.50% 9/30/20267		255		237
New York Life Global Funding 1.20% 8/7/20307		2,725		2,094
Newell Rubbermaid, Inc. 4.70% 4/1/2026		80		75
Nexstar Broadcasting, Inc. 4.75% 11/1/20287		255		221
Nexstar Escrow Corp. 5.625% 7/15/20277		115		106
NGL Energy Operating, LLC 7.50% 2/1/20267		215		192
NGL Energy Partners, LP 7.50% 11/1/2023		200		195
Niagara Mohawk Power Corp. 3.508% 10/1/20247		180		173
Northern Oil and Gas, Inc. 8.125% 3/1/20287		335		322
NorthRiver Midstream Finance, LP 5.625% 2/15/20267		105		100
NortonLifeLock, Inc. 7.125% 9/30/20307		160		157
Nova Chemicals Corp. 5.25% 6/1/20277		20		18
Novelis Corp. 4.75% 1/30/20307		80		71
Novelis Corp. 3.875% 8/15/20317		20		16
NuStar Logistics, LP 5.625% 4/28/2027		80		75
Oasis Petroleum, Inc. 6.375% 6/1/20267		35		34
Occidental Petroleum Corp. 6.375% 9/1/2028		194		196
Occidental Petroleum Corp. 8.875% 7/15/2030		25		28
Occidental Petroleum Corp. 6.625% 9/1/2030		125		129
Occidental Petroleum Corp. 6.125% 1/1/2031		65		66
Occidental Petroleum Corp. 6.45% 9/15/2036		18		18
Occidental Petroleum Corp. 6.60% 3/15/2046		15		15
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048		1,410		1,008
Oleoducto Central SA 4.00% 7/14/20277		2,535		2,241
Oleoducto Central SA 4.00% 7/14/2027		630		557
Open Text Corp. 3.875% 2/15/20287		25		22
Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/20298,9		155		151
Option Care Health, Inc. 4.375% 10/31/20297		25		22
Oracle Corp. 2.65% 7/15/2026		2,327		2,142
Oracle Corp. 3.25% 11/15/2027		1,880		1,730
Oracle Corp. 3.60% 4/1/2050		980		664
Oracle Corp. 3.95% 3/25/2051		22		16
Orange SA 9.00% 3/1/20311		2,434		2,985
Oxford Finance, LLC 6.375% 2/1/20277		30		28
Pacific Gas and Electric Co. 4.65% 8/1/2028		542		499
Pacific Gas and Electric Co. 3.30% 8/1/2040		6,850		4,661
Panama (Republic of) 3.75% 4/17/20267		465		439
Panther BF Aggregator 2, LP 6.25% 5/15/20267		44		43
Panther BF Aggregator 2, LP 8.50% 5/15/20277		85		83
Park Intermediate Holdings, LLC 4.875% 5/15/20297		65		55

American Funds Insurance Series 217

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Party City Holdings, Inc. 8.75% 2/15/20267	USD	5	$	1
Performance Food Group, Inc. 5.50% 10/15/20277		11		10
Peru (Republic of) 2.392% 1/23/2026		500		461
Petrobras Global Finance Co. 6.75% 6/3/2050		29		25
Petrobras Global Finance Co. 5.50% 6/10/2051		21		16
Petróleos Mexicanos 4.625% 9/21/2023		714		704
Petróleos Mexicanos 6.875% 10/16/2025		660		647
Petróleos Mexicanos 6.875% 8/4/2026		865		819
Petróleos Mexicanos 6.49% 1/23/2027		406		371
Petróleos Mexicanos 6.50% 3/13/2027		1,493		1,365
Petróleos Mexicanos 6.84% 1/23/2030		681		564
Petróleos Mexicanos 6.70% 2/16/2032		779		613
Petróleos Mexicanos 6.75% 9/21/2047		346		222
Petróleos Mexicanos 7.69% 1/23/2050		55		38
Petróleos Mexicanos 6.95% 1/28/2060		201		128
PG&E Corp. 5.00% 7/1/2028		145		133
PG&E Corp. 5.25% 7/1/2030		175		160
PGT Innovations, Inc. 4.375% 10/1/20297		5		4
Philip Morris International, Inc. 5.125% 11/17/2027		315		318
Philip Morris International, Inc. 5.625% 11/17/2029		420		427
Philip Morris International, Inc. 2.10% 5/1/2030		634		514
Philip Morris International, Inc. 5.75% 11/17/2032		1,554		1,589
Picard Midco, Inc. 6.50% 3/31/20297		235		198
Post Holdings, Inc. 5.625% 1/15/20287		85		80
Post Holdings, Inc. 5.50% 12/15/20297		80		73
Post Holdings, Inc. 4.625% 4/15/20307		444		384
Procter & Gamble Company 3.00% 3/25/2030		338		310
PT Indonesia Asahan Aluminium Tbk 5.71% 11/15/2023		960		963
PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/20307		500		477
Qatar Petroleum 3.125% 7/12/20417		2,895		2,235
Radiology Partners, Inc. 9.25% 2/1/20287		245		138
Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 8.639% 7/9/20258,9		10		8
Range Resources Corp. 4.75% 2/15/20307		145		128
Raptor Acquisition Corp. 4.875% 11/1/20267		180		160
Real Hero Merger Sub 2, Inc. 6.25% 2/1/20297		25		17
RLJ Lodging Trust, LP 4.00% 9/15/20297		25		20
Roller Bearing Company of America, Inc. 4.375% 10/15/20297		20		17
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20257		57		61
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20277		40		32
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20297		160		165
RP Escrow Issuer, LLC 5.25% 12/15/20257		190		145
Russian Federation 4.25% 6/23/20273		1,400		602
Ryan Specialty Group, LLC 4.375% 2/1/20307		45		39
Sabre GLBL, Inc. 11.25% 12/15/20277		75		77
Sally Holdings, LLC 5.625% 12/1/2025		48		46
Santander Holdings USA, Inc. 3.244% 10/5/2026		3,750		3,485
Scentre Group 3.50% 2/12/20257		210		201
Scentre Group 3.75% 3/23/20277		110		101
Scientific Games Corp. 7.00% 5/15/20287		20		19
Scientific Games Holdings, LP 6.625% 3/1/20307		46		39
SCIH Salt Holdings, Inc. 4.875% 5/1/20287		115		99
Scotts Miracle-Gro Co. 4.50% 10/15/2029		140		114
Scotts Miracle-Gro Co. 4.375% 2/1/2032		55		42
Sealed Air Corp. 5.00% 4/15/20297		40		38
ServiceNow, Inc. 1.40% 9/1/2030		1,830		1,404
Silgan Holdings, Inc. 4.125% 2/1/2028		80		74
Simmons Foods, Inc. 4.625% 3/1/20297		160		130
Singapore Airlines, Ltd. 3.375% 1/19/2029		3,710		3,353
Sirius XM Radio, Inc. 4.00% 7/15/20287		195		170
Sirius XM Radio, Inc. 3.875% 9/1/20317		170		133
SkyMiles IP, Ltd. 4.75% 10/20/20287		25		24

218 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
SM Energy Co. 5.625% 6/1/2025	USD	55	$	53
SM Energy Co. 6.50% 7/15/2028		45		43
Sonic Automotive, Inc. 4.625% 11/15/20297		45		36
Sonic Automotive, Inc. 4.875% 11/15/20317		20		16
Southern California Edison Co. 2.85% 8/1/2029		200		174
Southwestern Energy Co. 5.95% 1/23/20251		110		108
Southwestern Energy Co. 7.75% 10/1/2027		20		20
Southwestern Energy Co. 8.375% 9/15/2028		30		31
Southwestern Energy Co. 5.375% 3/15/2030		135		123
Southwestern Energy Co. 4.75% 2/1/2032		105		90
Spirit AeroSystems, Inc. 9.375% 11/30/20297		17		18
Sprint Corp. 7.625% 3/1/2026		130		137
Sri Lanka (Democratic Socialist Republic of) 5.75% 4/18/20233		2,890		917
Stellantis Finance US, Inc. 1.711% 1/29/20277		1,500		1,289
Stellantis Finance US, Inc. 5.625% 1/12/20287		2,560		2,539
Stellantis Finance US, Inc. 2.691% 9/15/20317		453		347
Stericycle, Inc. 3.875% 1/15/20297		110		96
Studio City Finance, Ltd. 6.00% 7/15/20257		200		174
Sunoco, LP 4.50% 5/15/2029		290		254
Sunoco, LP 4.50% 4/30/2030		35		30
Surgery Center Holdings 10.00% 4/15/20277		103		105
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)1		12		8
Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)1,7		800		740
Talen Energy Corp. 7.25% 5/15/20277		205		213
Tencent Holdings, Ltd. 3.24% 6/3/20507		3,450		2,188
Tenet Healthcare Corp. 4.875% 1/1/20267		245		232
Tenet Healthcare Corp. 6.125% 10/1/20287		25		22
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024		4,600		4,518
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025		3,710		3,695
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		110		96
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		1,780		1,266
Thermo Fisher Scientific, Inc. 4.80% 11/21/2027		630		633
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/20288,9		245		218
T-Mobile US, Inc. 2.40% 3/15/2029		1,079		913
Toyota Motor Credit Corp. 3.375% 4/1/2030		453		412
TransDigm, Inc. 6.25% 3/15/20267		65		64
TransDigm, Inc. 5.50% 11/15/2027		35		33
TransDigm, Inc. 4.875% 5/1/2029		80		70
Transocean Guardian, Ltd. 5.875% 1/15/20247		10		10
Transocean Poseidon, Ltd. 6.875% 2/1/20277		66		64
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/20336,7		100		88
Triumph Group, Inc. 6.25% 9/15/20247		35		33
U.S. Treasury 0.125% 1/31/2023		12,320		12,282
U.S. Treasury 2.625% 2/28/2023		6,900		6,882
U.S. Treasury 1.875% 8/31/2024		4,515		4,320
U.S. Treasury 3.25% 8/31/2024		1,065		1,043
U.S. Treasury 0.25% 8/31/2025		20,534		18,475
U.S. Treasury 2.875% 11/30/2025		5,400		5,198
U.S. Treasury 4.00% 12/15/2025		1,992		1,980
U.S. Treasury 0.375% 1/31/2026		14,610		13,004
U.S. Treasury 0.75% 8/31/2026		4,361		3,862
U.S. Treasury 0.875% 9/30/2026		11,098		9,858
U.S. Treasury 1.125% 10/31/2026		1,698		1,519
U.S. Treasury 2.50% 3/31/2027		9,560		8,975
U.S. Treasury 3.875% 11/30/2027		105,639		105,067
U.S. Treasury 1.625% 8/15/2029		10,760		9,336
U.S. Treasury 1.375% 11/15/203112		25,783		20,999

American Funds Insurance Series 219

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
U.S. Treasury 1.875% 2/15/2032	USD	2,000	$	1,696
U.S. Treasury 4.125% 11/15/2032		1,169		1,192
U.S. Treasury 1.125% 5/15/2040		9,170		5,754
U.S. Treasury 1.875% 2/15/204112		18,740		13,274
U.S. Treasury 1.75% 8/15/2041		6,050		4,151
U.S. Treasury 2.375% 2/15/2042		2,872		2,195
U.S. Treasury 3.00% 8/15/2048		5,045		4,164
U.S. Treasury 2.00% 8/15/2051		5,755		3,788
U.S. Treasury 3.00% 8/15/205212		29,749		24,666
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20514		3,239		2,089
UBS Group AG 1.008% 7/30/2024 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 7/30/2023)1,7		1,950		1,897
UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)1,7		2,265		2,228
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/20278,9		75		69
Ukraine 7.75% 9/1/20243		6,210		1,544
Ukraine 7.75% 9/1/20263		1,570		338
Ukraine 6.876% 5/21/20313		1,269		244
Uniform Mortgage-Backed Security 5.00% 1/1/20535,11		2,100		2,070
Uniform Mortgage-Backed Security 5.50% 1/1/20535,11		10,300		10,329
Unisys Corp. 6.875% 11/1/20277		35		27
United Natural Foods, Inc. 6.75% 10/15/20287		235		226
United Rentals, Inc. 4.875% 1/15/2028		30		29
United Rentals, Inc. 6.00% 12/15/20297		315		314
Univision Communications, Inc. 4.50% 5/1/20297		240		201
Univision Communications, Inc. 7.375% 6/30/20307		145		139
US Foods, Inc. 4.625% 6/1/20307		35		31
Vail Resorts, Inc. 6.25% 5/15/20257		120		120
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/20257		75		64
Valvoline, Inc. 3.625% 6/15/20317		85		70
Venator Finance SARL 9.50% 7/1/20257		185		134
Venator Finance SARL 5.75% 7/15/20257		140		48
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20297		35		31
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20317		125		107
Venture Global Calcasieu Pass, LLC 3.875% 11/1/20337		65		53
Verizon Communications, Inc. 3.15% 3/22/2030		575		508
Verizon Communications, Inc. 2.55% 3/21/2031		2,100		1,732
VICI Properties, LP 4.375% 5/15/2025		1,563		1,520
VICI Properties, LP 4.625% 12/1/20297		15		14
VICI Properties, LP 4.125% 8/15/20307		420		368
VZ Secured Financing BV 5.00% 1/15/20327		200		163
W. R. Grace Holdings, LLC 5.625% 8/15/20297		20		16
Warner Music Group 3.75% 12/1/20297		125		108
Warner Music Group 3.875% 7/15/20307		135		117
Warner Music Group 3.00% 2/15/20317		80		64
WarnerMedia Holdings, Inc. 4.279% 3/15/20327		917		758
WarnerMedia Holdings, Inc. 5.05% 3/15/20427		1,928		1,482
Warrior Met Coal, Inc. 7.875% 12/1/20287		140		138
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20267		320		302
WEA Finance, LLC 3.75% 9/17/20247		535		506
Weatherford International, Ltd. 11.00% 12/1/20247		5		5
Weatherford International, Ltd. 6.50% 9/15/20287		65		64
Weatherford International, Ltd. 8.625% 4/30/20307		65		63
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)1		5,788		5,370
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)1		1,600		1,363
WESCO Distribution, Inc. 7.125% 6/15/20257		180		183
WESCO Distribution, Inc. 7.25% 6/15/20287		245		249
Western Global Airlines, LLC 10.375% 8/15/20257		15		11
Western Midstream Operating, LP 3.35% 2/1/20251		85		81
Western Midstream Operating, LP 4.75% 8/15/2028		65		59
Western Midstream Operating, LP 5.50% 2/1/20501		25		21

220 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)1	USD	1,250	$	1,147
WeWork Companies, LLC 5.00% 7/10/20257		50		17
Wyndham Destinations, Inc. 6.625% 7/31/20267		65		64
Wynn Las Vegas, LLC 4.25% 5/30/20237		38		38
Wynn Resorts Finance, LLC 7.75% 4/15/20257		180		179
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 9.884% 9/1/20278,9		110		100
Ziggo Bond Co. BV 5.125% 2/28/20307		200		162
Ziggo Bond Finance BV 4.875% 1/15/20307		300		252
				669,959
Total bonds, notes & other debt instruments (cost: $1,515,444,000)				1,337,877

Investment funds 3.29%	Shares
U.S. dollars 3.29%
Capital Group Central Corporate Bond Fund13		5,972,524	48,676
Total investment funds (cost: $47,079,000)			48,676
Preferred securities 0.00%
U.S. dollars 0.00%
ACR III LSC Holdings, LLC, Series B, preferred shares6,7,14		48	20
Total preferred securities (cost: $49,000)			20
Common stocks 0.01%
U.S. dollars 0.01%
Constellation Oil Services Holding SA, Class B-16,14		1,214,969	134
Bighorn Permian Resources, LLC6		531	—	15
Total common stocks (cost: $0)			134

Short-term securities 6.79%	Weighted average yield at acquisition		Principal amount (000)
Commercial paper 6.78%
DNB Bank ASA 3/2/20237	4.273	%	USD	35,000		34,740
NRW.Bank 2/6/20237	4.192			31,100		30,957
Oesterreich Kontrollbank 2/21/2023	4.245			35,000		34,773
						100,470
				Shares
Money market investments 0.01%
Capital Group Central Cash Fund 4.31%13,16				1,674		167
Total short-term securities (cost: $100,664,000)						100,637
Total investment securities 100.37% (cost: $1,663,236,000)						1,487,344
Other assets less liabilities (0.37)%						(5,450	)
Net assets 100.00%					$	1,481,894

American Funds Insurance Series 221

Capital World Bond Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)				Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
2 Year Euro-Schatz Futures	Long	60	March 2023		USD	6,771			$	(87	)
2 Year U.S. Treasury Note Futures	Long	130	March 2023			26,660				31
5 Year Euro-Bobl Futures	Long	236	March 2023			29,242				(987	)
5 Year U.S. Treasury Note Futures	Long	1,196	March 2023			129,084				(139	)
10 Year Euro-Bund Futures	Long	95	March 2023			13,518				(880	)
10 Year Italy Government Bond Futures	Long	71	March 2023			8,278				(663	)
10 Year Japanese Government Bond Futures	Long	9	March 2023			9,975				(41	)
10 Year U.S. Treasury Note Futures	Long	328	March 2023			36,833				(201	)
10 Year Ultra U.S. Treasury Note Futures	Short	175	March 2023			(20,699	)			123
10 Year UK Gilt Futures	Short	44	March 2023			(5,314	)			335
20 Year U.S. Treasury Bond Futures	Long	65	March 2023			8,147				(131	)
30 Year Euro-Buxl Futures	Long	57	March 2023			8,252				(1,530	)
30 Year Ultra U.S. Treasury Bond Futures	Short	170	March 2023			(22,833	)			183
									$	(3,987	)

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 12/31/2022 (000)
KRW	8,431,290	USD	6,478	Bank of America	1/9/2023		$	219
HUF	1,284,310	EUR	3,067	UBS AG	1/10/2023			145
PLN	20,540	EUR	4,330	HSBC Bank	1/10/2023			45
DKK	17,400	USD	2,465	UBS AG	1/10/2023			42
PLN	3,330	USD	739	UBS AG	1/10/2023			20
SEK	23,400	USD	2,256	UBS AG	1/10/2023			(12	)
USD	6,519	AUD	9,680	HSBC Bank	1/10/2023			(75	)
USD	2,058	HUF	818,090	UBS AG	1/10/2023			(127	)
EUR	6,800	USD	7,143	Bank of America	1/11/2023			142
CNH	154,697	USD	22,271	Citibank	1/11/2023			105
USD	1,405	EUR	1,320	Bank of America	1/11/2023			(9	)
USD	2,019	EUR	1,900	Bank of America	1/11/2023			(17	)
SEK	22,100	USD	2,141	Bank of America	1/11/2023			(22	)
NZD	1,070	USD	682	Morgan Stanley	1/12/2023			(2	)
JPY	2,083,770	USD	15,470	Bank of America	1/13/2023			438
CNH	146,490	USD	21,104	JPMorgan Chase	1/13/2023			89
USD	4,476	GBP	3,660	Morgan Stanley	1/13/2023			50
PLN	18,110	EUR	3,807	UBS AG	1/13/2023			50
CHF	2,790	USD	2,985	UBS AG	1/13/2023			37
USD	3,682	CAD	4,970	Standard Chartered Bank	1/13/2023			11
EUR	9,477	DKK	70,470	BNP Paribas	1/13/2023			(1	)
USD	807	NOK	7,930	UBS AG	1/13/2023			(3	)
USD	19,831	MXN	394,043	UBS AG	1/13/2023			(336	)
EUR	6,752	PLN	31,970	HSBC Bank	1/17/2023			(48	)
JPY	6,231,228	USD	45,941	Standard Chartered Bank	1/20/2023			1,678
JPY	3,696,640	USD	27,194	Standard Chartered Bank	1/20/2023			1,056
USD	5,044	HUF	1,807,090	Bank of America	1/20/2023			232
JPY	573,812	AUD	6,280	HSBC Bank	1/20/2023			105
CAD	16,753	USD	12,310	Bank of America	1/20/2023			64
CZK	124,020	USD	5,572	Goldman Sachs	1/20/2023			(92	)
USD	14,203	DKK	100,190	Bank of America	1/20/2023			(244	)

222 American Funds Insurance Series

Capital World Bond Fund (continued)

Forward currency contracts (continued)

Contract amount						Unrealized appreciation
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	(depreciation)   at 12/31/2022 (000)
USD	5,215	CZK	124,020	Morgan Stanley	1/20/2023		$	(266	)
HUF	1,807,090	USD	5,519	Bank of America	1/20/2023			(706	)
EUR	23,500	USD	24,897	Bank of America	1/23/2023			303
USD	2,087	COP	10,038,860	Morgan Stanley	1/23/2023			26
CZK	47,290	EUR	1,935	UBS AG	1/23/2023			14
COP	3,594,590	USD	753	Bank of America	1/23/2023			(15	)
USD	10,027	EUR	9,480	BNP Paribas	1/23/2023			(139	)
THB	84,660	USD	2,468	Standard Chartered Bank	1/26/2023			(8	)
JPY	833,790	USD	5,779	Standard Chartered Bank	1/27/2023			599
JPY	1,210,240	USD	8,936	BNP Paribas	1/27/2023			322
JPY	419,350	USD	2,897	UBS AG	1/27/2023			310
JPY	559,100	USD	4,149	Goldman Sachs	1/27/2023			128
PLN	24,520	USD	5,913	BNP Paribas	2/2/2023			(333	)
KRW	2,855,970	USD	2,161	Standard Chartered Bank	2/28/2023			110
EUR	14,020	USD	14,746	Bank of America	3/6/2023			330
CNH	64,940	USD	9,270	Standard Chartered Bank	3/6/2023			162
JPY	417,300	USD	3,097	BNP Paribas	3/6/2023			111
KRW	2,388,130	USD	1,834	HSBC Bank	3/6/2023			65
							$	4,553

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at				Upfront premium			Unrealized depreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)			12/31/2022 (000)				paid (000)			at 12/31/2022 (000)
1.2475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023	NZD	4,428		$	(70	)		$	—		$	(70	)
1.234974%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023		37,736			(600	)			—			(600	)
1.2375%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/26/2023		13,908			(231	)			—			(231	)
1.264%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/27/2023		34,764			(572	)			—			(572	)
1.26%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/30/2023		5,734			(95	)			—			(95	)
1.28%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/31/2023		5,734			(95	)			—			(95	)
1.30%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/3/2023		6,295			(106	)			—			(106	)
1.4975%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/21/2023		11,830			(206	)			—			(206	)
1.445%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/28/2023		11,817			(215	)			—			(215	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/29/2023		12,043			(220	)			—			(220	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/30/2023		12,093			(221	)			—			(221	)
1.5125%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023		10,675			(203	)			—			(203	)
1.53%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023		12,176			(230	)			—			(230	)
1.5625%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/15/2023		12,163			(228	)			—			(228	)
1.59%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/18/2023		12,163			(228	)			—			(228	)
1.62%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/19/2023		13,521			(252	)			—			(252	)
2.2525%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023		17,111			(283	)			—			(283	)
2.24%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023		17,111			(284	)			—			(284	)
2.20%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/9/2023		1,440			(24	)			—			(24	)
2.495%	Annual	SONIA	Annual	5/5/2024	GBP	7,210			(183	)			—			(183	)
2.42%	Annual	SONIA	Annual	5/5/2024		42,400			(1,114	)			—			(1,114	)
2.363%	Annual	SONIA	Annual	5/11/2024		40,870			(1,101	)			—			(1,101	)
2.628%	Annual	SONIA	Annual	7/28/2024		40,530			(1,386	)			—			(1,386	)
SONIA	Annual	5.6325%	Annual	9/25/2024		41,140			(468	)			—			(468	)
6.255%	28-day	28-day MXN-TIIE	28-day	5/22/2026	MXN	47,800			(198	)			—			(198	)

American Funds Insurance Series 223

Capital World Bond Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay			Notional		Value at			Upfront premium				Unrealized depreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		12/31/2022 (000)				paid (000)				at 12/31/2022 (000)
6.19%	28-day	28-day MXN-TIIE	28-day	5/22/2026	MXN	48,400	$	(205	)		$	—			$	(205	)
6.16%	28-day	28-day MXN-TIIE	28-day	6/9/2026		58,800		(253	)			—	15			(253	)
6.5375%	28-day	28-day MXN-TIIE	28-day	6/17/2026		14,000		(52	)			—				(52	)
6.50%	28-day	28-day MXN-TIIE	28-day	6/17/2026		13,900		(53	)			—				(53	)
6.47%	28-day	28-day MXN-TIIE	28-day	6/17/2026		14,200		(55	)			—				(55	)
6.55%	28-day	28-day MXN-TIIE	28-day	6/17/2026		43,000		(160	)			—	15			(160	)
6.55%	28-day	28-day MXN-TIIE	28-day	6/18/2026		14,100		(53	)			—				(53	)
6.50%	28-day	28-day MXN-TIIE	28-day	6/18/2026		27,800		(106	)			—				(106	)
6.64%	28-day	28-day MXN-TIIE	28-day	6/25/2026		62,600		(226	)			—				(226	)
6.633%	28-day	28-day MXN-TIIE	28-day	6/25/2026		172,500		(623	)			—				(623	)
7.59%	28-day	28-day MXN-TIIE	28-day	10/29/2026		28,900		(64	)			—				(64	)
7.62%	28-day	28-day MXN-TIIE	28-day	10/29/2026		43,375		(94	)			—				(94	)
7.52%	28-day	28-day MXN-TIIE	28-day	10/30/2026		89,445		(209	)			—				(209	)
							$	(10,966	)		$	—	15		$	(10,966	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)			Value at 12/31/2022 (000)				Upfront premium paid (000)				Unrealized depreciation at 12/31/2022 (000)
CDX.EM.38	1.00%	Quarterly	12/20/2027		USD5,650			$	331			$	350			$	(19	)
Centrally cleared credit default swaps on credit indices — sell protection
Financing rate received	Payment frequency	Reference index	Expiration date	Notional amount (000)		17	Value at 12/31/2022 (000)			18	Upfront premium (received) paid (000)				Unrealized appreciation at 12/31/2022 (000)
5.00%	Quarterly	CDX.NA.HY.39	12/20/2027		USD19,138			$	118			$	(134	)		$	252
1.00%	Quarterly	CDX.NA.IG.39	12/20/2027		97,747				781				547				234
								$	899			$	413			$	486

Investments in affiliates¹³

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)			Net unrealized appreciation (depreciation) (000)				Value of affiliates at 12/31/2022 (000)			Dividend income (000)
Investment funds 3.29%
Capital Group Central Corporate Bond Fund	$	—	$	47,078	$	—		$	—		$	1,598			$	48,676		$	306
Short-term securities 0.01%
Money market investments 0.01%
Capital Group Central Cash Fund 4.31%16		144,080		923,691		1,067,610			17			(11	)			167			2,751
Total 3.30%								$	17		$	1,587			$	48,843		$	3,057

224 American Funds Insurance Series

Capital World Bond Fund (continued)

Restricted securities²

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Goldman Sachs Group, Inc. 3.375% 3/27/2025	5/19/2020	$	5,689	$	5,327		.36	%
Goldman Sachs Group, Inc. 1.00% 3/18/2033	5/19/2021		3,239		2,091		.14
Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1	5/19/2020		6,045		5,177		.35
JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1	5/19/2020		3,381		2,944		.20
Total		$	18,354	$	15,539		1.05	%

1	Step bond; coupon rate may change at a later date.
2	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $15,539,000, which represented 1.05% of the net assets of the fund.
3	Scheduled interest and/or principal payment was not received.
4	Index-linked bond whose principal amount moves with a government price index.
5	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
6	Value determined using significant unobservable inputs.
7	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $166,829,000, which represented 11.26% of the net assets of the fund.
8	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,760,000, which represented .12% of the net assets of the fund.
9	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
10	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
11	Purchased on a TBA basis.
12	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $12,515,000, which represented .84% of the net assets of the fund.
13	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
14	Security did not produce income during the last 12 months.
15	Amount less than one thousand.
16	Rate represents the seven-day yield at 12/31/2022.
17	The maximum potential amount the fund may pay as a protection seller should a credit event occur.
18	The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

Key to abbreviations

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

CZK = Czech korunas

DAC = Designated Activity Company

DKK = Danish kroner

DOP = Dominican pesos

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

NZD = New Zealand dollars

PIK = Payment In Kind

PLN = Polish zloty

Ref. = Refunding

Rev. = Revenue

RON = Romanian leu

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

UAH = Ukrainian hryvnia

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series 225

American High-Income Trust

Investment portfolio December 31, 2022

Bonds, notes & other debt instruments 88.59%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 88.51%
Energy 14.19%
Aethon United BR, LP / Aethon United Finance Corp. 8.25% 2/15/20261	USD	295	$	293
Altera Infrastructure, LP 8.50% 7/15/20231,2,3		2,009		375
Antero Midstream Partners, LP 5.375% 6/15/20291		570		522
Antero Resources Corp. 7.625% 2/1/20291		244		246
Antero Resources Corp. 5.375% 3/1/20301		230		214
Apache Corp. 6.00% 1/15/2037		165		153
Apache Corp. 5.10% 9/1/2040		695		578
Apache Corp. 4.75% 4/15/2043		265		200
Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 11/1/20251,4,5		228		242
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20261		2,040		1,982
Ascent Resources Utica Holdings, LLC 9.00% 11/1/20271		170		210
Ascent Resources Utica Holdings, LLC 8.25% 12/31/20281		271		266
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291		1,245		1,112
BIP-V Chinook Holdco, LLC 5.50% 6/15/20311		1,610		1,409
Blue Racer Midstream, LLC 7.625% 12/15/20251		496		493
Bonanza Creek Energy, Inc. 5.00% 10/15/20261		905		829
California Resources Corp. 7.125% 2/1/20261		390		375
Callon Petroleum Co. 7.50% 6/15/20301		515		472
Centennial Resource Production, LLC 6.875% 4/1/20271		440		416
Cheniere Energy Partners, LP 4.50% 10/1/2029		938		846
Cheniere Energy Partners, LP 4.00% 3/1/2031		413		352
Cheniere Energy Partners, LP 3.25% 1/31/2032		615		490
Cheniere Energy, Inc. 4.625% 10/15/2028		3,831		3,470
Chesapeake Energy Corp. 4.875% 4/15/20222		4,300		97
Chesapeake Energy Corp. 5.50% 2/1/20261		1,000		966
Chesapeake Energy Corp. 5.875% 2/1/20291		1,670		1,585
Chesapeake Energy Corp. 6.75% 4/15/20291		380		371
CNX Midstream Partners, LP 4.75% 4/15/20301		280		230
CNX Resources Corp. 7.25% 3/14/20271		1,168		1,161
CNX Resources Corp. 6.00% 1/15/20291		1,669		1,538
CNX Resources Corp. 7.375% 1/15/20311		856		822
Comstock Resources, Inc. 6.75% 3/1/20291		910		823
Comstock Resources, Inc. 5.875% 1/15/20301		770		663
Constellation Oil Services Holding SA 4.00% PIK 12/31/20266		3,114		1,843
Continental Resources, Inc. 5.75% 1/15/20311		365		341
Crestwood Midstream Partners, LP 5.75% 4/1/2025		250		244
Crestwood Midstream Partners, LP 5.625% 5/1/20271		290		270
Crestwood Midstream Partners, LP 6.00% 2/1/20291		575		528
Crestwood Midstream Partners, LP 8.00% 4/1/20291		1,675		1,669
Devon Energy Corp. 5.875% 6/15/2028		202		205
Devon Energy Corp. 4.50% 1/15/2030		493		460
Diamond Foreign Asset Co. 9.00% Cash 4/22/20271,5,6		68		65
Diamond Foreign Asset Co. 9.00% Cash 4/22/20276		62		58
DT Midstream, Inc. 4.125% 6/15/20291		1,503		1,294
DT Midstream, Inc. 4.375% 6/15/20311		832		699
Energean Israel Finance, Ltd. 4.50% 3/30/20241		945		914
Energean Israel Finance, Ltd. 4.875% 3/30/20261		1,080		1,002
Energean Israel Finance, Ltd. 5.875% 3/30/20311		80		70
Energean PLC 6.50% 4/30/20271		380		354
EnLink Midstream Partners, LLC 5.625% 1/15/20281		445		425
EQM Midstream Partners, LP 4.125% 12/1/2026		127		113
EQM Midstream Partners, LP 7.50% 6/1/20271		405		397
EQM Midstream Partners, LP 6.50% 7/1/20271		2,345		2,245
EQM Midstream Partners, LP 5.50% 7/15/2028		881		789
EQM Midstream Partners, LP 4.50% 1/15/20291		835		703
EQM Midstream Partners, LP 7.50% 6/1/20301		1,078		1,040
EQM Midstream Partners, LP 4.75% 1/15/20311		1,645		1,348
EQM Midstream Partners, LP 6.50% 7/15/2048		910		684
EQT Corp. 6.125% 2/1/20257		250		251
EQT Corp. 5.00% 1/15/2029		290		273

226 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
EQT Corp. 7.25% 2/1/20307	USD	300	$	312
EQT Corp. 3.625% 5/15/20311		500		424
Genesis Energy, LP 5.625% 6/15/2024		120		116
Genesis Energy, LP 6.50% 10/1/2025		1,886		1,805
Genesis Energy, LP 6.25% 5/15/2026		320		293
Genesis Energy, LP 8.00% 1/15/2027		2,825		2,672
Genesis Energy, LP 7.75% 2/1/2028		87		80
Harbour Energy PLC 5.50% 10/15/20261		1,545		1,387
Harvest Midstream I, LP 7.50% 9/1/20281		1,947		1,863
Hess Midstream Operations, LP 4.25% 2/15/20301		1,300		1,113
Hess Midstream Operations, LP 5.50% 10/15/20301		630		577
Hess Midstream Partners, LP 5.125% 6/15/20281		851		788
Hilcorp Energy I, LP 6.25% 11/1/20281		145		132
Hilcorp Energy I, LP 5.75% 2/1/20291		985		878
Hilcorp Energy I, LP 6.00% 4/15/20301		922		821
Hilcorp Energy I, LP 6.00% 2/1/20311		728		631
Hilcorp Energy I, LP 6.25% 4/15/20321		835		722
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/20271		220		216
Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00% 2/1/20281		260		237
Howard Midstream Energy Partners, LLC 6.75% 1/15/20271		460		442
Independence Energy Finance, LLC 7.25% 5/1/20261		500		472
Kinetik Holdings, LP 5.875% 6/15/20301		500		470
Murphy Oil Corp. 5.75% 8/15/2025		139		137
Murphy Oil Corp. 5.625% 5/1/2027		135		131
Murphy Oil Corp. 6.375% 7/15/2028		415		400
Murphy Oil USA, Inc. 4.75% 9/15/2029		820		752
Murphy Oil USA, Inc. 3.75% 2/15/20311		1,065		878
Nabors Industries, Inc. 7.375% 5/15/20271		1,540		1,494
Nabors Industries, Ltd. 7.25% 1/15/20261		320		302
Neptune Energy Group Holdings, Ltd. 6.625% 5/15/20251		1,250		1,216
New Fortress Energy, Inc. 6.75% 9/15/20251		1,625		1,541
New Fortress Energy, Inc. 6.50% 9/30/20261		4,175		3,885
NGL Energy Operating, LLC 7.50% 2/1/20261		8,670		7,735
NGL Energy Partners, LP 6.125% 3/1/2025		2,054		1,677
NGL Energy Partners, LP 7.50% 4/15/2026		650		498
Northern Oil and Gas, Inc. 8.125% 3/1/20281		1,805		1,735
NorthRiver Midstream Finance, LP 5.625% 2/15/20261		625		593
NuStar Logistics, LP 6.00% 6/1/2026		286		276
Oasis Petroleum, Inc. 6.375% 6/1/20261		995		970
Occidental Petroleum Corp. 5.875% 9/1/2025		710		709
Occidental Petroleum Corp. 6.375% 9/1/2028		225		227
Occidental Petroleum Corp. 8.875% 7/15/2030		650		735
Occidental Petroleum Corp. 6.625% 9/1/2030		990		1,025
Occidental Petroleum Corp. 6.125% 1/1/2031		640		647
Occidental Petroleum Corp. 6.45% 9/15/2036		125		128
Occidental Petroleum Corp. 6.60% 3/15/2046		605		624
Occidental Petroleum Corp. 4.20% 3/15/2048		165		127
Parkland Corp. 4.625% 5/1/20301		835		692
Patterson-UTI Energy, Inc. 5.15% 11/15/2029		80		72
PDC Energy, Inc. 5.75% 5/15/2026		600		574
Petrobras Global Finance Co. 6.75% 6/3/2050		288		252
Petrobras Global Finance Co. 5.50% 6/10/2051		202		155
Petróleos Mexicanos 6.875% 10/16/2025		350		343
Petróleos Mexicanos 8.75% 6/2/2029		732		687
Petrorio Luxembourg SARL 6.125% 6/9/20261		320		305
Range Resources Corp. 4.875% 5/15/2025		362		344
Range Resources Corp. 8.25% 1/15/2029		900		929
Range Resources Corp. 4.75% 2/15/20301		970		856
Rockies Express Pipeline, LLC 4.95% 7/15/20291		550		495
Sabine Pass Liquefaction, LLC 4.50% 5/15/2030		371		345
Sanchez Energy Corp. 7.25% 2/15/20231,2		739		12

American Funds Insurance Series 227

American High-Income Trust(continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
SM Energy Co. 5.625% 6/1/2025	USD	430	$	413
Southwestern Energy Co. 5.95% 1/23/20257		215		212
Southwestern Energy Co. 7.75% 10/1/2027		272		278
Southwestern Energy Co. 8.375% 9/15/2028		565		584
Southwestern Energy Co. 5.375% 2/1/2029		340		316
Southwestern Energy Co. 5.375% 3/15/2030		2,470		2,257
Southwestern Energy Co. 4.75% 2/1/2032		1,225		1,049
Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 6/1/20311		335		285
Sunoco, LP 6.00% 4/15/2027		547		540
Sunoco, LP 5.875% 3/15/2028		290		275
Sunoco, LP 4.50% 5/15/2029		1,735		1,520
Sunoco, LP 4.50% 4/30/2030		1,680		1,461
Tallgrass Energy Partners, LP 7.50% 10/1/20251		85		86
Targa Resources Partners, LP 6.50% 7/15/2027		133		134
Targa Resources Partners, LP 6.875% 1/15/2029		915		924
Targa Resources Partners, LP 5.50% 3/1/2030		802		756
Targa Resources Partners, LP 4.875% 2/1/2031		695		629
Transocean Guardian, Ltd. 5.875% 1/15/20241		92		90
Transocean Poseidon, Ltd. 6.875% 2/1/20271		337		328
Transocean, Inc. 6.125% 8/1/20251		178		174
Transocean, Inc. 7.25% 11/1/20251		500		443
Transocean, Inc. 11.50% 1/30/20271		95		95
Transocean, Inc. 6.80% 3/15/2038		300		190
USA Compression Partners, LP 6.875% 4/1/2026		669		643
USA Compression Partners, LP 6.875% 9/1/2027		247		231
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311		2,795		2,386
Venture Global Calcasieu Pass, LLC 3.875% 11/1/20331		650		532
Weatherford International, Ltd. 11.00% 12/1/20241		185		189
Weatherford International, Ltd. 6.50% 9/15/20281		2,130		2,091
Weatherford International, Ltd. 8.625% 4/30/20301		3,485		3,353
Western Gas Partners, LP 4.50% 3/1/2028		979		904
Western Midstream Operating, LP 3.35% 2/1/20257		369		350
Western Midstream Operating, LP 4.75% 8/15/2028		160		146
Western Midstream Operating, LP 4.30% 2/1/20307		480		420
Western Midstream Operating, LP 5.50% 2/1/20507		770		636
				117,959
Consumer discretionary 12.43%
Adient Global Holdings, Ltd. 4.875% 8/15/20261		525		490
Affinity Gaming 6.875% 12/15/20271		1,040		883
Allied Universal Holdco, LLC 6.625% 7/15/20261		508		466
Allied Universal Holdco, LLC 9.75% 7/15/20271		716		624
Allied Universal Holdco, LLC 4.625% 6/1/20281		490		406
Allied Universal Holdco, LLC 6.00% 6/1/20291		2,790		2,029
Asbury Automotive Group, Inc. 4.50% 3/1/2028		250		220
Asbury Automotive Group, Inc. 4.625% 11/15/20291		1,545		1,304
Asbury Automotive Group, Inc. 5.00% 2/15/20321		1,070		882
Atlas LuxCo 4 SARL 4.625% 6/1/20281		280		227
AutoNation, Inc. 2.40% 8/1/2031		610		440
Bath & Body Works, Inc. 6.625% 10/1/20301		540		508
Bath & Body Works, Inc. 6.875% 11/1/2035		1,316		1,172
Bath & Body Works, Inc. 6.75% 7/1/2036		655		577
Beazer Homes USA, Inc. 5.875% 10/15/2027		540		473
Boyd Gaming Corp. 4.75% 12/1/2027		441		411
Boyd Gaming Corp. 4.75% 6/15/20311		345		301
Boyne USA, Inc. 4.75% 5/15/20291		570		505
Caesars Entertainment, Inc. 6.25% 7/1/20251		1,085		1,056
Caesars Entertainment, Inc. 8.125% 7/1/20271		665		655
Caesars Entertainment, Inc. 4.625% 10/15/20291		560		457
Caesars Resort Collection, LLC 5.75% 7/1/20251		345		338

228 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Carnival Corp. 10.50% 2/1/20261	USD	1,405	$	1,414
Carnival Corp. 4.00% 8/1/20281		3,000		2,452
Carnival Corp. 6.00% 5/1/20291		655		438
Carnival Corp. 10.50% 6/1/20301		100		81
CDI Escrow Issuer, Inc. 5.75% 4/1/20301		615		552
CEC Entertainment, Inc. 6.75% 5/1/20261		320		298
Dana, Inc. 4.25% 9/1/2030		200		161
Dana, Inc. 4.50% 2/15/2032		375		300
Empire Communities Corp. 7.00% 12/15/20251		475		430
Empire Resorts, Inc. 7.75% 11/1/20261		470		378
Everi Holdings, Inc. 5.00% 7/15/20291		95		82
Fertitta Entertainment, Inc. 4.625% 1/15/20291		1,260		1,068
Fertitta Entertainment, Inc. 6.75% 1/15/20301		4,090		3,307
First Student Bidco, Inc. 4.00% 7/31/20291		2,135		1,769
Ford Motor Co. 5.291% 12/8/2046		70		54
Ford Motor Credit Company, LLC 5.125% 6/16/2025		2,215		2,134
Ford Motor Credit Company, LLC 3.375% 11/13/2025		465		421
Ford Motor Credit Company, LLC 4.542% 8/1/2026		1,460		1,348
Ford Motor Credit Company, LLC 2.70% 8/10/2026		350		304
Ford Motor Credit Company, LLC 4.271% 1/9/2027		525		476
Ford Motor Credit Company, LLC 4.95% 5/28/2027		370		346
Ford Motor Credit Company, LLC 4.125% 8/17/2027		835		749
Ford Motor Credit Company, LLC 3.815% 11/2/2027		880		775
Ford Motor Credit Company, LLC 2.90% 2/16/2028		300		248
Ford Motor Credit Company, LLC 5.113% 5/3/2029		200		182
Ford Motor Credit Company, LLC 4.00% 11/13/2030		570		469
Group 1 Automotive, Inc. 4.00% 8/15/20281		615		522
Hanesbrands, Inc. 4.625% 5/15/20241		1,945		1,887
Hanesbrands, Inc. 4.875% 5/15/20261		1,624		1,454
Hilton Grand Vacations Borrower 5.00% 6/1/20291		591		509
Hilton Worldwide Holdings, Inc. 3.75% 5/1/20291		200		173
Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030		408		370
Hilton Worldwide Holdings, Inc. 4.00% 5/1/20311		1,520		1,275
International Game Technology PLC 6.50% 2/15/20251		911		918
International Game Technology PLC 4.125% 4/15/20261		915		855
International Game Technology PLC 5.25% 1/15/20291		4,120		3,846
Jacobs Entertainment, Inc. 6.75% 2/15/20291		505		456
KB Home 6.875% 6/15/2027		330		333
KB Home 7.25% 7/15/2030		330		321
Kontoor Brands, Inc. 4.125% 11/15/20291		370		303
Las Vegas Sands Corp. 3.20% 8/8/2024		400		378
LCM Investments Holdings II, LLC 4.875% 5/1/20291		2,565		2,057
Levi Strauss & Co. 3.50% 3/1/20311		430		342
Lindblad Expeditions, LLC 6.75% 2/15/20271		205		186
Lithia Motors, Inc. 4.625% 12/15/20271		270		244
Lithia Motors, Inc. 3.875% 6/1/20291		1,165		959
Lithia Motors, Inc. 4.375% 1/15/20311		830		677
LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 2/15/20261		335		297
M.D.C. Holdings, Inc. 6.00% 1/15/2043		573		468
Marriott International, Inc. 3.50% 10/15/2032		470		392
Marriott International, Inc. 2.75% 10/15/2033		430		329
Marriott Ownership Resorts, Inc. 4.50% 6/15/20291		370		307
Mattel, Inc. 3.75% 4/1/20291		490		431
Melco International Development, Ltd. 4.875% 6/6/20251		440		405
Melco International Development, Ltd. 5.75% 7/21/20281		595		498
Melco International Development, Ltd. 5.375% 12/4/20291		1,221		982
Melco Resorts Finance, Ltd. 5.25% 4/26/20261		300		264
Merlin Entertainment 5.75% 6/15/20261		492		461
MGM Resorts International 6.00% 3/15/2023		281		281
MGM Resorts International 5.50% 4/15/2027		401		374
Mohegan Gaming & Entertainment 8.00% 2/1/20261		370		347

American Funds Insurance Series 229

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Motel 6 Operating, LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 9.318% 9/9/20264,5	USD	512	$	506
NCL Corp., Ltd. 3.625% 12/15/20241		300		257
NCL Corp., Ltd. 5.875% 3/15/20261		405		319
NCL Corp., Ltd. 5.875% 2/15/20271		1,510		1,310
NCL Corp., Ltd. 7.75% 2/15/20291		360		271
Neiman Marcus Group, LLC 7.125% 4/1/20261		1,650		1,549
Panther BF Aggregator 2, LP 6.25% 5/15/20261		140		137
Panther BF Aggregator 2, LP 8.50% 5/15/20271		455		445
Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/20251,5		240		65
Party City Holdings, Inc. 8.75% 2/15/20261		7,577		2,197
Party City Holdings, Inc. 6.625% 8/1/20261		500		13
Penske Automotive Group, Inc. 3.75% 6/15/2029		670		545
PetSmart, Inc. 4.75% 2/15/20281		710		644
PetSmart, Inc. 7.75% 2/15/20291		1,190		1,120
Premier Entertainment Sub, LLC 5.625% 9/1/20291		1,065		787
Premier Entertainment Sub, LLC 5.875% 9/1/20311		375		266
QVC, Inc. 4.85% 4/1/2024		75		70
QVC, Inc. 4.375% 9/1/2028		121		73
Raptor Acquisition Corp. 4.875% 11/1/20261		550		489
Real Hero Merger Sub 2, Inc. 6.25% 2/1/20291		480		330
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20251		2,371		2,548
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261		1,820		1,473
Royal Caribbean Cruises, Ltd. 5.50% 8/31/20261		715		602
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20271		1,365		1,107
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028		1,370		1,009
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281		710		568
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291		1,775		1,786
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20291		1,010		1,039
Sally Holdings, LLC 5.625% 12/1/2025		1,030		994
Sands China, Ltd. 5.625% 8/8/2025		275		263
Sands China, Ltd. 5.90% 8/8/2028		200		188
Sands China, Ltd. 4.875% 6/18/2030		550		484
Sands China, Ltd. 3.75% 8/8/20317		560		441
Scientific Games Corp. 8.625% 7/1/20251		1,215		1,242
Scientific Games Corp. 7.00% 5/15/20281		985		941
Scientific Games Corp. 7.25% 11/15/20291		960		923
Scientific Games Holdings, LP 6.625% 3/1/20301		845		715
Sonic Automotive, Inc. 4.625% 11/15/20291		1,565		1,255
Sonic Automotive, Inc. 4.875% 11/15/20311		2,180		1,717
Studio City Finance, Ltd. 6.00% 7/15/20251		690		599
Studio City Finance, Ltd. 5.00% 1/15/20291		550		407
Tempur Sealy International, Inc. 4.00% 4/15/20291		435		366
The Gap, Inc. 3.625% 10/1/20291		170		120
The Gap, Inc. 3.875% 10/1/20311		108		76
The Home Co., Inc. 7.25% 10/15/20251		660		568
Travel + Leisure Co. 6.00% 4/1/2027		205		195
Travel + Leisure Co. 4.50% 12/1/20291		1,155		943
Universal Entertainment Corp. 8.50% 12/11/20241		2,945		2,751
Vail Resorts, Inc. 6.25% 5/15/20251		315		316
VICI Properties, LP 4.25% 12/1/20261		462		432
VICI Properties, LP / VICI Note Co., Inc. 5.625% 5/1/20241		447		443
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261		1,245		1,175
Wheel Pros, Inc. 6.50% 5/15/20291		1,280		454
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 8.825% 5/11/20284,5		948		647
Wyndham Destinations, Inc. 6.625% 7/31/20261		695		681
Wyndham Destinations, Inc. 4.625% 3/1/20301		400		332
Wyndham Worldwide Corp. 4.375% 8/15/20281		765		688
Wynn Las Vegas, LLC 4.25% 5/30/20231		861		850
Wynn Macau, Ltd. 5.625% 8/26/20281		900		771

230 American Funds Insurance Series

American High-Income Trust(continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Wynn Resorts Finance, LLC 7.75% 4/15/20251	USD	494	$	492
Wynn Resorts Finance, LLC 5.125% 10/1/20291		482		414
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 9.884% 9/1/20274,5		465		421
				103,390
Communication services 10.50%
Altice France Holding SA 10.50% 5/15/20271		1,650		1,262
Altice France SA 5.125% 7/15/20291		1,677		1,260
Brightstar Escrow Corp. 9.75% 10/15/20251		140		129
Cablevision Systems Corp. 5.375% 2/1/20281		457		369
CCO Holdings, LLC 5.00% 2/1/20281		586		533
CCO Holdings, LLC 6.375% 9/1/20291		300		283
CCO Holdings, LLC 4.75% 3/1/20301		3,437		2,972
CCO Holdings, LLC 4.50% 8/15/20301		3,029		2,509
CCO Holdings, LLC 4.25% 2/1/20311		3,065		2,465
CCO Holdings, LLC 4.75% 2/1/20321		1,225		996
CCO Holdings, LLC 4.50% 5/1/2032		1,024		817
CCO Holdings, LLC 4.50% 6/1/20331		1,330		1,023
CCO Holdings, LLC 4.25% 1/15/20341		2,040		1,510
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 5/1/20261		102		99
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 6/1/20291		360		326
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031		140		109
Centerfield Media Parent, Inc. 6.625% 8/1/20261		960		616
Cinemark USA, Inc. 5.875% 3/15/20261		278		232
Clear Channel Worldwide Holdings, Inc. 7.75% 4/15/20281		570		417
Clear Channel Worldwide Holdings, Inc. 7.50% 6/1/20291		315		232
Cogent Communications Group, Inc. 3.50% 5/1/20261		450		409
Connect Finco SARL 6.75% 10/1/20261		725		673
Consolidated Communications, Inc. 5.00% 10/1/20281		225		166
CSC Holdings, LLC 6.50% 2/1/20291		600		492
CSC Holdings, LLC 3.375% 2/15/20311		700		458
Diamond Sports Group, LLC 5.375% 8/15/20261		503		60
Diamond Sports Group, LLC 6.625% 8/15/20271		1,056		12
DIRECTV Financing, LLC 5.875% 8/15/20271		3,010		2,699
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 9.384% 8/2/20274,5		1,655		1,613
DISH Network Corp. 11.75% 11/15/20271		3,950		4,073
Embarq Corp. 7.995% 6/1/2036		2,867		1,339
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 12.134% 7/31/20284,5		365		361
Frontier Communications Corp. 5.875% 10/15/20271		1,455		1,354
Frontier Communications Corp. 5.00% 5/1/20281		3,780		3,304
Frontier Communications Corp. 6.75% 5/1/20291		1,990		1,649
Frontier Communications Holdings, LLC 5.875% 11/1/2029		1,390		1,077
Frontier Communications Holdings, LLC 6.00% 1/15/20301		750		590
Frontier Communications Holdings, LLC 8.75% 5/15/20301		970		988
Gray Escrow II, Inc. 5.375% 11/15/20311		925		668
Gray Television, Inc. 5.875% 7/15/20261		203		181
Gray Television, Inc. 7.00% 5/15/20271		1,018		904
Gray Television, Inc. 4.75% 10/15/20301		397		288
iHeartCommunications, Inc. 5.25% 8/15/20271		1,995		1,693
iHeartCommunications, Inc. 4.75% 1/15/20281		250		204
Iliad Holding SAS 6.50% 10/15/20261		630		585
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.23% 12/4/20264,5		385		357
Lamar Media Corp. 3.75% 2/15/2028		61		55
Lamar Media Corp. 4.875% 1/15/2029		300		277
Lamar Media Corp. 4.00% 2/15/2030		260		228
Level 3 Financing, Inc. 3.75% 7/15/20291		855		616

American Funds Insurance Series 231

American High-Income Trust(continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Ligado Networks, LLC 15.50% PIK 11/1/20231,6	USD	2,149	$	701
Live Nation Entertainment, Inc. 4.75% 10/15/20271		250		223
Live Nation Entertainment, Inc. 3.75% 1/15/20281		425		363
Match Group, Inc. 4.625% 6/1/20281		308		275
Match Group, Inc. 5.625% 2/15/20291		300		280
McGraw-Hill Education, Inc. 5.75% 8/1/20281		520		438
Midas OpCo Holdings, LLC 5.625% 8/15/20291		3,110		2,570
Netflix, Inc. 4.875% 4/15/2028		310		300
News Corp. 3.875% 5/15/20291		1,620		1,408
News Corp. 5.125% 2/15/20321		1,760		1,604
Nexstar Broadcasting, Inc. 4.75% 11/1/20281		2,910		2,522
Nexstar Escrow Corp. 5.625% 7/15/20271		324		298
Scripps Escrow II, Inc. 3.875% 1/15/20291		750		603
Sinclair Television Group, Inc. 4.125% 12/1/20301		710		533
Sirius XM Radio, Inc. 3.125% 9/1/20261		1,600		1,423
Sirius XM Radio, Inc. 4.00% 7/15/20281		2,385		2,080
Sirius XM Radio, Inc. 4.125% 7/1/20301		445		368
Sirius XM Radio, Inc. 3.875% 9/1/20311		2,590		2,026
Sprint Corp. 7.625% 3/1/2026		480		506
Sprint Corp. 6.875% 11/15/2028		1,656		1,723
Sprint Corp. 8.75% 3/15/2032		1,751		2,088
TEGNA, Inc. 5.00% 9/15/2029		366		348
T-Mobile US, Inc. 3.375% 4/15/2029		860		759
Univision Communications, Inc. 5.125% 2/15/20251		3,195		3,049
Univision Communications, Inc. 6.625% 6/1/20271		3,050		2,949
Univision Communications, Inc. 4.50% 5/1/20291		4,500		3,772
Univision Communications, Inc. 7.375% 6/30/20301		935		895
Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 8.83% 6/24/20294,5		69		69
UPC Broadband Finco BV 4.875% 7/15/20311		430		359
Virgin Media O2 4.25% 1/31/20311		1,975		1,603
Virgin Media Secured Finance PLC 4.50% 8/15/20301		990		829
VZ Secured Financing BV 5.00% 1/15/20321		1,060		863
Warner Music Group 3.75% 12/1/20291		1,645		1,417
Warner Music Group 3.875% 7/15/20301		780		673
Warner Music Group 3.00% 2/15/20311		225		180
WarnerMedia Holdings, Inc. 4.279% 3/15/20321		298		246
Ziggo Bond Co. BV 5.125% 2/28/20301		419		339
Ziggo Bond Finance BV 4.875% 1/15/20301		1,350		1,132
				87,346
Materials 9.94%
Alcoa Nederland Holding BV 5.50% 12/15/20271		510		492
Alcoa Nederland Holding BV 4.125% 3/31/20291		430		382
Allegheny Technologies, Inc. 5.875% 12/1/2027		180		172
Allegheny Technologies, Inc. 4.875% 10/1/2029		1,575		1,394
Allegheny Technologies, Inc. 5.125% 10/1/2031		1,170		1,036
ArcelorMittal 7.00% 10/15/2039		488		497
ArcelorMittal 6.75% 3/1/2041		755		731
Arconic Corp. 6.00% 5/15/20251		360		355
Arconic Rolled Products Corp. 6.125% 2/15/20281		200		188
Ardagh Group SA 6.50% Cash 6/30/20271,6		422		294
Ardagh Metal Packaging Finance USA, LLC 6.00% 6/15/20271		750		735
Ardagh Metal Packaging Finance USA, LLC 3.25% 9/1/20281		500		425
Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/20291		550		437
Ardagh Packaging Finance 4.125% 8/15/20261		900		782
Avient Corp. 7.125% 8/1/20301		335		328
Axalta Coating Systems, LLC 4.75% 6/15/20271		460		426
Ball Corp. 6.875% 3/15/2028		1,065		1,095
Ball Corp. 2.875% 8/15/2030		160		128

232 American Funds Insurance Series

American High-Income Trust(continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Ball Corp. 3.125% 9/15/2031	USD	1,660	$	1,335
BWAY Parent Co., Inc. 5.50% 4/15/20241		1,464		1,427
BWAY Parent Co., Inc. 7.25% 4/15/20251		625		579
BWAY Parent Co., Inc., Term Loan,
(3-month USD-LIBOR + 3.25%) 7.37% 4/3/20244,5		255		250
CAN-PACK SA 3.875% 11/15/20291		1,300		1,026
Cleveland-Cliffs, Inc. 6.75% 3/15/20261		262		263
Cleveland-Cliffs, Inc. 7.00% 3/15/2027		297		281
Cleveland-Cliffs, Inc. 5.875% 6/1/2027		3,243		3,104
Cleveland-Cliffs, Inc. 4.625% 3/1/20291		1,981		1,761
Cleveland-Cliffs, Inc. 4.875% 3/1/20311		2,875		2,543
Crown Holdings, Inc. 5.25% 4/1/20301		240		227
CVR Partners, LP 6.125% 6/15/20281		1,125		1,011
Element Solutions, Inc. 3.875% 9/1/20281		410		349
First Quantum Minerals, Ltd. 7.50% 4/1/20251		3,893		3,797
First Quantum Minerals, Ltd. 6.875% 3/1/20261		2,926		2,775
First Quantum Minerals, Ltd. 6.875% 10/15/20271		7,610		7,156
Freeport-McMoRan, Inc. 4.25% 3/1/2030		437		398
Freeport-McMoRan, Inc. 5.45% 3/15/2043		411		372
FXI Holdings, Inc. 7.875% 11/1/20241		6,248		5,204
FXI Holdings, Inc. 12.25% 11/15/20261		7,432		6,165
GPC Merger Sub, Inc. 7.125% 8/15/20281		334		279
Graphic Packaging International, LLC 3.75% 2/1/20301		790		673
Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.934% 3/15/20294,5		454		391
Kaiser Aluminum Corp. 4.625% 3/1/20281		638		558
LABL, Inc. 5.875% 11/1/20281		730		637
LABL, Inc. 8.25% 11/1/20291		490		391
LSB Industries, Inc. 6.25% 10/15/20281		1,620		1,484
Methanex Corp. 5.125% 10/15/2027		3,870		3,596
Methanex Corp. 5.25% 12/15/2029		1,217		1,082
Methanex Corp. 5.65% 12/1/2044		465		355
Mineral Resources, Ltd. 8.00% 11/1/20271		1,292		1,323
Mineral Resources, Ltd. 8.50% 5/1/20301		1,270		1,289
Neon Holdings, Inc. 10.125% 4/1/20261		595		508
Nova Chemicals Corp. 4.875% 6/1/20241		760		737
Nova Chemicals Corp. 5.25% 6/1/20271		2,036		1,834
Nova Chemicals Corp. 4.25% 5/15/20291		2,330		1,908
Novelis Corp. 3.25% 11/15/20261		825		741
Novelis Corp. 4.75% 1/30/20301		563		500
Novelis Corp. 3.875% 8/15/20311		1,122		918
Olin Corp. 5.625% 8/1/2029		200		190
Olin Corp. 5.00% 2/1/2030		180		165
Owens-Illinois, Inc. 5.875% 8/15/20231		191		190
Owens-Illinois, Inc. 6.375% 8/15/20251		265		260
SCIH Salt Holdings, Inc. 4.875% 5/1/20281		2,185		1,879
SCIH Salt Holdings, Inc. 6.625% 5/1/20291		1,225		988
Scotts Miracle-Gro Co. 4.50% 10/15/2029		379		308
Scotts Miracle-Gro Co. 4.375% 2/1/2032		455		344
Sealed Air Corp. 4.00% 12/1/20271		316		287
Sealed Air Corp. 5.00% 4/15/20291		690		650
Silgan Holdings, Inc. 4.125% 2/1/2028		377		350
SPCM SA 3.375% 3/15/20301		400		323
Summit Materials, LLC 6.50% 3/15/20271		360		353
Summit Materials, LLC 5.25% 1/15/20291		755		704
Trivium Packaging BV 5.50% 8/15/20261		330		303
Trivium Packaging BV 8.50% 8/15/20271		703		646
Tronox, Ltd. 4.625% 3/15/20291		730		608
Valvoline, Inc. 4.25% 2/15/20301		353		343
Valvoline, Inc. 3.625% 6/15/20311		410		337
Venator Finance SARL 9.50% 7/1/20251		1,538		1,115

American Funds Insurance Series 233

American High-Income Trust(continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Venator Finance SARL 5.75% 7/15/20251	USD	3,501	$	1,201
W. R. Grace Holdings, LLC 5.625% 8/15/20291		440		356
Warrior Met Coal, Inc. 7.875% 12/1/20281		1,680		1,658
				82,682
Health care 9.93%
1375209 BC, Ltd. 9.00% 1/30/20281		720		705
AdaptHealth, LLC 5.125% 3/1/20301		625		533
Avantor Funding, Inc. 4.625% 7/15/20281		2,380		2,167
Avantor Funding, Inc. 3.875% 11/1/20291		500		420
Bausch Health Americas, Inc. 9.25% 4/1/20261		1,789		1,255
Bausch Health Americas, Inc. 8.50% 1/31/20271		252		132
Bausch Health Companies, Inc. 9.00% 12/15/20251		1,591		1,258
Bausch Health Companies, Inc. 6.125% 2/1/20271		245		169
Bausch Health Companies, Inc. 5.75% 8/15/20271		865		590
Bausch Health Companies, Inc. 7.00% 1/15/20281		413		200
Bausch Health Companies, Inc. 5.00% 1/30/20281		1,357		653
Bausch Health Companies, Inc. 4.875% 6/1/20281		3,390		2,163
Bausch Health Companies, Inc. 5.00% 2/15/20291		310		149
Bausch Health Companies, Inc. 7.25% 5/30/20291		340		165
Bausch Health Companies, Inc. 5.25% 1/30/20301		1,712		824
Bausch Health Companies, Inc. 14.00% 10/15/20301		550		329
Bausch Health Companies, Inc. 5.25% 2/15/20311		3,762		1,828
Catalent Pharma Solutions, Inc. 5.00% 7/15/20271		290		270
Catalent Pharma Solutions, Inc. 3.125% 2/15/20291		285		227
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301		1,310		1,036
Centene Corp. 4.25% 12/15/2027		344		323
Centene Corp. 2.45% 7/15/2028		2,255		1,908
Centene Corp. 4.625% 12/15/2029		2,035		1,864
Centene Corp. 3.375% 2/15/2030		422		358
Centene Corp. 3.00% 10/15/2030		720		592
Centene Corp. 2.50% 3/1/2031		1,245		977
Centene Corp. 2.625% 8/1/2031		400		315
Charles River Laboratories International, Inc. 4.25% 5/1/20281		561		518
Charles River Laboratories International, Inc. 3.75% 3/15/20291		680		602
Charles River Laboratories International, Inc. 4.00% 3/15/20311		400		347
Community Health Systems, Inc. 8.00% 3/15/20261		580		529
Community Health Systems, Inc. 5.625% 3/15/20271		1,645		1,414
Community Health Systems, Inc. 6.00% 1/15/20291		348		292
Community Health Systems, Inc. 6.875% 4/15/20291		240		124
Community Health Systems, Inc. 5.25% 5/15/20301		1,370		1,035
Community Health Systems, Inc. 4.75% 2/15/20311		100		73
DaVita, Inc. 4.625% 6/1/20301		850		686
Encompass Health Corp. 4.50% 2/1/2028		496		451
Encompass Health Corp. 4.75% 2/1/2030		285		251
Endo DAC 6.00% 6/30/20281,2		2,313		127
Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 7/31/20271,2		311		44
Endo International PLC 5.875% 10/15/20241		520		413
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/20291		660		502
Grifols Escrow Issuer SA 4.75% 10/15/20281		630		545
HCA, Inc. 5.625% 9/1/2028		1,300		1,295
HCA, Inc. 5.875% 2/1/2029		255		255
HCA, Inc. 3.50% 9/1/2030		1,215		1,051
HCA, Inc. 4.625% 3/15/20521		233		182
HCA, Inc. 7.50% 11/15/2095		250		269
HealthEquity, Inc. 4.50% 10/1/20291		600		525
IMS Health Holdings, Inc. 5.00% 10/15/20261		823		788
Jazz Securities DAC 4.375% 1/15/20291		461		412
Mallinckrodt PLC 10.00% 4/15/20251		939		808
Minerva Merger Sub, Inc. 6.50% 2/15/20301		640		473

234 American Funds Insurance Series

American High-Income Trust(continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Molina Healthcare, Inc. 4.375% 6/15/20281	USD	1,055	$	965
Molina Healthcare, Inc. 3.875% 11/15/20301		2,309		1,960
Molina Healthcare, Inc. 3.875% 5/15/20321		2,275		1,893
Mozart Debt Merger Sub, Inc. 3.875% 4/1/20291		220		178
Mozart Debt Merger Sub, Inc. 5.25% 10/1/20291		1,425		1,134
Option Care Health, Inc. 4.375% 10/31/20291		290		254
Organon Finance 1, LLC 4.125% 4/30/20281		535		475
Owens & Minor, Inc. 4.375% 12/15/2024		1,185		1,147
Owens & Minor, Inc. 4.50% 3/31/20291		1,145		914
Owens & Minor, Inc. 6.625% 4/1/20301		675		581
Par Pharmaceutical, Inc. 7.50% 4/1/20271		4,665		3,555
Radiology Partners, Inc. 9.25% 2/1/20281		1,873		1,054
Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 8.639% 7/9/20254,5		95		80
RP Escrow Issuer, LLC 5.25% 12/15/20251		1,175		899
Select Medical Holdings Corp. 6.25% 8/15/20261		554		528
Surgery Center Holdings 10.00% 4/15/20271		244		249
Syneos Health, Inc. 3.625% 1/15/20291		530		423
Team Health Holdings, Inc. 6.375% 2/1/20251		704		407
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.573% 3/2/20274,5		276		209
Tenet Healthcare Corp. 4.625% 7/15/2024		130		127
Tenet Healthcare Corp. 4.875% 1/1/20261		5,600		5,307
Tenet Healthcare Corp. 6.25% 2/1/20271		500		481
Tenet Healthcare Corp. 5.125% 11/1/20271		265		247
Tenet Healthcare Corp. 4.625% 6/15/20281		890		798
Tenet Healthcare Corp. 6.125% 10/1/20281		740		664
Tenet Healthcare Corp. 4.25% 6/1/20291		990		859
Tenet Healthcare Corp. 4.375% 1/15/20301		1,340		1,162
Tenet Healthcare Corp. 6.875% 11/15/2031		100		90
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024		3,379		3,319
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025		1,984		1,976
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		3,314		2,905
Teva Pharmaceutical Finance Co. BV 4.75% 5/9/2027		570		516
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028		1,888		1,845
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029		6,865		6,123
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046		412		253
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/20251		4,190		3,568
				82,566
Industrials 8.97%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20261		990		954
ADT Security Corp. 4.125% 8/1/20291		200		170
Allison Transmission Holdings, Inc. 3.75% 1/30/20311		1,235		1,017
Ashtead Capital, Inc. 5.50% 8/11/20321		600		576
Atkore, Inc. 4.25% 6/1/20311		385		331
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 10.134% 9/21/20294,5		2,899		2,813
ATS Automation Tooling Systems, Inc. 4.125% 12/15/20281		275		238
Avis Budget Car Rental, LLC 5.75% 7/15/20271		885		802
Avis Budget Group, Inc. 5.375% 3/1/20291		1,215		1,041
Avolon Holdings Funding, Ltd. 5.25% 5/15/20241		660		647
Avolon Holdings Funding, Ltd. 2.528% 11/18/20271		2,098		1,680
BlueLinx Holdings, Inc. 6.00% 11/15/20291		500		416
Bohai Financial Investment Holding Co., Ltd. 4.50% 3/15/20231		132		132
Bombardier, Inc. 7.50% 3/15/20251		593		588
Bombardier, Inc. 7.125% 6/15/20261		3,395		3,300
Bombardier, Inc. 7.875% 4/15/20271		3,978		3,867
Bombardier, Inc. 6.00% 2/15/20281		1,335		1,236
Bombardier, Inc. 7.45% 5/1/20341		450		452

American Funds Insurance Series 235

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Builders FirstSource, Inc. 4.25% 2/1/20321	USD	735	$	597
BWX Technologies, Inc. 4.125% 6/30/20281		515		464
BWX Technologies, Inc. 4.125% 4/15/20291		1,005		881
Chart Industries, Inc. 7.50% 1/1/20301		523		526
Clarivate Science Holdings Corp. 3.875% 7/1/20281		1,595		1,384
Clarivate Science Holdings Corp. 4.875% 7/1/20291		1,265		1,077
Clean Harbors, Inc. 4.875% 7/15/20271		766		727
CoreLogic, Inc. 4.50% 5/1/20281		4,279		3,288
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/20294,5		660		480
Covanta Holding Corp. 4.875% 12/1/20291		1,295		1,063
Covanta Holding Corp. 5.00% 9/1/2030		1,590		1,287
Dun & Bradstreet Corp. 5.00% 12/15/20291		1,585		1,358
Garda World Security Corp. 6.00% 6/1/20291		150		122
GFL Environmental, Inc. 3.50% 9/1/20281		765		673
Harsco Corp. 5.75% 7/31/20271		700		554
Herc Holdings, Inc. 5.50% 7/15/20271		200		187
Howmet Aerospace, Inc. 5.95% 2/1/2037		150		146
Icahn Enterprises Finance Corp. 4.75% 9/15/2024		1,080		1,038
Icahn Enterprises, LP 5.25% 5/15/2027		277		254
Icahn Enterprises, LP 4.375% 2/1/2029		675		572
JELD-WEN Holding, Inc. 4.875% 12/15/20271		543		410
LABL Escrow Issuer, LLC 6.75% 7/15/20261		450		425
LABL Escrow Issuer, LLC 10.50% 7/15/20271		1,310		1,221
LSC Communications, Inc. 8.75% 10/15/20231,2,3		8,933		27
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 7.75% 9/30/20222,3,4,5		301		1
Masonite International Corp. 3.50% 2/15/20301		530		429
MasTec, Inc. 4.50% 8/15/20281		460		413
Mileage Plus Holdings, LLC 6.50% 6/20/20271		3,543		3,530
Mueller Water Products, Inc. 4.00% 6/15/20291		275		242
Park River Holdings, Inc. 5.625% 2/1/20291		775		517
PGT Innovations, Inc. 4.375% 10/1/20291		1,125		943
Pitney Bowes, Inc. 6.875% 3/15/20271		600		514
PM General Purchaser, LLC 9.50% 10/1/20281		2,428		1,855
Prime Security Services Borrower, LLC 3.375% 8/31/20271		475		411
Prime Security Services Borrower, LLC 6.25% 1/15/20281		627		572
R.R. Donnelley & Sons Co. 6.125% 11/1/20261		375		351
Roller Bearing Company of America, Inc. 4.375% 10/15/20291		170		147
Rolls-Royce PLC 5.75% 10/15/20271		720		687
Sensata Technologies, Inc. 3.75% 2/15/20311		500		412
SkyMiles IP, Ltd. 4.75% 10/20/20281		1,975		1,859
Spirit AeroSystems, Inc. 4.60% 6/15/2028		1,410		1,141
Spirit AeroSystems, Inc. 9.375% 11/30/20291		980		1,033
SRS Distribution, Inc. 4.625% 7/1/20281		480		426
Stericycle, Inc. 5.375% 7/15/20241		1,135		1,120
Stericycle, Inc. 3.875% 1/15/20291		940		821
The Brink’s Co. 4.625% 10/15/20271		719		659
The Hertz Corp. 5.00% 12/1/20291		380		289
Titan International, Inc. 7.00% 4/30/2028		750		709
TransDigm, Inc. 6.25% 3/15/20261		1,638		1,619
TransDigm, Inc. 6.875% 5/15/2026		460		450
TransDigm, Inc. 6.375% 6/15/2026		240		234
TransDigm, Inc. 5.50% 11/15/2027		855		805
TransDigm, Inc. 4.625% 1/15/2029		155		137
TransDigm, Inc. 4.875% 5/1/2029		220		192
Triumph Group, Inc. 8.875% 6/1/20241		633		645
Triumph Group, Inc. 6.25% 9/15/20241		4,812		4,569
Triumph Group, Inc. 7.75% 8/15/2025		1,260		1,074
Uber Technologies, Inc. 8.00% 11/1/20261		498		501
United Airlines, Inc. 4.375% 4/15/20261		285		265
United Airlines, Inc. 4.625% 4/15/20291		505		441

236 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
United Rentals, Inc. 4.875% 1/15/2028	USD	680	$	646
United Rentals, Inc. 6.00% 12/15/20291		910		906
United Rentals, Inc. 3.875% 2/15/2031		525		441
United Rentals, Inc. 3.75% 1/15/2032		450		368
Vertical U.S. Newco, Inc. 5.25% 7/15/20271		1,495		1,330
WESCO Distribution, Inc. 7.125% 6/15/20251		675		685
WESCO Distribution, Inc. 7.25% 6/15/20281		825		837
Western Global Airlines, LLC 10.375% 8/15/20251		475		357
				74,604
Financials 7.26%
Advisor Group Holdings, LLC 6.25% 3/1/20281		2,191		2,017
AG Merger Sub II, Inc. 10.75% 8/1/20271		3,800		3,852
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271		1,058		1,069
Alliant Holdings Intermediate, LLC 4.25% 10/15/20271		890		798
Alliant Holdings Intermediate, LLC 6.75% 10/15/20271		1,741		1,569
Alliant Holdings Intermediate, LLC 5.875% 11/1/20291		1,560		1,285
AmWINS Group, Inc. 4.875% 6/30/20291		1,260		1,070
Aretec Escrow Issuer, Inc. 7.50% 4/1/20291		2,875		2,379
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/20294,5		1,245		1,096
AssuredPartners, Inc. 8.00% 5/15/20271		437		419
AssuredPartners, Inc. 5.625% 1/15/20291		365		301
Blackstone Private Credit Fund 7.05% 9/29/20251		640		636
BroadStreet Partners, Inc. 5.875% 4/15/20291		575		490
Castlelake Aviation Finance DAC 5.00% 4/15/20271		1,115		972
Coinbase Global, Inc. 3.375% 10/1/20281		1,320		699
Coinbase Global, Inc. 3.625% 10/1/20311		1,090		526
Compass Diversified Holdings 5.25% 4/15/20291		4,150		3,557
Compass Diversified Holdings 5.00% 1/15/20321		1,230		979
Credit Acceptance Corp. 5.125% 12/31/20241		275		259
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/20263,4,5		823		715
Digital Currency Group, Inc., Term Loan, 8.75% 11/30/20263,4		1,097		879
FS Energy and Power Fund 7.50% 8/15/20231		2,784		2,793
Hightower Holding, LLC 6.75% 4/15/20291		905		761
HUB International, Ltd. 7.00% 5/1/20261		2,080		2,040
HUB International, Ltd. 5.625% 12/1/20291		240		210
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321		725		603
JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)7		160		132
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)7		490		468
LPL Holdings, Inc. 4.625% 11/15/20271		1,592		1,490
LPL Holdings, Inc. 4.00% 3/15/20291		1,900		1,656
LPL Holdings, Inc. 4.375% 5/15/20311		1,135		967
MGIC Investment Corp. 5.25% 8/15/2028		525		485
MSCI, Inc. 4.00% 11/15/20291		900		785
MSCI, Inc. 3.625% 9/1/20301		66		55
MSCI, Inc. 3.875% 2/15/20311		1,450		1,208
MSCI, Inc. 3.625% 11/1/20311		2,055		1,702
MSCI, Inc. 3.25% 8/15/20331		945		731
National Financial Partners Corp. 6.875% 8/15/20281		739		611
Navient Corp. 5.50% 1/25/2023		684		684
Navient Corp. 6.125% 3/25/2024		1,047		1,027
Navient Corp. 5.875% 10/25/2024		1,405		1,362
Navient Corp. 6.75% 6/25/2025		550		529
Navient Corp. 6.75% 6/15/2026		640		608
Navient Corp. 5.00% 3/15/2027		2,883		2,529
Navient Corp. 4.875% 3/15/2028		320		264
Navient Corp. 5.50% 3/15/2029		2,280		1,864
Navient Corp. 5.625% 8/1/2033		1,478		1,056
OneMain Finance Corp. 3.875% 9/15/2028		206		164

American Funds Insurance Series 237

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
OneMain Holdings, Inc. 7.125% 3/15/2026	USD	1,335	$	1,272
Owl Rock Capital Corp. 3.75% 7/22/2025		600		555
Owl Rock Capital Corp. 3.40% 7/15/2026		290		254
Owl Rock Capital Corp. II 4.625% 11/26/20241		450		428
Owl Rock Capital Corp. III 3.125% 4/13/2027		600		495
Owl Rock Core Income Corp. 4.70% 2/8/2027		800		722
Oxford Finance, LLC 6.375% 2/1/20271		1,893		1,764
Quicken Loans, LLC 3.625% 3/1/20291		455		361
Rocket Mortgage, LLC 2.875% 10/15/20261		520		447
Ryan Specialty Group, LLC 4.375% 2/1/20301		615		533
Springleaf Finance Corp. 6.125% 3/15/2024		367		356
Springleaf Finance Corp. 6.625% 1/15/2028		340		314
Starwood Property Trust, Inc. 4.375% 1/15/20271		570		500
				60,352
Information technology 4.50%
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/20244,5		270		239
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/20254,5		3,899		2,932
Black Knight, Inc. 3.625% 9/1/20281		410		357
Block, Inc. 2.75% 6/1/2026		1,455		1,302
Block, Inc. 3.50% 6/1/2031		1,570		1,255
BMC Software, Inc. 7.125% 10/2/20251		180		175
BMC Software, Inc. 9.125% 3/1/20261		240		227
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/20264,5		1,170		1,080
Booz Allen Hamilton, Inc. 3.875% 9/1/20281		450		399
Booz Allen Hamilton, Inc. 4.00% 7/1/20291		580		511
CDK Global, Inc. 7.25% 6/15/20291		1,460		1,430
Ciena Corp. 4.00% 1/31/20301		440		388
CommScope Finance, LLC 6.00% 3/1/20261		430		398
CommScope Finance, LLC 8.25% 3/1/20271		360		280
CommScope Technologies, LLC 6.00% 6/15/20251		380		347
CommScope Technologies, LLC 5.00% 3/15/20271		220		150
Condor Merger Sub, Inc. 7.375% 2/15/20301		400		322
Diebold Nixdorf, Inc. 9.375% 7/15/20251		7,523		5,380
Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/20261,3,6		1,324		797
Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/20253,4,5		2,084		1,404
Elastic NV 4.125% 7/15/20291		350		283
Entegris Escrow Corp. 4.75% 4/15/20291		790		722
Fair Isaac Corp. 4.00% 6/15/20281		1,195		1,087
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/20244,5	EUR	846		783
Gartner, Inc. 4.50% 7/1/20281	USD	2,098		1,960
Gartner, Inc. 3.625% 6/15/20291		154		135
Gartner, Inc. 3.75% 10/1/20301		1,001		864
GoDaddy Operating Co. 5.25% 12/1/20271		390		370
GoDaddy Operating Co. 3.50% 3/1/20291		210		176
Imola Merger Corp. 4.75% 5/15/20291		300		261
MicroStrategy, Inc. 6.125% 6/15/20281		325		233
MoneyGram International, Inc. 5.375% 8/1/20261		875		888
NCR Corp. 5.125% 4/15/20291		1,759		1,474
NortonLifeLock, Inc. 7.125% 9/30/20301		255		251
Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/20294,5		355		347
Rocket Software, Inc. 6.50% 2/15/20291		455		359
Sabre GLBL, Inc. 7.375% 9/1/20251		133		128
Sabre GLBL, Inc. 11.25% 12/15/20271		877		904
Sabre Holdings Corp. 9.25% 4/15/20251		1,152		1,149
Synaptics, Inc. 4.00% 6/15/20291		375		316
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/20284,5		1,255		1,117
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 6.998% 5/4/20264,5		465		443
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/20274,5		1,970		1,820

238 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Unisys Corp. 6.875% 11/1/20271	USD	1,385	$	1,065
VeriSign, Inc. 5.25% 4/1/2025		132		132
Veritas US, Inc. 7.50% 9/1/20251		285		197
Viavi Solutions, Inc. 3.75% 10/1/20291		230		194
Xerox Corp. 5.50% 8/15/20281		435		349
				37,380
Consumer staples 4.14%
Albertsons Companies, Inc. 4.625% 1/15/20271		1,060		987
Albertsons Companies, Inc. 5.875% 2/15/20281		190		181
Albertsons Companies, Inc. 3.50% 3/15/20291		3,468		2,917
Albertsons Companies, Inc. 4.875% 2/15/20301		615		550
B&G Foods, Inc. 5.25% 4/1/2025		1,377		1,210
B&G Foods, Inc. 5.25% 9/15/2027		2,093		1,608
Central Garden & Pet Co. 4.125% 10/15/2030		600		494
Central Garden & Pet Co. 4.125% 4/30/20311		1,005		833
Coty, Inc. 5.00% 4/15/20261		700		665
Coty, Inc. 6.50% 4/15/20261		460		442
Coty, Inc. 4.75% 1/15/20291		1,260		1,142
Darling Ingredients, Inc. 5.25% 4/15/20271		329		317
Darling Ingredients, Inc. 6.00% 6/15/20301		1,205		1,180
Edgewell Personal Care Co. 5.50% 6/1/20281		275		258
Energizer Holdings, Inc. 4.375% 3/31/20291		545		463
Ingles Markets, Inc. 4.00% 6/15/20311		345		291
Kraft Heinz Company 3.875% 5/15/2027		275		263
Kraft Heinz Company 4.375% 6/1/2046		306		250
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20261		1,953		1,692
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271		3,040		2,504
Lamb Weston Holdings, Inc. 4.125% 1/31/20301		2,615		2,313
Lamb Weston Holdings, Inc. 4.375% 1/31/20321		715		626
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 8.48% 10/1/20264,5		784		753
Performance Food Group, Inc. 5.50% 10/15/20271		705		666
Performance Food Group, Inc. 4.25% 8/1/20291		483		419
Post Holdings, Inc. 5.625% 1/15/20281		1,199		1,130
Post Holdings, Inc. 5.50% 12/15/20291		811		736
Post Holdings, Inc. 4.625% 4/15/20301		3,355		2,901
Post Holdings, Inc. 4.50% 9/15/20311		1,350		1,137
Prestige Brands International, Inc. 5.125% 1/15/20281		103		97
Prestige Brands International, Inc. 3.75% 4/1/20311		1,275		1,053
Simmons Foods, Inc. 4.625% 3/1/20291		993		810
TreeHouse Foods, Inc. 4.00% 9/1/2028		1,415		1,205
United Natural Foods, Inc. 6.75% 10/15/20281		2,030		1,954
US Foods, Inc. 4.625% 6/1/20301		460		406
				34,453
Real estate 3.45%
Anywhere Real Estate Group, LLC 5.75% 1/15/20291		2,213		1,677
Anywhere Real Estate Group, LLC 5.25% 4/15/20301		957		699
Brookfield Property REIT, Inc. 5.75% 5/15/20261		1,304		1,193
Brookfield Property REIT, Inc. 4.50% 4/1/20271		194		162
Forestar Group, Inc. 3.85% 5/15/20261		465		408
Forestar Group, Inc. 5.00% 3/1/20281		92		79
Hospitality Properties Trust 4.35% 10/1/2024		145		132
Howard Hughes Corp. 5.375% 8/1/20281		1,447		1,306
Howard Hughes Corp. 4.125% 2/1/20291		2,043		1,714
Howard Hughes Corp. 4.375% 2/1/20311		2,258		1,830
Iron Mountain, Inc. 4.875% 9/15/20271		1,616		1,489
Iron Mountain, Inc. 5.25% 3/15/20281		1,214		1,119
Iron Mountain, Inc. 5.00% 7/15/20281		367		330

American Funds Insurance Series 239

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Iron Mountain, Inc. 5.25% 7/15/20301	USD	2,880	$	2,509
Iron Mountain, Inc. 4.50% 2/15/20311		950		783
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029		2,505		1,989
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030		2,545		1,944
Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031		2,050		1,546
Ladder Capital Finance Holdings LLLP 5.25% 10/1/20251		740		697
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271		1,429		1,203
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291		100		81
Medical Properties Trust, Inc. 5.00% 10/15/2027		638		538
Medical Properties Trust, Inc. 3.50% 3/15/2031		239		164
Park Intermediate Holdings, LLC 4.875% 5/15/20291		820		695
RHP Hotel Properties, LP 4.50% 2/15/20291		535		462
RLJ Lodging Trust, LP 4.00% 9/15/20291		800		650
VICI Properties, LP 3.50% 2/15/20251		261		247
VICI Properties, LP 4.625% 6/15/20251		620		595
VICI Properties, LP 3.875% 2/15/20291		1,111		975
VICI Properties, LP 4.625% 12/1/20291		184		168
VICI Properties, LP 4.125% 8/15/20301		330		289
WeWork Companies, LLC 5.00% 7/10/20251		2,985		992
				28,665
Utilities 3.20%
AmeriGas Partners, LP 5.875% 8/20/2026		80		76
AmeriGas Partners, LP 5.75% 5/20/2027		324		302
Calpine Corp. 4.50% 2/15/20281		150		134
Calpine Corp. 5.125% 3/15/20281		518		463
Calpine Corp. 3.75% 3/1/20311		500		403
DPL, Inc. 4.125% 7/1/2025		555		522
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7		1,155		1,113
FirstEnergy Corp. 2.65% 3/1/2030		624		510
FirstEnergy Corp. 2.25% 9/1/2030		980		780
FirstEnergy Corp. 7.375% 11/15/2031		337		380
FirstEnergy Corp. 3.40% 3/1/2050		510		337
FirstEnergy Corp., Series C, 5.35% 7/15/20477		475		425
FirstEnergy Transmission, LLC 2.866% 9/15/20281		265		232
FirstEnergy Transmission, LLC 4.55% 4/1/20491		100		81
NextEra Energy Partners, LP 4.25% 7/15/20241		122		118
NRG Energy, Inc. 3.625% 2/15/20311		845		644
Pacific Gas and Electric Co. 5.45% 6/15/2027		335		331
Pacific Gas and Electric Co. 2.10% 8/1/2027		116		99
Pacific Gas and Electric Co. 3.30% 12/1/2027		124		110
Pacific Gas and Electric Co. 3.75% 7/1/2028		10		9
Pacific Gas and Electric Co. 4.55% 7/1/2030		213		194
Pacific Gas and Electric Co. 2.50% 2/1/2031		393		306
Pacific Gas and Electric Co. 3.25% 6/1/2031		107		87
Pacific Gas and Electric Co. 3.30% 8/1/2040		280		190
Pacific Gas and Electric Co. 3.50% 8/1/2050		1,000		625
PG&E Corp. 5.00% 7/1/2028		3,150		2,881
PG&E Corp. 5.25% 7/1/2030		3,040		2,771
Talen Energy Corp. 10.50% 1/15/20261,2		2,987		1,434
Talen Energy Corp. 7.25% 5/15/20271		5,189		5,395
Talen Energy Corp. 6.625% 1/15/20281		130		133
Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.008% 11/13/20234,5		3,085		3,116
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/20264,5		500		508
Talen Energy Supply, LLC 7.625% 6/1/20281		489		511

240 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Targa Resources Partners, LP 4.00% 1/15/2032	USD	190	$	160
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291		1,190		1,043
Vistra Operations Co., LLC 3.55% 7/15/20241		231		222
				26,645
Total corporate bonds, notes & loans				736,042
Mortgage-backed obligations 0.08%
Collateralized mortgage-backed obligations 0.08%
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/20331,3		712		630
Total bonds, notes & other debt instruments (cost: $842,910,000)				736,672
Convertible bonds & notes 0.06%
Communication services 0.05%
DISH DBS Corp., convertible notes, 3.375% 8/15/2026		635		399
Energy 0.01%
Mesquite Energy, Inc., convertible notes, 13.14% Cash 7/15/20231,3,6		79		79
Total convertible bonds & notes (cost: $720,000)				478
Convertible stocks 0.11%		Shares
Utilities 0.06%
PG&E Corp., convertible preferred units, 5.50% 8/16/2023		3,350		483
Financials 0.05%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 6/1/20231		411		472
Total convertible stocks (cost: $657,000)				955
Common stocks 4.45%
Health care 2.60%
Rotech Healthcare, Inc.3,8,9		201,793		21,591
Energy 1.15%
Chesapeake Energy Corp.		29,829		2,815
Weatherford International8		33,659		1,714
Ascent Resources - Utica, LLC, Class A3,8,9		6,297,894		1,260
Denbury, Inc.8		13,380		1,164
Diamond Offshore Drilling, Inc.8		110,972		1,154
California Resources Corp.		17,202		748
Constellation Oil Services Holding SA, Class B-13,8		3,449,949		380
Altera Infrastructure, LP3,8		3,550		282
McDermott International, Ltd.8		82,509		26
Mesquite Energy, Inc.3,8		3,558		21
Bighorn Permian Resources, LLC3		2,894		—	10
				9,564
Financials 0.32%
Jonah Energy Parent, LLC3		38,716		2,289
Navient Corp.		20,000		329
				2,618

American Funds Insurance Series 241

American High-Income Trust (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary 0.29%
NMG Parent, LLC8	9,965	$	1,520
MYT Holding Co., Class B3,8	608,846		913
			2,433
Information technology 0.05%
MoneyGram International, Inc.8	41,400		451
Communication services 0.04%
Intelsat SA3,8	8,164		196
iHeartMedia, Inc., Class A8	22,639		139
			335
Total common stocks (cost: $13,251,000)			36,992
Preferred securities 0.32%
Consumer discretionary 0.27%
MYT Holdings, LLC, Series A, 10.00% preferred shares3,8	2,095,904		2,201
Industrials 0.05%
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,8	1,022		428
Total preferred securities (cost: $2,933,000)			2,629
Rights & warrants 0.10%
Consumer discretionary 0.10%
NMG Parent, LLC, warrants, expire 9/24/20278	27,111		826
Communication services 0.00%
Intelsat Jackson Holdings SA (CVR), Series A3,8	855		6
Intelsat Jackson Holdings SA (CVR), Series B3,8	855		6
			12
Total rights & warrants (cost: $173,000)			838
Short-term securities 4.64%
Money market investments 4.64%
Capital Group Central Cash Fund 4.31%11,12	385,690		38,565
Total short-term securities (cost: $38,557,000)			38,565
Total investment securities 98.27% (cost: $899,201,000)			817,129
Other assets less liabilities 1.73%			14,425
Net assets 100.00%		$	831,554

242 American Funds Insurance Series

American High-Income Trust (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures	Long	63	March 2023	USD	6,799			$	(98	)
10 Year U.S. Treasury Note Futures	Short	14	March 2023		(1,572	)			10
30 Year Ultra U.S. Treasury Bond Futures	Short	1	March 2023		(134	)			—	10
								$	(88	)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)		Value at 12/31/2022 (000)			Upfront premium paid (000)			Unrealized depreciation at 12/31/2022 (000)
CDX.NA.HY.39	5.00%	Quarterly	12/20/2027	USD	8,050	$	(50	)		$	104		$	(154	)

Investments in affiliates¹²

	Value of affiliate at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 12/31/2022 (000)		Dividend income (000)
Short-term securities 4.64%
Money market investments 4.64%
Capital Group Central Cash Fund 4.31%11	$	17,238	$	219,950	$	198,620	$	(7	)	$	4	$	38,565	$	610

Restricted securities⁹

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare, Inc.3,8	9/26/2013	$	4,331	$	21,591		2.60	%
Ascent Resources - Utica, LLC, Class A3,8	11/15/2016		302		1,260		.15
Total		$	4,633	$	22,851		2.75	%

American Funds Insurance Series 243

American High-Income Trust (continued)

1	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $544,764,000, which represented 65.51% of the net assets of the fund.
2	Scheduled interest and/or principal payment was not received.
3	Value determined using significant unobservable inputs.
4	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $25,672,000, which represented 3.09% of the net assets of the fund.
5	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
6	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
7	Step bond; coupon rate may change at a later date.
8	Security did not produce income during the last 12 months.
9	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $22,851,000, which represented 2.75% of the net assets of the fund.
10	Amount less than one thousand.
11	Rate represents the seven-day yield at 12/31/2022.
12	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

Refer to the notes to financial statements.

244 American Funds Insurance Series

American Funds Mortgage Fund

Investment portfolio December 31, 2022

Bonds, notes & other debt instruments 94.91%	Principal amount (000)			Value (000)
Mortgage-backed obligations 80.19%
Federal agency mortgage-backed obligations 77.35%
Fannie Mae Pool #695412 5.00% 6/1/20331	USD	—	2	$	—	2
Fannie Mae Pool #AD3566 5.00% 10/1/20351		2			2
Fannie Mae Pool #256583 5.00% 12/1/20361		32			32
Fannie Mae Pool #931768 5.00% 8/1/20391		1			1
Fannie Mae Pool #AC0794 5.00% 10/1/20391		5			5
Fannie Mae Pool #932606 5.00% 2/1/20401		2			2
Fannie Mae Pool #AE1248 5.00% 6/1/20411		8			8
Fannie Mae Pool #MA4387 2.00% 7/1/20411		19			16
Fannie Mae Pool #AJ1873 4.00% 10/1/20411		7			6
Fannie Mae Pool #AE1274 5.00% 10/1/20411		7			7
Fannie Mae Pool #AE1277 5.00% 11/1/20411		5			5
Fannie Mae Pool #MA4501 2.00% 12/1/20411		370			312
Fannie Mae Pool #AE1283 5.00% 12/1/20411		2			2
Fannie Mae Pool #MA4540 2.00% 2/1/20421		530			447
Fannie Mae Pool #AE1290 5.00% 2/1/20421		4			4
Fannie Mae Pool #MA4570 2.00% 3/1/20421		120			102
Fannie Mae Pool #AT0300 3.50% 3/1/20431		1			1
Fannie Mae Pool #AT3954 3.50% 4/1/20431		2			2
Fannie Mae Pool #AY1829 3.50% 12/1/20441		2			2
Fannie Mae Pool #FM9416 3.50% 7/1/20451		374			346
Fannie Mae Pool #BH3122 4.00% 6/1/20471		1			1
Fannie Mae Pool #BJ5015 4.00% 12/1/20471		39			37
Fannie Mae Pool #BK5232 4.00% 5/1/20481		20			19
Fannie Mae Pool #BK6840 4.00% 6/1/20481		27			25
Fannie Mae Pool #BK9743 4.00% 8/1/20481		8			8
Fannie Mae Pool #BK9761 4.50% 8/1/20481		5			5
Fannie Mae Pool #FM3280 3.50% 5/1/20491		98			91
Fannie Mae Pool #CA5496 3.00% 4/1/20501,3		1,215			1,089
Fannie Mae Pool #CA5968 2.50% 6/1/20501		54			46
Fannie Mae Pool #CA6593 2.50% 8/1/20501		560			482
Fannie Mae Pool #CA7257 2.50% 10/1/20501		126			109
Fannie Mae Pool #BQ3005 2.50% 10/1/20501		82			70
Fannie Mae Pool #MA4208 2.00% 12/1/20501		13			10
Fannie Mae Pool #CA8955 2.50% 2/1/20511		66			57
Fannie Mae Pool #CB0290 2.00% 4/1/20511		116			95
Fannie Mae Pool #MA4305 2.00% 4/1/20511		1			1
Fannie Mae Pool #CB0041 3.00% 4/1/20511		211			188
Fannie Mae Pool #FM7687 3.00% 6/1/20511		278			247
Fannie Mae Pool #FM7900 2.50% 7/1/20511		28			24
Fannie Mae Pool #CB1527 2.50% 9/1/20511		450			382
Fannie Mae Pool #FS0965 2.00% 11/1/20511		3			2
Fannie Mae Pool #FM9492 2.50% 11/1/20511		464			397
Fannie Mae Pool #FM9694 2.50% 11/1/20511		230			197
Fannie Mae Pool #CB2286 2.50% 12/1/20511		764			653
Fannie Mae Pool #BU3058 2.50% 12/1/20511		295			251
Fannie Mae Pool #FM9804 2.50% 12/1/20511		247			212
Fannie Mae Pool #FM9976 3.00% 12/1/20511		100			89
Fannie Mae Pool #CB2544 3.00% 1/1/20521		280			248
Fannie Mae Pool #BV3870 2.50% 2/1/20521		405			344
Fannie Mae Pool #FS0523 2.50% 2/1/20521		380			325
Fannie Mae Pool #BV8569 2.50% 4/1/20521		1,274			1,081
Fannie Mae Pool #MA4578 2.50% 4/1/20521		204			173
Fannie Mae Pool #CB4274 2.50% 7/1/20521		179			152
Fannie Mae Pool #BW0004 3.50% 7/1/20521		300			273
Fannie Mae Pool #CB4159 4.00% 7/1/20521		22			20
Fannie Mae Pool #MA4700 4.00% 8/1/20521		1,967			1,847
Fannie Mae Pool #BV8024 4.00% 8/1/20521		28			26
Fannie Mae Pool #BW7326 4.00% 9/1/20521		24			22
Fannie Mae Pool #BW9348 4.00% 9/1/20521		21			20
Fannie Mae Pool #BW8103 4.00% 9/1/20521		20			18
Fannie Mae Pool #BW9823 4.50% 9/1/20521		45			44

American Funds Insurance Series 245

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CB5208 5.00% 9/1/20521	USD	599	$	591
Fannie Mae Pool #BW8980 4.00% 10/1/20521		77		72
Fannie Mae Pool #BW1210 4.00% 10/1/20521		58		54
Fannie Mae Pool #BW7356 4.00% 10/1/20521		48		45
Fannie Mae Pool #BX0509 4.00% 10/1/20521		21		20
Fannie Mae Pool #BW7795 4.50% 10/1/20521		477		460
Fannie Mae Pool #MA4784 4.50% 10/1/20521		4		4
Fannie Mae Pool #BW7121 5.00% 10/1/20521		577		570
Fannie Mae Pool #CB5380 5.00% 10/1/20521		203		200
Fannie Mae Pool #MA4803 3.50% 11/1/20521		38		34
Fannie Mae Pool #MA4804 4.00% 11/1/20521		575		540
Fannie Mae Pool #BW1310 4.00% 11/1/20521		22		21
Fannie Mae Pool #BX1516 4.50% 11/1/20521		469		452
Fannie Mae Pool #MA4841 5.00% 12/1/20521		1,000		987
Fannie Mae Pool #MA4866 4.00% 1/1/20531		68		64
Fannie Mae Pool #MA4868 5.00% 1/1/20531		495		489
Fannie Mae Pool #BF0379 3.50% 4/1/20591		146		134
Fannie Mae Pool #BF0481 3.50% 6/1/20601		173		159
Fannie Mae Pool #BF0497 3.00% 7/1/20601		53		46
Fannie Mae Pool #BF0585 4.50% 12/1/20611		56		54
Freddie Mac Pool #ZA1922 5.00% 2/1/20261		1		1
Freddie Mac Pool #ZS8950 5.00% 10/1/20291		2		2
Freddie Mac Pool #A18781 5.00% 3/1/20341		623		637
Freddie Mac Pool #RB5138 2.00% 12/1/20411		102		86
Freddie Mac Pool #RB5145 2.00% 2/1/20421		94		79
Freddie Mac Pool #RB5148 2.00% 3/1/20421		597		504
Freddie Mac Pool #Q15874 4.00% 2/1/20431		1		1
Freddie Mac Pool #760012 3.113% 4/1/20451,4		39		38
Freddie Mac Pool #760013 3.208% 4/1/20451,4		23		22
Freddie Mac Pool #760014 2.74% 8/1/20451,4		335		324
Freddie Mac Pool #760015 2.561% 1/1/20471,4		63		60
Freddie Mac Pool #Q47615 3.50% 4/1/20471		18		17
Freddie Mac Pool #Q52069 3.50% 11/1/20471		28		26
Freddie Mac Pool #Q55971 4.00% 5/1/20481		20		19
Freddie Mac Pool #Q56175 4.00% 5/1/20481		19		18
Freddie Mac Pool #Q55970 4.00% 5/1/20481		10		9
Freddie Mac Pool #Q56599 4.00% 6/1/20481		28		27
Freddie Mac Pool #Q58411 4.50% 9/1/20481		51		51
Freddie Mac Pool #Q58436 4.50% 9/1/20481		28		27
Freddie Mac Pool #Q58378 4.50% 9/1/20481		20		20
Freddie Mac Pool #RA1339 3.00% 9/1/20491,3		1,531		1,360
Freddie Mac Pool #QA2748 3.50% 9/1/20491		19		18
Freddie Mac Pool #SD7512 3.00% 2/1/20501		160		143
Freddie Mac Pool #SD8106 2.00% 11/1/20501		597		488
Freddie Mac Pool #SD8128 2.00% 2/1/20511		2		2
Freddie Mac Pool #SD8134 2.00% 3/1/20511		3		3
Freddie Mac Pool #RA5288 2.00% 5/1/20511		327		268
Freddie Mac Pool #RA6406 2.00% 11/1/20511		80		65
Freddie Mac Pool #SD7548 2.50% 11/1/20511		1,100		947
Freddie Mac Pool #SD1385 2.50% 11/1/20511		68		58
Freddie Mac Pool #SD7552 2.50% 1/1/20521		396		338
Freddie Mac Pool #RA6598 3.50% 1/1/20521		196		179
Freddie Mac Pool #SD7550 3.00% 2/1/20521		404		361
Freddie Mac Pool #SD0873 3.50% 2/1/20521,3		1,203		1,113
Freddie Mac Pool #QD7089 3.50% 2/1/20521		9		9
Freddie Mac Pool #SD1450 2.50% 3/1/20521		3,355		2,879
Freddie Mac Pool #SD7553 3.00% 3/1/20521		325		289
Freddie Mac Pool #QE6097 2.50% 7/1/20521		197		168
Freddie Mac Pool #SD8237 4.00% 8/1/20521		1,523		1,430
Freddie Mac Pool #QE9057 4.00% 8/1/20521		18		17
Freddie Mac Pool #SD8238 4.50% 8/1/20521		10		10

246 American Funds Insurance Series

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD8244 4.00% 9/1/20521	USD	651	$	612
Freddie Mac Pool #QE9625 4.00% 9/1/20521		23		21
Freddie Mac Pool #RA7938 5.00% 9/1/20521		715		706
Freddie Mac Pool #QF1464 4.00% 10/1/20521		22		21
Freddie Mac Pool #SD8257 4.50% 10/1/20521		14		13
Freddie Mac Pool #SD8264 3.50% 11/1/20521		1,232		1,121
Freddie Mac Pool #SD8273 3.50% 11/1/20521		124		112
Freddie Mac Pool #QF3364 4.00% 11/1/20521		35		33
Freddie Mac Pool #SD1895 4.50% 11/1/20521		407		400
Freddie Mac Pool #SD8280 6.50% 11/1/20521		920		944
Freddie Mac Pool #SD8275 4.50% 12/1/20521		1,793		1,728
Freddie Mac Pool #SD8276 5.00% 12/1/20521		55		54
Freddie Mac Pool #SD8286 4.00% 1/1/20531		210		197
Freddie Mac Pool #SD8288 5.00% 1/1/20531		132		130
Freddie Mac Pool #SD8282 6.50% 1/1/20531		200		205
Freddie Mac, Series K152, Class A2, Multi Family, 3.80% 10/25/20321,4		207		196
Freddie Mac, Series K152, Class A2, Multi Family, 3.78% 11/25/20321		1,767		1,671
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20561,4		134		126
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/20561		101		91
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20561		209		194
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20561,4		155		145
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/20571		112		98
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20571		147		140
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/20581		31		28
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20581		18		17
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/20281		306		293
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20281		14		13
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321		469		453
Government National Mortgage Assn. 2.00% 1/1/20531,5		174		146
Government National Mortgage Assn. 2.50% 1/1/20531,5		207		180
Government National Mortgage Assn. 3.00% 1/1/20531,5		388		346
Government National Mortgage Assn. 3.50% 1/1/20531,5		178		163
Government National Mortgage Assn. 5.00% 1/1/20531,5		7,330		7,264
Government National Mortgage Assn. 5.50% 1/1/20531,5		1,198		1,205
Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/20341		693		678
Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/20381		510		488
Government National Mortgage Assn. Pool #004410 4.00% 4/20/20391		54		52
Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/20391		526		502
Government National Mortgage Assn. Pool #783690 6.00% 9/20/20391		81		86
Government National Mortgage Assn. Pool #004823 4.00% 10/20/20401		83		79
Government National Mortgage Assn. Pool #005104 5.00% 6/20/20411		169		170
Government National Mortgage Assn. Pool #005142 4.50% 8/20/20411		12		12
Government National Mortgage Assn. Pool #005165 6.50% 8/20/20411		83		84
Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/20421		131		119
Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/20421		198		182
Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/20431		90		84
Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/20441		1,034		997
Government National Mortgage Assn. Pool #MA8347 4.50% 10/20/20521		800		777
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20521		140		133
Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/20521		1,852		1,798

American Funds Insurance Series 247

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/20521	USD	100	$	97
Government National Mortgage Assn. Pool #AN1825 4.619% 6/20/20651		195		192
Government National Mortgage Assn. Pool #AO0461 4.628% 8/20/20651		65		64
Government National Mortgage Assn. Pool #AO0409 4.617% 12/20/20651		128		126
Government National Mortgage Assn. Pool #AO0385 4.498% 1/20/20661		519		510
Government National Mortgage Assn. Pool #725897 5.20% 1/20/20661		1		1
Uniform Mortgage-Backed Security 4.00% 1/1/20381,5		125		122
Uniform Mortgage-Backed Security 2.00% 1/1/20531,5		1,191		969
Uniform Mortgage-Backed Security 4.50% 1/1/20531,5		1,882		1,812
Uniform Mortgage-Backed Security 5.50% 1/1/20531,5		4,837		4,851
Uniform Mortgage-Backed Security 6.00% 1/1/20531,5		1,958		1,988
Uniform Mortgage-Backed Security 6.50% 1/1/20531,5		3,690		3,780
Uniform Mortgage-Backed Security 4.00% 2/1/20531,5		130		122
Uniform Mortgage-Backed Security 6.00% 2/1/20531,5		1,132		1,148
				68,880
Collateralized mortgage-backed obligations (privately originated) 1.79%
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/20301,4,6		74		72
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20311,4,6		95		89
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20361,4,6		306		291
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20611,4,6		181		171
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/20661,4,6		87		74
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/20601,4,6		159		137
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/20661,4,6		28		24
GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 10/25/20521,4,6		212		171
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/20551,4,6		175		169
Mill City Mortgage Trust, Series 15-1, Class M2, 3.616% 6/25/20561,4,6		38		37
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20521,4,6		138		111
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20311,4,6		95		89
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/20551,4,6		100		97
Towd Point Mortgage Trust, Series 2015-4, Class M1, 3.75% 4/25/20551,4,6		10		10
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/20561,4,6		41		41
Towd Point Mortgage Trust, Series 2017-5, Class A1, 4.989% 2/25/20571,4,6		10		10
				1,593
Commercial mortgage-backed securities 1.05%
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/20391,4,6		100		98
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/20271,4,6		100		99
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/20361,4,6		606		578
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/20381,4,6		164		158
				933
Total mortgage-backed obligations				71,406
U.S. Treasury bonds & notes 12.04%
U.S. Treasury inflation-protected securities 10.83%
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20237		714		713
U.S. Treasury Inflation-Protected Security 0.625% 4/15/20237		355		352
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20237		522		516
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20243,7		3,621		3,546
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20247		2,024		1,970
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20247		658		637
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20247		107		104

248 American Funds Insurance Series

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20267	USD	65	$	61
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20317		1,202		1,067
U.S. Treasury Inflation-Protected Security 0.75% 2/15/20427		426		357
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20497		385		322
				9,645
U.S. Treasury 1.21%
U.S. Treasury 0.875% 1/31/2024		10		9
U.S. Treasury 1.25% 8/15/2031		443		360
U.S. Treasury 1.875% 2/15/2032		10		8
U.S. Treasury 1.875% 2/15/20413		690		489
U.S. Treasury 2.375% 2/15/2042		150		115
U.S. Treasury 3.25% 5/15/2042		60		53
U.S. Treasury 1.875% 11/15/2051		65		41
				1,075
Total U.S. Treasury bonds & notes				10,720
Asset-backed obligations 2.68%
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/20301,4,6		250		247
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/20331,6		54		50
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/20341,6		54		51
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/20271		540		545
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,6		286		256
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20261,6		67		66
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20251,6		86		79
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/20691,6		116		101
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20691,6		215		183
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20621,6		193		171
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/20621,4,6		160		155
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,6		530		449
Santander Drive Auto Receivables Trust, Series 2022-6, Class A2, 4.37% 5/15/20251		35		35
				2,388
Total bonds, notes & other debt instruments (cost: $87,116,000)				84,514

Short-term securities 25.67%	Weighted average yield at acquisition
Commercial paper 14.04%
Chariot Funding, LLC 1/27/20236		4.150	%	2,000	1,993
Citigroup Global Markets, Inc. 2/21/20236		4.580		2,000	1,987
Henkel of America, Inc. 2/1/20236		4.300		2,000	1,992
Honeywell International, Inc. 2/1/20236		4.100		2,000	1,992
Johnson & Johnson 1/30/20236		4.190		1,000	996
Procter & Gamble Co. 2/9/20236		4.300		500	498
Procter & Gamble Co. 2/10/20236		4.250		1,500	1,492
Roche Holdings, Inc. 1/3/20236		4.230		1,050	1,050
Starbird Funding Corp. 1/3/20236		4.300		500	500
					12,500

American Funds Insurance Series 249

American Funds Mortgage Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Federal agency bills & notes 11.63%
Federal Farm Credit Banks 1/12/2023		3.880	%	USD	4,500	$	4,495
Federal Home Loan Bank 1/11/2023		4.120			1,500		1,498
Federal Home Loan Bank 2/28/2023		4.350			1,500		1,490
Federal Home Loan Bank 3/3/2023		4.370			1,000		993
Federal Home Loan Bank 3/22/2023		4.440			1,000		990
Federal Home Loan Bank 3/24/2023		4.462			900		891
							10,357
Total short-term securities (cost: $22,859,000)							22,857
Total investment securities 120.58% (cost: $109,975,000)							107,371
Other assets less liabilities (20.58)%							(18,328	)
Net assets 100.00%						$	89,043

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
3 Month SOFR Futures	Short	12	June 2023	USD	(2,853	)		$	49
2 Year U.S. Treasury Note Futures	Short	5	March 2023		(1,025	)			(1	)
5 Year U.S. Treasury Note Futures	Long	144	March 2023		15,542				(19	)
10 Year Ultra U.S. Treasury Note Futures	Long	47	March 2023		5,559				(60	)
10 Year U.S. Treasury Note Futures	Long	5	March 2023		562				(3	)
20 Year U.S. Treasury Bond Futures	Long	18	March 2023		2,256				(28	)
30 Year Ultra U.S. Treasury Bond Futures	Long	12	March 2023		1,612				(13	)
								$	(75	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive

Pay

Upfront

Unrealized

Rate

Payment frequency

Rate

Payment frequency

Expiration date

Notional amount (000

)

Value at 12/31/2022 (000)

premium paid (000)

appreciation at 12/31/2022 (000)

3-month USD-LIBOR

Quarterly

0.81%

Semi-annual

7/28/2045

USD

1,800

$

795

$

5

$

790

1	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
2	Amount less than one thousand.
3	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $692,000, which represented .78% of the net assets of the fund.
4	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
5	Purchased on a TBA basis.
6	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $16,834,000, which represented 18.91% of the net assets of the fund.
7	Index-linked bond whose principal amount moves with a government price index.

250 American Funds Insurance Series

American Funds Mortgage Fund (continued)

Key to abbreviations

Assn. = Association

CLO = Collateralized Loan Obligations

CME = CME Group

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 251

Ultra-Short Bond Fund

Investment portfolio December 31, 2022

Short-term securities 97.99%	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Commercial paper 76.48%
British Columbia (Province of) 3/6/2023		4.470	%	USD	7,400	$	7,339
CAFCO, LLC 2/3/20231		4.300			1,250		1,245
Caisse des Dépôts et Consignations 3/9/2023		4.490			12,000		11,899
Canadian Imperial Holdings, Inc. 1/9/2023		4.080			10,000		9,988
Chariot Funding, LLC 1/23/20231		4.400			5,000		4,985
CHARTA, LLC 1/17/20231		4.330			10,000		9,978
DBS Bank, Ltd. 3/14/20231		4.548			10,000		9,906
DNB Bank ASA 3/13/20231		4.535			13,000		12,885
Export Development Canada 2/6/2023		4.300			11,810		11,756
Fairway Finance Company, LLC 1/18/20231		4.250			4,000		3,991
Gotham Funding Corp. 1/10/20231		4.200			3,000		2,996
Gotham Funding Corp. 3/28/20231		4.600			10,000		9,883
Johnson & Johnson 2/27/20231		4.330			8,700		8,637
Johnson & Johnson 3/6/20231		4.430			5,000		4,959
KfW 2/15/20231		4.380			12,000		11,932
Komatsu Finance America, Inc. 1/13/20231		4.330			5,000		4,992
Komatsu Finance America, Inc. 1/18/20231		4.200			4,000		3,991
Liberty Street Funding, LLC 1/18/20231		4.400			10,850		10,825
Linde, Inc. 1/5/2023		4.010			13,000		12,991
LMA-Americas, LLC 1/27/20231		4.300			10,000		9,966
L’Oréal USA, Inc. 1/26/20231		4.240			10,000		9,967
LVMH Moët Hennessy Louis Vuitton, Inc. 2/6/20231		4.400			10,000		9,953
Manhattan Asset Funding Company, LLC 3/24/20231		4.650			9,700		9,596
Mizuho Bank, Ltd. 1/31/20231		4.405			12,000		11,954
Nestlé Finance International, Ltd. 1/19/20231		4.280			6,000		5,986
NRW.Bank 3/8/20231		4.450			8,250		8,181
Oesterreichische Kontrollbank 2/15/2023		4.390			13,000		12,926
Procter & Gamble Co. 2/10/20231		4.250			13,050		12,984
Québec (Province of) 2/1/20231		4.230			10,000		9,960
Siemens Capital Co., LLC 1/18/20231		4.080			8,000		7,982
Stadshypotek AB Handelsbanken, Inc. 1/18/20231		4.150			6,500		6,485
Starbird Funding Corp. 1/3/20231		4.300			11,000		10,995
Sumitomo Mitsui Trust Bank, Ltd. 2/3/20231		4.300			9,000		8,962
Sumitomo Mitsui Trust Bank, Ltd. 2/7/20231		4.600			6,000		5,972
Toronto-Dominion Bank 1/20/20231		4.300			10,000		9,975
TotalEnergies Capital Canada, Ltd. 1/3/20231		4.280			13,000		12,994
Toyota Credit de Puerto Rico Corp. 1/17/2023		4.340			3,550		3,542
Toyota Industries Commercial Finance, Inc. 1/23/20231		4.120			1,100		1,097
Toyota Industries Commercial Finance, Inc. 3/6/20231		4.450			6,000		5,951
							330,606
Federal agency bills & notes 21.51%
Federal Home Loan Bank 2/1/2023		4.130			15,000		14,951
Federal Home Loan Bank 2/15/2023		4.300			4,800		4,775
Federal Home Loan Bank 2/17/2023		4.314			36,317		36,123
Federal Home Loan Bank 2/22/2023		4.357			23,290		23,149
Federal Home Loan Bank 3/3/2023		4.370			5,300		5,262
Federal Home Loan Bank 3/22/2023		4.440			6,000		5,942
Federal Home Loan Bank 3/24/2023		4.462			2,800		2,771
							92,973
Total short-term securities (cost: $423,636,000)							423,579
Total investment securities 97.99% (cost: $423,636,000)							423,579
Other assets less liabilities 2.01%							8,682
Net assets 100.00%						$	432,261

252 American Funds Insurance Series

Ultra-Short Bond Fund (continued)

¹ Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $260,165,000, which represented 60.19% of the net assets of the fund.

Key to abbreviations

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 253

U.S. Government Securities Fund

Investment portfolio December 31, 2022

Bonds, notes & other debt instruments 93.28%	Principal amount (000)			Value (000)
Mortgage-backed obligations 48.21%
Federal agency mortgage-backed obligations 48.21%
Fannie Mae Pool #406607 6.50% 8/1/20241	USD	10		$	11
Fannie Mae Pool #735070 6.50% 10/1/20241		1			1
Fannie Mae Pool #745316 6.50% 2/1/20261		56			58
Fannie Mae Pool #AL9870 6.50% 2/1/20281		45			46
Fannie Mae Pool #695412 5.00% 6/1/20331		1			1
Fannie Mae Pool #AD3566 5.00% 10/1/20351		6			6
Fannie Mae Pool #MA2588 4.00% 4/1/20361		666			642
Fannie Mae Pool #MA2746 4.00% 9/1/20361		1,376			1,326
Fannie Mae Pool #940890 6.50% 6/1/20371		—	2		—	2
Fannie Mae Pool #256828 7.00% 7/1/20371		3			3
Fannie Mae Pool #256860 6.50% 8/1/20371		11			11
Fannie Mae Pool #888698 7.00% 10/1/20371		13			14
Fannie Mae Pool #970343 6.00% 2/1/20381		14			14
Fannie Mae Pool #931768 5.00% 8/1/20391		5			6
Fannie Mae Pool #AC0794 5.00% 10/1/20391		20			20
Fannie Mae Pool #932606 5.00% 2/1/20401		9			9
Fannie Mae Pool #AI1862 5.00% 5/1/20411		372			376
Fannie Mae Pool #AI3510 5.00% 6/1/20411		205			207
Fannie Mae Pool #AE1248 5.00% 6/1/20411		33			33
Fannie Mae Pool #AJ0704 5.00% 9/1/20411		174			176
Fannie Mae Pool #AJ1873 4.00% 10/1/20411		26			25
Fannie Mae Pool #AJ5391 5.00% 11/1/20411		125			127
Fannie Mae Pool #AE1277 5.00% 11/1/20411		18			18
Fannie Mae Pool #MA4501 2.00% 12/1/20411		2,961			2,500
Fannie Mae Pool #AE1283 5.00% 12/1/20411		10			10
Fannie Mae Pool #MA4540 2.00% 2/1/20421		1,366			1,153
Fannie Mae Pool #AE1290 5.00% 2/1/20421		18			18
Fannie Mae Pool #MA4570 2.00% 3/1/20421		884			746
Fannie Mae Pool #AT0300 3.50% 3/1/20431		5			5
Fannie Mae Pool #AT3954 3.50% 4/1/20431		8			7
Fannie Mae Pool #AT7161 3.50% 6/1/20431		41			39
Fannie Mae Pool #AY1829 3.50% 12/1/20441		8			7
Fannie Mae Pool #BE5017 3.50% 2/1/20451		63			59
Fannie Mae Pool #FM9416 3.50% 7/1/20451		4,487			4,155
Fannie Mae Pool #BE8740 3.50% 5/1/20471		57			53
Fannie Mae Pool #BE8742 3.50% 5/1/20471		17			15
Fannie Mae Pool #BH2846 3.50% 5/1/20471		8			7
Fannie Mae Pool #BH2848 3.50% 5/1/20471		7			6
Fannie Mae Pool #BH2847 3.50% 5/1/20471		5			5
Fannie Mae Pool #BH3122 4.00% 6/1/20471		5			5
Fannie Mae Pool #BJ5015 4.00% 12/1/20471		154			148
Fannie Mae Pool #BM3788 3.50% 3/1/20481		3,243			3,018
Fannie Mae Pool #BJ4901 3.50% 3/1/20481		43			40
Fannie Mae Pool #BK5232 4.00% 5/1/20481		79			75
Fannie Mae Pool #BK6840 4.00% 6/1/20481		106			102
Fannie Mae Pool #BK9743 4.00% 8/1/20481		31			30
Fannie Mae Pool #BK9761 4.50% 8/1/20481		20			20
Fannie Mae Pool #FM3280 3.50% 5/1/20491		1,170			1,084
Fannie Mae Pool #FM1062 3.50% 6/1/20491		436			408
Fannie Mae Pool #BJ8411 3.50% 8/1/20491		113			105
Fannie Mae Pool #CA4151 3.50% 9/1/20491		582			545
Fannie Mae Pool #FM1443 3.50% 9/1/20491		326			304
Fannie Mae Pool #FM2179 3.00% 1/1/20501		3,675			3,277
Fannie Mae Pool #CA6593 2.50% 8/1/20501		926			798
Fannie Mae Pool #BQ3005 2.50% 10/1/20501		604			514
Fannie Mae Pool #CA7257 2.50% 10/1/20501		195			168
Fannie Mae Pool #MA4208 2.00% 12/1/20501		228			187
Fannie Mae Pool #CB0290 2.00% 4/1/20511		926			757
Fannie Mae Pool #MA4305 2.00% 4/1/20511		11			9
Fannie Mae Pool #BR1035 2.00% 5/1/20511		6			5
Fannie Mae Pool #FM7687 3.00% 6/1/20511		5,752			5,108

254 American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #FM7900 2.50% 7/1/20511	USD	195	$	167
Fannie Mae Pool #CB1527 2.50% 9/1/20511		702		596
Fannie Mae Pool #FS0965 2.00% 11/1/20511		51		41
Fannie Mae Pool #BU3058 2.50% 12/1/20511		1,512		1,284
Fannie Mae Pool #CB2286 2.50% 12/1/20511		1,266		1,082
Fannie Mae Pool #FM9976 3.00% 12/1/20511		845		755
Fannie Mae Pool #CB2544 3.00% 1/1/20521		2,361		2,088
Fannie Mae Pool #FS0523 2.50% 2/1/20521		199		171
Fannie Mae Pool #FS0647 3.00% 2/1/20521		3,881		3,465
Fannie Mae Pool #CB3495 3.00% 5/1/20521		5,807		5,103
Fannie Mae Pool #MA4600 3.50% 5/1/20521		17,861		16,244
Fannie Mae Pool #CB3897 3.50% 6/1/20521		17,000		15,465
Fannie Mae Pool #CB3774 4.00% 6/1/20521		3,250		3,052
Fannie Mae Pool #FS2159 5.00% 6/1/20521		64		63
Fannie Mae Pool #BV2558 5.00% 6/1/20521		62		61
Fannie Mae Pool #CB4159 4.00% 7/1/20521		234		220
Fannie Mae Pool #MA4700 4.00% 8/1/20521		6,346		5,959
Fannie Mae Pool #BV8024 4.00% 8/1/20521		296		278
Fannie Mae Pool #BW9411 5.00% 8/1/20521		926		914
Fannie Mae Pool #FS2489 5.00% 8/1/20521		60		59
Fannie Mae Pool #MA4732 4.00% 9/1/20521		2,012		1,890
Fannie Mae Pool #BW7326 4.00% 9/1/20521		254		238
Fannie Mae Pool #BW9348 4.00% 9/1/20521		219		206
Fannie Mae Pool #BW8103 4.00% 9/1/20521		208		195
Fannie Mae Pool #BW1192 4.50% 9/1/20521		1,848		1,780
Fannie Mae Pool #BW6231 4.50% 9/1/20521		223		215
Fannie Mae Pool #BW1201 5.00% 9/1/20521		4,200		4,146
Fannie Mae Pool #BV0954 5.00% 9/1/20521		1,797		1,774
Fannie Mae Pool #BW8088 5.00% 9/1/20521		327		323
Fannie Mae Pool #BW8980 4.00% 10/1/20521		821		771
Fannie Mae Pool #BW1210 4.00% 10/1/20521		620		582
Fannie Mae Pool #BW7356 4.00% 10/1/20521		516		484
Fannie Mae Pool #BX0509 4.00% 10/1/20521		222		209
Fannie Mae Pool #MA4784 4.50% 10/1/20521		5,035		4,851
Fannie Mae Pool #BW9458 4.50% 10/1/20521		999		965
Fannie Mae Pool #BX0097 4.50% 10/1/20521		998		962
Fannie Mae Pool #BW8981 4.50% 10/1/20521		995		958
Fannie Mae Pool #BW8996 4.50% 10/1/20521		994		958
Fannie Mae Pool #CB4959 4.50% 10/1/20521		993		956
Fannie Mae Pool #BX0902 5.00% 10/1/20521		916		904
Fannie Mae Pool #CB5380 5.00% 10/1/20521		478		472
Fannie Mae Pool #BX0892 5.00% 10/1/20521		102		101
Fannie Mae Pool #MA4820 6.50% 10/1/20521		300		308
Fannie Mae Pool #MA4803 3.50% 11/1/20521		612		557
Fannie Mae Pool #MA4804 4.00% 11/1/20521		2,492		2,340
Fannie Mae Pool #BW1310 4.00% 11/1/20521		232		218
Fannie Mae Pool #BX1766 5.00% 11/1/20521		1,900		1,875
Fannie Mae Pool #MA4806 5.00% 11/1/20521		1,313		1,296
Fannie Mae Pool #BX1761 5.00% 11/1/20521		921		909
Fannie Mae Pool #BX1274 5.50% 11/1/20521		165		166
Fannie Mae Pool #MA4852 6.50% 11/1/20521		244		251
Fannie Mae Pool #MA4840 4.50% 12/1/20521		995		959
Fannie Mae Pool #BX1072 5.00% 12/1/20521		1,943		1,918
Fannie Mae Pool #BX4020 5.00% 12/1/20521		29		29
Fannie Mae Pool #MA4877 6.50% 12/1/20521		39,345		40,362
Fannie Mae Pool #BX1071 6.50% 12/1/20521		82		85
Fannie Mae Pool #MA4868 5.00% 1/1/20531		1,457		1,438
Fannie Mae Pool #MA4894 6.00% 1/1/20531		2,000		2,032
Fannie Mae Pool #MA4895 6.50% 1/1/20531		8,828		9,056
Fannie Mae Pool #BF0497 3.00% 7/1/20601		1,429		1,252
Fannie Mae Pool #BF0585 4.50% 12/1/20611		459		448

American Funds Insurance Series 255

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/20251,3	USD	—	2	$	—	2
Fannie Mae, Series 2001-4, Class NA, 9.00% 10/25/20251,3		—	2		—	2
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.298% 7/25/20231,3		186			185
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/20241,3		368			361
Freddie Mac Pool #ZA2024 6.50% 9/1/20271		2			2
Freddie Mac Pool #1H1354 4.336% 11/1/20361,3		53			54
Freddie Mac Pool #C03518 5.00% 9/1/20401		279			283
Freddie Mac Pool #G06459 5.00% 5/1/20411		660			669
Freddie Mac Pool #RB5138 2.00% 12/1/20411		794			670
Freddie Mac Pool #RB5145 2.00% 2/1/20421		772			651
Freddie Mac Pool #RB5148 2.00% 3/1/20421		1,823			1,538
Freddie Mac Pool #Q15874 4.00% 2/1/20431		3			3
Freddie Mac Pool #Q17696 3.50% 4/1/20431		30			28
Freddie Mac Pool #Q19133 3.50% 6/1/20431		31			29
Freddie Mac Pool #Q23190 4.00% 11/1/20431		145			140
Freddie Mac Pool #Q28558 3.50% 9/1/20441		208			194
Freddie Mac Pool #760014 2.74% 8/1/20451,3		268			259
Freddie Mac Pool #Q47615 3.50% 4/1/20471		50			46
Freddie Mac Pool #Q52069 3.50% 11/1/20471		78			72
Freddie Mac Pool #Q54701 3.50% 3/1/20481		57			53
Freddie Mac Pool #Q54709 3.50% 3/1/20481		56			52
Freddie Mac Pool #Q54700 3.50% 3/1/20481		40			38
Freddie Mac Pool #Q54781 3.50% 3/1/20481		35			33
Freddie Mac Pool #Q54782 3.50% 3/1/20481		34			32
Freddie Mac Pool #Q54699 3.50% 3/1/20481		22			20
Freddie Mac Pool #Q54831 3.50% 3/1/20481		17			16
Freddie Mac Pool #Q54698 3.50% 3/1/20481		14			14
Freddie Mac Pool #G67711 4.00% 3/1/20481		1,407			1,351
Freddie Mac Pool #Q55971 4.00% 5/1/20481		78			75
Freddie Mac Pool #Q56175 4.00% 5/1/20481		74			71
Freddie Mac Pool #Q56590 3.50% 6/1/20481		27			25
Freddie Mac Pool #Q56589 3.50% 6/1/20481		17			16
Freddie Mac Pool #Q56599 4.00% 6/1/20481		114			109
Freddie Mac Pool #Q58411 4.50% 9/1/20481		204			202
Freddie Mac Pool #Q58436 4.50% 9/1/20481		110			109
Freddie Mac Pool #Q58378 4.50% 9/1/20481		80			79
Freddie Mac Pool #ZT0522 4.50% 9/1/20481		21			21
Freddie Mac Pool #QA0284 3.50% 6/1/20491		194			180
Freddie Mac Pool #QA2748 3.50% 9/1/20491		51			48
Freddie Mac Pool #RA1463 3.50% 10/1/20491		393			368
Freddie Mac Pool #RA1580 3.50% 10/1/20491		204			191
Freddie Mac Pool #SD8106 2.00% 11/1/20501		2,906			2,379
Freddie Mac Pool #SD8128 2.00% 2/1/20511		37			30
Freddie Mac Pool #SD8134 2.00% 3/1/20511		62			51
Freddie Mac Pool #RA5288 2.00% 5/1/20511		2,959			2,422
Freddie Mac Pool #SD0726 2.50% 10/1/20511		14,344			12,316
Freddie Mac Pool #RA6406 2.00% 11/1/20511		488			400
Freddie Mac Pool #SD1385 2.50% 11/1/20511		531			456
Freddie Mac Pool #SD7552 2.50% 1/1/20521		333			285
Freddie Mac Pool #SD7550 3.00% 2/1/20521		3,397			3,035
Freddie Mac Pool #SD0873 3.50% 2/1/20521		14,059			13,011
Freddie Mac Pool #QD7089 3.50% 2/1/20521		216			197
Freddie Mac Pool #SD7553 3.00% 3/1/20521		308			274
Freddie Mac Pool #8D0226 2.521% 5/1/20521,3		513			462
Freddie Mac Pool #QE6097 2.50% 7/1/20521		635			539
Freddie Mac Pool #SD8237 4.00% 8/1/20521		4,913			4,613
Freddie Mac Pool #QE9057 4.00% 8/1/20521		189			178
Freddie Mac Pool #QE6926 5.00% 8/1/20521		862			851
Freddie Mac Pool #QE8282 5.00% 8/1/20521		817			806
Freddie Mac Pool #QE8695 5.00% 8/1/20521		59			58
Freddie Mac Pool #QE7647 5.00% 8/1/20521		58			57

256 American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD1496 5.00% 8/1/20521	USD	54	$	54
Freddie Mac Pool #SD8244 4.00% 9/1/20521		3,275		3,076
Freddie Mac Pool #QE9625 4.00% 9/1/20521		244		229
Freddie Mac Pool #QF0671 4.50% 9/1/20521		503		485
Freddie Mac Pool #RA7938 5.00% 9/1/20521		11,870		11,717
Freddie Mac Pool #QF0311 5.00% 9/1/20521		1,324		1,307
Freddie Mac Pool #QF0151 5.00% 9/1/20521		799		789
Freddie Mac Pool #SD8246 5.00% 9/1/20521		225		222
Freddie Mac Pool #QF0706 5.00% 9/1/20521		64		64
Freddie Mac Pool #QF1464 4.00% 10/1/20521		234		220
Freddie Mac Pool #QF2136 4.50% 10/1/20521		999		962
Freddie Mac Pool #QF1431 4.50% 10/1/20521		999		962
Freddie Mac Pool #QF1765 4.50% 10/1/20521		995		958
Freddie Mac Pool #SD8257 4.50% 10/1/20521		743		716
Freddie Mac Pool #QF1305 5.00% 10/1/20521		74		73
Freddie Mac Pool #SD1710 5.00% 10/1/20521		26		26
Freddie Mac Pool #QF3364 4.00% 11/1/20521		381		358
Freddie Mac Pool #QF2445 4.50% 11/1/20521		4,769		4,595
Freddie Mac Pool #SD1895 4.50% 11/1/20521		1,272		1,249
Freddie Mac Pool #QF2560 4.50% 11/1/20521		999		965
Freddie Mac Pool #QF2846 4.50% 11/1/20521		998		961
Freddie Mac Pool #QF2936 4.50% 11/1/20521		969		934
Freddie Mac Pool #QF2976 5.00% 11/1/20521		81		80
Freddie Mac Pool #SD8275 4.50% 12/1/20521		36,151		34,831
Freddie Mac Pool #SD8276 5.00% 12/1/20521		1,866		1,842
Freddie Mac Pool #SD8281 6.50% 12/1/20521		2,000		2,052
Freddie Mac Pool #SD8285 3.50% 1/1/20531		346		314
Freddie Mac Pool #SD8286 4.00% 1/1/20531		199		187
Freddie Mac Pool #SD8288 5.00% 1/1/20531		7,348		7,253
Freddie Mac Pool #SD8282 6.50% 1/1/20531		10,431		10,701
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 2.547% 8/15/20231,3		1		1
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 2/25/20231		134		133
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 8/25/20231,3		2,526		2,502
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 9/25/20241		1,363		1,328
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20561,3		4,525		4,234
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/20561		822		724
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/20561		333		300
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20561		4,525		4,204
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20561,3		4,135		3,866
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/20571		910		800
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20571,3		1,311		1,197
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20571		509		484
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/20571		4,148		3,753
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 11/26/20571		252		239
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/20581		763		689
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/20581		587		556
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20581		2,148		2,027

American Funds Insurance Series 257

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/20581	USD	731	$	661
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20581		396		358
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/20591		1,819		1,687
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/20281		4,262		4,070
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20281		18,482		17,646
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/20291		4,786		4,398
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/20301		1,377		1,231
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/20301		435		356
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321		4,668		4,503
Government National Mortgage Assn. 2.00% 1/1/20531,4		1,395		1,169
Government National Mortgage Assn. 2.50% 1/1/20531,4		2,486		2,155
Government National Mortgage Assn. 3.00% 1/1/20531,4		1,755		1,563
Government National Mortgage Assn. 3.50% 1/1/20531,4		2,260		2,077
Government National Mortgage Assn. 5.00% 1/1/20531,4		6,848		6,787
Government National Mortgage Assn. 5.50% 1/1/20531,4		14,351		14,436
Government National Mortgage Assn. Pool #782365 6.00% 7/15/20381		84		89
Government National Mortgage Assn. Pool #700778 5.50% 10/15/20381		21		21
Government National Mortgage Assn. Pool #004269 6.50% 10/20/20381		164		176
Government National Mortgage Assn. Pool #698668 5.50% 11/15/20381		28		29
Government National Mortgage Assn. Pool #698406 5.00% 7/15/20391		186		190
Government National Mortgage Assn. Pool #783690 6.00% 9/20/20391		81		86
Government National Mortgage Assn. Pool #783689 5.50% 2/20/20401		2,598		2,758
Government National Mortgage Assn. Pool #783688 5.00% 6/20/20411		870		894
Government National Mortgage Assn. Pool #783687 4.50% 12/20/20411		570		562
Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/20421		19		17
Government National Mortgage Assn. Pool #MA8347 4.50% 10/20/20521		675		656
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20521		28,092		26,611
Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/20521		32,820		31,874
Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/20521		3,100		2,936
Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/20521		13,100		12,722
Uniform Mortgage-Backed Security 2.00% 1/1/20381,4		1,115		992
Uniform Mortgage-Backed Security 2.50% 1/1/20381,4		2,275		2,082
Uniform Mortgage-Backed Security 4.00% 1/1/20381,4		920		897
Uniform Mortgage-Backed Security 2.00% 1/1/20531,4		14,849		12,086
Uniform Mortgage-Backed Security 4.50% 1/1/20531,4		4,574		4,402
Uniform Mortgage-Backed Security 5.50% 1/1/20531,4		53,779		53,928
Uniform Mortgage-Backed Security 6.00% 1/1/20531,4		29,742		30,190
Uniform Mortgage-Backed Security 6.50% 1/1/20531,4		81,263		83,237
Uniform Mortgage-Backed Security 4.00% 2/1/20531,4		1,392		1,306
Uniform Mortgage-Backed Security 5.50% 2/1/20531,4		31,200		31,271
Uniform Mortgage-Backed Security 6.00% 2/1/20531,4		19,158		19,430
				723,593
U.S. Treasury bonds & notes 39.79%
U.S. Treasury inflation-protected securities 26.16%
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20235		21,974		21,933
U.S. Treasury Inflation-Protected Security 0.625% 4/15/20235		31,116		30,816
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20235		21,857		21,606
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20245		55,898		54,749
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20245		14,570		14,179
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20245		56,967		55,181
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20245		26,585		25,622

258 American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20255	USD	8,421		$	8,026
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20255		57,803			55,543
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20255		7,805			7,419
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20265		3,380			3,245
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20265		5,750			5,406
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20265		34,217			32,092
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20275		7,315			6,817
U.S. Treasury Inflation-Protected Security 1.625% 10/15/20275		12,137			12,122
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20305		7,293			6,528
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20315		6,877			6,102
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20315		1,001			883
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20325		4,412			3,860
U.S. Treasury Inflation-Protected Security 2.125% 2/15/20415		422			446
U.S. Treasury Inflation-Protected Security 0.75% 2/15/20425		8,558			7,171
U.S. Treasury Inflation-Protected Security 0.625% 2/15/20435		4,523			3,648
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20495		4,914			4,114
U.S. Treasury Inflation-Protected Security 0.25% 2/15/20505		337			227
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20515		6,032			3,891
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20525		1,459			943
					392,569
U.S. Treasury 13.63%
U.S. Treasury 0.50% 11/30/2023		12,069			11,611
U.S. Treasury 2.125% 11/30/2023		—	2		—	2
U.S. Treasury 0.125% 12/15/2023		1,934			1,853
U.S. Treasury 2.25% 12/31/2023		1,332			1,300
U.S. Treasury 2.50% 1/31/2024		26,000			25,395
U.S. Treasury 1.50% 2/29/2024		369			356
U.S. Treasury 3.00% 7/31/2024		3,685			3,594
U.S. Treasury 2.75% 5/15/2025		7,459			7,193
U.S. Treasury 3.125% 8/15/2025		390			379
U.S. Treasury 3.50% 9/15/2025		28,000			27,447
U.S. Treasury 4.00% 12/15/2025		5,694			5,659
U.S. Treasury 2.625% 7/31/2029		19,809			18,245
U.S. Treasury 3.125% 8/31/2029		22,521			21,382
U.S. Treasury 3.875% 12/31/2029		2,905			2,885
U.S. Treasury 2.75% 8/15/2032		7,500			6,828
U.S. Treasury 1.125% 5/15/2040		7,000			4,393
U.S. Treasury 2.50% 2/15/2045		4,850			3,668
U.S. Treasury 2.50% 2/15/2046		3,900			2,931
U.S. Treasury 2.50% 5/15/2046		5,400			4,049
U.S. Treasury 2.875% 11/15/2046		2,700			2,174
U.S. Treasury 2.875% 5/15/2049		6,300			5,095
U.S. Treasury 2.25% 8/15/2049		1,635			1,157
U.S. Treasury 1.25% 5/15/20506		19,460			10,527
U.S. Treasury 1.375% 8/15/2050		4,330			2,423
U.S. Treasury 1.625% 11/15/20506		26,165			15,671
U.S. Treasury 1.875% 2/15/20516		6,672			4,264
U.S. Treasury 2.00% 8/15/2051		5,546			3,650
U.S. Treasury 1.875% 11/15/2051		3,164			2,015
U.S. Treasury 2.875% 5/15/2052		350			282
U.S. Treasury 3.00% 8/15/2052		7,025			5,825
U.S. Treasury 4.00% 11/15/2052		2,290			2,302
					204,553
Total U.S. Treasury bonds & notes					597,122

American Funds Insurance Series 259

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Federal agency bonds & notes 5.28%
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026	USD	308	$	296
Fannie Mae 7.125% 1/15/2030		2,000		2,353
Federal Home Loan Bank 3.25% 11/16/2028		6,500		6,250
Federal Home Loan Bank 5.50% 7/15/2036		300		328
Private Export Funding Corp. 3.55% 1/15/2024		3,190		3,143
Private Export Funding Corp. 1.40% 7/15/2028		3,000		2,536
Tennessee Valley Authority 0.75% 5/15/2025		3,700		3,390
Tennessee Valley Authority 2.875% 2/1/2027		5,000		4,742
Tennessee Valley Authority 4.65% 6/15/2035		1,780		1,764
Tennessee Valley Authority 5.88% 4/1/2036		875		971
Tennessee Valley Authority, Series A, 4.625% 9/15/2060		250		232
TVA Southaven 3.846% 8/15/2033		887		820
U.S. Agency for International Development, Israel (State of), Class 1A, 5.50% 9/18/2023		1,250		1,255
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 6/30/2025		14,779		14,231
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026		1,909		2,000
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 8/1/2023		1,500		1,481
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 8/1/2024		2,250		2,190
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025		2,640		2,532
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026		2,625		2,497
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027		11,482		10,812
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028		3,856		3,598
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029		2,650		2,450
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030		2,482		2,361
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031		2,475		2,350
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032		2,377		2,159
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033		2,059		1,866
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034		651		589
				79,196
Total bonds, notes & other debt instruments (cost: $1,480,306,000)				1,399,911

Short-term securities 21.20%	Weighted average yield at acquisition
Commercial paper 13.42%
CAFCO, LLC 2/3/20237		4.300	%	8,750	8,713
Chariot Funding, LLC 1/3/20237		3.880		10,000	9,995
Chariot Funding, LLC 1/27/20237		4.150		8,000	7,973
Chariot Funding, LLC 2/10/20237		4.657		15,000	14,923
CHARTA, LLC 1/11/20237		3.900		5,680	5,672
Citigroup Global Markets, Inc. 2/21/20237		4.580		6,000	5,959
Coca-Cola Co. 2/21/20237		4.200		15,000	14,903
Honeywell International, Inc. 2/1/20237		4.100		3,000	2,988
Honeywell International, Inc. 2/21/20237		4.310		15,300	15,201
Honeywell International, Inc. 2/27/20237		4.300		6,050	6,006

260 American Funds Insurance Series

U.S. Government Securities Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Commercial paper (continued)
Johnson & Johnson 1/30/20237		4.190	%		USD9,000	$	8,967
Johnson & Johnson 2/13/20237		4.220			10,000		9,946
Linde, Inc. 2/6/2023		4.340			15,000		14,932
Paccar Financial Corp. 1/6/2023		4.110			20,000		19,983
Procter & Gamble Co. 2/9/20237		4.300			14,500		14,428
Procter & Gamble Co. 2/10/20237		4.250			18,500		18,406
Roche Holdings, Inc. 1/3/20237		4.230			13,950		13,944
Starbird Funding Corp. 1/3/20237		4.300			8,500		8,496
							201,435
Federal agency bills & notes 6.19%
Federal Farm Credit Banks 1/12/2023		3.880			5,500		5,494
Federal Home Loan Bank 1/3/2023		3.900			850		850
Federal Home Loan Bank 1/11/2023		4.005			20,700		20,680
Federal Home Loan Bank 2/8/2023		4.161			25,000		24,896
Federal Home Loan Bank 2/10/2023		4.215			6,750		6,720
Federal Home Loan Bank 2/22/2023		4.320			4,400		4,373
Federal Home Loan Bank 2/24/2023		4.297			10,000		9,936
Federal Home Loan Bank 3/3/2023		4.370			20,000		19,856
							92,805
U.S. Treasury bills 1.59%
U.S. Treasury 11/2/2023		4.527			24,780		23,854
Total short-term securities (cost: $318,108,000)							318,094
Total investment securities 114.48% (cost: $1,798,414,000)							1,718,005
Other assets less liabilities (14.48)%							(217,283	)
Net assets 100.00%						$	1,500,722

Futures contracts

							Value and
							unrealized
							appreciation
				Notional			(depreciation)
		Number of		amount			at 12/31/2022
Contracts	Type	contracts	Expiration	(000)			(000)
3 Month SOFR Futures	Short	270	June 2023		USD   (64,183	)		$	920
90 Day Eurodollar Futures	Long	1,495	September 2023		354,782				(15,731	)
90 Day Eurodollar Futures	Short	923	December 2023		(219,697	)			8,805
90 Day Eurodollar Futures	Short	885	December 2024		(213,285	)			4,539
2 Year U.S. Treasury Note Futures	Short	298	March 2023		(61,113	)			148
5 Year U.S. Treasury Note Futures	Long	3,872	March 2023		417,904				(536	)
10 Year U.S. Treasury Note Futures	Long	603	March 2023		67,715				(373	)
10 Year Ultra U.S. Treasury Note Futures	Long	164	March 2023		19,398				(294	)
20 Year U.S. Treasury Bond Futures	Long	447	March 2023		56,029				(765	)
30 Year Ultra U.S. Treasury Bond Futures	Short	35	March 2023		(4,701	)			111
								$	(3,176	)

American Funds Insurance Series 261

U.S. Government Securities Fund (continued)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

													Unrealized
										Upfront			appreciation
Receive		Pay			Notional		Value at			premium			(depreciation)
	Payment		Payment	Expiration	amount		12/31/2022			paid			at 12/31/2022
Rate	frequency	Rate	frequency	date	(000)		(000)			(000)			(000)
SOFR	Annual	0.471%	Annual	10/26/2023		USD 30,500	$	1,078			$	—		$	1,078
0.45801%	Annual	SOFR	Annual	10/26/2023		30,500		(1,081	)			—			(1,081	)
0.241%	Annual	U.S. EFFR	Annual	3/1/2024		119,400		(6,219	)			—			(6,219	)
U.S. EFFR	Annual	0.11%	Annual	5/18/2024		97,600		4,372				—			4,372
3.497%	Annual	U.S. EFFR	Annual	6/16/2024		24,000		(426	)			—			(426	)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024		3,697		(68	)			—			(68	)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024		17,700		(330	)			—			(330	)
4.345%	Annual	U.S. EFFR	Annual	9/29/2024		19,000		(85	)			—			(85	)
4.197%	Annual	U.S. EFFR	Annual	9/30/2024		19,000		(131	)			—			(131	)
4.1735%	Annual	U.S. EFFR	Annual	9/30/2024		19,400		(142	)			—			(142	)
4.15%	Annual	U.S. EFFR	Annual	10/6/2024		19,300		(146	)			—			(146	)
4.5645%	Annual	U.S. EFFR	Annual	10/19/2024		7,100		(2	)			—			(2	)
4.533%	Annual	U.S. EFFR	Annual	10/20/2024		8,800		(7	)			—			(7	)
4.56%	Annual	U.S. EFFR	Annual	10/27/2024		8,900		(2	)			—			(2	)
4.5245%	Annual	U.S. EFFR	Annual	10/27/2024		10,600		(8	)			—			(8	)
U.S. EFFR	Annual	0.1275%	Annual	6/25/2025		20,100		1,938				—			1,938
U.S. EFFR	Annual	0.126%	Annual	6/25/2025		20,100		1,938				—			1,938
U.S. EFFR	Annual	0.106%	Annual	6/30/2025		22,492		2,187				—			2,187
3-month USD-LIBOR	Quarterly	1.867%	Semi-annual	7/11/2025		49,400		3,060				—			3,060
2.925%	Semi-annual	3-month USD-LIBOR	Quarterly	2/1/2028		12,800		(616	)			—			(616	)
2.92%	Semi-annual	3-month USD-LIBOR	Quarterly	2/2/2028		12,200		(590	)			—			(590	)
U.S. EFFR	Annual	0.5385%	Annual	3/26/2030		49,000		9,477				—			9,477
0.913%	Semi-annual	3-month USD-LIBOR	Quarterly	6/9/2030		31,000		(5,918	)			—			(5,918	)
U.S. EFFR	Annual	0.666%	Annual	11/19/2030		15,500		3,075				—			3,075
3-month USD-LIBOR	Quarterly	2.963%	Semi-annual	2/1/2038		9,800		486				—			486
3-month USD-LIBOR	Quarterly	2.986%	Semi-annual	2/1/2038		7,800		375				—			375
0.833%	Semi-annual	3-month USD-LIBOR	Quarterly	4/3/2040		15,800		(5,952	)			—			(5,952	)
3-month USD-LIBOR	Quarterly	0.811%	Semi-annual	7/27/2050		5,110		2,464				—			2,464
SOFR	Annual	2.85282%	Annual	12/6/2052		540		38				—			38
SOFR	Annual	2.93542%	Annual	12/6/2052		550		31				—			31
							$	8,796			$	—		$	8,796

1	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
2	Amount less than one thousand.
3	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
4	Purchased on a TBA basis.
5	Index-linked bond whose principal amount moves with a government price index.
6	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $10,807,000, which represented .72% of the net assets of the fund.
7	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $166,520,000, which represented 11.10% of the net assets of the fund.

Key to abbreviations

Assn. = Association

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

262 American Funds Insurance Series

Managed Risk Growth Fund

Investment portfolio December 31, 2022

Growth funds 85.30%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1		5,078,871	$	387,467
Total growth funds (cost: $439,303,000)				387,467
Fixed income funds 7.53%
American Funds Insurance Series – The Bond Fund of America, Class 1		3,634,107		34,197
Total fixed income funds (cost: $35,683,000)				34,197
Short-term securities 2.48%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		11,266,894		11,267
Total short-term securities (cost: $11,267,000)				11,267
Options purchased 0.04%
Options purchased*				205
Total options purchased (cost: $1,216,000)				205
Total investment securities 95.35% (cost: $487,469,000)				433,136
Other assets less liabilities 4.65%				21,106
Net assets 100.00%			$	454,242

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 12/31/2022 (000)
S&P 500 Index	35	USD	13,438	USD	2,600.00	3/17/2023		$	13
S&P 500 Index	70		26,877		2,700.00	3/17/2023			29
S&P 500 Index	175		67,191		2,800.00	3/17/2023			87
S&P 500 Index	5		1,920		2,850.00	3/17/2023			2
S&P 500 Index	110		42,234		2,900.00	3/17/2023			74
								$	205

American Funds Insurance Series 263

Managed Risk Growth Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures	Long	283	March 2023	USD	30,544			$	(47	)
Nikkei 225 Index Contracts	Short	3	March 2023		(590	)			45
Japanese Yen Currency Contracts	Short	7	March 2023		(674	)			(31	)
FTSE 100 Index Contracts	Short	19	March 2023		(1,716	)			(1	)
British Pound Currency Contracts	Short	24	March 2023		(1,812	)			47
Mini MSCI Emerging Market Index Contracts	Short	57	March 2023		(2,734	)			42
Russell 2000 Mini Index Contracts	Short	66	March 2023		(5,844	)			156
Euro Stoxx 50 Index Contracts	Short	314	March 2023		(12,714	)			544
Euro Currency Contracts	Short	101	March 2023		(13,577	)			(30	)
S&P Mid 400 E-mini Index Contracts	Short	92	March 2023		(22,472	)			455
S&P 500 E-mini Index Contracts	Short	1,194	March 2023		(230,502	)			6,305
								$	7,485

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 85.30%
American Funds Insurance Series – Growth Fund, Class 1	$	504,914	$	458,729	$	366,785	$	(17,443	)	$	(191,948	)	$	387,467	$	2,476	$	60,090
Fixed income funds 7.53%
American Funds Insurance Series – The Bond Fund of America, Class 1		59,236		70,113		86,469		(9,458	)		775			34,197		1,344		443
Total 92.83%							$	(26,901	)	$	(191,173	)	$	421,664	$	3,820	$	60,533

1	Rate represents the seven-day yield at 12/31/2022.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

264 American Funds Insurance Series

Managed Risk International Fund

Investment portfolio December 31, 2022

Growth funds 84.51%	Shares		Value (000)
American Funds Insurance Series – International Fund, Class 1		6,952,007	$	106,435
Total growth funds (cost: $119,403,000)				106,435
Fixed income funds 9.95%
American Funds Insurance Series – The Bond Fund of America, Class 1		1,331,210		12,527
Total fixed income funds (cost: $13,253,000)				12,527
Short-term securities 2.09%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		2,635,506		2,636
Total short-term securities (cost: $2,636,000)				2,636
Options purchased 0.14%
Options purchased*				169
Total options purchased (cost: $399,000)				169
Total investment securities 96.69% (cost: $135,691,000)				121,767
Other assets less liabilities 3.31%				4,167
Net assets 100.00%			$	125,934

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 12/31/2022 (000)
iShares MSCI EAFE ETF	50	USD	328	USD	47.00	3/17/2023		$	—	2
iShares MSCI EAFE ETF	1,700		11,159		48.00	3/17/2023			13
iShares MSCI EAFE ETF	450		2,954		55.00	3/17/2023			11
iShares MSCI EAFE ETF	1,375		9,025		43.00	6/16/2023			34
iShares MSCI EAFE ETF	350		2,297		45.00	6/16/2023			15
iShares MSCI EAFE ETF	200		1,313		46.00	6/16/2023			9
iShares MSCI EAFE ETF	1,700		11,159		50.00	6/16/2023			87
								$	169

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures	Long	75	March 2023	USD	8,095			$	(13	)
S&P 500 E-mini Index Contracts	Short	66	March 2023		(12,742	)			351
Mini MSCI Emerging Market Index Contracts	Short	394	March 2023		(18,900	)			245
MSCI EAFE Index Contracts	Short	279	March 2023		(27,194	)			428
								$	1,011

American Funds Insurance Series 265

Managed Risk International Fund (continued)

Investments in affiliates³

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 84.51%
American Funds Insurance Series – International Fund, Class 1	$	136,987	$	107,662	$	92,768	$	(7,315	)	$	(38,131	)	$	106,435	$	2,273	$	16,110
Fixed income funds 9.95%
American Funds Insurance Series – The Bond Fund of America, Class 1		16,071		14,150		15,224		(2,409	)		(61	)		12,527		427		160
Total 94.46%							$	(9,724	)	$	(38,192	)	$	118,962	$	2,700	$	16,270

1	Rate represents the seven-day yield at 12/31/2022.
2	Amount less than one thousand.
3	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

266 American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

Investment portfolio December 31, 2022

Growth-and-income funds 84.89%	Shares		Value (000)
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1		21,639,334	$	274,603
Total growth-and-income funds (cost: $299,529,000)				274,603
Fixed income funds 9.99%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1		3,235,124		32,319
Total fixed income funds (cost: $34,728,000)				32,319
Short-term securities 2.32%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		7,500,680		7,501
Total short-term securities (cost: $7,501,000)				7,501
Options purchased 0.09%
Options purchased*				274
Total options purchased (cost: $1,254,000)				274
Total investment securities 97.29% (cost: $343,012,000)				314,697
Other assets less liabilities 2.71%				8,775
Net assets 100.00%			$	323,472

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 12/31/2022 (000)
S&P 500 Index	15	USD	5,759	USD	2,500.00	3/17/2023		$	4
S&P 500 Index	15		5,759		2,600.00	3/17/2023			6
S&P 500 Index	80		30,716		2,700.00	3/17/2023			33
S&P 500 Index	130		49,913		2,800.00	3/17/2023			65
S&P 500 Index	45		17,278		2,850.00	3/17/2023			24
S&P 500 Index	105		40,315		2,900.00	3/17/2023			70
S&P 500 Index	30		11,519		2,825.00	6/16/2023			72
								$	274

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures	Long	146	March 2023	USD	15,758			$	(81	)
Russell 2000 Mini Index Contracts	Short	1	March 2023		(89	)			3
S&P Mid 400 E-mini Index Contracts	Short	7	March 2023		(1,710	)			31
Euro Stoxx 50 Index Contracts	Short	47	March 2023		(1,903	)			70
Euro Currency Contracts	Short	15	March 2023		(2,016	)			(5	)
FTSE 100 Index Contracts	Short	31	March 2023		(2,799	)			(5	)

American Funds Insurance Series 267

Managed Risk Washington Mutual Investors Fund (continued)

Futures contracts (continued)

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
British Pound Currency Contracts	Short	38	March 2023	USD	(2,870	)		$	68
S&P 500 E-mini Index Contracts	Short	563	March 2023		(108,687	)			2,521
								$	2,602

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 84.89%
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1	$	315,947	$	235,449	$	186,345	$	38,519		$	(128,967	)	$	274,603	$	5,946	$	61,850
Fixed income funds 9.99%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1		37,066		33,763		33,365		(5,847	)		702			32,319		1,347		—
Total 94.88%							$	32,672		$	(128,265	)	$	306,922	$	7,293	$	61,850

1	Rate represents the seven-day yield at 12/31/2022.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

268 American Funds Insurance Series

Managed Risk Growth-Income Fund

Investment portfolio December 31, 2022

Growth-and-income funds 79.84%	Shares		Value (000)
American Funds Insurance Series – Growth-Income Fund, Class 1		33,417,153	$	1,677,875
Total growth-and-income funds (cost: $1,757,211,000)				1,677,875
Fixed income funds 14.97%
American Funds Insurance Series – The Bond Fund of America, Class 1		33,434,013		314,614
Total fixed income funds (cost: $348,317,000)				314,614
Short-term securities 2.25%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		47,304,896		47,305
Total short-term securities (cost: $47,305,000)				47,305
Options purchased 0.12%
Options purchased*				2,485
Total options purchased (cost: $13,461,000)				2,485
Total investment securities 97.18% (cost: $2,166,294,000)				2,042,279
Other assets less liabilities 2.82%				59,165
Net assets 100.00%			$	2,101,444

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 12/31/2022 (000)
S&P 500 Index	420	USD	161,259	USD	2,700.00	3/17/2023		$	172
S&P 500 Index	1,500		575,925		2,800.00	3/17/2023			750
S&P 500 Index	1,575		604,721		2,850.00	3/17/2023			838
S&P 500 Index	1,080		414,666		2,900.00	3/17/2023			725
								$	2,485

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures	Long	1,001	March 2023	USD	108,038			$	(177	)
Nikkei 225 Index Contracts	Short	1	March 2023		(197	)			3
Japanese Yen Currency Contracts	Short	3	March 2023		(289	)			(4	)
Russell 2000 Mini Index Contracts	Short	52	March 2023		(4,604	)			100
Mini MSCI Emerging Market Index Contracts	Short	230	March 2023		(11,033	)			137
FTSE 100 Index Contracts	Short	189	March 2023		(17,066	)			(33	)
British Pound Currency Contracts	Short	235	March 2023		(17,748	)			433
Euro Stoxx 50 Index Contracts	Short	579	March 2023		(23,445	)			892
Euro Currency Contracts	Short	187	March 2023		(25,138	)			(70	)

American Funds Insurance Series 269

Managed Risk Growth-Income Fund (continued)

Futures contracts (continued)

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
S&P Mid 400 E-mini Index Contracts	Short	210	March 2023		USD(51,295	)		$	773
S&P 500 E-mini Index Contracts	Short	3,266	March 2023		(630,501	)			14,597
								$	16,651

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 79.84%
American Funds Insurance Series –Growth-Income Fund, Class 1	$	2,125,192	$	1,251,540	$	1,173,057	$	198,223		$	(724,023	)	$	1,677,875	$	26,763	$	175,737
Fixed income funds 14.97%
American Funds Insurance Series –The Bond Fund of America, Class 1		398,789		234,510		257,964		(41,426	)		(19,295	)		314,614		10,505		3,897
Total 94.81%							$	156,797		$	(743,318	)	$	1,992,489	$	37,268	$	179,634

1	Rate represents the seven-day yield at 12/31/2022.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

270 American Funds Insurance Series

Managed Risk Asset Allocation Fund

Investment portfolio December 31, 2022

Asset allocation funds 95.19%	Shares		Value (000)
American Funds Insurance Series – Asset Allocation Fund, Class 1		93,886,027	$	2,084,270
Total asset allocation funds (cost: $2,174,894,000)				2,084,270
Short-term securities 3.19%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		69,776,962		69,777
Total short-term securities (cost: $69,777,000)				69,777
Options purchased 0.02%
Options purchased*				383
Total options purchased (cost: $1,887,000)				383
Total investment securities 98.40% (cost: $2,246,558,000)				2,154,430
Other assets less liabilities 1.60%				35,042
Net assets 100.00%			$	2,189,472

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 12/31/2022 (000)
S&P 500 Index	410	USD	157,419	USD	2,850.00	3/17/2023		$	218
S&P 500 Index	245		94,068		2,900.00	3/17/2023			165
								$	383

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures	Long	1,028	March 2023		USD110,952			$	(162	)
Mini MSCI Emerging Market Index Contracts	Short	166	March 2023		(7,963	)			100
FTSE 100 Index Contracts	Short	89	March 2023		(8,036	)			(18	)
Russell 2000 Mini Index Contracts	Short	93	March 2023		(8,235	)			157
British Pound Currency Contracts	Short	110	March 2023		(8,308	)			196
Euro Stoxx 50 Index Contracts	Short	399	March 2023		(16,156	)			623
Euro Currency Contracts	Short	124	March 2023		(16,669	)			(47	)
S&P Mid 400 E-mini Index Contracts	Short	183	March 2023		(44,700	)			548
S&P 500 E-mini Index Contracts	Short	2,599	March 2023		(501,737	)			12,185
								$	13,582

American Funds Insurance Series 271

Managed Risk Asset Allocation Fund (continued)

Investments in affiliates²

	Value of affiliate at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Asset allocation funds 95.19%
American Funds Insurance Series –Asset Allocation Fund, Class 1	$	2,678,055	$	1,104,342	$	1,086,607	$	55,156	$	(666,676	)	$	2,084,270	$	46,591	$	231,217

1	Rate represents the seven-day yield at 12/31/2022.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

272 American Funds Insurance Series

Financial statements
Statements of assets and liabilities at December 31, 2022	(dollars in thousands)

	Global Growth Fund		Global Small Capitalization Fund			Growth Fund			International Fund		New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	6,783,505	$	2,874,530		$	29,811,816		$	6,445,629	$	2,920,136
Affiliated issuers		164,535		134,983			1,166,965			306,445		167,414
Cash		695		32			1,221			1,055		671
Cash collateral received for securities on loan		—		5,872			5,587			161		32
Cash collateral pledged for futures contracts		—		—			—			—		161
Cash collateral pledged for swap contracts		—		—			—			—		—
Cash denominated in currencies other than U.S. dollars		6,010		86			1,197			1,640		929
Unrealized appreciation on open forward currency contracts		—		—			—			—		—	*
Unrealized appreciation on unfunded commitments		—		—			—			—		—
Receivables for:
Sales of investments		9,427		47			4,581			1,634		4,534
Sales of fund’s shares		1,203		347			53,171			1,486		1,478
Dividends and interest		5,076		2,430			18,226			14,915		5,113
Variation margin on futures contracts		—		—			—			—		27
Variation margin on centrally cleared swap contracts		—		—			—			—		—	*
Securities lending income		7		270			48			17		42
Currency translations		961		—			—			47		90
Other		—		—	*		—	*		—		—
		6,971,419		3,018,597			31,062,812			6,773,029		3,100,627
Liabilities:
Collateral for securities on loan		—		58,725			55,867			1,607		327
Unrealized depreciation on open forward currency contracts		—		—			—			—		50
Unrealized depreciation on unfunded commitments		—		—			—			—		—
Payables for:
Purchases of investments		3,893		1,234			69,568			2,056		2,377
Repurchases of fund’s shares		23,378		5,067			24,857			18,617		2,624
Investment advisory services		2,202		1,519			8,498			2,792		1,351
Insurance administrative fees		361		162			1,629			235		448
Services provided by related parties		1,005		515			4,478			946		393
Trustees’ deferred compensation		85		56			478			174		41
Variation margin on futures contracts		—		—			—			—		41
Variation margin on centrally cleared swap contracts		—		—			—			—		—	*
Non-U.S. taxes		4,611		8,270			886			26,641		8,988
Other		230		146			203			380		203
		35,765		75,694			166,464			53,448		16,843
Net assets at December 31, 2022	$	6,935,654	$	2,942,903		$	30,896,348		$	6,719,581	$	3,083,784
Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,528,931	$	2,581,405		$	20,120,055		$	6,463,732	$	2,578,375
Total distributable earnings (accumulated loss)		2,406,723		361,498			10,776,293			255,849		505,409
Net assets at December 31, 2022	$	6,935,654	$	2,942,903		$	30,896,348		$	6,719,581	$	3,083,784
Investment securities on loan, at value	$	—	$	59,781		$	54,504		$	1,530	$	311
Investment securities, at cost
Unaffiliated issuers		4,940,295		2,530,368			20,939,019			5,790,481		2,388,619
Affiliated issuers		164,509		133,831			1,166,747			306,396		167,393
Cash denominated in currencies other than U.S. dollars, at cost		6,096		85			1,195			1,614		939

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 273

Financial statements (continued)
Statements of assets and liabilities at December 31, 2022 (continued)	(dollars in thousands)

	Washington Mutual Investors Fund		Capital World Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund			Capital Income Builder
Assets:
Investment securities, at value:
Unaffiliated issuers	$	9,042,759	$	1,728,292	$	30,635,898	$	293,962		$	1,065,349
Affiliated issuers		391,007		804		2,605,421		5,492			107,723
Cash		2,877		739		2,141		75			826
Cash collateral received for securities on loan		1,290		648		24,869		96			655
Cash collateral pledged for futures contracts		—		—		—		—			—
Cash collateral pledged for swap contracts		—		—		—		—			—
Cash denominated in currencies other than U.S. dollars		—		1,728		844		556			753
Unrealized appreciation on open forward currency contracts		—		—		—		5			—
Unrealized appreciation on unfunded commitments		—		—		—		—			—
Receivables for:
Sales of investments		19,678		4,368		3,486		1,304			17,973
Sales of fund’s shares		1,698		332		11,206		54			475
Dividends and interest		11,258		1,617		53,240		1,606			3,711
Variation margin on futures contracts		—		—		—		—			2
Variation margin on centrally cleared swap contracts		—		—		—		—			22
Securities lending income		7		5		71		3			4
Currency translations		3		252		—		75			101
Other		—		—		—		—			—
		9,470,577		1,738,785		33,337,176		303,228			1,197,594
Liabilities:
Collateral for securities on loan		12,908		6,480		248,693		962			6,553
Unrealized depreciation on open forward currency contracts		—		—		—		—			—
Unrealized depreciation on unfunded commitments		—		—		—		—			—
Payables for:
Purchases of investments		2,823		1,089		28,952		197			49,380
Repurchases of fund’s shares		7,197		4,367		62,689		744			1,446
Investment advisory services		1,903		544		7,284		121			211
Insurance administrative fees		706		118		1,021		74			328
Services provided by related parties		1,072		299		3,696		69			143
Trustees’ deferred compensation		99		25		530		14			7
Variation margin on futures contracts		—		—		—		—			95
Variation margin on centrally cleared swap contracts		—		—		—		—			25
Non-U.S. taxes		159		410		1,143		35			320
Other		10		55		201		15			20
		26,877		13,387		354,209		2,231			58,528
Net assets at December 31, 2022	$	9,443,700	$	1,725,398	$	32,982,967	$	300,997		$	1,139,066
Net assets consist of:
Capital paid in on shares of beneficial interest	$	7,625,116	$	1,532,409	$	20,816,349	$	322,284		$	1,032,534
Total distributable earnings (accumulated loss)		1,818,584		192,989		12,166,618		(21,287	)		106,532
Net assets at December 31, 2022	$	9,443,700	$	1,725,398	$	32,982,967	$	300,997		$	1,139,066
Investment securities on loan, at value	$	12,432	$	6,155	$	240,456	$	1,435		$	6,251
Investment securities, at cost
Unaffiliated issuers		7,334,340		1,456,490		20,399,086		290,864			933,032
Affiliated issuers		390,957		804		2,605,095		5,489			113,396
Cash denominated in currencies other than U.S. dollars, at cost		—		1,754		847		564			763

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

274 American Funds Insurance Series

Financial statements (continued)
Statements of assets and liabilities at December 31, 2022 (continued)	(dollars in thousands)

	Asset Allocation Fund		American Funds Global Balanced Fund†		The Bond Fund of America			Capital World Bond Fund			American High-Income Trust
Assets:
Investment securities, at value:
Unaffiliated issuers	$	22,298,926	$	355,901	$	9,747,773		$	1,438,501		$	778,564
Affiliated issuers		3,019,460		9,460		1,425,720			48,843			38,565
Cash		4,463		142		3,761			431			1,024
Cash collateral received for securities on loan		5,690		—		—			—			—
Cash collateral pledged for futures contracts		—		—		—			—			99
Cash collateral pledged for swap contracts		—		—		—			—			517
Cash denominated in currencies other than U.S. dollars		592		86		—	*		732			5
Unrealized appreciation on open forward currency contracts		—		686		3,821			7,008			—
Unrealized appreciation on unfunded commitments		—		—		—			12			572
Receivables for:
Sales of investments		139,321		2,041		780,689			21			1,605
Sales of fund’s shares		1,899		327		10,460			165			585
Dividends and interest		74,681		1,624		71,420			10,334			13,187
Variation margin on futures contracts		194		29		494			326			2
Variation margin on centrally cleared swap contracts		11		16		345			149			3
Securities lending income		88		—		—			—			—
Currency translations		79		18		70			429			—
Other		—		—		—			—			3
		25,545,404		370,330		12,044,553			1,506,951			834,731
Liabilities:
Collateral for securities on loan		56,897		—		—			—			—
Unrealized depreciation on open forward currency contracts		—		150		174			2,455			—
Unrealized depreciation on unfunded commitments		9		—		—			1			3
Payables for:
Purchases of investments		647,278		1,470		1,812,910			19,999			2,546
Repurchases of fund’s shares		24,374		477		4,453			677			164
Investment advisory services		5,696		137		1,428			550			190
Insurance administrative fees		3,321		69		614			33			49
Services provided by related parties		2,697		66		1,048			217			153
Trustees’ deferred compensation		304		4		124			26			32
Variation margin on futures contracts		630		55		2,321			722			6
Variation margin on centrally cleared swap contracts		13		23		394			222			2
Non-U.S. taxes		3,511		100		5			51			—
Other		100		19		—	*		104			32
		744,830		2,570		1,823,471			25,057			3,177
Net assets at December 31, 2022	$	24,800,574	$	367,760	$	10,221,082		$	1,481,894		$	831,554
Net assets consist of:
Capital paid in on shares of beneficial interest	$	19,598,942	$	316,997	$	11,855,514		$	1,808,688		$	1,203,258
Total distributable earnings (accumulated loss)		5,201,632		50,763		(1,634,432	)		(326,794	)		(371,704	)
Net assets at December 31, 2022	$	24,800,574	$	367,760	$	10,221,082		$	1,481,894		$	831,554
Investment securities on loan, at value	$	67,688	$	—	$	—		$	—		$	—
Investment securities, at cost
Unaffiliated issuers		17,788,591		350,438		10,540,249			1,615,990			860,644
Affiliated issuers		3,328,159		9,409		1,425,521			47,246			38,557
Cash denominated in currencies other than U.S. dollars, at cost		594		86		—	*		728			5

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 275

Financial statements (continued)
Statements of assets and liabilities at December 31, 2022 (continued)	(dollars in thousands)

	American Funds Mortgage Fund			Ultra-Short Bond Fund		U.S. Government Securities Fund			Managed Risk Growth Fund			Managed Risk International Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	107,371		$	423,579	$	1,718,005		$	11,472		$	2,805
Affiliated issuers		—			—		—			421,664			118,962
Cash		2,692			9,083		40,936			—			—
Cash collateral received for securities on loan		—			—		—			—			—
Cash collateral pledged for futures contracts		—			—		—			15,705			2,698
Cash collateral pledged for swap contracts		—			—		—			—			—
Cash denominated in currencies other than U.S. dollars		—			—		—			—			—
Unrealized appreciation on open forward currency contracts		—			—		—			—			—
Unrealized appreciation on unfunded commitments		—			—		—			—			—
Receivables for:
Sales of investments		9,780			—		134,003			6,691			1,022
Sales of fund’s shares		42			322		2,930			237			18
Dividends and interest		261			29		5,528			57			13
Variation margin on futures contracts		2			—		185			1,011			602
Variation margin on centrally cleared swap contracts		5			—		385			—			—
Securities lending income		—			—		—			—			—
Currency translations		—			—		—			—			—
Other		1			—		—			—			—
		120,154			433,013		1,901,972			456,837			126,120
Liabilities:
Collateral for securities on loan		—			—		—			—			—
Unrealized depreciation on open forward currency contracts		—			—		—			—			—
Unrealized depreciation on unfunded commitments		—			—		—			—			—
Payables for:
Purchases of investments		31,002			—		398,190			2,108			19
Repurchases of fund’s shares		22			504		1,200			4			43
Investment advisory services		13			95		226			39			11
Insurance administrative fees		25			50		119			287			80
Services provided by related parties		21			92		310			93			26
Trustees’ deferred compensation		3			11		44			3			1
Variation margin on futures contracts		25			—		744			61			6
Variation margin on centrally cleared swap contracts		—	*		—		415			—			—
Non-U.S. taxes		—			—		—			—			—
Other		—	*		—		2			—			—
		31,111			752		401,250			2,595			186
Net assets at December 31, 2022	$	89,043		$	432,261	$	1,500,722		$	454,242		$	125,934
Net assets consist of:
Capital paid in on shares of beneficial interest	$	99,881		$	429,623	$	1,743,160		$	471,757		$	148,875
Total distributable earnings (accumulated loss)		(10,838	)		2,638		(242,438	)		(17,515	)		(22,941	)
Net assets at December 31, 2022	$	89,043		$	432,261	$	1,500,722		$	454,242		$	125,934
Investment securities on loan, at value	$	—		$	—	$	—		$	—		$	—
Investment securities, at cost
Unaffiliated issuers		109,975			423,636		1,798,414			12,483			3,035
Affiliated issuers		—			—		—			474,986			132,656
Cash denominated in currencies other than U.S. dollars, at cost		—			—		—			—			—

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

276 American Funds Insurance Series

Financial statements (continued)
Statements of assets and liabilities at December 31, 2022 (continued)	(dollars in thousands)

	Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	7,775	$	49,790	$	70,160
Affiliated issuers		306,922		1,992,489		2,084,270
Cash		—		—		—
Cash collateral received for securities on loan		—		—		—
Cash collateral pledged for futures contracts		6,746		43,741		34,859
Cash collateral pledged for swap contracts		—		—		—
Cash denominated in currencies other than U.S. dollars		—		—		—
Unrealized appreciation on open forward currency contracts		—		—		—
Unrealized appreciation on unfunded commitments		—		—		—
Receivables for:
Sales of investments		2,029		13,902		1,056
Sales of fund’s shares		72		11,603		104
Dividends and interest		36		229		280
Variation margin on futures contracts		363		2,759		2,144
Variation margin on centrally cleared swap contracts		—		—		—
Securities lending income		—		—		—
Currency translations		—		—		—
Other		—		—		—
		323,943		2,114,513		2,192,873
Liabilities:
Collateral for securities on loan		—		—		—
Unrealized depreciation on open forward currency contracts		—		—		—
Unrealized depreciation on unfunded commitments		—		—		—
Payables for:
Purchases of investments		63		10,953		—
Repurchases of fund’s shares		92		420		1,215
Investment advisory services		28		179		188
Insurance administrative fees		201		1,304		1,381
Services provided by related parties		67		56		465
Trustees’ deferred compensation		3		14		29
Variation margin on futures contracts		17		143		123
Variation margin on centrally cleared swap contracts		—		—		—
Non-U.S. taxes		—		—		—
Other		—		—		—
		471		13,069		3,401
Net assets at December 31, 2022	$	323,472	$	2,101,444	$	2,189,472
Net assets consist of:
Capital paid in on shares of beneficial interest	$	321,451	$	1,965,919	$	2,033,928
Total distributable earnings (accumulated loss)		2,021		135,525		155,544
Net assets at December 31, 2022	$	323,472	$	2,101,444	$	2,189,472
Investment securities on loan, at value	$	—	$	—	$	—
Investment securities, at cost
Unaffiliated issuers		8,755		60,766		71,664
Affiliated issuers		334,257		2,105,528		2,174,894
Cash denominated in currencies other than U.S. dollars, at cost		—		—		—

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 277

Financial statements (continued)

Statements of assets and liabilities
at December 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

		Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	3,104,085	$	915,430	$	13,660,417	$	3,157,234	$	1,610,310
	Shares outstanding		102,854		56,436		179,057		206,282		72,225
	Net asset value per share	$	30.18	$	16.22	$	76.29	$	15.31	$	22.30
Class 1A:	Net assets	$	14,317	$	4,256	$	187,432	$	10,423	$	8,868
	Shares outstanding		477		266		2,479		685		399
	Net asset value per share	$	30.04	$	16.00	$	75.61	$	15.23	$	22.19
Class 2:	Net assets	$	3,233,725	$	1,762,209	$	14,451,475	$	3,163,979	$	763,546
	Shares outstanding		108,539		115,167		191,651		207,745		34,672
	Net asset value per share	$	29.79	$	15.30	$	75.41	$	15.23	$	22.02
Class 3:	Net assets					$	187,905	$	15,480
	Shares outstanding	Not applicable		Not applicable			2,438		1,008	Not applicable
	Net asset value per share					$	77.09	$	15.35
Class 4:	Net assets	$	583,527	$	261,008	$	2,409,119	$	372,465	$	701,060
	Shares outstanding		19,774		17,087		32,713		24,843		32,104
	Net asset value per share	$	29.51	$	15.28	$	73.64	$	14.99	$	21.84
		Washington Mutual Investors Fund		Capital World Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	5,506,834	$	548,491	$	19,692,010	$	13,396	$	586,560
	Shares outstanding		433,800		46,994		392,155		1,499		53,377
	Net asset value per share	$	12.69	$	11.67	$	50.21	$	8.94	$	10.99
Class 1A:	Net assets	$	64,036	$	5,749	$	28,316	$	4,894	$	9,764
	Shares outstanding		5,079		496		567		562		890
	Net asset value per share	$	12.61	$	11.61	$	49.93	$	8.70	$	10.98
Class 2:	Net assets	$	2,775,107	$	982,987	$	11,507,731	$	162,036	$	13,016
	Shares outstanding		222,723		84,464		232,660		18,628		1,185
	Net asset value per share	$	12.46	$	11.64	$	49.46	$	8.70	$	10.98
Class 3:	Net assets					$	124,729
	Shares outstanding	Not applicable		Not applicable			2,478	Not applicable		Not applicable
	Net asset value per share					$	50.33
Class 4:	Net assets	$	1,097,723	$	188,171	$	1,630,181	$	120,671	$	529,726
	Shares outstanding		88,991		16,576		33,460		14,090		48,314
	Net asset value per share	$	12.34	$	11.35	$	48.72	$	8.56	$	10.96

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

278 American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities
at December 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

		Asset Allocation Fund		American Funds Global Balanced Fund†		The Bond Fund of America		Capital World Bond Fund		American High-Income Trust
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	15,137,832	$	96,407	$	6,369,876	$	663,191	$	223,824
	Shares outstanding		681,900		7,682		676,909		69,436		26,230
	Net asset value per share	$	22.20	$	12.55	$	9.41	$	9.55	$	8.53
Class 1A:	Net assets	$	26,595	$	2,555	$	220,548	$	1,344	$	1,263
	Shares outstanding		1,203		204		23,592		141		148
	Net asset value per share	$	22.10	$	12.49	$	9.35	$	9.50	$	8.51
Class 2:	Net assets	$	4,227,802	$	157,808	$	2,843,749	$	764,813	$	521,241
	Shares outstanding		192,995		12,632		306,636		80,914		62,452
	Net asset value per share	$	21.91	$	12.49	$	9.27	$	9.45	$	8.35
Class 3:	Net assets	$	28,209							$	8,471
	Shares outstanding		1,269	Not applicable		Not applicable		Not applicable			987
	Net asset value per share	$	22.23							$	8.58
Class 4:	Net assets	$	5,380,136	$	110,990	$	786,909	$	52,546	$	76,755
	Shares outstanding		247,415		9,009		85,213		5,633		8,291
	Net asset value per share	$	21.75	$	12.32	$	9.23	$	9.33	$	9.26
		American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government Securities Fund		Managed Risk Growth Fund		Managed Risk International Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	993	$	50,347	$	241,681
	Shares outstanding		105		4,436		24,189	Not applicable		Not applicable
	Net asset value per share	$	9.45	$	11.35	$	9.99
Class 1A:	Net assets	$	1,656	$	10	$	3,952
	Shares outstanding		177		1		397	Not applicable		Not applicable
	Net asset value per share	$	9.34	$	11.35	$	9.96
Class 2:	Net assets	$	46,324	$	297,253	$	1,058,577
	Shares outstanding		4,951		27,031		107,285	Not applicable		Not applicable
	Net asset value per share	$	9.36	$	11.00	$	9.87
Class 3:	Net assets			$	4,328	$	6,507
	Shares outstanding	Not applicable			389		649	Not applicable		Not applicable
	Net asset value per share			$	11.14	$	10.02
Class 4:	Net assets	$	40,070	$	80,323	$	190,005
	Shares outstanding		4,334		7,267		19,274	Not applicable		Not applicable
	Net asset value per share	$	9.25	$	11.05	$	9.86
Class P1:	Net assets							$	9,249	$	1,762
	Shares outstanding	Not applicable		Not applicable		Not applicable			813		205
	Net asset value per share							$	11.37	$	8.61
Class P2:	Net assets							$	444,993	$	124,172
	Shares outstanding	Not applicable		Not applicable		Not applicable			39,434		14,470
	Net asset value per share							$	11.28	$	8.58

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 279

Financial statements (continued)

Statements of assets and liabilities
at December 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

		Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class P1:	Net assets	$	2,748	$	1,833,437	$	7,152
	Shares outstanding		244		146,536		575
	Net asset value per share	$	11.24	$	12.51	$	12.43
Class P2:	Net assets	$	320,724	$	268,007	$	2,182,320
	Shares outstanding		28,686		21,540		180,515
	Net asset value per share	$	11.18	$	12.44	$	12.09

*	Amount less than one thousand.
†	Formerly Global Balanced Fund.

Refer to the notes to financial statements.

280 American Funds Insurance Series

Financial statements (continued)
Statements of operations for the year ended December 31, 2022	(dollars in thousands)

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	99,453		$	23,688		$	315,299		$	164,844		$	57,252
Affiliated issuers		9,353			3,871			22,361			9,392			4,331
		108,806			27,559			337,660			174,236			61,583
Interest from unaffiliated issuers		53			25			1,956			2			7,384
European Union withholding tax reclaims		782			264			818			5,544			358
Interest from European Union withholding tax reclaims		71			3			22			920			14
Securities lending income (net of fees)		178			2,281			1,158			1,331			338
		109,890			30,132			341,614			182,033			69,677
Fees and expenses1:
Investment advisory services		36,131			21,657			109,146			35,444			21,012
Distribution services		10,254			5,525			48,823			9,585			3,999
Insurance administrative services		1,537			699			6,939			1,008			1,923
Transfer agent services		1			—	2		6			1			1
Administrative services		2,236			973			10,468			2,191			1,018
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		77			41			299			90			34
Registration statement and prospectus		27			14			136			54			14
Trustees’ compensation		10			5			45			10			5
Auditing and legal		79			92			105			90			109
Custodian		868			430			384			1,246			758
Other		8			51			24			8			51
Total fees and expenses before waivers/reimbursement		51,228			29,487			176,375			49,727			28,924
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		5,162			1,011			1			—			3,759
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		5,162			1,011			1			—			3,759
Total fees and expenses after waivers/reimbursement		46,066			28,476			176,374			49,727			25,165
Net investment income		63,824			1,656			165,240			132,306			44,512
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		555,056			25,932			1,853,746			(374,601	)		(3,895	)
Affiliated issuers		(71	)		(30	)		(325	)		(112	)		(44	)
Futures contracts		—			—			—			—			100
Forward currency contracts		—			—			—			—			379
Swap contracts		—			—			—			—			(2	)
Currency transactions		(1,864	)		50			654			(3,241	)		72
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		553,121			25,952			1,854,075			(377,954	)		(3,390	)
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		(2,977,320	)		(1,267,074	)		(15,238,570	)		(1,582,438	)		(968,542	)
Affiliated issuers		(19	)		(25,285	)		22			(57	)		5
Futures contracts		—			—			—			—			129
Forward currency contracts		—			—			—			—			(30	)
Swap contracts		—			—			—			—			2
Currency translations		395			(145	)		(48	)		(351	)		(1,943	)
		(2,976,944	)		(1,292,504	)		(15,238,596	)		(1,582,846	)		(970,379	)
Net realized gain (loss) and unrealized depreciation		(2,423,823	)		(1,266,552	)		(13,384,521	)		(1,960,800	)		(973,769	)
Net (decrease) increase in net assets resulting from operations	$	(2,359,999	)	$	(1,264,896	)	$	(13,219,281	)	$	(1,828,494	)	$	(929,257	)

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 281

Financial statements (continued)
Statements of operations for the year ended December 31, 2022 (continued)	(dollars in thousands)

	Washington Mutual Investors Fund			Capital World Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	229,615		$	49,442		$	601,261		$	11,087		$	32,630
Affiliated issuers		6,762			1,469			40,278			302			2,614
		236,377			50,911			641,539			11,389			35,244
Interest from unaffiliated issuers		1			480			1,322			—			4,766
European Union withholding tax reclaims		—			—			3,119			995			103
Interest from European Union withholding tax reclaims		—			—			292			35			—
Securities lending income (net of fees)		293			147			836			29			65
		236,671			51,538			647,108			12,448			40,178
Fees and expenses1:
Investment advisory services		37,368			9,637			89,899			1,720			4,443
Distribution services		10,015			3,172			35,861			726			1,368
Insurance administrative services		2,882			499			4,286			306			1,362
Transfer agent services		2			—	2		6			—	2		—	2
Administrative services		2,969			558			10,612			93			337
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		65			23			285			9			10
Registration statement and prospectus		29			5			109			5			3
Trustees’ compensation		11			2			42			1			1
Auditing and legal		52			69			102			82			70
Custodian		275			259			469			20			101
Other		5			6			23			22			1
Total fees and expenses before waivers/reimbursement		53,673			14,230			141,694			2,984			7,696
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		14,561			2,866			—			295			1,989
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		14,561			2,866			—			295			1,989
Total fees and expenses after waivers/reimbursement		39,112			11,364			141,694			2,689			5,707
Net investment income		197,559			40,174			505,414			9,759			34,471
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		73,904			(82,354	)		1,822,012			(25,009	)		(1,384	)
Affiliated issuers		(71	)		8			(316	)		(4	)		(691	)
Futures contracts		—			—			—			—			(7,468	)
Forward currency contracts		—			—			—			(54	)		7
Swap contracts		—			—			—			—			1,909
Currency transactions		(22	)		(382	)		(871	)		(231	)		(125	)
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		73,811			(82,728	)		1,820,825			(25,298	)		(7,752	)
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		(1,207,072	)		(336,626	)		(9,143,460	)		(40,723	)		(104,188	)
Affiliated issuers		10			(1	)		130			(2	)		(5,193	)
Futures contracts		—			—			—			—			(311	)
Forward currency contracts		—			—			—			5			(2	)
Swap contracts		—			—			—			—			36
Currency translations		(3	)		(154	)		(173	)		1			64
		(1,207,065	)		(336,781	)		(9,143,503	)		(40,719	)		(109,594	)
Net realized gain (loss) and unrealized depreciation		(1,133,254	)		(419,509	)		(7,322,678	)		(66,017	)		(117,346	)
Net (decrease) increase in net assets resulting from operations	$	(935,695	)	$	(379,335	)	$	(6,817,264	)	$	(56,258	)	$	(82,875	)

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

282 American Funds Insurance Series

Financial statements (continued)
Statements of operations for the year ended December 31, 2022 (continued)	(dollars in thousands)

	Asset Allocation Fund			American Funds Global Balanced Fund3			The Bond Fund of America			Capital World Bond Fund			American High-Income Trust
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	388,405		$	6,485		$	1		$	65		$	3,225
Affiliated issuers		80,475			393			34,880			3,057			610
		468,880			6,878			34,881			3,122			3,835
Interest from unaffiliated issuers		178,663			3,237			331,418			44,637			52,726
European Union withholding tax reclaims		23			—			—			—			—
Interest from European Union withholding tax reclaims		9			—			—			—			—
Securities lending income (net of fees)		631			7			—			—			—
		648,206			10,122			366,299			47,759			56,561
Fees and expenses1:
Investment advisory services		70,034			2,063			39,380			7,727			3,914
Distribution services		25,560			721			9,930			2,251			1,656
Insurance administrative services		14,064			300			2,381			146			203
Transfer agent services		4			—	2		2			—	2		—	2
Administrative services		7,927			118			3,334			492			271
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		164			6			91			22			17
Registration statement and prospectus		51			2			216			5			4
Trustees’ compensation		30			—	2		12			2			2
Auditing and legal		83			54			59			51			49
Custodian		616			69			95			143			18
Other		17			4			11			6			18
Total fees and expenses before waivers/reimbursement		118,550			3,337			55,511			10,845			6,152
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		—			25			21,118			611			1,428
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		—			25			21,118			611			1,428
Total fees and expenses after waivers/reimbursement		118,550			3,312			34,393			10,234			4,724
Net investment income		529,656			6,810			331,906			37,525			51,837
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1  on:
Investments in:
Unaffiliated issuers		867,100			41,092			(720,113	)		(161,648	)		(27,908	)
Affiliated issuers		(24,724	)		3			(218	)		17			(7	)
Futures contracts		65,437			539			(136,499	)		(7,447	)		1,533
Forward currency contracts		—			(1,292	)		1,795			(18,216	)		—
Swap contracts		(73	)		142			28,243			(796	)		(82	)
Currency transactions		4,210			(235	)		(118	)		(3,040	)		21
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		911,950			40,249			(826,910	)		(191,130	)		(26,443	)
Net unrealized (depreciation) appreciation1  on:
Investments in:
Unaffiliated issuers		(5,229,896	)		(113,353	)		(1,058,517	)		(184,433	)		(118,628	)
Affiliated issuers		(273,363	)		51			76			1,587			4
Futures contracts		13,070			(454	)		(6,976	)		(3,811	)		123
Forward currency contracts		—			725			4,002			4,071			—
Swap contracts		(1,575	)		(763	)		12,978			(6,561	)		(161	)
Currency translations		6			14			48			566			(31	)
		(5,491,758	)		(113,780	)		(1,048,389	)		(188,581	)		(118,693	)
Net realized gain (loss) and unrealized depreciation		(4,579,808	)		(73,531	)		(1,875,299	)		(379,711	)		(145,136	)
Net (decrease) increase in net assets resulting from operations	$	(4,050,152	)	$	(66,721	)	$	(1,543,393	)	$	(342,186	)	$	(93,299	)

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 283

Financial statements (continued)
Statements of operations for the year ended December 31, 2022 (continued)	(dollars in thousands)

	American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund			Managed Risk Growth Fund			Managed Risk International Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—		$	265		$	55
Affiliated issuers		—			—			—			3,820			2,700
		—			—			—			4,085			2,755
Interest from unaffiliated issuers		2,336			7,293			52,923			—			—
European Union withholding tax reclaims		—			—			—			—			—
Interest from European Union withholding tax reclaims		—			—			—			—			—
Securities lending income (net of fees)		—			—			—			—			—
		2,336			7,293			52,923			4,085			2,755
Fees and expenses1:
Investment advisory services		350			1,110			5,345			746			208
Distribution services		228			889			3,494			1,219			342
Insurance administrative services		105			173			522			1,244			346
Transfer agent services		—	2		—	2		—	2		—	2		—	2
Administrative services		31			121			503			—			—
Accounting and administrative services		—			—			—			58			49
Reports to shareholders		5			7			21			2			1
Registration statement and prospectus		2			3			7			4			2
Trustees’ compensation		—	2		—	2		2			1			—	2
Auditing and legal		44			43			46			16			16
Custodian		17			1			29			6			7
Other		—	2		—	2		1			—	2		—	2
Total fees and expenses before waivers/reimbursement		782			2,347			9,970			3,296			971
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		158			—			2,256			249			69
Miscellaneous fee reimbursement		—			—			—			—			32
Total waivers/reimbursement of fees and expenses		158			—			2,256			249			101
Total fees and expenses after waivers/reimbursement		624			2,347			7,714			3,047			870
Net investment income		1,712			4,946			45,209			1,038			1,885
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1  on:
Investments in:
Unaffiliated issuers		(9,212	)		—	2		(104,839	)		(3,857	)		(1,108	)
Affiliated issuers		—			—			—			(26,901	)		(9,724	)
Futures contracts		(2,688	)		—			(52,928	)		1,884			4,007
Forward currency contracts		—			—			—			—			—
Swap contracts		3,147			—			20,919			—			—
Currency transactions		—			—			—			127			29
Capital gain distributions received from affiliated issuers		—			—			—			60,533			16,270
		(8,753	)		—	2		(136,848	)		31,786			9,474
Net unrealized (depreciation) appreciation1  on:
Investments in:
Unaffiliated issuers		(3,365	)		(59	)		(99,107	)		399			327
Affiliated issuers		—			—			—			(191,173	)		(38,192	)
Futures contracts		(79	)		—			(3,785	)		8,824			1,394
Forward currency contracts		—			—			—			—			—
Swap contracts		(1,585	)		—			(7,297	)		—			—
Currency translations		—			—			—			—			—
		(5,029	)		(59	)		(110,189	)		(181,950	)		(36,471	)
Net realized gain (loss) and unrealized depreciation		(13,782	)		(59	)		(247,037	)		(150,164	)		(26,997	)
Net (decrease) increase in net assets resulting from operations	$	(12,070	)	$	4,887		$	(201,828	)	$	(149,126	)	$	(25,112	)

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

284 American Funds Insurance Series

Financial statements (continued)
Statements of operations for the year ended December 31, 2022 (continued)	(dollars in thousands)

	Managed Risk Washington Mutual Investors Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	158		$	1,054		$	1,230
Affiliated issuers		7,293			37,268			46,591
		7,451			38,322			47,821
Interest from unaffiliated issuers		—			—			—
European Union withholding tax reclaims		—			—			—
Interest from European Union withholding tax reclaims		—			—			—
Securities lending income (net of fees)		—			—			—
		7,451			38,322			47,821
Fees and expenses1:
Investment advisory services		499			3,399			3,572
Distribution services		824			720			5,935
Insurance administrative services		830			5,665			5,953
Transfer agent services		—	2		—	2		—	2
Administrative services		—			—			—
Accounting and administrative services		53			96			98
Reports to shareholders		2			5			6
Registration statement and prospectus		3			10			13
Trustees’ compensation		—	2		2			3
Auditing and legal		16			18			19
Custodian		7			7			6
Other		—	2		1			1
Total fees and expenses before waivers/reimbursement		2,234			9,923			15,606
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		166			1,135			1,192
Miscellaneous fee reimbursement		—			—			—
Total waivers/reimbursement of fees and expenses		166			1,135			1,192
Total fees and expenses after waivers/reimbursement		2,068			8,788			14,414
Net investment income		5,383			29,534			33,407
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1  on:
Investments in:
Unaffiliated issuers		(3,288	)		(38,643	)		(5,894	)
Affiliated issuers		32,672			156,797			55,156
Futures contracts		(4,543	)		(51,822	)		(47,767	)
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency transactions		43			322			259
Capital gain distributions received from affiliated issuers		61,850			179,634			231,217
		86,734			246,288			232,971
Net unrealized (depreciation) appreciation1  on:
Investments in:
Unaffiliated issuers		51			7,712			396
Affiliated issuers		(128,265	)		(743,318	)		(666,676	)
Futures contracts		2,705			17,339			13,823
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency translations		—			—			—
		(125,509	)		(718,267	)		(652,457	)
Net realized gain (loss) and unrealized depreciation		(38,775	)		(471,979	)		(419,486	)
Net (decrease) increase in net assets resulting from operations	$	(33,392	)	$	(442,445	)	$	(386,079	)

1	Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.
2	Amount less than one thousand.
3	Formerly Global Balanced Fund.

Refer to the notes to financial statements.

American Funds Insurance Series 285

Financial statements (continued)
Statements of changes in net assets	(dollars in thousands)

	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	63,824		$	36,408		$	1,656		$	(11,335	)	$	165,240		$	87,664
Net realized gain (loss)		553,121			846,935			25,952			1,098,836			1,854,075			5,061,178
Net unrealized (depreciation) appreciation		(2,976,944	)		485,952			(1,292,504	)		(710,657	)		(15,238,596	)		3,147,345
Net (decrease) increase in net assets resulting from operations		(2,359,999	)		1,369,295			(1,264,896	)		376,844			(13,219,281	)		8,296,187
Distributions paid to shareholders		(892,563	)		(486,343	)		(1,091,116	)		(123,155	)		(5,140,514	)		(5,437,958	)
Net capital share transactions		597,636			466,658			721,994			(989,509	)		3,850,397			3,623,473
Total (decrease) increase in net assets		(2,654,926	)		1,349,610			(1,634,018	)		(735,820	)		(14,509,398	)		6,481,702
Net assets:
Beginning of year		9,590,580			8,240,970			4,576,921			5,312,741			45,405,746			38,924,044
End of year	$	6,935,654		$	9,590,580		$	2,942,903		$	4,576,921		$	30,896,348		$	45,405,746
	International Fund						New World Fund						Washington Mutual Investors Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	132,306		$	147,317		$	44,512		$	32,010		$	197,559		$	173,016
Net realized gain (loss)		(377,954	)		1,273,483			(3,390	)		318,018			73,811			2,286,033
Net unrealized (depreciation) appreciation		(1,582,846	)		(1,501,184	)		(970,379	)		(136,128	)		(1,207,065	)		81,431
Net (decrease) increase in net assets resulting from operations		(1,828,494	)		(80,384	)		(929,257	)		213,900			(935,695	)		2,540,480
Distributions paid to shareholders		(1,146,487	)		(249,096	)		(357,382	)		(185,700	)		(2,416,808	)		(166,149	)
Net capital share transactions		265,209			(832,025	)		(77,021	)		176,091			1,331,066			(488,260	)
Total (decrease) increase in net assets		(2,709,772	)		(1,161,505	)		(1,363,660	)		204,291			(2,021,437	)		1,886,071
Net assets:
Beginning of year		9,429,353			10,590,858			4,447,444			4,243,153			11,465,137			9,579,066
End of year	$	6,719,581		$	9,429,353		$	3,083,784		$	4,447,444		$	9,443,700		$	11,465,137

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

286 American Funds Insurance Series

Financial statements (continued)
Statements of changes in net assets (continued)	(dollars in thousands)

	Capital World Growth and Income Fund						Growth-Income Fund						International Growth and Income Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	40,174		$	44,268		$	505,414		$	480,125		$	9,759		$	34,510
Net realized gain (loss)		(82,728	)		410,057			1,820,825			3,512,628			(25,298	)		357,845
Net unrealized (depreciation) appreciation		(336,781	)		(139,980	)		(9,143,503	)		4,888,658			(40,719	)		(342,815	)
Net (decrease) increase in net assets resulting from operations		(379,335	)		314,345			(6,817,264	)		8,881,411			(56,258	)		49,540
Distributions paid to shareholders		(454,298	)		(90,172	)		(3,956,410	)		(915,114	)		(154,047	)		(14,532	)
Net capital share transactions		175,376			(14,968	)		804,156			(3,505,347	)		132,760			(1,112,349	)
Total (decrease) increase in net assets		(658,257	)		209,205			(9,969,518	)		4,460,950			(77,545	)		(1,077,341	)
Net assets:
Beginning of year		2,383,655			2,174,450			42,952,485			38,491,535			378,542			1,455,883
End of year	$	1,725,398		$	2,383,655		$	32,982,967		$	42,952,485		$	300,997		$	378,542
	Capital Income Builder						Asset Allocation Fund						American Funds Global Balanced Fund*
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	34,471		$	32,730		$	529,656		$	496,078		$	6,810		$	4,583
Net realized gain (loss)		(7,752	)		44,998			911,950			2,982,523			40,249			24,122
Net unrealized (depreciation) appreciation		(109,594	)		81,302			(5,491,758	)		990,457			(113,780	)		17,602
Net (decrease) increase in net assets resulting from operations		(82,875	)		159,030			(4,050,152	)		4,469,058			(66,721	)		46,307
Distributions paid to shareholders		(31,988	)		(29,764	)		(3,253,724	)		(1,541,316	)		(2,232	)		(29,247	)
Net capital share transactions		109,402			(81,691	)		1,398,530			(1,879,473	)		(30,663	)		(4,816	)
Total (decrease) increase in net assets		(5,461	)		47,575			(5,905,346	)		1,048,269			(99,616	)		12,244
Net assets:
Beginning of year		1,144,527			1,096,952			30,705,920			29,657,651			467,376			455,132
End of year	$	1,139,066		$	1,144,527		$	24,800,574		$	30,705,920		$	367,760		$	467,376

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 287

Financial statements (continued)
Statements of changes in net assets (continued)	(dollars in thousands)

	The Bond Fund of America						Capital World Bond Fund						American High-Income Trust
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	331,906		$	215,953		$	37,525		$	42,586		$	51,837		$	47,176
Net realized gain (loss)		(826,910	)		129,232			(191,130	)		16,012			(26,443	)		7,485
Net unrealized (depreciation) appreciation		(1,048,389	)		(353,151	)		(188,581	)		(168,792	)		(118,693	)		21,386
Net (decrease) increase in net assets resulting from operations		(1,543,393	)		(7,966	)		(342,186	)		(110,194	)		(93,299	)		76,047
Distributions paid to shareholders		(462,954	)		(687,442	)		(30,830	)		(91,748	)		(67,772	)		(43,416	)
Net capital share transactions		(959,150	)		2,474,568			(230,098	)		(51,795	)		(59,810	)		152,225
Total (decrease) increase in net assets		(2,965,497	)		1,779,160			(603,114	)		(253,737	)		(220,881	)		184,856
Net assets:
Beginning of year		13,186,579			11,407,419			2,085,008			2,338,745			1,052,435			867,579
End of year	$	10,221,082		$	13,186,579		$	1,481,894		$	2,085,008		$	831,554		$	1,052,435
	American Funds Mortgage Fund						Ultra-Short Bond Fund						U.S. Government Securities Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	1,712		$	1,555		$	4,946		$	(1,883	)	$	45,209		$	26,482
Net realized gain (loss)		(8,753	)		(90	)		—	†		—	†		(136,848	)		(5,219	)
Net unrealized (depreciation) appreciation		(5,029	)		(2,808	)		(59	)		(4	)		(110,189	)		(36,820	)
Net (decrease) increase in net assets resulting from operations		(12,070	)		(1,343	)		4,887			(1,887	)		(201,828	)		(15,557	)
Distributions paid to shareholders		(1,793	)		(13,157	)		(2,237	)		—			(60,476	)		(209,728	)
Net capital share transactions		(231,492	)		29,279			96,950			(41,201	)		(402,273	)		236,927
Total (decrease) increase in net assets		(245,355	)		14,779			99,600			(43,088	)		(664,577	)		11,642
Net assets:
Beginning of year		334,398			319,619			332,661			375,749			2,165,299			2,153,657
End of year	$	89,043		$	334,398		$	432,261		$	332,661		$	1,500,722		$	2,165,299

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

288 American Funds Insurance Series

Financial statements (continued)
Statements of changes in net assets (continued)	(dollars in thousands)

	Managed Risk Growth Fund						Managed Risk International Fund						Managed Risk Washington Mutual Investors Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	1,038		$	(392	)	$	1,885		$	2,984		$	5,383		$	3,320
Net realized gain (loss)		31,786			93,312			9,474			654			86,734			15,848
Net unrealized (depreciation) appreciation		(181,950	)		(21,491	)		(36,471	)		(10,287	)		(125,509	)		38,411
Net (decrease) increase in net assets resulting from operations		(149,126	)		71,429			(25,112	)		(6,649	)		(33,392	)		57,579
Distributions paid to shareholders		(90,246	)		(27,384	)		(4,275	)		(931	)		(14,671	)		(6,019	)
Net capital share transactions		97,021			(11,898	)		(6,014	)		(654	)		(1,502	)		(34,883	)
Total (decrease) increase in net assets		(142,351	)		32,147			(35,401	)		(8,234	)		(49,565	)		16,677
Net assets:
Beginning of year		596,593			564,446			161,335			169,569			373,037			356,360
End of year	$	454,242		$	596,593		$	125,934		$	161,335		$	323,472		$	373,037
	Managed Risk Growth-Income Fund						Managed Risk Asset Allocation Fund
	Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	29,534		$	23,938		$	33,407		$	29,121
Net realized gain (loss)		246,288			49,377			232,971			133,738
Net unrealized (depreciation) appreciation		(718,267	)		292,194			(652,457	)		169,648
Net (decrease) increase in net assets resulting from operations		(442,445	)		365,509			(386,079	)		332,507
Distributions paid to shareholders		(99,803	)		(68,168	)		(138,964	)		(38,227	)
Net capital share transactions		(23,880	)		(64,385	)		(104,505	)		(254,031	)
Total (decrease) increase in net assets		(566,128	)		232,956			(629,548	)		40,249
Net assets:
Beginning of year		2,667,572			2,434,616			2,819,020			2,778,771
End of year	$	2,101,444		$	2,667,572		$	2,189,472		$	2,819,020

*	Formerly Global Balanced Fund.
†	Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series 289

Notes to financial statements

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 34 different funds ("the funds"), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

Global Growth Fund — To provide long-term growth of capital.

Global Small Capitalization Fund — To provide long-term growth of capital.

Growth Fund — To provide growth of capital.

International Fund — To provide long-term growth of capital.

New World Fund — To provide long-term capital appreciation.

Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

Capital World Growth and Income Fund — To provide long-term growth of capital while providing current income.

Growth-Income Fund — To achieve long-term growth of capital and income.

International Growth and Income Fund — To provide long-term growth of capital while providing current income.

Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

American Funds Global Balanced Fund (formerly Global Balanced Fund) — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

The Bond Fund of America — To provide as high a level of current income as is consistent with the preservation of capital.

Capital World Bond Fund — To provide, over the long term, a high level of total return consistent with prudent investment management.

American High-Income Trust — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

290 American Funds Insurance Series

American Funds Mortgage Fund — To provide current income and preservation of capital.

Ultra-Short Bond Fund — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

U.S. Government Securities Fund — To provide a high level of current income consistent with prudent investment risk and preservation of capital.

Managed Risk Growth Fund — To provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Cash — Cash may include amounts held in an interest bearing deposit facility.

Security transactions and related investment income — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

American Funds Insurance Series 291

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

CRMC, the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities	Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

292 American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Capital Group Central Corporate Bond Fund (“CCBF”), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (collectively the “Central Funds“), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund’s portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds’ statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series’ investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The series’ board of trustees has designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.

The series’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.

Classifications — The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following pages present the funds’ valuation levels as of December 31, 2022 (dollars in thousands):

American Funds Insurance Series 293

Global Growth Fund
	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	923,708	$	643,291	$	—		$	1,566,999
Health care		1,027,635		489,438		—			1,517,073
Consumer discretionary		493,333		473,688		—			967,021
Financials		213,109		405,801		—	*		618,910
Consumer staples		308,045		286,104		—			594,149
Industrials		203,723		319,481		—			523,204
Energy		163,263		172,648		—	*		335,911
Materials		200,063		25,242		—			225,305
Communication services		146,303		39,149		—			185,452
Real estate		—		12,072		—			12,072
Utilities		7,666		—		—			7,666
Preferred securities		—		115,128		—			115,128
Short-term securities		164,535		114,615		—			279,150
Total	$	3,851,383	$	3,096,657	$	—	*	$	6,948,040
*  Amount less than one thousand.
Global Small Capitalization Fund
	Investment securities
		Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Industrials	$	145,496	$	462,740	$	—		$	608,236
Information technology		278,192		271,360		842			550,394
Consumer discretionary		319,599		207,610		—			527,209
Health care		368,441		133,632		—			502,073
Financials		82,339		175,020		—			257,359
Materials		8,263		96,602		—			104,865
Real estate		35,375		39,017		—			74,392
Energy		13,782		16,503		25,418			55,703
Communication services		25,084		27,091		—			52,175
Utilities		10,353		37,278		—			47,631
Consumer staples		18,150		27,079		—			45,229
Preferred securities		7,126		—		18,452			25,578
Rights & warrants		—		10,007		—			10,007
Short-term securities		148,662		—		—			148,662
Total	$	1,460,862	$	1,503,939	$	44,712		$	3,009,513

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended December 31, 2022 (dollars in thousands):

	Beginning value at 1/1/2022		Transfers into Level 3*		Purchases		Sales		Net realized gain		Unrealized depreciation†		Transfers out of Level 3*		Ending value at 12/31/2022
Investment securities	$	44,963	$	—	$	—	$	—	$	—	$	(251)	$	—	$	44,712
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022															$	(251	)

*	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
†	Net unrealized depreciation is included in the related amounts on investments in the fund’s statement of operations.

294 American Funds Insurance Series

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

	Value at 12/31/2022			Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Common stocks		$26,260		Market comparable companies	Price/Cash flow multiple	5.7x	5.7x	Increase
					EV/Sales multiple	6.2x	6.2x	Increase
					DLOM	16%	16%	Decrease
					Discount for lack of certainty	10%	10%	Decrease
					Risk discount	25%	25%	Decrease
Preferred securities		18,452		Transaction price	N/A	N/A	N/A	N/A
				Market comparable companies	EV/Sales multiple	6.2x - 12.9x	11.0x	Increase
					Risk discount	25%	25%	Decrease
					Net adjustment (decrease) based on movement of market comparables	44%	44%	Decrease
					DLOM	10%	10%	Decrease
Total			$44,712

*	Weighted average is by relative fair value.
†	This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

DLOM = Discount for lack of marketability

EV = Enterprise value

Growth Fund
	Investment securities
		Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	5,461,425	$	723,030	$	4,704	$	6,189,159
Health care		5,188,144		115,484		45,222		5,348,850
Consumer discretionary		4,793,527		439,744		—		5,233,271
Communication services		3,950,043		25,714		—		3,975,757
Industrials		3,112,991		255,410		—		3,368,401
Energy		1,737,621		91,688		—		1,829,309
Financials		1,796,618		—		—		1,796,618
Materials		973,571		—		—		973,571
Consumer staples		596,091		109,850		—		705,941
Utilities		243,420		—		—		243,420
Real estate		33,920		—		—		33,920
Preferred securities		—		21,366		36,770		58,136
Convertible stocks		7,202		—		—		7,202
Convertible bonds & notes		—		—		7,146		7,146
Bonds, notes & other debt instruments		—		15,245		—		15,245
Short-term securities		1,192,835		—		—		1,192,835
Total	$	29,087,408	$	1,797,531	$	93,842	$	30,978,781

American Funds Insurance Series 295

International Fund
	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Industrials	$	64,860	$	1,053,264	$	—		$	1,118,124
Information technology		296,778		622,282		4,282			923,342
Health care		29,009		812,708		—			841,717
Materials		397,065		317,708		—			714,773
Energy		172,457		531,541		—			703,998
Consumer discretionary		135,708		472,880		—			608,588
Financials		78,042		530,056		—			608,098
Communication services		185,096		231,351		—	*		416,447
Consumer staples		—		289,938		—			289,938
Utilities		—		119,038		—			119,038
Real estate		—		39,066		—			39,066
Preferred securities		24,464		28,174		392			53,030
Rights & warrants		—		8,446		—			8,446
Short-term securities		307,469		—		—			307,469
Total	$	1,690,948	$	5,056,452	$	4,674		$	6,752,074
*  Amount less than one thousand.
New World Fund
	Investment securities
		Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	263,065	$	173,417	$	342		$	436,824
Financials		67,929		361,956		—	*		429,885
Health care		188,331		216,848		—			405,179
Industrials		108,081		225,883		—			333,964
Consumer discretionary		105,950		224,085		—	*		330,035
Materials		162,789		82,689		—	*		245,478
Consumer staples		60,987		131,035		—	*		192,022
Communication services		81,746		76,207		—	*		157,953
Energy		47,738		105,152		—	*		152,890
Utilities		14,233		39,215		—			53,448
Real estate		12,965		36,156		—			49,121
Preferred securities		14,795		8,412		9,132			32,339
Rights & warrants		31		172		—			203
Bonds, notes & other debt instruments		—		100,586		—			100,586
Short-term securities		167,623		—		—			167,623
Total	$	1,296,263	$	1,781,813	$	9,474		$	3,087,550

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	159		$	—		$	—	$	159
Unrealized appreciation on open forward currency contracts		—			—	*		—		—	*
Unrealized appreciation on centrally cleared credit default swaps		—			2			—		2
Liabilities:
Unrealized depreciation on futures contracts		(66	)		—			—		(66	)
Unrealized depreciation on open forward currency contracts		—			(50	)		—		(50	)
Total	$	93		$	(48	)	$	—	$	45

*	Amount less than one thousand.
†	Futures contracts, forward currency contracts and credit default swaps are not included in the fund’s investment portfolio.

Washington Mutual Investors Fund

As of December 31, 2022, all of the fund’s investment securities were classified as Level 1.

296 American Funds Insurance Series

Capital World Growth and Income Fund
	Investment securities
		Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	164,931	$	106,647	$	—		$	271,578
Health care		186,991		74,725		—			261,716
Financials		110,259		113,094		—	*		223,353
Industrials		103,918		113,308		—			217,226
Consumer discretionary		81,430		73,857		—			155,287
Consumer staples		63,755		66,879		—			130,634
Materials		69,657		51,505		—			121,162
Energy		73,762		34,823		—	*		108,585
Communication services		53,364		32,366		—	*		85,730
Utilities		25,266		24,999		—			50,265
Real estate		12,033		5,443		—			17,476
Preferred securities		263		2,512		—			2,775
Convertible bonds & notes		—		940		—			940
Bonds, notes & other debt instruments		—		6,016		—			6,016
Short-term securities		6,525		69,828		—			76,353
Total	$	952,154	$	776,942	$	—	*	$	1,729,096
*  Amount less than one thousand.
Growth-Income Fund
	Investment securities
		Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	6,365,641	$	293,106	$	—		$	6,658,747
Industrials		4,414,100		259,779		—			4,673,879
Health care		3,850,991		534,723		—			4,385,714
Financials		2,896,787		—		—			2,896,787
Consumer discretionary		2,446,056		132,438		—			2,578,494
Communication services		2,480,083		—		—			2,480,083
Consumer staples		1,457,094		454,816		—			1,911,910
Energy		1,578,057		—		—			1,578,057
Utilities		1,262,331		69,549		—			1,331,880
Materials		1,068,166		—		—			1,068,166
Real estate		608,248		—		—			608,248
Convertible stocks		274,424		—		—			274,424
Bonds, notes & other debt instruments		—		5,916		—			5,916
Short-term securities		2,789,014		—		—			2,789,014
Total	$	31,490,992	$	1,750,327	$	—		$	33,241,319

American Funds Insurance Series 297

International Growth and Income Fund
	Investment securities
		Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	6,118	$	43,633	$	—	*	$	49,751
Industrials		4,511		31,485		—			35,996
Consumer discretionary		2,509		32,958		—			35,467
Consumer staples		7,470		27,016		—			34,486
Information technology		1,668		30,886		—			32,554
Health care		1,316		29,812		—			31,128
Energy		8,708		14,672		—	*		23,380
Materials		9,657		7,677		—	*		17,334
Communication services		1,895		15,137		—	*		17,032
Utilities		1,142		8,106		—			9,248
Real estate		—		4,820		—			4,820
Preferred securities		1,207		693		—			1,900
Short-term securities		6,358		—		—			6,358
Total	$	52,559	$	246,895	$	—	*	$	299,454
	Other investments†
		Level 1		Level 2		Level 3			Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	5	$	—		$	5

*	Amount less than one thousand.
†	Forward currency contracts are not included in the fund’s investment portfolio.

Capital Income Builder
	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	85,911	$	70,932		$ —	*	$	156,843
Consumer staples		64,498		50,174		—			114,672
Health care		85,845		22,042		—			107,887
Industrials		47,860		35,750		—			83,610
Information technology		64,487		14,336		—			78,823
Utilities		39,280		31,786		—			71,066
Energy		52,011		16,387		—	*		68,398
Real estate		56,684		11,518		—			68,202
Materials		20,977		12,204		—			33,181
Consumer discretionary		16,058		16,961		—			33,019
Communication services		17,155		15,258		—			32,413
Preferred securities		—		545		—			545
Rights & warrants		6		—		—			6
Convertible stocks		5,019		—		—			5,019
Investment funds		28,059		—		—			28,059
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		107,548		—			107,548
Mortgage-backed obligations		—		69,718		89			69,807
Corporate bonds, notes & loans		—		19,621		—			19,621
Asset-backed obligations		—		9,532		—			9,532
Bonds & notes of governments & government agencies outside the U.S.		—		743		—			743
Municipals		—		228		—			228
Short-term securities		83,850		—		—			83,850
Total	$	667,700	$	505,283	$	89		$	1,173,072

Refer to the end of the tables for footnotes.

298 American Funds Insurance Series

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	60		$	—		$	—	$	60
Unrealized appreciation on centrally cleared interest rate swaps		—			1,900			—		1,900
Liabilities:
Unrealized depreciation on futures contracts		(139	)		—			—		(139	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(380	)		—		(380	)
Unrealized depreciation on centrally cleared credit default swaps		—			(47	)		—		(47	)
Total	$	(79	)	$	1,473		$	—	$	1,394

*	Amount less than one thousand.
†	Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

Asset Allocation Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Health care	$	3,207,943	$	95,928	$	19,703		$	3,323,574
Consumer discretionary		2,162,881		216,574		—			2,379,455
Financials		2,206,657		75,213		1,899			2,283,769
Information technology		2,171,644		29,717		—			2,201,361
Consumer staples		1,318,784		316,097		—			1,634,881
Industrials		1,531,415		12,088		—			1,543,503
Communication services		1,171,249		—		—			1,171,249
Energy		1,020,328		—		550			1,020,878
Materials		856,654		—		—			856,654
Real estate		236,814		—		—			236,814
Utilities		158,713		—		—			158,713
Preferred securities		—		—		189			189
Rights & warrants		—		—		—	*		—	*
Convertible stocks		—		—		63,388			63,388
Investment funds		1,367,122		—		—			1,367,122
Bonds, notes & other debt instruments:
Mortgage-backed obligations		—		1,878,858		—			1,878,858
U.S. Treasury bonds & notes		—		1,617,110		—			1,617,110
Corporate bonds, notes & loans		—		1,385,625		10,517			1,396,142
Asset-backed obligations		—		411,624		5,689			417,313
Bonds & notes of governments & government agencies outside the U.S.		—		40,766		—			40,766
Municipals		—		35,724		—			35,724
Short-term securities		1,690,923		—		—			1,690,923
Total	$	19,101,127	$	6,115,324	$	101,935		$	25,318,386

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	2,319		$	—		$	—	$	2,319
Liabilities:
Unrealized depreciation on futures contracts		(3,485	)		—			—		(3,485	)
Unrealized depreciation on centrally cleared credit default swaps		—			(1,623	)		—		(1,623	)
Total	$	(1,166	)	$	(1,623	)	$	—	$	(2,789	)

*	Amount less than one thousand.
†	Futures contracts and credit default swaps are not included in the fund’s investment portfolio.

American Funds Insurance Series 299

American Funds Global Balanced Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	16,259	$	22,868	$	—	$	39,127
Industrials		19,116		11,649		—		30,765
Health care		18,540		10,087		—		28,627
Information technology		21,174		2,609		—		23,783
Consumer staples		4,299		15,340		—		19,639
Utilities		9,788		7,879		—		17,667
Materials		6,808		9,121		—		15,929
Energy		10,010		4,766		—		14,776
Communication services		8,684		2,866		—		11,550
Consumer discretionary		4,150		4,214		—		8,364
Real estate		2,591		2,616		—		5,207
Preferred securities		911		558		—		1,469
Convertible stocks		1,235		—		—		1,235
Investment funds		5,532		—		—		5,532
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—		48,706		77		48,783
U.S. Treasury bonds & notes		—		44,273		—		44,273
Corporate bonds, notes & loans		—		20,755		—		20,755
Mortgage-backed obligations		—		9,498		—		9,498
Asset-backed obligations		—		2,304		—		2,304
Municipals		—		129		—		129
Short-term securities		3,928		12,021		—		15,949
Total	$	133,025	$	232,259	$	77	$	365,361

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	58		$	—		$	—	$	58
Unrealized appreciation on open forward currency contracts		—			686			—		686
Unrealized appreciation on centrally cleared interest rate swaps		—			8			—		8
Unrealized appreciation on centrally cleared credit default swaps		—			7			—		7
Liabilities:
Unrealized depreciation on futures contracts		(431	)		—			—		(431	)
Unrealized depreciation on open forward currency contracts		—			(150	)		—		(150	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(1,017	)		—		(1,017	)
Total	$	(373	)	$	(466	)	$	—	$	(839	)

* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

The Bond Fund of America

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	3,535,583	$	—	$	3,535,583
U.S. Treasury bonds & notes		—		2,803,177		—		2,803,177
Mortgage-backed obligations		—		2,637,080		1,486		2,638,566
Asset-backed obligations		—		452,311		9,397		461,708
Municipals		—		165,594		—		165,594
Bonds & notes of governments & government agencies
outside the U.S.		—		131,985		—		131,985
Federal agency bonds & notes		—		11,160		—		11,160
Short-term securities		1,425,720		—		—		1,425,720
Total	$	1,425,720	$	9,736,890	$	10,883	$	11,173,493

300 American Funds Insurance Series

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	6,241		$	—		$	—	$	6,241
Unrealized appreciation on open forward currency contracts		—			3,821			—		3,821
Unrealized appreciation on centrally cleared interest rate swaps		—			15,705			—		15,705
Liabilities:
Unrealized depreciation on futures contracts		(13,194	)		—			—		(13,194	)
Unrealized depreciation on open forward currency contracts		—			(174	)		—		(174	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(6,629	)		—		(6,629	)
Unrealized depreciation on centrally cleared credit default swaps		—			(7,009	)		—		(7,009	)
Total	$	(6,953	)	$	5,714		$	—	$	(1,239	)

* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

Capital World Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	—	$	293,295	$	—	$	293,295
Japanese yen		—		111,151		—		111,151
British pounds		—		61,782		—		61,782
Chinese yuan renminbi		—		42,096		—		42,096
Canadian dollars		—		34,184		—		34,184
Mexican pesos		—		31,627		—		31,627
Australian dollars		—		24,212		—		24,212
Danish kroner		—		23,962		—		23,962
South Korean won		—		7,729		—		7,729
Colombian pesos		—		7,144		—		7,144
Chilean pesos		—		6,074		—		6,074
Indonesian rupiah		—		5,454		—		5,454
Russian rubles		—		1,371		1,984		3,355
Brazilian reais		—		3,129		—		3,129
South African rand		—		3,001		—		3,001
Dominican pesos		—		2,271		—		2,271
Malaysian ringgits		—		2,222		—		2,222
Ukrainian hryvnia		—		—		1,592		1,592
Indian rupees		—		1,102		—		1,102
Romanian leu		—		1,038		—		1,038
Polish zloty		—		879		—		879
Norwegian kroner		—		619		—		619
U.S. dollars		—		669,670		289		669,959
Investment funds		48,676		—		—		48,676
Preferred securities		—		—		20		20
Common stocks		—		—		134		134
Short-term securities		167		100,470		—		100,637
Total	$	48,843	$	1,434,482	$	4,019	$	1,487,344

American Funds Insurance Series 301

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	672		$	—		$	—	$	672
Unrealized appreciation on open forward currency contracts		—			7,008			—		7,008
Unrealized appreciation on centrally cleared credit default swaps		—			486			—		486
Liabilities:
Unrealized depreciation on futures contracts		(4,659	)		—			—		(4,659	)
Unrealized depreciation on open forward currency contracts		—			(2,455	)		—		(2,455	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(10,966	)		—		(10,966	)
Unrealized depreciation on centrally cleared credit default swaps		—			(19	)		—		(19	)
Total	$	(3,987	)	$	(5,946	)	$	—	$	(9,933	)

* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

American High-Income Trust

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	731,844	$	4,198	$	736,042
Mortgage-backed obligations		—		—		630		630
Convertible bonds & notes		—		399		79		478
Convertible stocks		483		472		—		955
Common stocks		8,540		1,520		26,932		36,992
Preferred securities		—		—		2,629		2,629
Rights & warrants		—		826		12		838
Short-term securities		38,565		—		—		38,565
Total	$	47,588	$	735,061	$	34,480	$	817,129

	Other investments1
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	10		$	—		$	—	$	10
Liabilities:
Unrealized depreciation on futures contracts		(98	)		—			—		(98	)
Unrealized depreciation on centrally cleared credit default swaps		—			(154	)		—		(154	)
Total	$	(88	)	$	(154	)	$	—	$	(242	)

¹ Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended December 31, 2022 (dollars in thousands):

	Beginning value at 1/1/2022		Transfers into Level 32		Purchases		Sales			Net realized gain3		Unrealized depreciation3			Transfers out of Level 32			Ending value at 12/31/2022
Investment securities	$	40,411	$	3,989	$	4,058	$	(11,715	)	$	883	$	(3,084	)	$	(62	)	$	34,480
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022																		$	(1,467	)

2	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
3	Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund’s statement of operations.

302 American Funds Insurance Series

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

	Value at 12/31/2022	Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Bonds, notes & other debt instruments	$4,828	Estimated recovery value	Expected proceeds	N/A	N/A	N/A
			EV/EBITDA multiple	7.5x	7.5x	Increase
			DLOM	15%	15%	Decrease
			Vendor price	N/A	N/A	N/A
		Yield analysis	Yield	15.7% - 16.0%	15.8%	Decrease
			Transaction price	N/A	N/A	N/A
		Transaction	Net adjustment (decrease) based on movement of market comparables
				10%	10%
Convertible bonds & notes	79	Transaction	Transaction price	N/A	N/A	N/A
Common stocks	26,932	Estimated recovery value	Expected proceeds	N/A	N/A	N/A
			EV/EBITDA multiple	7.5x	7.5x	Increase
			DLOM	15%	15%	Decrease
			Vendor price	N/A	N/A	N/A
			Risk discount	90%	90%	Decrease
			Net adjustment (decrease) based on movement of market comparables
				20%	20%	Decrease
			EV/EBITDA multiple	3.7x	3.7x	Increase
		Market comparable companies	EV/EBITDA less CapEx multiple	10.2x	10.2x	Increase
			DLOM	17%	17%	Decrease
		Transaction	Transaction price	N/A	N/A	N/A
			Discount for lack of certainty	5%	5%	Decrease
		Indicative market quotation	Broker quote	N/A	N/A	N/A
Preferred securities	2,629	Indicative market quotation	Broker quote	N/A	N/A	N/A
		Market comparable companies	EV/EBITDA multiple	3.5x	3.5x	Increase
			DLOM	30%	30%	Decrease
Rights & warrants	12	Indicative market quotation	Broker quote	N/A	N/A	N/A
Total	$34,480

*	Weighted average is by relative fair value.
†	This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations and symbols

CapEx = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

American Funds Insurance Series 303

American Funds Mortgage Fund

	Investment securities
	Level 1			Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	71,406	$	—	$	71,406
U.S. Treasury bonds & notes		—			10,720		—		10,720
Asset-backed obligations		—			2,388		—		2,388
Short-term securities		—			22,857		—		22,857
Total	$	—		$	107,371	$	—	$	107,371
	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	49		$	—	$	—	$	49
Unrealized appreciation on centrally cleared interest rate swaps		—			790		—		790
Liabilities:
Unrealized depreciation on futures contracts		(124	)		—		—		(124	)
Total	$	(75	)	$	790	$	—	$	715

* Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

Ultra-Short Bond Fund

As of December 31, 2022, all of the fund’s investment securities were classified as Level 2.

U.S. Government Securities Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	723,593		$	—	$	723,593
U.S. Treasury bonds & notes		—			597,122			—		597,122
Federal agency bonds & notes		—			79,196			—		79,196
Short-term securities		—			318,094			—		318,094
Total	$	—		$	1,718,005		$	—	$	1,718,005
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	14,523		$	—		$	—	$	14,523
Unrealized appreciation on centrally cleared interest rate swaps		—			30,519			—		30,519
Liabilities:
Unrealized depreciation on futures contracts		(17,699	)		—			—		(17,699	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(21,723	)		—		(21,723	)
Total	$	(3,176	)	$	8,796		$	—	$	5,620

* Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

Managed Risk Growth Fund

As of December 31, 2022, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

As of December 31, 2022, all of the fund’s investments were classified as Level 1.

Managed Risk Washington Mutual Investors Fund

As of December 31, 2022, all of the fund’s investments were classified as Level 1.

304 American Funds Insurance Series

Managed Risk Growth-Income Fund

As of December 31, 2022, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

As of December 31, 2022, all of the fund’s investments were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in income-oriented stocks — The value of a fund’s securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

American Funds Insurance Series 305

Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund’s rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

306 American Funds Insurance Series

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

Currency — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation-linked bonds may also reduce a fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

American Funds Insurance Series 307

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

Investing in repurchase agreements — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

Asset allocation — A fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

Fund structure — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

308 American Funds Insurance Series

Management — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Underlying fund risks — Because the managed risk funds’ investments consist of investments in underlying funds, the managed risk funds’ risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

Short positions — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

Nondiversification risk — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. To the extent that a managed risk fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.

American Funds Insurance Series 309

5. Certain investment techniques

Securities lending — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

			Collateral received
	Value of						Value of
	investment						investment
	securities				U.S. government		securities
Funds	on loan		Cash		securities		purchased
Global Small Capitalization Fund	$	59,781	$	58,725	$	4,519	$	52,853
Growth Fund		54,504		55,867		—		50,280
International Fund		1,530		1,607		—		1,446
New World Fund		311		327		—		295
Washington Mutual Investors Fund		12,432		12,908		—		11,618
Capital World Growth and Income Fund		6,155		6,480		—		5,832
Growth-Income Fund		240,456		248,693		—		223,824
International Growth and Income Fund		1,435		962		585		866
Capital Income Builder		6,251		6,553		—		5,898
Asset Allocation Fund		67,688		56,897		17,890		51,207

Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds’ portfolio turnover rates.

310 American Funds Insurance Series

Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

Short-term securities — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

Unfunded commitments — Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2022, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $5,000,000, $150,000 and $4,155,000, respectively, which would represent 0.02%, 0.01% and 0.50%, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments for Capital World Bond Fund and American High-Income Trust of $12,000 and $572,000, respectively, is disclosed as unrealized appreciation on unfunded commitments in each fund’s statement of assets and liabilities, and unrealized depreciation on these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust of $9,000, $1,000 and $3,000, respectively, is disclosed as unrealized depreciation on unfunded commitments in each fund’s statement of assets and liabilities. Both are included in net unrealized (depreciation) appreciation on investments in unaffiliated issuers in each fund’s statement of operations.

Options contracts — The managed risk funds have entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of their managed risk strategy, the funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the funds obtain the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the funds pay the current market price, or the option premium, for the option.

The funds may terminate their position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the funds will lose the entire premium. If the option is exercised, the funds complete the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The funds may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in each fund’s statement of operations.

Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM“), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.

American Funds Insurance Series 311

Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.

Swap contracts — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds’ statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds’ statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds’ statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

Interest rate swaps — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds’ portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds’ current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

312 American Funds Insurance Series

Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSIs”), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

	Options		Forward		Interest	Credit
	contracts	Futures	currency		rate	default
	purchased	contracts	contracts		swaps	swaps
New World Fund	Not applicable	$ 25,541	$ 4,534		Not applicable	$ 2,230
International Growth and Income Fund	Not applicable	Not applicable	785		Not applicable	Not applicable
Capital Income Builder	Not applicable	77,835	97	*	$ 24,014	5,645
Asset Allocation Fund	Not applicable	1,604,889	Not applicable		Not applicable	184,454
Global Balanced Fund	Not applicable	14,924	29,040		35,865	4,634
The Bond Fund of America	Not applicable	3,326,801	90,045		516,484	199,116
Capital World Bond Fund	Not applicable	297,755	449,743		384,936	92,966
American High-Income Trust	Not applicable	9,021	Not applicable		Not applicable	10,272
American Funds Mortgage Fund	Not applicable	31,977	Not applicable		4,025	Not applicable
U.S. Government Securities Fund	Not applicable	2,339,082	Not applicable		1,287,321	Not applicable
Managed Risk Growth Fund	$ 269,349	170,792	Not applicable		Not applicable	Not applicable
Managed Risk International Fund	63,717	11,008	Not applicable		Not applicable	Not applicable
Managed Risk Washington Mutual Investors Fund	242,721	39,716	Not applicable		Not applicable	Not applicable
Managed Risk Growth-Income Fund	2,353,130	267,681	Not applicable		Not applicable	Not applicable
Managed Risk Asset Allocation Fund	418,987	290,562	Not applicable		Not applicable	Not applicable

* No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

American Funds Insurance Series 313

The following tables identify the location and fair value amounts on each fund’s statement of assets and liabilities and/or the effect on each fund’s statement of operations resulting from each fund’s use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2022 (dollars in thousands):

New World Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	159		Unrealized depreciation1	$	66
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		—	2	Unrealized depreciation on open forward currency contracts		50
Swap (centrally cleared)	Credit	Unrealized appreciation1		2		Unrealized depreciation1		—
			$	161			$	116
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	100		Net unrealized appreciation on futures contracts	$	129
Forward currency	Currency	Net realized gain on forward currency contracts		379		Net unrealized depreciation on forward currency contracts		(30	)
Swap	Credit	Net realized loss on swap contracts		(2	)	Net unrealized appreciation on swap contracts		2
			$	477			$	101
International Growth and Income Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Forward currency	Currency	Unrealized appreciation on open forward currency contracts	$	5		Unrealized depreciation on open forward currency contracts	$	—
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Forward currency	Currency	Net realized loss on forward currency contracts	$	(54	)	Net unrealized appreciation on forward currency contracts	$	5

Refer to the end of the tables for footnotes.

314 American Funds Insurance Series

Capital Income Builder

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	60		Unrealized depreciation1	$	139
Swap (centrally cleared)	Interest	Unrealized appreciation1		1,900		Unrealized depreciation1		380
Swap (centrally cleared)	Credit	Unrealized appreciation1		—		Unrealized depreciation1		47
			$	1,960			$	566
		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(7,468	)	Net unrealized depreciation on futures contracts	$	(311	)
Forward currency	Currency	Net realized gain on forward currency contracts		7		Net unrealized depreciation on forward currency contracts		(2	)
Swap	Interest	Net realized gain on swap contracts		1,864		Net unrealized appreciation on swap contracts		69
Swap	Credit	Net realized gain on swap contracts		45		Net unrealized depreciation on swap contracts		(33	)
			$	(5,552	)		$	(277	)
Asset Allocation Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	2,319		Unrealized depreciation1	$	3,485
Swap (centrally cleared)	Credit	Unrealized appreciation1		—		Unrealized depreciation1		1,623
			$	2,319			$	5,108
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	65,437		Net unrealized appreciation on futures contracts	$	13,070
Swap	Credit	Net realized loss on swap contracts		(73	)	Net unrealized depreciation on swap contracts		(1,575	)
			$	65,364			$	11,495

Refer to the end of the tables for footnotes.

American Funds Insurance Series 315

American Funds Global Balanced Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	58		Unrealized depreciation1	$	431
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		686		Unrealized depreciation on open forward currency contracts		150
Swap (centrally cleared)	Interest	Unrealized appreciation1		8		Unrealized depreciation1		1,017
Swap (centrally cleared)	Credit	Unrealized appreciation1		7		Unrealized depreciation1		—
			$	759			$	1,598
		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	539		Net unrealized depreciation on futures contracts	$	(454	)
Forward currency	Currency	Net realized loss on forward currency contracts		(1,292	)	Net unrealized appreciation on forward currency contracts		725
Swap	Interest	Net realized gain on swap contracts		94		Net unrealized depreciation on swap contracts		(772	)
Swap	Credit	Net realized gain on swap contracts		48		Net unrealized appreciation on swap contracts		9
			$	(611	)		$	(492	)
The Bond Fund of America
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	6,241		Unrealized depreciation1	$	13,194
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		3,821		Unrealized depreciation on open forward currency contracts		174
Swap (centrally cleared)	Interest	Unrealized appreciation1		15,705		Unrealized depreciation1		6,629
Swap (centrally cleared)	Credit	Unrealized appreciation1		—		Unrealized depreciation1		7,009
			$	25,767			$	27,006

Refer to the end of the tables for footnotes.

316 American Funds Insurance Series

		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(136,499	)	Net unrealized depreciation on futures contracts	$	(6,976	)
Forward currency	Currency	Net realized gain on forward currency contracts		1,795		Net unrealized appreciation on forward currency contracts		4,002
Swap	Interest	Net realized gain on swap contracts		26,807		Net unrealized appreciation on swap contracts		20,061
Swap	Credit	Net realized gain on swap contracts		1,436		Net unrealized depreciation on swap contracts		(7,083	)
			$	(106,461	)		$	10,004
Capital World Bond Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	672		Unrealized depreciation1	$	4,659
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		7,008		Unrealized depreciation on open forward currency contracts		2,455
Swap (centrally cleared)	Interest	Unrealized appreciation1		—		Unrealized depreciation1		10,966
Swap (centrally cleared)	Credit	Unrealized appreciation1		486		Unrealized depreciation1		19
			$	8,166			$	18,099
		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(7,447	)	Net unrealized depreciation on futures contracts	$	(3,811	)
Forward currency	Currency	Net realized loss on forward currency contracts		(18,216	)	Net unrealized appreciation on forward currency contracts		4,071
Swap	Interest	Net realized loss on swap contracts		(2,331	)	Net unrealized depreciation on swap contracts		(7,110	)
Swap	Credit	Net realized gain on swap contracts		1,535		Net unrealized appreciation on swap contracts		549
			$	(26,459	)		$	(6,301	)
American High-Income Trust
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	10		Unrealized depreciation1	$	98
Swap (centrally cleared)	Credit	Unrealized appreciation1		—		Unrealized depreciation1		154
			$	10			$	252

Refer to the end of the tables for footnotes.

American Funds Insurance Series 317

		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	1,533		Net unrealized appreciation on futures contracts	$	123
Swap	Credit	Net realized loss on swap contracts		(82	)	Net unrealized depreciation on swap contracts		(161	)
			$	1,451			$	(38	)
American Funds Mortgage Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	49		Unrealized depreciation1	$	124
Swap (centrally cleared)	Interest	Unrealized appreciation1		790		Unrealized depreciation1		—
			$	839			$	124
		Net realized (loss) gain				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(2,688	)	Net unrealized depreciation on futures contracts	$	(79	)
Swap	Interest	Net realized gain on swap contracts		3,147		Net unrealized depreciation on swap contracts		(1,585	)
			$	459			$	(1,664	)
U.S. Government Securities Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	14,523		Unrealized depreciation1	$	17,699
Swap (centrally cleared)	Interest	Unrealized appreciation1		30,519		Unrealized depreciation1		21,723
			$	45,042			$	39,422
		Net realized (loss) gain				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(52,928	)	Net unrealized depreciation on futures contracts	$	(3,785	)
Swap	Interest	Net realized gain on swap contracts		20,919		Net unrealized depreciation on swap contracts		(7,297	)
			$	(32,009	)		$	(11,082	)

Refer to the end of the tables for footnotes.

318 American Funds Insurance Series

Managed Risk Growth Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers3	$	205		Investment securities from unaffiliated issuers3	$	—
Futures	Currency	Unrealized appreciation1		47		Unrealized depreciation1		61
Futures	Equity	Unrealized appreciation1		7,547		Unrealized depreciation1		1
Futures	Interest	Unrealized appreciation1		—		Unrealized depreciation1		47
			$	7,799			$	109
		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(3,857	)	Net unrealized appreciation on investments in unaffiliated issuers	$	399
Futures	Currency	Net realized gain on futures contracts		463		Net unrealized appreciation on futures contracts		52
Futures	Equity	Net realized gain on futures contracts		12,863		Net unrealized appreciation on futures contracts		8,762
Futures	Interest	Net realized loss on futures contracts		(11,442	)	Net unrealized appreciation on futures contracts		10
			$	(1,973	)		$	9,223
Managed Risk International Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers3	$	169		Investment securities from unaffiliated issuers3	$	—
Futures	Currency	Unrealized appreciation1		—		Unrealized depreciation1		—
Futures	Equity	Unrealized appreciation1		1,024		Unrealized depreciation1		—
Futures	Interest	Unrealized appreciation1		—		Unrealized depreciation1		13
			$	1,193			$	13
		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(1,108	)	Net unrealized appreciation on investments in unaffiliated issuers	$	327
Futures	Currency	Net realized gain on futures contracts		—		Net unrealized appreciation on futures contracts		—
Futures	Equity	Net realized gain on futures contracts		6,799		Net unrealized appreciation on futures contracts		57
Futures	Interest	Net realized loss on futures contracts		(2,792	)	Net unrealized appreciation on futures contracts		1,337
			$	2,899			$	1,721

Refer to the end of the tables for footnotes.

American Funds Insurance Series 319

Managed Risk Washington Mutual Investors Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers3	$	274		Investment securities from unaffiliated issuers3	$	—
Futures	Currency	Unrealized appreciation1		68		Unrealized depreciation1		5
Futures	Equity	Unrealized appreciation1		2,625		Unrealized depreciation1		5
Futures	Interest	Unrealized appreciation1		—		Unrealized depreciation1		81
			$	2,967			$	91
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(3,288	)	Net unrealized appreciation on investments in unaffiliated issuers	$	51
Futures	Currency	Net realized gain on futures contracts		270		Net unrealized appreciation on futures contracts		68
Futures	Equity	Net realized gain on futures contracts		1,194		Net unrealized appreciation on futures contracts		2,690
Futures	Interest	Net realized loss on futures contracts		(6,007	)	Net unrealized depreciation on futures contracts		(53	)
			$	(7,831	)		$	2,756
Managed Risk Growth-Income Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers3	$	2,485		Investment securities from unaffiliated issuers3	$	—
Futures	Currency	Unrealized appreciation1		433		Unrealized depreciation1		74
Futures	Equity	Unrealized appreciation1		16,502		Unrealized depreciation1		33
Futures	Interest	Unrealized appreciation1		—		Unrealized depreciation1		177
			$	19,420			$	284
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(38,643	)	Net unrealized appreciation on investments in unaffiliated issuers	$	7,712
Futures	Currency	Net realized gain on futures contracts		1,635		Net unrealized appreciation on futures contracts		368
Futures	Equity	Net realized loss on futures contracts		(12,730	)	Net unrealized appreciation on futures contracts		17,087
Futures	Interest	Net realized loss on futures contracts		(40,727	)	Net unrealized depreciation on futures contracts		(116	)
			$	(90,465	)		$	25,051

Refer to the end of the tables for footnotes.

320 American Funds Insurance Series

Managed Risk Asset Allocation Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers3	$	383		Investment securities from unaffiliated issuers3	$	—
Futures	Currency	Unrealized appreciation1		196		Unrealized depreciation1		47
Futures	Equity	Unrealized appreciation1		13,613		Unrealized depreciation1		18
Futures	Interest	Unrealized appreciation1		—		Unrealized depreciation1		162
			$	14,192			$	227
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(5,894	)	Net unrealized appreciation on investments in unaffiliated issuers	$	396
Futures	Currency	Net realized gain on futures contracts		1,468		Net unrealized appreciation on futures contracts		158
Futures	Equity	Net realized loss on futures contracts		(9,987	)	Net unrealized appreciation on futures contracts		13,720
Futures	Interest	Net realized loss on futures contracts		(39,248	)	Net unrealized depreciation on futures contracts		(55	)
			$	(53,661	)		$	14,219

1	Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.
2	Amount less than one thousand.
3	Includes options purchased as reported in each fund’s investment portfolio.

Collateral — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.

Rights of offset — Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counter-party) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

American Funds Insurance Series 321

The following tables present each fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds’ statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of December 31, 2022, if close-out netting was exercised (dollars in thousands):

New World Fund

	Gross amounts recognized in the			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities			Available to offset		Non-cash collateral*		Cash collateral*		Net amount
Assets:
Barclays Bank PLC	$	—	†	$	—	$	—	$	—	$	—	†
Liabilities:
Goldman Sachs	$	26		$	—	$	—	$	—	$	26
JPMorgan Chase		24			—		—		—		24
Total	$	50		$	—	$	—	$	—	$	50

International Growth and Income Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset		Non-cash collateral*		Cash collateral*		Net amount
Assets:
UBS AG	$	5	$	—	$	—	$	—	$	5

American Funds Global Balanced Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*		Cash collateral*			Net amount
Assets:
Bank of America	$	76	$	(29	)	$	—	$	(47	)	$	—
BNP Paribas		66		(47	)		—		—			19
Citibank		113		(28	)		—		—			85
Goldman Sachs		92		(8	)		—		—			84
HSBC Bank		33		(8	)		—		—			25
Morgan Stanley		1		(1	)		—		—			—
Standard Chartered Bank		272		(1	)		—		—			271
UBS AG		33		(23	)		—		—			10
Total	$	686	$	(145	)	$	—	$	(47	)	$	494
Liabilities:
Bank of America	$	29	$	(29	)	$	—	$	—		$	—
Bank of New York Mellon		2		—			—		—			2
BNP Paribas		47		(47	)		—		—			—
Citibank		28		(28	)		—		—			—
Goldman Sachs		8		(8	)		—		—			—
HSBC Bank		8		(8	)		—		—			—
JPMorgan Chase		3		—			—		—			3
Morgan Stanley		1		(1	)		—		—			—
Standard Chartered Bank		1		(1	)		—		—			—
UBS AG		23		(23	)		—		—			—
Total	$	150	$	(145	)	$	—	$	—		$	5

Refer to the end of the tables for footnotes.

322 American Funds Insurance Series

The Bond Fund of America

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*		Cash collateral*			Net amount
Assets:
Citibank	$	63	$	(59	)	$	—	$	—		$	4
HSBC Bank		106		(4	)		—		—			102
Morgan Stanley		3,652		(16	)		—		(2,380	)		1,256
Total	$	3,821	$	(79	)	$	—	$	(2,380	)	$	1,362
Liabilities:
Citibank	$	59	$	(59	)	$	—	$	—		$	—
HSBC Bank		4		(4	)		—		—			—
JPMorgan Chase		95		—			—		—			95
Morgan Stanley		16		(16	)		—		—			—
Total	$	174	$	(79	)	$	—	$	—		$	95

Capital World Bond Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral*			Net amount
Assets:
Bank of America	$	1,728	$	(1,013	)	$	(59	)	$	—		$	656
BNP Paribas		433		(433	)		—			—			—
Citibank		105		—			—			—			105
Goldman Sachs		128		(92	)		—			—			36
HSBC Bank		215		(123	)		—			(92	)		—
JPMorgan Chase		89		—			—			—			89
Morgan Stanley		76		(76	)		—			—			—
Standard Chartered Bank		3,616		(8	)		—			(2,190	)		1,418
UBS AG		618		(478	)		—			—			140
Total	$	7,008	$	(2,223	)	$	(59	)	$	(2,282	)	$	2,444
Liabilities:
Bank of America	$	1,013	$	(1,013	)	$	—		$	—		$	—
BNP Paribas		473		(433	)		(40	)		—			—
Goldman Sachs		92		(92	)		—			—			—
HSBC Bank		123		(123	)		—			—			—
Morgan Stanley		268		(76	)		—			—			192
Standard Chartered Bank		8		(8	)		—			—			—
UBS AG		478		(478	)		—			—			—
Total	$	2,455	$	(2,223	)	$	(40	)	$	—		$	192

*	Collateral is shown on a settlement basis.
†	Amount less than one thousand.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

American Funds Insurance Series 323

Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2022, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

Fund	Reclaims		Fees		Interest
Global Growth Fund	$	782	$	700	$	71
Global Small Capitalization Fund		264		1		3
Growth Fund		818		41		22
International Fund		5,544		1,191		920
New World Fund		358		110		14
Growth-Income Fund		3,119		674		292
International Growth and Income Fund		995		133		35
Capital Income Builder		103		—		—
Asset Allocation Fund		23		115		9

The reclaims and interest are included in each fund’s statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; net operating losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund			Washington Mutual Investors Fund
Undistributed ordinary income	$	18,515		$	1,947		$	58,974		$	15,623		$	8,333		$	45,061
Undistributed long-term capital gains		549,285			39,017			1,978,732			—			—			89,689
Capital loss carryforward*		—			—			—			(374,845	)		—			—
Gross unrealized appreciation on investments		2,375,954			670,857			11,042,046			1,336,912			734,224			2,118,125
Gross unrealized depreciation on investments		(532,719	)		(341,080	)		(2,302,474	)		(696,377	)		(227,842	)		(434,198	)
Net unrealized appreciation (depreciation) on investments		1,843,235			329,777			8,739,572			640,535			506,382			1,683,927
Cost of investments		5,104,805			2,679,736			22,239,209			6,111,539			2,581,084			7,749,839
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		(2	)		1			(1	)		—			2,307			—

Refer to the end of the tables for footnote.

324 American Funds Insurance Series

	Capital World Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			American Funds Global Balanced Fund
Undistributed ordinary income	$	6,716		$	117,578		$	1,209		$	10,957		$	120,979		$	2,667
Undistributed long-term capital gains		—			1,825,597			—			—			958,605			44,806
Capital loss carryforward*		(72,176	)		—			(23,828	)		(28,240	)		—			—
Gross unrealized appreciation on investments		404,604			11,485,057			40,113			172,719			5,621,631			32,081
Gross unrealized depreciation on investments		(145,788	)		(1,261,066	)		(38,777	)		(48,638	)		(1,495,405	)		(28,506	)
Net unrealized appreciation (depreciation) on investments		258,816			10,223,991			1,336			124,081			4,126,226			3,575
Cost of investments		1,470,280			23,017,328			298,123			1,050,210			21,189,651			360,934
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			1			(2	)		1			—			(5	)

		The Bond Fund of America			Capital World Bond Fund			American High-Income Trust			American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund
Undistributed ordinary income	$	58,751		$	—		$	9,376		$	529		$	2,708		$	8,185
Capital loss carryforward*		(907,300	)		(133,685	)		(298,537	)		(9,549	)		(1	)		(177,836	)
Gross unrealized appreciation on investments		59,386			15,710			31,393			1,496			27			52,241
Gross unrealized depreciation on investments		(845,293	)		(205,368	)		(114,413	)		(3,313	)		(84	)		(124,942	)
Net unrealized appreciation (depreciation) on investments		(785,907	)		(189,658	)		(83,020	)		(1,817	)		(57	)		(72,701	)
Cost of investments		11,952,694			1,666,306			899,803			109,898			423,636			1,796,326
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			(18,935	)		—			—			—			—
	Managed Risk Growth Fund			Managed Risk International Fund			Managed Risk Washington Mutual Investors Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
Undistributed ordinary income	$	5,720		$	1,966		$	5,613		$	29,224		$	35,270
Undistributed long-term capital gains		105,958			8,883			41,991			263,419			248,376
Capital loss carryforward utilized		—			12,234			23,718			—			—
Gross unrealized appreciation on investments		1,057			229			981			10,979			1,506
Gross unrealized depreciation on investments		(130,250	)		(34,019	)		(46,563	)		(168,097	)		(129,608	)
Net unrealized appreciation (depreciation) on investments		(129,193	)		(33,790	)		(45,582	)		(157,118	)		(128,102	)
Cost of investments		569,814			156,568			362,881			2,216,048			2,296,114

* Each fund’s capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

American Funds Insurance Series 325

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	39,498	$	361,119	$	400,617	$	23,870	$	193,074	$	216,944
Class 1A		141		1,617		1,758		55		645		700
Class 2		32,689		386,947		419,636		15,210		221,402		236,612
Class 4		4,312		66,240		70,552		1,339		30,748		32,087
Total	$	76,640	$	815,923	$	892,563	$	40,474	$	445,869	$	486,343
Global Small Capitalization Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	47,544	$	285,173	$	332,717	$	—	$	55,655	$	55,655
Class 1A		209		1,252		1,461		—		39		39
Class 2		94,748		568,298		663,046		—		60,246		60,246
Class 4		13,417		80,475		93,892		—		7,215		7,215
Total	$	155,918	$	935,198	$	1,091,116	$	—	$	123,155	$	123,155
Growth Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	319,915	$	1,912,725	$	2,232,640	$	181,380	$	2,073,422	$	2,254,802
Class 1A		3,677		23,411		27,088		701		9,031		9,732
Class 2		311,929		2,152,577		2,464,506		167,439		2,610,409		2,777,848
Class 3		4,207		28,163		32,370		2,435		35,107		37,542
Class 4		43,665		340,245		383,910		17,483		340,551		358,034
Total	$	683,393	$	4,457,121	$	5,140,514	$	369,438	$	5,068,520	$	5,437,958
International Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	94,903	$	448,918	$	543,821	$	131,730	$	—	$	131,730
Class 1A		281		1,398		1,679		281		—		281
Class 2		86,539		450,228		536,767		105,815		—		105,815
Class 3		431		2,195		2,626		545		—		545
Class 4		9,244		52,350		61,594		10,725		—		10,725
Total	$	191,398	$	955,089	$	1,146,487	$	249,096	$	—	$	249,096

326 American Funds Insurance Series

New World Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	60,201	$	129,123	$	189,324	$	26,785	$	78,257	$	105,042
Class 1A		317		724		1,041		77		273		350
Class 2		26,575		61,661		88,236		9,450		36,498		45,948
Class 4		22,718		56,063		78,781		5,794		28,566		34,360
Total	$	109,811	$	247,571	$	357,382	$	42,106	$	143,594	$	185,700
Washington Mutual Investors Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	351,097	$	1,068,126	$	1,419,223	$	104,666	$	—	$	104,666
Class 1A		3,359		10,665		14,024		2,211		—		2,211
Class 2		173,751		551,636		725,387		46,652		—		46,652
Class 4		61,406		196,768		258,174		12,620		—		12,620
Total	$	589,613	$	1,827,195	$	2,416,808	$	166,149	$	—	$	166,149
Capital World Growth and Income Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	32,166	$	109,599	$	141,765	$	14,543	$	16,997	$	31,540
Class 1A		337		1,188		1,525		99		67		166
Class 2		57,060		205,827		262,887		20,948		29,988		50,936
Class 4		10,246		37,875		48,121		3,094		4,436		7,530
Total	$	99,809	$	354,489	$	454,298	$	38,684	$	51,488	$	90,172
Growth-Income Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	597,601	$	1,754,172	$	2,351,773	$	328,564	$	239,575	$	568,139
Class 1A		784		2,464		3,248		308		185		493
Class 2		328,556		1,071,265		1,399,821		164,258		145,765		310,023
Class 3		3,597		11,428		15,025		1,864		1,578		3,442
Class 4		41,526		145,017		186,543		16,599		16,418		33,017
Total	$	972,064	$	2,984,346	$	3,956,410	$	511,593	$	403,521	$	915,114
International Growth and Income Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	397	$	6,104	$	6,501	$	4,585	$	—	$	4,585
Class 1A		147		2,108		2,255		140		—		140
Class 2		4,951		81,276		86,227		6,218		—		6,218
Class 4		3,387		55,677		59,064		3,589		—		3,589
Total	$	8,882	$	145,165	$	154,047	$	14,532	$	—	$	14,532

American Funds Insurance Series 327

Capital Income Builder
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	17,636	$	—	$	17,636	$	16,222	$	—	$	16,222
Class 1A		270		—		270		218		—		218
Class 2		354		—		354		315		—		315
Class 4		13,728		—		13,728		13,009		—		13,009
Total	$	31,988	$	—	$	31,988	$	29,764	$	—	$	29,764
Asset Allocation Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	476,426	$	1,525,081	$	2,001,507	$	424,814	$	579,353	$	1,004,167
Class 1A		708		2,098		2,806		423		457		880
Class 2		124,332		440,697		565,029		108,045		154,751		262,796
Class 3		845		2,914		3,759		717		976		1,693
Class 4		142,374		538,249		680,623		107,752		164,028		271,780
Total	$	744,685	$	2,509,039	$	3,253,724	$	641,751	$	899,565	$	1,541,316
American Funds Global Balanced Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	72	$	498	$	570	$	1,680	$	6,058	$	7,738
Class 1A		2		13		15		45		189		234
Class 2		123		850		973		2,431		10,638		13,069
Class 4		85		589		674		1,305		6,901		8,206
Total	$	282	$	1,950	$	2,232	$	5,461	$	23,786	$	29,247
The Bond Fund of America
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	235,158	$	60,668	$	295,826	$	301,454	$	133,858	$	435,312
Class 1A		7,470		1,700		9,170		408		193		601
Class 2		98,333		27,763		126,096		138,464		69,578		208,042
Class 4		24,749		7,113		31,862		28,710		14,777		43,487
Total	$	365,710	$	97,244	$	462,954	$	469,036	$	218,406	$	687,442
Capital World Bond Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	2,151	$	11,752	$	13,903	$	34,401	$	10,279	$	44,680
Class 1A		3		20		23		34		7		41
Class 2		2,087		13,752		15,839		33,715		10,855		44,570
Class 4		120		945		1,065		1,845		612		2,457
Total	$	4,361	$	26,469	$	30,830	$	69,995	$	21,753	$	91,748

328 American Funds Insurance Series

American High-Income Trust
	Year ended December 31, 2022								Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	18,444		$	—	$	18,444		$	11,054	$	—	$	11,054
Class 1A		100			—		100			59		—		59
Class 2		42,707			—		42,707			28,636		—		28,636
Class 3		694			—		694			429		—		429
Class 4		5,827			—		5,827			3,238		—		3,238
Total	$	67,772		$	—	$	67,772		$	43,416	$	—	$	43,416
American Funds Mortgage Fund
	Year ended December 31, 2022								Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	15		$	—	$	15		$	6,294	$	3,087	$	9,381
Class 1A		37			—		37			39		18		57
Class 2		995			—		995			1,448		784		2,232
Class 4		746			—		746			936		551		1,487
Total	$	1,793		$	—	$	1,793		$	8,717	$	4,440	$	13,157
Ultra-Short Bond Fund
	Year ended December 31, 2022								Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	348		$	—	$	348		$	—	$	—	$	—
Class 1A		—	†		—		—	†		—		—		—
Class 2		1,570			—		1,570			—		—		—
Class 3		26			—		26			—		—		—
Class 4		293			—		293			—		—		—
Total	$	2,237		$	—	$	2,237		$	—	$	—	$	—
U.S. Government Securities Fund
	Year ended December 31, 2022								Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	10,360		$	—	$	10,360		$	30,987	$	9,355	$	40,342
Class 1A		153			—		153			389		129		518
Class 2		42,631			—		42,631			108,143		36,124		144,267
Class 3		292			—		292			714		234		948
Class 4		7,040			—		7,040			17,596		6,057		23,653
Total	$	60,476		$	—	$	60,476		$	157,829	$	51,899	$	209,728

Refer to the end of the tables for footnote.

American Funds Insurance Series 329

Managed Risk Growth Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	162	$	1,634	$	1,796	$	106	$	409	$	515
Class P2		6,629		81,821		88,450		3,159		23,710		26,869
Total	$	6,791	$	83,455	$	90,246	$	3,265	$	24,119	$	27,384
Managed Risk International Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	69	$	—	$	69	$	14	$	—	$	14
Class P2		4,206		—		4,206		917		—		917
Total	$	4,275	$	—	$	4,275	$	931	$	—	$	931
Managed Risk Washington Mutual Investors Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	127	$	—	$	127	$	40	$	—	$	40
Class P2		14,544		—		14,544		5,979		—		5,979
Total	$	14,671	$	—	$	14,671	$	6,019	$	—	$	6,019
Managed Risk Growth-Income Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	43,232	$	44,484	$	87,716	$	30,716	$	29,380	$	60,096
Class P2		5,626		6,461		12,087		3,713		4,359		8,072
Total	$	48,858	$	50,945	$	99,803	$	34,429	$	33,739	$	68,168
Managed Risk Asset Allocation Fund
	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	176	$	254	$	430	$	114	$	—	$	114
Class P2		51,616		86,918		138,534		38,113		—		38,113
Total	$	51,792	$	87,172	$	138,964	$	38,227	$	—	$	38,227

^†  Amount less than one thousand.

7. Fees and transactions

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company^® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.

330 American Funds Insurance Series

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

The series’ board of trustees approved a revised investment advisory and services agreement effective May 1, 2022. The revised agreement provides investment advisory services fees based on revised annual rates and net asset levels for some of the funds. The following table discloses the annual rates and net asset levels before and after the revised contract became effective:

	Prior to May 1, 2022										Effective May 1, 2022
	Rates						Net asset levels (in billions)				Rates						Net asset levels (in billions)
Fund	Beginning with			Ending with			Up to		In excess of		Beginning with			Ending with			Up to		In excess of
Global Growth Fund		.690	%		.445	%	$	.6	$	8.0		.475	%		.435	%	$	15.0	$	15.0
Global Small Capitalization Fund		.800			.635			.6		5.0		.647			.615			15.0		15.0
Growth Fund		.500			.280			.6		34.0		.500			.275			.6		44.0
International Fund		.690			.430			.5		21.0		.478			.430			15.0		21.0
New World Fund		.850			.580			.5		4.0		.577			.510			15.0		15.0
Washington Mutual Investors Fund		.500			.350			.6		10.5		.374			.350			15.0		15.0
Capital World Growth and Income Fund		.690			.480			.6		3.0		.475			.435			15.0		15.0
Growth-Income Fund		.500			.219			.6		34.0		.500			.217			.6		44.0
International Growth and Income Fund		.690			.500			.5		1.5		.478			.450			15.0		15.0
Capital Income Builder		.500			.410			.6		1.0		.357			.330			15.0		15.0
Asset Allocation Fund		.500			.240			.6		21.0		.500			.236			.6		34.0
American Funds Global Balanced Fund		.660			.510			.5		1.0		.446			.420			15.0		15.0
The Bond Fund of America		.480			.320			.6		13.0		.352			.320			15.0		15.0
Capital World Bond Fund		.570			.450			1.0		3.0		.431			.360			15.0		15.0
American High-Income Trust		.500			.420			.6		2.0		.404			.386			15.0		15.0
American Funds Mortgage Fund		.420			.290			.6		3.0		.295			.280			15.0		15.0
Ultra-Short Bond Fund		.320			.270			1.0		2.0		.257			.242			15.0		15.0
U.S. Government Securities Fund		.420			.290			.6		3.0		.295			.280			15.0		15.0

Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for some of the funds. During the year ended December 31, 2022, CRMC waived $1,000 in fees for Growth Fund in advance of the revised investment advisory and service agreement effective May 1, 2022. CRMC also waived a portion of its investment advisory services fees for the following funds based on the rates listed:

Fund	Waiver rates prior to May 1, 2022			Waiver rates effective May 1, 2022
Global Growth Fund		Not applicable			.11	%
Global Small Capitalization Fund		Not applicable			.05
New World Fund		.18	%		.07
Washington Mutual Investors Fund		.16			.11
Capital World Growth and Income Fund		.23			.14
International Growth and Income Fund		.14			.01
Capital Income Builder		.25			.14
American Funds Global Balanced Fund		Not applicable			.01
The Bond Fund of America		.19			.19
Capital World Bond Fund		.10			.10
American High-Income Trust		.19			.14
American Funds Mortgage Fund		.21			.12
U.S. Government Securities Fund		.16			.12
Managed Risk Growth Fund		.05			.05
Managed Risk International Fund		.05			.05
Managed Risk Washington Mutual Investors Fund		.05			.05
Managed Risk Growth-Income Fund		.05			.05
Managed Risk Asset Allocation Fund		.05			.05

American Funds Insurance Series 331

The waiver rates for each fund, except Growth Fund, will be in effect through at least May 1, 2023, and may only be modified or terminated with the approval of the series’ board. For the year ended December 31, 2022, total investment advisory services fees waived by CRMC were $58,051,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund’s statement of operations are presented gross of any waivers from CRMC.

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

	Rates						Net asset level (in billions)				For the year ended December 31,			For the year ended December 31,
Fund	Beginning with			Ending with			Up to		In excess of		2022, before waiver			2022, after waiver
Global Growth Fund		.475	%		.435	%	$	15.0	$	15.0		.485	%		.415	%
Global Small Capitalization Fund		.647			.615			15.0		15.0		.668			.637
Growth Fund		.500			.275			.6		44.0		.313			.313
International Fund		.478			.430			15.0		21.0		.485			.485
New World Fund		.577			.510			15.0		15.0		.619			.509
Washington Mutual Investors Fund		.374			.350			15.0		15.0		.378			.230
Capital World Growth and Income Fund		.475			.435			15.0		15.0		.518			.364
Growth-Income Fund		.500			.217			.6		44.0		.254			.254
International Growth and Income Fund		.478			.450			15.0		15.0		.555			.460
Capital Income Builder		.357			.330			15.0		15.0		.395			.218
Asset Allocation Fund		.500			.236			.6		34.0		.265			.265
American Funds Global Balanced Fund		.446			.420			15.0		15.0		.523			.517
The Bond Fund of America		.352			.320			15.0		15.0		.354			.164
Capital World Bond Fund		.431			.360			15.0		15.0		.471			.433
American High-Income Trust		.404			.386			15.0		15.0		.433			.275
American Funds Mortgage Fund		.295			.280			15.0		15.0		.346			.189
Ultra-Short Bond Fund		.257			.242			15.0		15.0		.275			.275
U.S. Government Securities Fund		.295			.280			15.0		15.0		.319			.184
Managed Risk Growth Fund		.150						all				.150			.100
Managed Risk International Fund		.150						all				.150			.100
Managed Risk Washington Mutual Investors Fund		.150						all				.150			.100
Managed Risk Growth-Income Fund		.150						all				.150			.100
Managed Risk Asset Allocation Fund		.150						all				.150			.100

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 3		0.18			0.18
Class 4		0.25			0.25
Class P1		0.00			0.25
Class P2		0.25			0.50

332 American Funds Insurance Series

Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC’s provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$1,002
Class 1A		$—		$37		4
Class 2		8,754	Not applicable			1,050
Class 4		1,500		1,500		180
Total class-specific expenses		$10,254		$1,537		$2,236

Global Small Capitalization Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$308
Class 1A		$—		$11		1
Class 2		4,837	Not applicable			581
Class 4		688		688		83
Total class-specific expenses		$5,525		$699		$973

Growth Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$4,542
Class 1A		$—		$407		49
Class 2		41,888	Not applicable			5,026
Class 3		403	Not applicable			67
Class 4		6,532		6,532		784
Total class-specific expenses		$48,823		$6,939		$10,468

International Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$1,036
Class 1A		$—		$26		3
Class 2		8,573	Not applicable			1,029
Class 3		30	Not applicable			5
Class 4		982		982		118
Total class-specific expenses		$9,585		$1,008		$2,191

American Funds Insurance Series 333

New World Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$535
Class 1A		$—		$25		3
Class 2		2,101	Not applicable			252
Class 4		1,898		1,898		228
Total class-specific expenses		$3,999		$1,923		$1,018
Washington Mutual Investors Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$1,738
Class 1A		$—		$243		29
Class 2		7,376	Not applicable			885
Class 4		2,639		2,639		317
Total class-specific expenses		$10,015		$2,882		$2,969
Capital World Growth and Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$175
Class 1A		$—		$15		2
Class 2		2,689	Not applicable			323
Class 4		483		484		58
Total class-specific expenses		$3,172		$499		$558
Growth-Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$6,289
Class 1A		$—		$73		9
Class 2		31,403	Not applicable			3,768
Class 3		245	Not applicable			41
Class 4		4,213		4,213		505
Total class-specific expenses		$35,861		$4,286		$10,612
International Growth and Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$4
Class 1A		$—		$12		2
Class 2		432	Not applicable			52
Class 4		294		294		35
Total class-specific expenses		$726		$306		$93
Capital Income Builder
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$170
Class 1A		$—		$24		3
Class 2		31	Not applicable			4
Class 4		1,337		1,338		160
Total class-specific expenses		$1,368		$1,362		$337
Asset Allocation Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$4,850
Class 1A		$—		$62		8
Class 2		11,503	Not applicable			1,380
Class 3		55	Not applicable			9
Class 4		14,002		14,002		1,680
Total class-specific expenses		$25,560		$14,064		$7,927
American Funds Global Balanced Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$31
Class 1A		$—		$7		1
Class 2		428	Not applicable			51
Class 4		293		293		35
Total class-specific expenses		$721		$300		$118
The Bond Fund of America
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$2,100
Class 1A		$—		$354		43
Class 2		7,903	Not applicable			948
Class 4		2,027		2,027		243
Total class-specific expenses		$9,930		$2,381		$3,334
Capital World Bond Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$222
Class 1A		$—		$4		—	*
Class 2		2,109	Not applicable			253
Class 4		142		142		17
Total class-specific expenses		$2,251		$146		$492

Refer to the end of the tables for footnote.

334 American Funds Insurance Series

American High-Income Trust
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$71
Class 1A		$—		$3		—	*
Class 2		1,440	Not applicable			173
Class 3		16	Not applicable			3
Class 4		200		200		24
Total class-specific expenses		$1,656		$203		$271
American Funds Mortgage Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$3
Class 1A		$—		$4		1
Class 2		127	Not applicable			15
Class 4		101		101		12
Total class-specific expenses		$228		$105		$31
Ultra-Short Bond Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$14
Class 1A		$—		$—		—	*
Class 2		707	Not applicable			85
Class 3		9	Not applicable			1
Class 4		173		173		21
Total class-specific expenses		$889		$173		$121
U.S. Government Securities Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable			$81
Class 1A		$—		$10		1
Class 2		2,967	Not applicable			356
Class 3		15	Not applicable			3
Class 4		512		512		62
Total class-specific expenses		$3,494		$522		$503

Managed Risk Growth Fund
Share class	Distribution services		Insurance administrative services
Class P1	Not applicable			$25
Class P2		$1,219		1,219
Total class-specific expenses		$1,219		$1,244
Managed Risk International Fund
Share class	Distribution services		Insurance administrative services
Class P1	Not applicable			$4
Class P2		$342		342
Total class-specific expenses		$342		$346
Managed Risk Washington Mutual Investors Fund
Share class	Distribution services		Insurance administrative services
Class P1	Not applicable			$6
Class P2		$824		824
Total class-specific expenses		$824		$830
Managed Risk Growth-Income Fund
Share class		Distribution services		Insurance administrative services
Class P1	Not applicable			$4,945
Class P2		$720		720
Total class-specific expenses		$720		$5,665
Managed Risk Asset Allocation Fund
Share class	Distribution services			Insurance administrative services
Class P1	Not applicable			$18
Class P2		$5,935		5,935
Total class-specific expenses		$5,935		$5,953

* Amount less than one thousand.

American Funds Insurance Series 335

Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the year ended December 31, 2022, total fees and expenses reimbursed by CRMC were $32,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund’s statement of operations are presented gross of any reimbursements from CRMC.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net decrease in the value of the deferred amounts as follows (dollars in thousands):

Fund	Current fees			Decrease in value of deferred amounts			Total trustees’ compensation
Global Growth Fund	$	21		$	(11	)	$	10
Global Small Capitalization Fund		10			(5	)		5
Growth Fund		99			(54	)		45
International Fund		21			(11	)		10
New World Fund		10			(5	)		5
Washington Mutual Investors Fund		27			(16	)		11
Capital World Growth and Income Fund		5			(3	)		2
Growth-Income Fund		98			(56	)		42
International Growth and Income Fund		1			—	*		1
Capital Income Builder		3			(2	)		1
Asset Allocation Fund		73			(43	)		30
American Funds Global Balanced Fund		1			(1	)		—	*
The Bond Fund of America		31			(19	)		12
Capital World Bond Fund		5			(3	)		2
American High-Income Trust		3			(1	)		2
American Funds Mortgage Fund		—	*		—	*		—	*
Ultra-Short Bond Fund		1			(1	)		—	*
U.S. Government Securities Fund		5			(3	)		2
Managed Risk Growth Fund		2			(1	)		1
Managed Risk International Fund		—	*		—	*		—	*
Managed Risk Washington Mutual Investors Fund		1			(1	)		—	*
Managed Risk Growth-Income Fund		6			(4	)		2
Managed Risk Asset Allocation Fund		7			(4	)		3

* Amount less than one thousand.

Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

Investments in CCBF and CCF — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds’ corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds’ short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

336 American Funds Insurance Series

The following table presents purchase and sale transactions between each fund and related funds, and net realized loss or gain from such sales, if any, as of December 31, 2022 (dollars in thousands):

Fund	Purchases		Sales		Net realized (loss) gain
Global Growth Fund	$	49,680	$	71,818	$	(20,300)
Global Small Capitalization Fund		57,920		34,601		1,035
Growth Fund		261,401		361,390		36,542
International Fund		104,003		132,023		(15,330	)
New World Fund		32,986		51,119		1,384
Washington Mutual Investors Fund		78,899		86,050		(13,933	)
Capital World Growth and Income Fund		29,485		42,194		(1,316	)
Growth-Income Fund		260,856		367,634		60,804
International Growth and Income Fund		3,035		3,711		(301	)
Capital Income Builder		11,219		9,127		1,159
Asset Allocation Fund		217,739		147,808		(22,154	)
American Funds Global Balanced Fund		2,864		3,686		(19	)
The Bond Fund of America		1,289		6,983		(541	)
Capital World Bond Fund		58		14,120		(947	)
American High-Income Trust		57		29,194		(1,415	)

8. Indemnifications

The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.

9. Committed line of credit

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2022.

American Funds Insurance Series 337

10. Capital share transactions

Capital share transactions in each fund were as follows (dollars and shares in thousands):

Global Growth Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	434,070		13,042	$	400,617		12,733	$	(553,744	)		(16,845	)	$	280,943			8,930
Class 1A		2,997		91		1,758		56		(2,085	)		(65	)		2,670			82
Class 2		92,048		2,700		419,636		13,511		(295,933	)		(9,100	)		215,751			7,111
Class 4		99,092		2,978		70,552		2,294		(71,372	)		(2,195	)		98,272			3,077
Total net increase (decrease)	$	628,207		18,811	$	892,563		28,594	$	(923,134	)		(28,205	)	$	597,636			19,200
Year ended December 31, 2021
Class 1	$	683,154		15,421	$	216,944		5,062	$	(307,264	)		(6,960	)	$	592,834			13,523
Class 1A		6,731		151		700		17		(2,591	)		(58	)		4,840			110
Class 2		69,770		1,607		236,612		5,601		(588,817	)		(13,514	)		(282,435	)		(6,306	)
Class 4		167,855		3,876		32,087		766		(48,523	)		(1,127	)		151,419			3,515
Total net increase (decrease)	$	927,510		21,055	$	486,343		11,446	$	(947,195	)		(21,659	)	$	466,658			10,842
Global Small Capitalization Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	187,481		9,235	$	331,498		19,030	$	(570,697	)		(21,774	)	$	(51,718	)		6,491
Class 1A		989		43		1,461		85		(276	)		(15	)		2,174			113
Class 2		111,019		5,043		663,046		40,307		(118,512	)		(6,722	)		655,553			38,628
Class 4		56,480		2,653		93,892		5,707		(34,387	)		(1,715	)		115,985			6,645
Total net increase (decrease)	$	355,969		16,974	$	1,089,897		65,129	$	(723,872	)		(30,226	)	$	721,994			51,877
Year ended December 31, 2021
Class 1	$	216,763		6,235	$	55,510		1,581	$	(1,077,292	)		(31,128	)	$	(805,019	)		(23,312	)
Class 1A		4,095		118		39		1		(153	)		(4	)		3,981			115
Class 2		59,596		1,785		60,246		1,778		(374,611	)		(11,071	)		(254,769	)		(7,508	)
Class 4		89,704		2,662		7,215		212		(30,621	)		(901	)		66,298			1,973
Total net increase (decrease)	$	370,158		10,800	$	123,010		3,572	$	(1,482,677	)		(43,104	)	$	(989,509	)		(28,732	)

Refer to the end of the tables for footnotes.

338 American Funds Insurance Series

Growth Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	2,593,666		29,149	$	2,228,505		26,120	$	(3,051,097	)		(31,275	)	$	1,771,074			23,994
Class 1A		133,124		1,387		27,088		320		(15,271	)		(181	)		144,941			1,526
Class 2		520,092		5,686		2,464,507		29,214		(1,621,163	)		(17,346	)		1,363,436			17,554
Class 3		1,224		14		32,371		376		(28,004	)		(296	)		5,591			94
Class 4		409,323		4,647		383,909		4,657		(227,877	)		(2,558	)		565,355			6,746
Total net increase (decrease)	$	3,657,429		40,883	$	5,136,380		60,687	$	(4,943,412	)		(51,656	)	$	3,850,397			49,914
Year ended December 31, 2021
Class 1	$	2,916,865		22,963	$	2,251,516		19,653	$	(2,207,142	)		(17,684	)	$	2,961,239			24,932
Class 1A		68,640		560		9,733		86		(25,312	)		(198	)		53,061			448
Class 2		432,245		3,495		2,777,848		24,558		(3,289,822	)		(26,755	)		(79,729	)		1,298
Class 3		1,972		15		37,541		326		(37,449	)		(298	)		2,064			43
Class 4		553,762		4,582		358,034		3,232		(224,958	)		(1,864	)		686,838			5,950
Total net increase (decrease)	$	3,973,484		31,615	$	5,434,672		47,855	$	(5,784,683	)		(46,799	)	$	3,623,473			32,671
International Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease)  increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	280,536		15,960	$	543,821		32,473	$	(1,015,741	)		(51,244	)	$	(191,384	)		(2,811	)
Class 1A		2,247		127		1,679		101		(1,009	)		(63	)		2,917			165
Class 2		189,379		10,637		536,766		32,189		(347,301	)		(20,471	)		378,844			22,355
Class 3		87		5		2,627		156		(1,366	)		(79	)		1,348			82
Class 4		65,571		3,703		61,594		3,751		(53,681	)		(3,200	)		73,484			4,254
Total net increase (decrease)	$	537,820		30,432	$	1,146,487		68,670	$	(1,419,098	)		(75,057	)	$	265,209			24,045
Year ended December 31, 2021
Class 1	$	366,681		15,339	$	131,729		5,782	$	(1,253,303	)		(51,135	)	$	(754,893	)		(30,014	)
Class 1A		4,570		192		281		13		(2,479	)		(103	)		2,372			102
Class 2		264,867		11,161		105,815		4,673		(502,502	)		(20,818	)		(131,820	)		(4,984	)
Class 3		125		5		546		24		(3,534	)		(146	)		(2,863	)		(117	)
Class 4		95,888		4,069		10,725		480		(51,434	)		(2,169	)		55,179			2,380
Total net increase (decrease)	$	732,131		30,766	$	249,096		10,972	$	(1,813,252	)		(74,371	)	$	(832,025	)		(32,633	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series 339

New World Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	91,026		3,688	$	189,325		7,939	$	(434,293	)		(16,140	)	$	(153,942	)		(4,513	)
Class 1A		1,549		60		1,040		44		(1,769	)		(76	)		820			28
Class 2		72,626		2,937		88,236		3,744		(163,288	)		(6,534	)		(2,426	)		147
Class 4		133,209		5,310		78,780		3,371		(133,462	)		(5,583	)		78,527			3,098
Total net increase (decrease)	$	298,410		11,995	$	357,381		15,098	$	(732,812	)		(28,333	)	$	(77,021	)		(1,240	)
Year ended December 31, 2021
Class 1	$	180,001		5,517	$	104,795		3,183	$	(165,865	)		(5,053	)	$	118,931			3,647
Class 1A		14,137		436		350		11		(21,114	)		(642	)		(6,627	)		(195	)
Class 2		82,347		2,547		45,947		1,410		(159,868	)		(4,915	)		(31,574	)		(958	)
Class 4		135,084		4,224		34,360		1,061		(74,083	)		(2,295	)		95,361			2,990
Total net increase (decrease)	$	411,569		12,724	$	185,452		5,665	$	(420,930	)		(12,905	)	$	176,091			5,484
Washington Mutual Investors Fund
	Sales*				Reinvestments of  distributions				Repurchases*						Net increase  (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	311,628		22,333	$	1,412,614		106,476	$	(1,024,832	)		(69,053	)	$	699,410			59,756
Class 1A		33,907		2,321		14,025		1,066		(125,110	)		(7,699	)		(77,178	)		(4,312	)
Class 2		48,719		3,523		725,386		55,707		(414,058	)		(28,659	)		360,047			30,571
Class 4		238,615		16,711		258,174		20,025		(148,002	)		(10,093	)		348,787			26,643
Total net increase (decrease)	$	632,869		44,888	$	2,410,199		183,274	$	(1,712,002	)		(115,504	)	$	1,331,066			112,658
Year ended December 31, 2021
Class 1	$	740,227		42,419	$	104,068		6,017	$	(1,150,862	)		(70,448	)	$	(306,567	)		(22,012	)
Class 1A		128,020		7,779		2,211		129		(4,020	)		(244	)		126,211			7,664
Class 2		51,950		3,263		46,652		2,739		(508,810	)		(31,581	)		(410,208	)		(25,579	)
Class 4		156,222		9,709		12,620		746		(66,538	)		(4,145	)		102,304			6,310
Total net increase (decrease)	$	1,076,419		63,170	$	165,551		9,631	$	(1,730,230	)		(106,418	)	$	(488,260	)		(33,617	)
Capital World Growth and Income Fund
	Sales*				Reinvestments of  distributions				Repurchases*						Net (decrease)  increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	286,528		22,239	$	137,343		10,946	$	(434,782	)		(30,278	)	$	(10,911	)		2,907
Class 1A		1,618		116		1,525		122		(1,079	)		(91	)		2,064			147
Class 2		15,274		1,157		262,887		21,001		(144,703	)		(10,617	)		133,458			11,541
Class 4		25,643		1,909		48,121		3,940		(22,999	)		(1,756	)		50,765			4,093
Total net increase (decrease)	$	329,063		25,421	$	449,876		36,009	$	(603,563	)		(42,742	)	$	175,376			18,688
Year ended December 31, 2021
Class 1	$	171,552		9,531	$	30,555		1,698	$	(117,328	)		(6,578	)	$	84,779			4,651
Class 1A		4,092		231		166		9		(605	)		(34	)		3,653			206
Class 2		21,440		1,205		50,935		2,838		(216,241	)		(12,206	)		(143,866	)		(8,163	)
Class 4		49,326		2,833		7,530		427		(16,390	)		(939	)		40,466			2,321
Total net increase (decrease)	$	246,410		13,800	$	89,186		4,972	$	(350,564	)		(19,757	)	$	(14,968	)		(985	)

Refer to the end of the tables for footnotes.

340 American Funds Insurance Series

Growth-Income Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	2,026,623		38,323	$	2,348,918		43,972	$	(3,853,406	)		(68,861	)	$	522,135			13,434
Class 1A		4,813		89		3,248		61		(3,333	)		(64	)		4,728			86
Class 2		119,436		2,219		1,399,821		26,589		(1,455,432	)		(26,710	)		63,825			2,098
Class 3		766		15		15,025		280		(15,511	)		(279	)		280			16
Class 4		180,173		3,342		186,543		3,596		(153,528	)		(2,879	)		213,188			4,059
Total net increase (decrease)	$	2,331,811		43,988	$	3,953,555		74,498	$	(5,481,210	)		(98,793	)	$	804,156			19,693
Year ended December 31, 2021
Class 1	$	778,306		12,603	$	567,351		8,928	$	(3,472,494	)		(56,343	)	$	(2,126,837	)		(34,812	)
Class 1A		14,065		224		493		8		(2,433	)		(39	)		12,125			193
Class 2		143,239		2,361		310,023		4,964		(2,027,406	)		(33,135	)		(1,574,144	)		(25,810	)
Class 3		1,007		16		3,442		54		(23,575	)		(379	)		(19,126	)		(309	)
Class 4		302,016		4,995		33,018		536		(132,399	)		(2,191	)		202,635			3,340
Total net increase (decrease)	$	1,238,633		20,199	$	914,327		14,490	$	(5,658,307	)		(92,087	)	$	(3,505,347	)		(57,398	)
International Growth and Income Fund
	Sales*				Reinvestments of  distributions				Repurchases*						Net (decrease)  increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	2,793		220	$	6,501		686	$	(16,761	)		(946	)	$	(7,467	)		(40	)
Class 1A		1,041		92		2,255		244		(921	)		(61	)		2,375			275
Class 2		7,743		664		86,227		9,344		(24,550	)		(2,262	)		69,420			7,746
Class 4		23,335		2,027		59,065		6,499		(13,968	)		(1,295	)		68,432			7,231
Total net increase (decrease)	$	34,912		3,003	$	154,048		16,773	$	(56,200	)		(4,564	)	$	132,760			15,212
Year ended December 31, 2021
Class 1	$	48,015		2,368	$	4,294		210	$	(1,169,382	)		(59,936	)	$	(1,117,073	)		(57,358	)
Class 1A		2,986		152		141		7		(561	)		(28	)		2,566			131
Class 2		8,004		401		6,218		322		(29,755	)		(1,507	)		(15,533	)		(784	)
Class 4		27,229		1,381		3,589		188		(13,127	)		(671	)		17,691			898
Total net increase (decrease)	$	86,234		4,302	$	14,242		727	$	(1,212,825	)		(62,142	)	$	(1,112,349	)		(57,113	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series 341

Capital Income Builder
	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	177,351		15,800	$	17,636		1,573	$	(114,944	)		(10,289	)	$	80,043			7,084
Class 1A		2,218		196		270		24		(1,259	)		(111	)		1,229			109
Class 2		2,390		211		355		32		(1,006	)		(88	)		1,739			155
Class 4		94,517		8,303		13,728		1,228		(81,854	)		(7,293	)		26,391			2,238
Total net increase (decrease)	$	276,476		24,510	$	31,989		2,857	$	(199,063	)		(17,781	)	$	109,402			9,586
Year ended December 31, 2021
Class 1	$	107,711		9,192	$	16,222		1,379	$	(252,397	)		(21,377	)	$	(128,464	)		(10,806	)
Class 1A		2,434		206		218		19		(451	)		(39	)		2,201			186
Class 2		5,007		428		315		27		(1,572	)		(134	)		3,750			321
Class 4		70,040		6,029		13,009		1,105		(42,227	)		(3,629	)		40,822			3,505
Total net increase (decrease)	$	185,192		15,855	$	29,764		2,530	$	(296,647	)		(25,179	)	$	(81,691	)		(6,794	)
Asset Allocation Fund
	Sales*				Reinvestments of  distributions				Repurchases*						Net increase  (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	1,365,105		57,634	$	2,001,507		85,450	$	(2,607,782	)		(108,817	)	$	758,830			34,267
Class 1A		8,603		375		2,806		121		(2,839	)		(126	)		8,570			370
Class 2		58,248		2,413		565,030		24,435		(581,503	)		(24,252	)		41,775			2,596
Class 3		126		5		3,759		160		(3,377	)		(141	)		508			24
Class 4		332,209		13,862		680,622		29,650		(423,984	)		(17,975	)		588,847			25,537
Total net increase (decrease)	$	1,764,291		74,289	$	3,253,724		139,816	$	(3,619,485	)		(151,311	)	$	1,398,530			62,794
Year ended December 31, 2021
Class 1	$	1,077,099		38,077	$	1,004,165		35,557	$	(4,395,063	)		(151,941	)	$	(2,313,799	)		(78,307	)
Class 1A		8,925		315		880		31		(1,749	)		(63	)		8,056			283
Class 2		117,974		4,243		262,797		9,420		(649,009	)		(23,286	)		(268,238	)		(9,623	)
Class 3		1,030		36		1,693		60		(2,340	)		(83	)		383			13
Class 4		687,105		24,820		271,781		9,809		(264,761	)		(9,619	)		694,125			25,010
Total net increase (decrease)	$	1,892,133		67,491	$	1,541,316		54,877	$	(5,312,922	)		(184,992	)	$	(1,879,473	)		(62,624	)

Refer to the end of the tables for footnotes.

342 American Funds Insurance Series

American Funds Global Balanced Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	37,857		3,046	$	570		44	$	(45,473	)		(3,593	)	$	(7,046	)		(503	)
Class 1A		160		12		15		1		(857	)		(63	)		(682	)		(50	)
Class 2		3,979		308		974		74		(24,238	)		(1,876	)		(19,285	)		(1,494	)
Class 4		9,992		779		674		52		(14,316	)		(1,139	)		(3,650	)		(308	)
Total net increase (decrease)	$	51,988		4,145	$	2,233		171	$	(84,884	)		(6,671	)	$	(30,663	)		(2,355	)
Year ended December 31, 2021
Class 1	$	9,259		623	$	7,739		533	$	(40,506	)		(2,798	)	$	(23,508	)		(1,642	)
Class 1A		925		63		233		16		(252	)		(17	)		906			62
Class 2		5,621		383		13,069		902		(27,137	)		(1,828	)		(8,447	)		(543	)
Class 4		28,503		1,957		8,206		572		(10,476	)		(713	)		26,233			1,816
Total net increase (decrease)	$	44,308		3,026	$	29,247		2,023	$	(78,371	)		(5,356	)	$	(4,816	)		(307	)
The Bond Fund of America
	Sales*				Reinvestments of  distributions				Repurchases*						Net (decrease)  increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	1,045,629		102,870	$	293,730		29,996	$	(2,254,686	)		(218,872	)	$	(915,327	)		(86,006	)
Class 1A		222,556		22,066		9,170		944		(5,163	)		(515	)		226,563			22,495
Class 2		49,800		5,005		126,095		13,059		(487,579	)		(48,690	)		(311,684	)		(30,626	)
Class 4		123,107		12,517		31,861		3,314		(113,670	)		(11,505	)		41,298			4,326
Total net increase (decrease)	$	1,441,092		142,458	$	460,856		47,313	$	(2,861,098	)		(279,582	)	$	(959,150	)		(89,811	)
Year ended December 31, 2021
Class 1	$	2,441,954		212,866	$	432,376		38,456	$	(737,146	)		(64,100	)	$	2,137,184			187,222
Class 1A		5,329		464		601		54		(2,565	)		(223	)		3,365			295
Class 2		204,371		17,879		208,042		18,765		(302,247	)		(26,735	)		110,166			9,909
Class 4		240,539		21,228		43,487		3,939		(60,173	)		(5,327	)		223,853			19,840
Total net increase (decrease)	$	2,892,193		252,437	$	684,506		61,214	$	(1,102,131	)		(96,385	)	$	2,474,568			217,266
Capital World Bond Fund
	Sales*				Reinvestments of  distributions				Repurchases*						Net (decrease)  increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	63,069		6,354	$	13,903		1,398	$	(234,228	)		(22,105	)	$	(157,256	)		(14,353	)
Class 1A		470		46		24		2		(371	)		(38	)		123			10
Class 2		32,696		3,225		15,838		1,606		(121,387	)		(11,954	)		(72,853	)		(7,123	)
Class 4		7,078		688		1,065		109		(8,255	)		(838	)		(112	)		(41	)
Total net increase (decrease)	$	103,313		10,313	$	30,830		3,115	$	(364,241	)		(34,935	)	$	(230,098	)		(21,507	)
Year ended December 31, 2021
Class 1	$	129,119		10,361	$	44,414		3,661	$	(305,638	)		(24,399	)	$	(132,105	)		(10,377	)
Class 1A		1,155		95		40		3		(261	)		(21	)		934			77
Class 2		83,201		6,733		44,570		3,700		(58,585	)		(4,813	)		69,186			5,620
Class 4		19,357		1,604		2,457		206		(11,624	)		(951	)		10,190			859
Total net increase (decrease)	$	232,832		18,793	$	91,481		7,570	$	(376,108	)		(30,184	)	$	(51,795	)		(3,821	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series 343

American High-Income Trust
	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	29,406		3,042	$	17,917		2,062	$	(58,971	)		(6,116	)	$	(11,648	)		(1,012	)
Class 1A		362		39		100		11		(426	)		(45	)		36			5
Class 2		7,171		758		42,707		5,019		(98,679	)		(10,782	)		(48,801	)		(5,005	)
Class 3		432		46		695		79		(1,385	)		(149	)		(258	)		(24	)
Class 4		65,309		6,490		5,827		619		(70,275	)		(6,997	)		861			112
Total net increase (decrease)	$	102,680		10,375	$	67,246		7,790	$	(229,736	)		(24,089	)	$	(59,810	)		(5,924	)
Year ended December 31, 2021
Class 1	$	160,559		15,547	$	10,757		1,060	$	(19,514	)		(1,906	)	$	151,802			14,701
Class 1A		915		89		59		5		(548	)		(53	)		426			41
Class 2		20,019		2,003		28,636		2,874		(66,675	)		(6,630	)		(18,020	)		(1,753	)
Class 3		908		88		429		42		(1,328	)		(129	)		9			1
Class 4		143,656		13,002		3,238		295		(128,886	)		(11,648	)		18,008			1,649
Total net increase (decrease)	$	326,057		30,729	$	43,119		4,276	$	(216,951	)		(20,366	)	$	152,225			14,639
American Funds Mortgage Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	784		78	$	15		2	$	(229,165	)		(21,726	)	$	(228,366	)		(21,646	)
Class 1A		662		67		37		4		(1,033	)		(103	)		(334	)		(32	)
Class 2		3,214		326		995		103		(9,402	)		(951	)		(5,193	)		(522	)
Class 4		10,671		1,091		746		78		(9,016	)		(920	)		2,401			249
Total net increase (decrease)	$	15,331		1,562	$	1,793		187	$	(248,616	)		(23,700	)	$	(231,492	)		(21,951	)
Year ended December 31, 2021
Class 1	$	35,679		3,267	$	9,382		880	$	(27,270	)		(2,517	)	$	17,791			1,630
Class 1A		1,498		139		57		5		(436	)		(40	)		1,119			104
Class 2		6,415		588		2,232		210		(5,928	)		(547	)		2,719			251
Class 4		11,056		1,029		1,486		142		(4,892	)		(457	)		7,650			714
Total net increase (decrease)	$	54,648		5,023	$	13,157		1,237	$	(38,526	)		(3,561	)	$	29,279			2,699

Refer to the end of the tables for footnotes.

344 American Funds Insurance Series

Ultra-Short Bond Fund
	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	33,573		2,975	$	348			31		$	(20,904	)		(1,853	)	$	13,017			1,153
Class 1A		—		—		—	†		—	†		—			—			—	†		—	†
Class 2		117,586		10,755		1,569			143			(68,709	)		(6,275	)		50,446			4,623
Class 3		735		67		26			2			(1,082	)		(97	)		(321	)		(28	)
Class 4		84,873		7,721		293			27			(51,358	)		(4,671	)		33,808			3,077
Total net increase (decrease)	$	236,767		21,518	$	2,236			203		$	(142,053	)		(12,896	)	$	96,950			8,825
Year ended December 31, 2021
Class 1	$	16,242		1,439	$	—			—		$	(22,707	)		(2,011	)	$	(6,465	)		(572	)
Class 1A		—		—		—			—			—			—			—			—
Class 2		86,233		7,864		—			—			(127,622	)		(11,640	)		(41,389	)		(3,776	)
Class 3		1,253		113		—			—			(915	)		(83	)		338			30
Class 4		35,704		3,232		—			—			(29,389	)		(2,660	)		6,315			572
Total net increase (decrease)	$	139,432		12,648	$	—			—		$	(180,633	)		(16,394	)	$	(41,201	)		(3,746	)
U.S. Government Securities Fund
	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	69,422		6,446	$	10,134			987		$	(316,401	)		(27,982	)	$	(236,845	)		(20,549	)
Class 1A		2,902		273		153			15			(3,237	)		(300	)		(182	)		(12	)
Class 2		43,941		4,115		42,631			4,200			(233,844	)		(21,667	)		(147,272	)		(13,352	)
Class 3		308		28		292			28			(2,508	)		(236	)		(1,908	)		(180	)
Class 4		67,334		6,331		7,040			695			(90,440	)		(8,406	)		(16,066	)		(1,380	)
Total net increase (decrease)	$	183,907		17,193	$	60,250			5,925		$	(646,430	)		(58,591	)	$	(402,273	)		(35,473	)
Year ended December 31, 2021
Class 1	$	213,039		17,786	$	38,963			3,337		$	(115,497	)		(9,263	)	$	136,505			11,860
Class 1A		4,388		354		518			44			(3,192	)		(265	)		1,714			133
Class 2		91,122		7,303		144,267			12,514			(129,818	)		(10,810	)		105,571			9,007
Class 3		1,023		86		948			81			(1,549	)		(126	)		422			41
Class 4		87,885		7,227		23,653			2,055			(118,823	)		(9,719	)		(7,285	)		(437	)
Total net increase (decrease)	$	397,457		32,756	$	208,349			18,031		$	(368,879	)		(30,183	)	$	236,927			20,604
Managed Risk Growth Fund
	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P1	$	1,679		122	$	1,796			147		$	(2,034	)		(134	)	$	1,441			135
Class P2		37,760		2,684		88,450			7,291			(30,630	)		(2,253	)		95,580			7,722
Total net increase (decrease)	$	39,439		2,806	$	90,246			7,438		$	(32,664	)		(2,387	)	$	97,021			7,857
Year ended December 31, 2021
Class P1	$	3,593		199	$	515			30		$	(3,079	)		(172	)	$	1,029			57
Class P2		39,055		2,202		26,869			1,558			(78,851	)		(4,405	)		(12,927	)		(645	)
Total net increase (decrease)	$	42,648		2,401	$	27,384			1,588		$	(81,930	)		(4,577	)	$	(11,898	)		(588	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series 345

Managed Risk International Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P1	$	578		62	$	69		8	$	(323	)		(37	)	$	324			33
Class P2		5,403		564		4,206		470		(15,947	)		(1,788	)		(6,338	)		(754	)
Total net increase (decrease)	$	5,981		626	$	4,275		478	$	(16,270	)		(1,825	)	$	(6,014	)		(721	)
Year ended December 31, 2021
Class P1	$	887		80	$	14		1	$	(531	)		(48	)	$	370			33
Class P2		12,803		1,181		917		80		(14,744	)		(1,323	)		(1,024	)		(62	)
Total net increase (decrease)	$	13,690		1,261	$	931		81	$	(15,275	)		(1,371	)	$	(654	)		(29	)
Managed Risk Washington Mutual Investors Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P1	$	1,026		86	$	127		11	$	(498	)		(43	)	$	655			54
Class P2		22,662		1,947		14,544		1,281		(39,363	)		(3,307	)		(2,157	)		(79	)
Total net increase (decrease)	$	23,688		2,033	$	14,671		1,292	$	(39,861	)		(3,350	)	$	(1,502	)		(25	)
Year ended December 31, 2021
Class P1	$	971		80	$	40		3	$	(343	)		(29	)	$	668			54
Class P2		9,743		800		5,979		487		(51,273	)		(4,254	)		(35,551	)		(2,967	)
Total net increase (decrease)	$	10,714		880	$	6,019		490	$	(51,616	)		(4,283	)	$	(34,883	)		(2,913	)
Managed Risk Growth-Income Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net decrease
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P1	$	49,558		3,678	$	87,716		6,731	$	(157,932	)		(11,880	)	$	(20,658	)		(1,471	)
Class P2		13,539		1,010		12,087		932		(28,848	)		(2,135	)		(3,222	)		(193	)
Total net increase (decrease)	$	63,097		4,688	$	99,803		7,663	$	(186,780	)		(14,015	)	$	(23,880	)		(1,664	)
Year ended December 31, 2021
Class P1	$	64,192		4,303	$	60,096		4,023	$	(175,764	)		(11,680	)	$	(51,476	)		(3,354	)
Class P2		14,838		1,008		8,072		546		(35,819	)		(2,404	)		(12,909	)		(850	)
Total net increase (decrease)	$	79,030		5,311	$	68,168		4,569	$	(211,583	)		(14,084	)	$	(64,385	)		(4,204	)

Refer to the end of the tables for footnotes.

346 American Funds Insurance Series

Managed Risk Asset Allocation Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P1	$	1,649		120	$	430		34	$	(675	)		(52	)	$	1,404			102
Class P2		38,665		2,998		138,534		11,152		(283,108	)		(22,026	)		(105,909	)		(7,876	)
Total net increase (decrease)	$	40,314		3,118	$	138,964		11,186	$	(283,783	)		(22,078	)	$	(104,505	)		(7,774	)
Year ended December 31, 2021
Class P1	$	2,097		141	$	114		8	$	(899	)		(60	)	$	1,312			89
Class P2		57,616		4,016		38,113		2,632		(351,072	)		(24,507	)		(255,343	)		(17,859	)
Total net increase (decrease)	$	59,713		4,157	$	38,227		2,640	$	(351,971	)		(24,567	)	$	(254,031	)		(17,770	)

*	Includes exchanges between share classes of the fund.
†	Amount less than one thousand.

11. Ownership concentration

At December 31, 2022, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 18% and 17% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

12. Investment transactions and other disclosures

The following tables present additional information for each fund for the year ended December 31, 2022 (dollars in thousands):

	Global Growth Fund		Global Small Capitalization Fund			Growth Fund		International Fund		New World Fund		Washington Mutual Investors Fund
Purchases of investment securities*	$	2,020,468	$	1,224,731		$	10,017,065	$	2,810,699	$	1,260,720	$	2,833,147
Sales of investment securities*		2,146,215		1,218,842			10,662,318		2,867,081		1,624,730		3,802,409
Non-U.S. taxes paid on dividend income		6,202		2,117			9,817		9,312		3,655		1,964
Non-U.S. taxes paid on interest income		—		—			—		—		5		—
Non-U.S. taxes paid on realized gains		1,408		5,338			—		8,023		4,440		—
Non-U.S. taxes provided on unrealized appreciation		5,103		9,184			—		25,364		8,906		—
	Capital World Growth and Income Fund		Growth- Income Fund			International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		American Funds Global Balanced Fund
Purchases of investment securities*	$	749,437	$	8,339,283		$	142,556	$	1,242,326	$	27,267,262	$	392,565
Sales of investment securities*		985,479		12,308,349			139,199		1,167,109		28,617,726		407,112
Non-U.S. taxes paid on dividend income		2,593		9,673			744		1,500		9,616		372
Non-U.S. taxes paid on interest income		—		—			—		—		—		11
Non-U.S. taxes paid on realized gains		173		—	†		51		46		—		43
Non-U.S. taxes provided on unrealized appreciation		568		—			58		349		2,592		83

Refer to the end of the tables for footnotes.

American Funds Insurance Series 347

	The Bond Fund of America		Capital World Bond Fund		American High-Income Trust		American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government Securities Fund
Purchases of investment securities*	$	38,975,446	$	1,910,865	$	293,093	$	1,134,922	$	—	$	9,478,478
Sales of investment securities*		37,928,493		2,233,596		378,913		1,243,904		—		9,100,700
Non-U.S. taxes paid on interest income		22		135		—		—		—		—
Non-U.S. taxes paid on realized gains		—		333		—		—		—		—
Non-U.S. taxes provided on unrealized appreciation		—		117		—		—		—		—
		Managed Risk Growth Fund		Managed Risk International Fund		Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Purchases of investment securities*	$	528,842	$	121,812	$	269,212	$	1,486,050	$	1,104,342
Sales of investment securities*		453,254		107,992		219,710		1,431,021		1,086,607

*	Excludes short-term securities and U.S. government obligations, if any.
†	Amount less than one thousand.

348 American Funds Insurance Series

Financial highlights

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Global Growth Fund
Class 1:
12/31/2022	$	45.46	$	.34	$	(11.34	)	$	(11.00	)	$	(.31	)	$	(3.97	)	$	(4.28	)	$	30.18		(24.54	)%	$	3,104		.53	%		.46	%		1.01	%
12/31/2021		41.16		.25		6.48			6.73			(.26	)		(2.17	)		(2.43	)		45.46		16.72			4,270		.55			.54			.56
12/31/2020		32.57		.20		9.56			9.76			(.21	)		(.96	)		(1.17	)		41.16		30.79			3,309		.56			.56			.59
12/31/2019		25.74		.32		8.60			8.92			(.41	)		(1.68	)		(2.09	)		32.57		35.61			2,515		.56			.56			1.07
12/31/2018		30.51		.29		(2.65	)		(2.36	)		(.28	)		(2.13	)		(2.41	)		25.74		(8.81	)		1,942		.55			.55			.98
Class 1A:
12/31/2022		45.28		.26		(11.31	)		(11.05	)		(.22	)		(3.97	)		(4.19	)		30.04		(24.73	)		14		.78			.71			.78
12/31/2021		41.02		.14		6.46			6.60			(.17	)		(2.17	)		(2.34	)		45.28		16.45			18		.80			.79			.33
12/31/2020		32.47		.12		9.52			9.64			(.13	)		(.96	)		(1.09	)		41.02		30.49			12		.81			.81			.34
12/31/2019		25.69		.25		8.55			8.80			(.34	)		(1.68	)		(2.02	)		32.47		35.22			8		.81			.81			.83
12/31/2018		30.46		.23		(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69		(9.02	)		5		.80			.80			.77
Class 2:
12/31/2022		44.94		.25		(11.21	)		(10.96	)		(.22	)		(3.97	)		(4.19	)		29.79		(24.74	)		3,234		.78			.71			.76
12/31/2021		40.72		.13		6.41			6.54			(.15	)		(2.17	)		(2.32	)		44.94		16.42			4,559		.80			.80			.30
12/31/2020		32.24		.12		9.44			9.56			(.12	)		(.96	)		(1.08	)		40.72		30.47			4,387		.81			.81			.34
12/31/2019		25.50		.24		8.51			8.75			(.33	)		(1.68	)		(2.01	)		32.24		35.28			3,895		.81			.81			.83
12/31/2018		30.24		.22		(2.63	)		(2.41	)		(.20	)		(2.13	)		(2.33	)		25.50		(9.04	)		3,306		.80			.80			.73
Class 4:
12/31/2022		44.57		.17		(11.12	)		(10.95	)		(.14	)		(3.97	)		(4.11	)		29.51		(24.92	)		584		1.03			.96			.52
12/31/2021		40.45		.03		6.35			6.38			(.09	)		(2.17	)		(2.26	)		44.57		16.14			744		1.05			1.04			.07
12/31/2020		32.05		.03		9.38			9.41			(.05	)		(.96	)		(1.01	)		40.45		30.17			533		1.06			1.06			.09
12/31/2019		25.39		.17		8.45			8.62			(.28	)		(1.68	)		(1.96	)		32.05		34.87			382		1.06			1.06			.57
12/31/2018		30.13		.14		(2.60	)		(2.46	)		(.15	)		(2.13	)		(2.28	)		25.39		(9.24	)		249		1.05			1.05			.47

Refer to the end of the tables for footnotes.

American Funds Insurance Series 349

Financial highlights(continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income (loss) to average net assets2
Global Small Capitalization Fund
Class 1:
12/31/2022	$	34.17	$	.05		$	(9.50	)	$	(9.45	)	$	—		$	(8.50	)	$	(8.50	)	$	16.22		(29.37	)%	$	916			.72	%		.69	%		.24	%
12/31/2021		32.64		(.02	)		2.32			2.30			—			(.77	)		(.77	)		34.17		6.98			1,707			.74			.74			(.07	)
12/31/2020		26.80		(.01	)		7.49			7.48			(.05	)		(1.59	)		(1.64	)		32.64		30.04			2,391			.75			.75			(.06	)
12/31/2019		21.75		.12			6.61			6.73			(.10	)		(1.58	)		(1.68	)		26.80		31.84			2,050			.75			.75			.48
12/31/2018		25.38		.11			(2.51	)		(2.40	)		(.09	)		(1.14	)		(1.23	)		21.75		(10.31	)		1,453			.73			.73			.42
Class 1A:
12/31/2022		33.93		—	4		(9.43	)		(9.43	)		—			(8.50	)		(8.50	)		16.00		(29.54	)		4			.97			.94			—	5
12/31/2021		32.49		(.07	)		2.28			2.21			—			(.77	)		(.77	)		33.93		6.73			5			.99			.99			(.21	)
12/31/2020		26.74		(.09	)		7.48			7.39			(.05	)		(1.59	)		(1.64	)		32.49		29.72			1			.99			.99			(.33	)
12/31/2019		21.71		.05			6.61			6.66			(.05	)		(1.58	)		(1.63	)		26.74		31.56			1			.99			.99			.22
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71		(10.56	)		—	6		.98			.98			.21
Class 2:
12/31/2022		32.94		—	4		(9.14	)		(9.14	)		—			(8.50	)		(8.50	)		15.30		(29.55	)		1,762			.97			.94			—	5
12/31/2021		31.56		(.10	)		2.25			2.15			—			(.77	)		(.77	)		32.94		6.74			2,521			.99			.99			(.30	)
12/31/2020		26.02		(.08	)		7.25			7.17			(.04	)		(1.59	)		(1.63	)		31.56		29.72			2,653			1.00			1.00			(.31	)
12/31/2019		21.16		.05			6.43			6.48			(.04	)		(1.58	)		(1.62	)		26.02		31.52			2,363			1.00			1.00			.22
12/31/2018		24.72		.04			(2.44	)		(2.40	)		(.02	)		(1.14	)		(1.16	)		21.16		(10.55	)		2,056			.98			.98			.17
Class 4:
12/31/2022		32.96		(.05	)		(9.13	)		(9.18	)		—			(8.50	)		(8.50	)		15.28		(29.69	)		261			1.22			1.19			(.25	)
12/31/2021		31.67		(.18	)		2.24			2.06			—			(.77	)		(.77	)		32.96		6.43			344			1.24			1.24			(.53	)
12/31/2020		26.16		(.14	)		7.27			7.13			(.03	)		(1.59	)		(1.62	)		31.67		29.39			268			1.25			1.25			(.56	)
12/31/2019		21.28		(.01	)		6.47			6.46			—	4		(1.58	)		(1.58	)		26.16		31.24			206			1.25			1.25			(.04	)
12/31/2018		24.91		(.02	)		(2.46	)		(2.48	)		(.01	)		(1.14	)		(1.15	)		21.28		(10.80	)		146			1.24			1.24			(.08	)

Refer to the end of the tables for footnotes.

350 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income (loss) to average net assets
Growth Fund
Class 1:
12/31/2022	$	127.58	$	.58		$	(37.03	)	$	(36.45	)	$	(.53	)	$	(14.31	)	$	(14.84	)	$	76.29		(29.75	)%	$	13,660		.35	%		.64	%
12/31/2021		120.22		.46			24.29			24.75			(.58	)		(16.81	)		(17.39	)		127.58		22.30			19,783		.34			.37
12/31/2020		81.22		.43			41.28			41.71			(.53	)		(2.18	)		(2.71	)		120.22		52.45			15,644		.35			.46
12/31/2019		69.96		.83			19.63			20.46			(.76	)		(8.44	)		(9.20	)		81.22		31.11			10,841		.35			1.09
12/31/2018		77.85		.64			.25			.89			(.54	)		(8.24	)		(8.78	)		69.96		(.01	)		8,474		.34			.81
Class 1A:
12/31/2022		126.70		.39			(36.79	)		(36.40	)		(.38	)		(14.31	)		(14.69	)		75.61		(29.93	)		187		.60			.45
12/31/2021		119.59		.16			24.11			24.27			(.35	)		(16.81	)		(17.16	)		126.70		21.97			121		.59			.13
12/31/2020		80.92		.20			41.05			41.25			(.40	)		(2.18	)		(2.58	)		119.59		52.07			60		.60			.21
12/31/2019		69.77		.65			19.55			20.20			(.61	)		(8.44	)		(9.05	)		80.92		30.79			18		.60			.85
12/31/2018		77.74		.47			.24			.71			(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
Class 2:
12/31/2022		126.28		.35			(36.62	)		(36.27	)		(.29	)		(14.31	)		(14.60	)		75.41		(29.94	)		14,452		.60			.38
12/31/2021		119.18		.15			24.03			24.18			(.27	)		(16.81	)		(17.08	)		126.28		21.97			21,986		.59			.12
12/31/2020		80.57		.19			40.89			41.08			(.29	)		(2.18	)		(2.47	)		119.18		52.10			20,594		.60			.21
12/31/2019		69.48		.63			19.47			20.10			(.57	)		(8.44	)		(9.01	)		80.57		30.77			15,885		.60			.83
12/31/2018		77.35		.44			.27			.71			(.34	)		(8.24	)		(8.58	)		69.48		(.25	)		13,701		.59			.55
Class 3:
12/31/2022		128.68		.42			(37.35	)		(36.93	)		(.35	)		(14.31	)		(14.66	)		77.09		(29.89	)		188		.53			.45
12/31/2021		121.13		.24			24.47			24.71			(.35	)		(16.81	)		(17.16	)		128.68		22.07			302		.52			.19
12/31/2020		81.84		.26			41.56			41.82			(.35	)		(2.18	)		(2.53	)		121.13		52.20			279		.53			.28
12/31/2019		70.44		.69			19.77			20.46			(.62	)		(8.44	)		(9.06	)		81.84		30.86			213		.53			.90
12/31/2018		78.32		.50			.26			.76			(.40	)		(8.24	)		(8.64	)		70.44		(.18	)		187		.52			.62
Class 4:
12/31/2022		123.79		.12			(35.87	)		(35.75	)		(.09	)		(14.31	)		(14.40	)		73.64		(30.11	)		2,409		.85			.14
12/31/2021		117.24		(.15	)		23.59			23.44			(.08	)		(16.81	)		(16.89	)		123.79		21.69			3,214		.84			(.13	)
12/31/2020		79.41		(.04	)		40.24			40.20			(.19	)		(2.18	)		(2.37	)		117.24		51.71			2,347		.85			(.04	)
12/31/2019		68.64		.44			19.19			19.63			(.42	)		(8.44	)		(8.86	)		79.41		30.44			1,513		.85			.59
12/31/2018		76.56		.24			.28			.52			(.20	)		(8.24	)		(8.44	)		68.64		(.50	)		1,076		.84			.31

Refer to the end of the tables for footnotes.

American Funds Insurance Series 351

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income to average net assets
International Fund
Class 1:
12/31/2022	$	22.70	$	.34	$	(4.79	)	$	(4.45	)	$	(.34	)	$	(2.60	)	$	(2.94	)	$	15.31		(20.57	)%	$	3,157		.54	%		1.95	%
12/31/2021		23.64		.38		(.67	)		(.29	)		(.65	)		—			(.65	)		22.70		(1.23	)		4,747		.55			1.57
12/31/2020		20.86		.14		2.82			2.96			(.18	)		—			(.18	)		23.64		14.28			5,652		.55			.71
12/31/2019		17.66		.30		3.74			4.04			(.34	)		(.50	)		(.84	)		20.86		23.21			5,353		.54			1.54
12/31/2018		21.71		.34		(2.97	)		(2.63	)		(.40	)		(1.02	)		(1.42	)		17.66		(12.94	)		4,811		.53			1.62
Class 1A:
12/31/2022		22.61		.30		(4.78	)		(4.48	)		(.30	)		(2.60	)		(2.90	)		15.23		(20.80	)		10		.79			1.73
12/31/2021		23.55		.33		(.67	)		(.34	)		(.60	)		—			(.60	)		22.61		(1.47	)		12		.80			1.39
12/31/2020		20.80		.08		2.81			2.89			(.14	)		—			(.14	)		23.55		13.96			10		.80			.43
12/31/2019		17.62		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.80		22.90			7		.79			1.27
12/31/2018		21.67		.27		(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
Class 2:
12/31/2022		22.60		.29		(4.76	)		(4.47	)		(.30	)		(2.60	)		(2.90	)		15.23		(20.79	)		3,164		.79			1.71
12/31/2021		23.54		.33		(.68	)		(.35	)		(.59	)		—			(.59	)		22.60		(1.49	)		4,190		.80			1.35
12/31/2020		20.78		.09		2.80			2.89			(.13	)		—			(.13	)		23.54		13.97			4,481		.80			.46
12/31/2019		17.60		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.78		22.88			4,311		.79			1.29
12/31/2018		21.63		.29		(2.95	)		(2.66	)		(.35	)		(1.02	)		(1.37	)		17.60		(13.13	)		3,875		.78			1.40
Class 3:
12/31/2022		22.76		.31		(4.81	)		(4.50	)		(.31	)		(2.60	)		(2.91	)		15.35		(20.76	)		16		.72			1.78
12/31/2021		23.69		.34		(.67	)		(.33	)		(.60	)		—			(.60	)		22.76		(1.39	)		21		.73			1.41
12/31/2020		20.92		.10		2.81			2.91			(.14	)		—			(.14	)		23.69		14.00			25		.73			.53
12/31/2019		17.70		.27		3.75			4.02			(.30	)		(.50	)		(.80	)		20.92		23.05			25		.72			1.37
12/31/2018		21.75		.31		(2.98	)		(2.67	)		(.36	)		(1.02	)		(1.38	)		17.70		(13.10	)		24		.71			1.48
Class 4:
12/31/2022		22.31		.25		(4.71	)		(4.46	)		(.26	)		(2.60	)		(2.86	)		14.99		(21.02	)		373		1.04			1.47
12/31/2021		23.25		.27		(.67	)		(.40	)		(.54	)		—			(.54	)		22.31		(1.71	)		459		1.05			1.13
12/31/2020		20.54		.04		2.76			2.80			(.09	)		—			(.09	)		23.25		13.66			423		1.05			.21
12/31/2019		17.40		.20		3.69			3.89			(.25	)		(.50	)		(.75	)		20.54		22.67			379		1.04			1.03
12/31/2018		21.42		.23		(2.93	)		(2.70	)		(.30	)		(1.02	)		(1.32	)		17.40		(13.41	)		295		1.03			1.13

Refer to the end of the tables for footnotes.

352 American Funds Insurance Series

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
New World Fund
Class 1:
12/31/2022	$	31.83	$	.37	$	(7.17	)	$	(6.80	)	$	(.39	)	$	(2.34	)	$	(2.73	)	$	22.30		(21.86	)%	$	1,610		.68	%		.57	%		1.48	%
12/31/2021		31.59		.29		1.38			1.67			(.36	)		(1.07	)		(1.43	)		31.83		5.16			2,443		.74			.56			.88
12/31/2020		25.84		.15		5.93			6.08			(.06	)		(.27	)		(.33	)		31.59		23.89			2,309		.76			.64			.58
12/31/2019		20.98		.28		5.79			6.07			(.29	)		(.92	)		(1.21	)		25.84		29.47			2,129		.76			.76			1.18
12/31/2018		25.30		.27		(3.65	)		(3.38	)		(.27	)		(.67	)		(.94	)		20.98		(13.83	)		1,702		.77			.77			1.11
Class 1A:
12/31/2022		31.70		.30		(7.15	)		(6.85	)		(.32	)		(2.34	)		(2.66	)		22.19		(22.09	)		9		.93			.82			1.24
12/31/2021		31.43		.17		1.41			1.58			(.24	)		(1.07	)		(1.31	)		31.70		4.90			12		.99			.81			.54
12/31/2020		25.74		.07		5.92			5.99			(.03	)		(.27	)		(.30	)		31.43		23.63			18		1.01			.87			.26
12/31/2019		20.92		.22		5.76			5.98			(.24	)		(.92	)		(1.16	)		25.74		29.11			4		1.01			1.01			.92
12/31/2018		25.25		.21		(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			1.02			.91
Class 2:
12/31/2022		31.48		.30		(7.10	)		(6.80	)		(.32	)		(2.34	)		(2.66	)		22.02		(22.10	)		764		.93			.82			1.24
12/31/2021		31.25		.20		1.38			1.58			(.28	)		(1.07	)		(1.35	)		31.48		4.92			1,086		.99			.81			.63
12/31/2020		25.59		.08		5.87			5.95			(.02	)		(.27	)		(.29	)		31.25		23.58			1,109		1.01			.89			.34
12/31/2019		20.79		.22		5.73			5.95			(.23	)		(.92	)		(1.15	)		25.59		29.15			981		1.01			1.01			.93
12/31/2018		25.07		.20		(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			1.02			.85
Class 4:
12/31/2022		31.24		.24		(7.03	)		(6.79	)		(.27	)		(2.34	)		(2.61	)		21.84		(22.25	)		701		1.18			1.07			.99
12/31/2021		31.04		.12		1.36			1.48			(.21	)		(1.07	)		(1.28	)		31.24		4.63			906		1.24			1.06			.38
12/31/2020		25.47		.02		5.83			5.85			(.01	)		(.27	)		(.28	)		31.04		23.29			807		1.26			1.14			.08
12/31/2019		20.71		.16		5.70			5.86			(.18	)		(.92	)		(1.10	)		25.47		28.82			646		1.26			1.26			.67
12/31/2018		24.99		.14		(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			1.27			.61

Refer to the end of the tables for footnotes.

American Funds Insurance Series 353

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Washington Mutual Investors Fund
Class 1:
12/31/2022	$	18.09	$	.31	$	(1.69	)	$	(1.38	)	$	(.30	)	$	(3.72	)	$	(4.02	)	$	12.69		(8.28	)%	$	5,507		.41	%		.26	%		2.13	%
12/31/2021		14.35		.29		3.73			4.02			(.28	)		—			(.28	)		18.09		28.12			6,766		.42			.31			1.79
12/31/2020		13.56		.25		.95			1.20			(.26	)		(.15	)		(.41	)		14.35		9.04			5,684		.43			.43			2.00
12/31/2019		12.38		.30		2.25			2.55			(.30	)		(1.07	)		(1.37	)		13.56		21.66			5,559		.42			.42			2.28
12/31/2018		14.96		.31		(1.44	)		(1.13	)		(.31	)		(1.14	)		(1.45	)		12.38		(8.45	)		4,810		.41			.41			2.13
Class 1A:
12/31/2022		17.96		.27		(1.67	)		(1.40	)		(.23	)		(3.72	)		(3.95	)		12.61		(8.45	)		64		.66			.51			1.76
12/31/2021		14.28		.27		3.67			3.94			(.26	)		—			(.26	)		17.96		27.70			169		.67			.53			1.62
12/31/2020		13.51		.23		.93			1.16			(.24	)		(.15	)		(.39	)		14.28		8.79			25		.67			.67			1.78
12/31/2019		12.35		.26		2.24			2.50			(.27	)		(1.07	)		(1.34	)		13.51		21.35			9		.67			.67			2.03
12/31/2018		14.94		.26		(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3		.66			.66			1.84
Class 2:
12/31/2022		17.83		.26		(1.65	)		(1.39	)		(.26	)		(3.72	)		(3.98	)		12.46		(8.45	)		2,775		.66			.51			1.88
12/31/2021		14.15		.25		3.67			3.92			(.24	)		—			(.24	)		17.83		27.78			3,426		.67			.56			1.54
12/31/2020		13.39		.22		.91			1.13			(.22	)		(.15	)		(.37	)		14.15		8.68			3,082		.68			.68			1.75
12/31/2019		12.24		.26		2.22			2.48			(.26	)		(1.07	)		(1.33	)		13.39		21.38			3,093		.67			.67			2.03
12/31/2018		14.80		.27		(1.42	)		(1.15	)		(.27	)		(1.14	)		(1.41	)		12.24		(8.66	)		2,850		.66			.66			1.88
Class 4:
12/31/2022		17.71		.23		(1.64	)		(1.41	)		(.24	)		(3.72	)		(3.96	)		12.34		(8.69	)		1,098		.91			.77			1.64
12/31/2021		14.06		.21		3.65			3.86			(.21	)		—			(.21	)		17.71		27.51			1,104		.92			.81			1.30
12/31/2020		13.31		.19		.91			1.10			(.20	)		(.15	)		(.35	)		14.06		8.47			788		.93			.93			1.51
12/31/2019		12.19		.23		2.20			2.43			(.24	)		(1.07	)		(1.31	)		13.31		21.03			621		.92			.92			1.78
12/31/2018		14.77		.23		(1.42	)		(1.19	)		(.25	)		(1.14	)		(1.39	)		12.19		(8.92	)		368		.91			.91			1.62

Refer to the end of the tables for footnotes.

354 American Funds Insurance Series

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Capital World Growth and Income Fund
Class 1:
12/31/2022	$	18.42	$	.32	$	(3.28	)	$	(2.96	)	$	(.34	)	$	(3.45	)	$	(3.79	)	$	11.67		(17.13	)%	$	548		.57	%		.41	%		2.36	%
12/31/2021		16.67		.38		2.10			2.48			(.33	)		(.40	)		(.73	)		18.42		15.03			812		.63			.47			2.14
12/31/2020		15.92		.22		1.14			1.36			(.23	)		(.38	)		(.61	)		16.67		9.03			657		.66			.66			1.49
12/31/2019		13.02		.31		3.67			3.98			(.32	)		(.76	)		(1.08	)		15.92		31.39			625		.65			.65			2.08
12/31/2018		15.81		.29		(1.62	)		(1.33	)		(.28	)		(1.18	)		(1.46	)		13.02		(9.36	)		492		.63			.63			1.94
Class 1A:
12/31/2022		18.34		.28		(3.25	)		(2.97	)		(.31	)		(3.45	)		(3.76	)		11.61		(17.29	)		6		.82			.66			2.13
12/31/2021		16.62		.37		2.06			2.43			(.31	)		(.40	)		(.71	)		18.34		14.71			7		.88			.70			2.08
12/31/2020		15.88		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.62		8.78			2		.90			.90			1.23
12/31/2019		13.00		.26		3.68			3.94			(.30	)		(.76	)		(1.06	)		15.88		31.04			2		.90			.90			1.77
12/31/2018		15.81		.26		(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1		.88			.88			1.74
Class 2:
12/31/2022		18.38		.28		(3.26	)		(2.98	)		(.31	)		(3.45	)		(3.76	)		11.64		(17.33	)		983		.82			.66			2.11
12/31/2021		16.63		.33		2.11			2.44			(.29	)		(.40	)		(.69	)		18.38		14.78			1,340		.88			.73			1.85
12/31/2020		15.89		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.63		8.73			1,349		.91			.91			1.23
12/31/2019		12.99		.27		3.68			3.95			(.29	)		(.76	)		(1.05	)		15.89		31.14			1,366		.90			.90			1.84
12/31/2018		15.78		.26		(1.63	)		(1.37	)		(.24	)		(1.18	)		(1.42	)		12.99		(9.63	)		1,228		.88			.88			1.70
Class 4:
12/31/2022		18.04		.24		(3.20	)		(2.96	)		(.28	)		(3.45	)		(3.73	)		11.35		(17.57	)		188		1.07			.91			1.86
12/31/2021		16.35		.29		2.06			2.35			(.26	)		(.40	)		(.66	)		18.04		14.46			225		1.13			.97			1.65
12/31/2020		15.63		.14		1.12			1.26			(.16	)		(.38	)		(.54	)		16.35		8.55			166		1.16			1.16			.97
12/31/2019		12.81		.23		3.61			3.84			(.26	)		(.76	)		(1.02	)		15.63		30.73			145		1.15			1.15			1.56
12/31/2018		15.60		.21		(1.60	)		(1.39	)		(.22	)		(1.18	)		(1.40	)		12.81		(9.89	)		95		1.13			1.13			1.43

Refer to the end of the tables for footnotes.

American Funds Insurance Series 355

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income to average net assets
Growth-Income Fund
Class 1:
12/31/2022	$	67.35	$	.85	$	(11.50	)	$	(10.65	)	$	(.83	)	$	(5.66	)	$	(6.49	)	$	50.21		(16.28	)%	$	19,692		.29	%		1.54	%
12/31/2021		55.38		.79		12.64			13.43			(.86	)		(.60	)		(1.46	)		67.35		24.42			25,507		.29			1.28
12/31/2020		50.71		.75		6.02			6.77			(.80	)		(1.30	)		(2.10	)		55.38		13.81			22,903		.29			1.52
12/31/2019		45.39		1.00		10.40			11.40			(.92	)		(5.16	)		(6.08	)		50.71		26.46			21,057		.29			2.05
12/31/2018		50.22		.84		(1.25	)		(.41	)		(.84	)		(3.58	)		(4.42	)		45.39		(1.55	)		16,783		.28			1.65
Class 1A:
12/31/2022		67.02		.71		(11.44	)		(10.73	)		(.70	)		(5.66	)		(6.36	)		49.93		(16.48	)		28		.54			1.30
12/31/2021		55.16		.65		12.55			13.20			(.74	)		(.60	)		(1.34	)		67.02		24.08			32		.53			1.04
12/31/2020		50.54		.63		5.99			6.62			(.70	)		(1.30	)		(2.00	)		55.16		13.55			16		.54			1.28
12/31/2019		45.28		.89		10.36			11.25			(.83	)		(5.16	)		(5.99	)		50.54		26.14			11		.54			1.82
12/31/2018		50.15		.72		(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53			1.43
Class 2:
12/31/2022		66.44		.70		(11.33	)		(10.63	)		(.69	)		(5.66	)		(6.35	)		49.46		(16.50	)		11,508		.54			1.29
12/31/2021		54.66		.63		12.45			13.08			(.70	)		(.60	)		(1.30	)		66.44		24.10			15,319		.54			1.03
12/31/2020		50.08		.62		5.93			6.55			(.67	)		(1.30	)		(1.97	)		54.66		13.54			14,012		.54			1.27
12/31/2019		44.90		.87		10.27			11.14			(.80	)		(5.16	)		(5.96	)		50.08		26.14			13,586		.53			1.80
12/31/2018		49.71		.71		(1.23	)		(.52	)		(.71	)		(3.58	)		(4.29	)		44.90		(1.79	)		12,035		.53			1.40
Class 3:
12/31/2022		67.48		.75		(11.51	)		(10.76	)		(.73	)		(5.66	)		(6.39	)		50.33		(16.43	)		125		.47			1.36
12/31/2021		55.49		.68		12.65			13.33			(.74	)		(.60	)		(1.34	)		67.48		24.18			166		.47			1.10
12/31/2020		50.81		.66		6.02			6.68			(.70	)		(1.30	)		(2.00	)		55.49		13.60			154		.47			1.34
12/31/2019		45.47		.91		10.43			11.34			(.84	)		(5.16	)		(6.00	)		50.81		26.24			156		.46			1.87
12/31/2018		50.29		.75		(1.25	)		(.50	)		(.74	)		(3.58	)		(4.32	)		45.47		(1.72	)		140		.46			1.47
Class 4:
12/31/2022		65.57		.56		(11.18	)		(10.62	)		(.57	)		(5.66	)		(6.23	)		48.72		(16.70	)		1,630		.79			1.05
12/31/2021		53.99		.48		12.28			12.76			(.58	)		(.60	)		(1.18	)		65.57		23.80			1,928		.79			.79
12/31/2020		49.52		.49		5.85			6.34			(.57	)		(1.30	)		(1.87	)		53.99		13.25			1,407		.79			1.02
12/31/2019		44.47		.74		10.18			10.92			(.71	)		(5.16	)		(5.87	)		49.52		25.86			1,216		.79			1.56
12/31/2018		49.31		.58		(1.23	)		(.65	)		(.61	)		(3.58	)		(4.19	)		44.47		(2.05	)		899		.78			1.15

Refer to the end of the tables for footnotes.

356 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year			Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
International Growth and Income Fund
Class 1:
12/31/2022	$	19.62		$	.39	$	(3.09	)	$	(2.70	)	$	(.28	)	$	(7.70	)	$	(7.98	)	$	8.94		(15.00	)%	$	13		.64	%		.54	%		3.29	%
12/31/2021		19.01			.54		.53			1.07			(.46	)		—			(.46	)		19.62		5.64			30		.67			.67			2.70
12/31/2020		18.18			.27		.85			1.12			(.29	)		—			(.29	)		19.01		6.24			1,120		.68			.68			1.70
12/31/2019		15.35			.46		3.03			3.49			(.47	)		(.19	)		(.66	)		18.18		23.06			1,140		.66			.66			2.73
12/31/2018		17.72			.45		(2.39	)		(1.94	)		(.43	)		—			(.43	)		15.35		(11.00	)		1,034		.65			.65			2.62
Class 1A:
12/31/2022		19.39			.35		(3.05	)		(2.70	)		(.29	)		(7.70	)		(7.99	)		8.70		(15.31	)		5		.88			.79			3.15
12/31/2021		18.97			.50		.52			1.02			(.60	)		—			(.60	)		19.39		5.39			6		.94			.92			2.50
12/31/2020		18.15			.22		.85			1.07			(.25	)		—			(.25	)		18.97		5.98			3		.93			.93			1.38
12/31/2019		15.33			.41		3.04			3.45			(.44	)		(.19	)		(.63	)		18.15		22.76			2		.91			.91			2.41
12/31/2018		17.70			.41		(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			.90			2.35
Class 2:
12/31/2022		19.38			.36		(3.05	)		(2.69	)		(.29	)		(7.70	)		(7.99	)		8.70		(15.25	)		162		.88			.78			3.24
12/31/2021		18.95			.48		.53			1.01			(.58	)		—			(.58	)		19.38		5.37			211		.93			.92			2.44
12/31/2020		18.12			.23		.85			1.08			(.25	)		—			(.25	)		18.95		6.01			221		.93			.93			1.43
12/31/2019		15.30			.42		3.02			3.44			(.43	)		(.19	)		(.62	)		18.12		22.76			257		.91			.91			2.49
12/31/2018		17.66			.41		(2.38	)		(1.97	)		(.39	)		—			(.39	)		15.30		(11.23	)		230		.90			.90			2.38
Class 4:
12/31/2022		19.23			.33		(3.04	)		(2.71	)		(.26	)		(7.70	)		(7.96	)		8.56		(15.52	)		121		1.13			1.04			3.01
12/31/2021		18.82			.44		.51			.95			(.54	)		—			(.54	)		19.23		5.09			132		1.18			1.17			2.21
12/31/2020		18.01			.19		.83			1.02			(.21	)		—			(.21	)		18.82		5.73			112		1.18			1.18			1.19
12/31/2019		15.22			.37		3.01			3.38			(.40	)		(.19	)		(.59	)		18.01		22.47			101		1.16			1.16			2.18
12/31/2018		17.58			.36		(2.36	)		(2.00	)		(.36	)		—			(.36	)		15.22		(11.46	)		71		1.15			1.15			2.10

Refer to the end of the tables for footnotes.

American Funds Insurance Series 357

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Capital Income Builder
Class 1:
12/31/2022	$	12.17	$	.37	$	(1.21	)	$	(.84	)	$	(.34	)	$	—		$	(.34	)	$	10.99		(6.90	)%	$	586		.44	%		.26	%		3.31	%
12/31/2021		10.87		.37		1.28			1.65			(.35	)		—			(.35	)		12.17		15.31			563		.53			.27			3.19
12/31/2020		10.73		.31		.15			.46			(.32	)		—			(.32	)		10.87		4.64			621		.53			.35			3.07
12/31/2019		9.37		.32		1.36			1.68			(.32	)		—			(.32	)		10.73		18.16			533		.53			.53			3.17
12/31/2018		10.40		.31		(1.00	)		(.69	)		(.32	)		(.02	)		(.34	)		9.37		(6.77	)		317		.54			.54			3.08
Class 1A:
12/31/2022		12.15		.34		(1.19	)		(.85	)		(.32	)		—			(.32	)		10.98		(7.06	)		10		.69			.52			3.06
12/31/2021		10.86		.34		1.27			1.61			(.32	)		—			(.32	)		12.15		14.95			10		.78			.52			2.94
12/31/2020		10.72		.28		.16			.44			(.30	)		—			(.30	)		10.86		4.38			6		.78			.60			2.81
12/31/2019		9.36		.29		1.37			1.66			(.30	)		—			(.30	)		10.72		17.90			6		.78			.78			2.84
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2		.79			.79			2.82
Class 2:
12/31/2022		12.16		.34		(1.20	)		(.86	)		(.32	)		—			(.32	)		10.98		(7.13	)		13		.69			.51			3.06
12/31/2021		10.87		.34		1.27			1.61			(.32	)		—			(.32	)		12.16		14.94			13		.78			.52			2.93
12/31/2020		10.72		.29		.16			.45			(.30	)		—			(.30	)		10.87		4.48			8		.78			.60			2.83
12/31/2019		9.36		.30		1.35			1.65			(.29	)		—			(.29	)		10.72		17.89			6		.78			.78			2.91
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4		.79			.79			2.83
Class 4:
12/31/2022		12.14		.31		(1.20	)		(.89	)		(.29	)		—			(.29	)		10.96		(7.37	)		530		.94			.76			2.81
12/31/2021		10.85		.31		1.27			1.58			(.29	)		—			(.29	)		12.14		14.68			559		1.03			.77			2.69
12/31/2020		10.71		.26		.15			.41			(.27	)		—			(.27	)		10.85		4.11			462		1.03			.85			2.55
12/31/2019		9.35		.27		1.36			1.63			(.27	)		—			(.27	)		10.71		17.62			454		1.03			1.03			2.68
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352		1.04			1.04			2.58

Refer to the end of the tables for footnotes.

358 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income to average net assets
Asset Allocation Fund
Class 1:
12/31/2022	$	29.08	$	.52	$	(4.24	)	$	(3.72	)	$	(.51	)	$	(2.65	)	$	(3.16	)	$	22.20		(13.19)%		$	15,138		.30	%		2.15	%
12/31/2021		26.50		.48		3.54			4.02			(.50	)		(.94	)		(1.44	)		29.08		15.40			18,836		.30			1.71
12/31/2020		24.05		.43		2.59			3.02			(.46	)		(.11	)		(.57	)		26.50		12.71			19,238		.30			1.80
12/31/2019		21.29		.51		3.94			4.45			(.50	)		(1.19	)		(1.69	)		24.05		21.54			17,730		.29			2.21
12/31/2018		23.71		.48		(1.43	)		(.95	)		(.44	)		(1.03	)		(1.47	)		21.29		(4.35	)		14,627		.28			2.04
Class 1A:
12/31/2022		28.97		.46		(4.22	)		(3.76	)		(.46	)		(2.65	)		(3.11	)		22.10		(13.43	)		27		.55			1.95
12/31/2021		26.42		.42		3.52			3.94			(.45	)		(.94	)		(1.39	)		28.97		15.13			24		.55			1.49
12/31/2020		23.99		.37		2.58			2.95			(.41	)		(.11	)		(.52	)		26.42		12.43			14		.55			1.56
12/31/2019		21.26		.45		3.92			4.37			(.45	)		(1.19	)		(1.64	)		23.99		21.19			11		.54			1.95
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7		.53			1.82
Class 2:
12/31/2022		28.74		.46		(4.19	)		(3.73	)		(.45	)		(2.65	)		(3.10	)		21.91		(13.41	)		4,228		.55			1.90
12/31/2021		26.21		.41		3.49			3.90			(.43	)		(.94	)		(1.37	)		28.74		15.10			5,473		.55			1.46
12/31/2020		23.79		.37		2.56			2.93			(.40	)		(.11	)		(.51	)		26.21		12.46			5,242		.55			1.55
12/31/2019		21.08		.45		3.89			4.34			(.44	)		(1.19	)		(1.63	)		23.79		21.23			5,154		.54			1.96
12/31/2018		23.49		.41		(1.41	)		(1.00	)		(.38	)		(1.03	)		(1.41	)		21.08		(4.60	)		4,668		.53			1.78
Class 3:
12/31/2022		29.12		.48		(4.25	)		(3.77	)		(.47	)		(2.65	)		(3.12	)		22.23		(13.37	)		28		.48			1.97
12/31/2021		26.53		.43		3.55			3.98			(.45	)		(.94	)		(1.39	)		29.12		15.22			36		.48			1.53
12/31/2020		24.08		.39		2.59			2.98			(.42	)		(.11	)		(.53	)		26.53		12.50			33		.48			1.62
12/31/2019		21.32		.47		3.93			4.40			(.45	)		(1.19	)		(1.64	)		24.08		21.30			32		.47			2.02
12/31/2018		23.73		.43		(1.41	)		(.98	)		(.40	)		(1.03	)		(1.43	)		21.32		(4.49	)		29		.46			1.85
Class 4:
12/31/2022		28.56		.39		(4.16	)		(3.77	)		(.39	)		(2.65	)		(3.04	)		21.75		(13.66	)		5,380		.80			1.66
12/31/2021		26.06		.34		3.47			3.81			(.37	)		(.94	)		(1.31	)		28.56		14.84			6,337		.80			1.22
12/31/2020		23.67		.31		2.54			2.85			(.35	)		(.11	)		(.46	)		26.06		12.16			5,131		.80			1.30
12/31/2019		20.99		.39		3.87			4.26			(.39	)		(1.19	)		(1.58	)		23.67		20.92			4,493		.79			1.71
12/31/2018		23.40		.35		(1.40	)		(1.05	)		(.33	)		(1.03	)		(1.36	)		20.99		(4.83	)		3,594		.78			1.54

Refer to the end of the tables for footnotes.

American Funds Insurance Series 359

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
American Funds Global Balanced Fund
Class 1:
12/31/2022	$	14.73	$	.26	$	(2.37	)	$	(2.11	)	$	—		$	(.07	)	$	(.07	)	$	12.55		(14.33	)%	$	96		.59	%		.58	%		1.99	%
12/31/2021		14.19		.18		1.37			1.55			(.19	)		(.82	)		(1.01	)		14.73		11.05			120		.73			.73			1.24
12/31/2020		13.51		.17		1.24			1.41			(.19	)		(.54	)		(.73	)		14.19		10.53			139		.72			.72			1.29
12/31/2019		11.67		.24		2.17			2.41			(.20	)		(.37	)		(.57	)		13.51		20.79			134		.72			.72			1.88
12/31/2018		12.75		.23		(.96	)		(.73	)		(.20	)		(.15	)		(.35	)		11.67		(5.81	)		110		.72			.72			1.82
Class 1A:
12/31/2022		14.70		.22		(2.36	)		(2.14	)		—			(.07	)		(.07	)		12.49		(14.56	)		3		.84			.84			1.71
12/31/2021		14.16		.15		1.36			1.51			(.15	)		(.82	)		(.97	)		14.70		10.83			4		.98			.98			1.02
12/31/2020		13.49		.14		1.23			1.37			(.16	)		(.54	)		(.70	)		14.16		10.25			3		.97			.97			1.03
12/31/2019		11.65		.21		2.17			2.38			(.17	)		(.37	)		(.54	)		13.49		20.54			2		.97			.97			1.63
12/31/2018		12.74		.18		(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2		.98			.98			1.44
Class 2:
12/31/2022		14.70		.22		(2.36	)		(2.14	)		—			(.07	)		(.07	)		12.49		(14.56	)		158		.84			.83			1.73
12/31/2021		14.16		.15		1.36			1.51			(.15	)		(.82	)		(.97	)		14.70		10.79			208		.98			.98			1.01
12/31/2020		13.48		.14		1.23			1.37			(.15	)		(.54	)		(.69	)		14.16		10.30			208		.97			.97			1.03
12/31/2019		11.65		.21		2.16			2.37			(.17	)		(.37	)		(.54	)		13.48		20.44			207		.97			.97			1.64
12/31/2018		12.72		.20		(.96	)		(.76	)		(.16	)		(.15	)		(.31	)		11.65		(6.01	)		185		.97			.97			1.57
Class 4:
12/31/2022		14.53		.19		(2.33	)		(2.14	)		—			(.07	)		(.07	)		12.32		(14.73	)		111		1.09			1.08			1.49
12/31/2021		14.02		.11		1.34			1.45			(.12	)		(.82	)		(.94	)		14.53		10.46			135		1.23			1.23			.77
12/31/2020		13.36		.10		1.22			1.32			(.12	)		(.54	)		(.66	)		14.02		10.00			105		1.22			1.22			.78
12/31/2019		11.55		.18		2.14			2.32			(.14	)		(.37	)		(.51	)		13.36		20.21			94		1.22			1.22			1.37
12/31/2018		12.63		.17		(.96	)		(.79	)		(.14	)		(.15	)		(.29	)		11.55		(6.31	)		69		1.22			1.22			1.34

Refer to the end of the tables for footnotes.

360 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
The Bond Fund of America
Class 1:
12/31/2022	$	11.21	$	.31	$	(1.67	)	$	(1.36	)	$	(.32	)	$	(.12	)	$	(.44	)	$	9.41		(12.26	)%	$	6,370		.39	%		.20	%		3.09	%
12/31/2021		11.89		.21		(.23	)		(.02	)		(.19	)		(.47	)		(.66	)		11.21		(.14	)		8,555		.39			.26			1.84
12/31/2020		11.17		.23		.87			1.10			(.27	)		(.11	)		(.38	)		11.89		9.96			6,844		.40			.40			2.00
12/31/2019		10.47		.30		.71			1.01			(.31	)		—			(.31	)		11.17		9.70			6,481		.39			.39			2.76
12/31/2018		10.82		.29		(.35	)		(.06	)		(.28	)		(.01	)		(.29	)		10.47		(.45	)		5,962		.38			.38			2.70
Class 1A:
12/31/2022		11.16		.31		(1.69	)		(1.38	)		(.31	)		(.12	)		(.43	)		9.35		(12.49	)		220		.64			.45			3.15
12/31/2021		11.84		.18		(.23	)		(.05	)		(.16	)		(.47	)		(.63	)		11.16		(.36	)		12		.64			.51			1.59
12/31/2020		11.13		.20		.87			1.07			(.25	)		(.11	)		(.36	)		11.84		9.68			9		.65			.65			1.74
12/31/2019		10.45		.27		.71			.98			(.30	)		—			(.30	)		11.13		9.36			7		.64			.64			2.48
12/31/2018		10.80		.26		(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3		.63			.63			2.50
Class 2:
12/31/2022		11.06		.28		(1.66	)		(1.38	)		(.29	)		(.12	)		(.41	)		9.27		(12.58	)		2,844		.64			.45			2.84
12/31/2021		11.73		.18		(.22	)		(.04	)		(.16	)		(.47	)		(.63	)		11.06		(.31	)		3,729		.64			.52			1.57
12/31/2020		11.02		.20		.86			1.06			(.24	)		(.11	)		(.35	)		11.73		9.73			3,840		.65			.65			1.75
12/31/2019		10.34		.27		.70			.97			(.29	)		—			(.29	)		11.02		9.36			3,561		.64			.64			2.51
12/31/2018		10.69		.26		(.34	)		(.08	)		(.26	)		(.01	)		(.27	)		10.34		(.71	)		3,524		.63			.63			2.45
Class 4:
12/31/2022		11.01		.26		(1.65	)		(1.39	)		(.27	)		(.12	)		(.39	)		9.23		(12.75	)		787		.89			.70			2.61
12/31/2021		11.69		.15		(.22	)		(.07	)		(.14	)		(.47	)		(.61	)		11.01		(.59	)		891		.89			.76			1.34
12/31/2020		11.00		.17		.85			1.02			(.22	)		(.11	)		(.33	)		11.69		9.38			714		.90			.90			1.48
12/31/2019		10.33		.24		.70			.94			(.27	)		—			(.27	)		11.00		9.08			502		.89			.89			2.25
12/31/2018		10.68		.23		(.33	)		(.10	)		(.24	)		(.01	)		(.25	)		10.33		(.89	)		366		.88			.88			2.22

Refer to the end of the tables for footnotes.

American Funds Insurance Series 361

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Capital World Bond Fund
Class 1:
12/31/2022	$	11.79	$	.25	$	(2.30	)	$	(2.05	)	$	(.03	)	$	(.16	)	$	(.19	)	$	9.55		(17.43	)%	$	663		.51	%		.48	%		2.43	%
12/31/2021		12.94		.25		(.85	)		(.60	)		(.24	)		(.31	)		(.55	)		11.79		(4.73	)		988		.60			.50			2.06
12/31/2020		12.12		.26		.95			1.21			(.18	)		(.21	)		(.39	)		12.94		10.17			1,219		.59			.52			2.08
12/31/2019		11.42		.31		.61			.92			(.22	)		—			(.22	)		12.12		8.08			1,077		.58			.58			2.60
12/31/2018		11.88		.30		(.44	)		(.14	)		(.28	)		(.04	)		(.32	)		11.42		(1.14	)		1,015		.57			.57			2.56
Class 1A:
12/31/2022		11.76		.22		(2.30	)		(2.08	)		(.02	)		(.16	)		(.18	)		9.50		(17.69	)		1		.76			.73			2.19
12/31/2021		12.91		.23		(.85	)		(.62	)		(.22	)		(.31	)		(.53	)		11.76		(4.88	)		1		.85			.75			1.85
12/31/2020		12.10		.23		.95			1.18			(.16	)		(.21	)		(.37	)		12.91		9.89			1		.83			.76			1.83
12/31/2019		11.41		.28		.60			.88			(.19	)		—			(.19	)		12.10		7.75			1		.83			.83			2.35
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1		.82			.82			2.36
Class 2:
12/31/2022		11.70		.22		(2.29	)		(2.07	)		(.02	)		(.16	)		(.18	)		9.45		(17.70	)		765		.76			.73			2.18
12/31/2021		12.84		.22		(.84	)		(.62	)		(.21	)		(.31	)		(.52	)		11.70		(4.92	)		1,030		.85			.75			1.82
12/31/2020		12.03		.22		.95			1.17			(.15	)		(.21	)		(.36	)		12.84		9.90			1,058		.84			.77			1.83
12/31/2019		11.34		.28		.60			.88			(.19	)		—			(.19	)		12.03		7.77			1,002		.83			.83			2.35
12/31/2018		11.79		.27		(.43	)		(.16	)		(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032		.82			.82			2.32
Class 4:
12/31/2022		11.57		.19		(2.25	)		(2.06	)		(.02	)		(.16	)		(.18	)		9.33		(17.84	)		53		1.01			.98			1.94
12/31/2021		12.71		.19		(.84	)		(.65	)		(.18	)		(.31	)		(.49	)		11.57		(5.18	)		66		1.10			1.00			1.57
12/31/2020		11.92		.19		.94			1.13			(.13	)		(.21	)		(.34	)		12.71		9.62			61		1.09			1.02			1.58
12/31/2019		11.24		.24		.60			.84			(.16	)		—			(.16	)		11.92		7.54			49		1.08			1.08			2.09
12/31/2018		11.70		.24		(.43	)		(.19	)		(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40		1.07			1.07			2.09

Refer to the end of the tables for footnotes.

362 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
American High-Income Trust
Class 1:
12/31/2022	$	10.19	$	.56	$	(1.47	)	$	(.91	)	$	(.75	)	$	—	$	(.75	)	$	8.53		(9.01	)%	$	224		.47	%		.32	%		5.95	%
12/31/2021		9.80		.51		.34			.85			(.46	)		—		(.46	)		10.19		8.74			278		.53			.37			4.95
12/31/2020		9.87		.61		.17			.78			(.85	)		—		(.85	)		9.80		8.21			123		.52			.52			6.46
12/31/2019		9.34		.67		.52			1.19			(.66	)		—		(.66	)		9.87		12.85			525		.51			.51			6.71
12/31/2018		10.19		.64		(.84	)		(.20	)		(.65	)		—		(.65	)		9.34		(2.15	)		501		.50			.50			6.32
Class 1A:
12/31/2022		10.16		.53		(1.46	)		(.93	)		(.72	)		—		(.72	)		8.51		(9.29	)		1		.72			.57			5.70
12/31/2021		9.78		.49		.33			.82			(.44	)		—		(.44	)		10.16		8.42			1		.78			.64			4.75
12/31/2020		9.86		.56		.20			.76			(.84	)		—		(.84	)		9.78		7.94			1		.78			.78			5.85
12/31/2019		9.33		.65		.51			1.16			(.63	)		—		(.63	)		9.86		12.61			1		.75			.75			6.47
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		—		(.63	)		9.33		(2.35	)		1		.75			.75			6.11
Class 2:
12/31/2022		9.98		.52		(1.43	)		(.91	)		(.72	)		—		(.72	)		8.35		(9.26	)		521		.72			.57			5.68
12/31/2021		9.61		.48		.33			.81			(.44	)		—		(.44	)		9.98		8.42			673		.78			.65			4.80
12/31/2020		9.70		.55		.19			.74			(.83	)		—		(.83	)		9.61		7.94			665		.78			.78			5.88
12/31/2019		9.19		.64		.50			1.14			(.63	)		—		(.63	)		9.70		12.55			667		.76			.76			6.45
12/31/2018		10.03		.61		(.83	)		(.22	)		(.62	)		—		(.62	)		9.19		(2.34	)		661		.75			.75			6.07
Class 3:
12/31/2022		10.24		.54		(1.47	)		(.93	)		(.73	)		—		(.73	)		8.58		(9.25	)		9		.65			.50			5.76
12/31/2021		9.84		.50		.34			.84			(.44	)		—		(.44	)		10.24		8.60			10		.71			.58			4.86
12/31/2020		9.92		.57		.19			.76			(.84	)		—		(.84	)		9.84		7.93			10		.71			.71			5.94
12/31/2019		9.38		.66		.52			1.18			(.64	)		—		(.64	)		9.92		12.70			10		.69			.69			6.52
12/31/2018		10.23		.63		(.85	)		(.22	)		(.63	)		—		(.63	)		9.38		(2.33	)		10		.68			.68			6.14
Class 4:
12/31/2022		10.99		.55		(1.58	)		(1.03	)		(.70	)		—		(.70	)		9.26		(9.53	)		77		.97			.82			5.44
12/31/2021		10.54		.50		.36			.86			(.41	)		—		(.41	)		10.99		8.18			90		1.03			.89			4.52
12/31/2020		10.56		.57		.22			.79			(.81	)		—		(.81	)		10.54		7.74			69		1.03			1.03			5.58
12/31/2019		9.96		.67		.54			1.21			(.61	)		—		(.61	)		10.56		12.27			63		1.01			1.01			6.21
12/31/2018		10.82		.63		(.90	)		(.27	)		(.59	)		—		(.59	)		9.96		(2.64	)		31		1.00			1.00			5.83

Refer to the end of the tables for footnotes.

American Funds Insurance Series 363

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers2			Ratio of net income to average net assets2
American Funds Mortgage Fund
Class 1:
12/31/2022	$	10.63	$	.07	$	(1.10	)	$	(1.03	)	$	(.15	)	$	—		$	(.15	)	$	9.45		(9.76	)%	$	1		.45	%		.25	%		.70	%
12/31/2021		11.11		.06		(.09	)		(.03	)		(.08	)		(.37	)		(.45	)		10.63		(.32	)		231		.49			.29			.58
12/31/2020		10.56		.10		.64			.74			(.17	)		(.02	)		(.19	)		11.11		6.98			224		.48			.36			.93
12/31/2019		10.30		.24		.30			.54			(.28	)		—			(.28	)		10.56		5.30			210		.47			.47			2.26
12/31/2018		10.47		.20		(.14	)		.06			(.23	)		—			(.23	)		10.30		.58			209		.48			.48			1.97
Class 1A:
12/31/2022		10.59		.19		(1.24	)		(1.05	)		(.20	)		—			(.20	)		9.34		(10.03	)		2		.69			.54			1.91
12/31/2021		11.08		.04		(.10	)		(.06	)		(.06	)		(.37	)		(.43	)		10.59		(.47	)		2		.74			.54			.33
12/31/2020		10.55		.07		.63			.70			(.15	)		(.02	)		(.17	)		11.08		6.63			1		.73			.59			.61
12/31/2019		10.28		.22		.30			.52			(.25	)		—			(.25	)		10.55		5.09			1		.71			.71			2.04
12/31/2018		10.46		.18		(.14	)		.04			(.22	)		—			(.22	)		10.28		.36			1		.73			.73			1.77
Class 2:
12/31/2022		10.61		.18		(1.23	)		(1.05	)		(.20	)		—			(.20	)		9.36		(9.94	)		46		.69			.54			1.87
12/31/2021		11.09		.04		(.10	)		(.06	)		(.05	)		(.37	)		(.42	)		10.61		(.57	)		58		.74			.54			.33
12/31/2020		10.54		.08		.63			.71			(.14	)		(.02	)		(.16	)		11.09		6.72			58		.73			.60			.68
12/31/2019		10.28		.21		.31			.52			(.26	)		—			(.26	)		10.54		5.04			56		.72			.72			2.01
12/31/2018		10.45		.18		(.15	)		.03			(.20	)		—			(.20	)		10.28		.32			57		.73			.73			1.72
Class 4:
12/31/2022		10.49		.16		(1.22	)		(1.06	)		(.18	)		—			(.18	)		9.25		(10.16	)		40		.94			.79			1.66
12/31/2021		10.97		.01		(.09	)		(.08	)		(.03	)		(.37	)		(.40	)		10.49		(.78	)		43		.99			.79			.08
12/31/2020		10.44		.04		.63			.67			(.12	)		(.02	)		(.14	)		10.97		6.38			37		.98			.85			.41
12/31/2019		10.19		.18		.31			.49			(.24	)		—			(.24	)		10.44		4.80			28		.97			.97			1.71
12/31/2018		10.38		.15		(.15	)		—	4		(.19	)		—			(.19	)		10.19		.07			24		.98			.98			1.49

Refer to the end of the tables for footnotes.

364 American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends end distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Ultra-Short Bond Fund
Class 1:
12/31/2022	$	11.27	$	.17		$	(.01	)	$	.16		$	(.08	)	$	—	$	(.08	)	$	11.35		1.42	%	$	51			.32	%		1.48	%
12/31/2021		11.31		(.03	)		(.01	)		(.04	)		—			—		—			11.27		(.35	)		37			.37			(.28	)
12/31/2020		11.30		.02			.02			.04			(.03	)		—		(.03	)		11.31		.34			44			.37			.16
12/31/2019		11.31		.22			—	4		.22			(.23	)		—		(.23	)		11.30		1.92			30			.36			1.92
12/31/2018		11.29		.18			—	4		.18			(.16	)		—		(.16	)		11.31		1.58			37			.35			1.60
Class 1A:
12/31/2022		11.28		.16			(.01	)		.15			(.08	)		—		(.08	)		11.35		1.32			—	6		.31			1.40
12/31/2021		11.31		(.03	)		—	4		(.03	)		—			—		—			11.28		(.27	)		—	6		.36			(.28	)
12/31/2020		11.30		.03			.01			.04			(.03	)		—		(.03	)		11.31		.32			—	6		.35			.26
12/31/2019		11.31		.22			—	4		.22			(.23	)		—		(.23	)		11.30		1.92			—	6		.37			1.90
12/31/2018		11.29		.18			—	4		.18			(.16	)		—		(.16	)		11.31		1.58			—	6		.35			1.60
Class 2:
12/31/2022		10.93		.13			—	4		.13			(.06	)		—		(.06	)		11.00		1.17			297			.57			1.23
12/31/2021		10.99		(.06	)		—	4		(.06	)		—			—		—			10.93		(.55	)		245			.62			(.53	)
12/31/2020		11.01		—	4		—	4		—	4		(.02	)		—		(.02	)		10.99		.03			288			.62			(.05	)
12/31/2019		11.03		.18			—	4		.18			(.20	)		—		(.20	)		11.01		1.62			230			.61			1.66
12/31/2018		11.01		.15			—	4		.15			(.13	)		—		(.13	)		11.03		1.36			247			.60			1.34
Class 3:
12/31/2022		11.07		.13			—	4		.13			(.06	)		—		(.06	)		11.14		1.19			4			.50			1.19
12/31/2021		11.12		(.05	)		—	4		(.05	)		—			—		—			11.07		(.45	)		5			.55			(.46	)
12/31/2020		11.13		—	4		.02			.02			(.03	)		—		(.03	)		11.12		.13			4			.55			.03
12/31/2019		11.14		.20			—	4		.20			(.21	)		—		(.21	)		11.13		1.76			3			.54			1.74
12/31/2018		11.12		.16			(.01	)		.15			(.13	)		—		(.13	)		11.14		1.38			4			.53			1.42
Class 4:
12/31/2022		11.00		.12			(.03	)		.09			(.04	)		—		(.04	)		11.05		.83			80			.82			1.05
12/31/2021		11.08		(.09	)		.01			(.08	)		—			—		—			11.00		(.72	)		46			.87			(.79	)
12/31/2020		11.13		(.04	)		.01			(.03	)		(.02	)		—		(.02	)		11.08		(.25	)		40			.87			(.35	)
12/31/2019		11.15		.16			—	4		.16			(.18	)		—		(.18	)		11.13		1.40			22			.86			1.40
12/31/2018		11.13		.12			.01			.13			(.11	)		—		(.11	)		11.15		1.14			18			.86			1.11

Refer to the end of the tables for footnotes.

American Funds Insurance Series 365

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers2			Ratio of net income to average net assets2
U.S. Government Securities Fund
Class 1:
12/31/2022	$	11.67	$	.32	$	(1.56	)	$	(1.24	)	$	(.44	)	$	—		$	(.44	)	$	9.99		(10.75	)%	$	242		.36	%		.22	%		2.90	%
12/31/2021		13.04		.18		(.26	)		(.08	)		(.18	)		(1.11	)		(1.29	)		11.67		(.44	)		522		.39			.29			1.50
12/31/2020		12.34		.16		1.07			1.23			(.26	)		(.27	)		(.53	)		13.04		10.09			429		.38			.38			1.21
12/31/2019		11.94		.25		.43			.68			(.28	)		—			(.28	)		12.34		5.69			1,418		.37			.37			2.07
12/31/2018		12.08		.24		(.13	)		.11			(.25	)		—			(.25	)		11.94		.91			1,445		.36			.36			2.02
Class 1A:
12/31/2022		11.63		.29		(1.55	)		(1.26	)		(.41	)		—			(.41	)		9.96		(10.93	)		4		.60			.47			2.70
12/31/2021		13.00		.16		(.26	)		(.10	)		(.16	)		(1.11	)		(1.27	)		11.63		(.65	)		5		.64			.53			1.28
12/31/2020		12.32		.09		1.10			1.19			(.24	)		(.27	)		(.51	)		13.00		9.75			4		.64			.64			.69
12/31/2019		11.93		.22		.43			.65			(.26	)		—			(.26	)		12.32		5.42			2		.62			.62			1.82
12/31/2018		12.08		.22		(.14	)		.08			(.23	)		—			(.23	)		11.93		.70			1		.61			.61			1.82
Class 2:
12/31/2022		11.53		.29		(1.54	)		(1.25	)		(.41	)		—			(.41	)		9.87		(10.95	)		1,059		.61			.47			2.69
12/31/2021		12.89		.15		(.25	)		(.10	)		(.15	)		(1.11	)		(1.26	)		11.53		(.62	)		1,391		.64			.54			1.24
12/31/2020		12.21		.09		1.10			1.19			(.24	)		(.27	)		(.51	)		12.89		9.80			1,439		.64			.64			.73
12/31/2019		11.82		.22		.42			.64			(.25	)		—			(.25	)		12.21		5.31			1,343		.62			.62			1.82
12/31/2018		11.96		.21		(.14	)		.07			(.21	)		—			(.21	)		11.82		.73			1,323		.61			.61			1.77
Class 3:
12/31/2022		11.70		.30		(1.57	)		(1.27	)		(.41	)		—			(.41	)		10.02		(10.90	)		6		.54			.40			2.76
12/31/2021		13.07		.16		(.26	)		(.10	)		(.16	)		(1.11	)		(1.27	)		11.70		(.62	)		9		.57			.47			1.31
12/31/2020		12.37		.10		1.12			1.22			(.25	)		(.27	)		(.52	)		13.07		9.91			10		.57			.57			.78
12/31/2019		11.97		.23		.43			.66			(.26	)		—			(.26	)		12.37		5.49			9		.55			.55			1.88
12/31/2018		12.11		.22		(.14	)		.08			(.22	)		—			(.22	)		11.97		.71			9		.54			.54			1.84
Class 4:
12/31/2022		11.52		.26		(1.54	)		(1.28	)		(.38	)		—			(.38	)		9.86		(11.19	)		190		.85			.72			2.45
12/31/2021		12.88		.12		(.25	)		(.13	)		(.12	)		(1.11	)		(1.23	)		11.52		(.88	)		238		.89			.79			.98
12/31/2020		12.22		.05		1.10			1.15			(.22	)		(.27	)		(.49	)		12.88		9.48			272		.89			.89			.42
12/31/2019		11.84		.19		.42			.61			(.23	)		—			(.23	)		12.22		5.14			124		.87			.87			1.56
12/31/2018		11.98		.18		(.12	)		.06			(.20	)		—			(.20	)		11.84		.50			91		.86			.86			1.53

Refer to the end of the tables for footnotes.

366 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of expenses			Ratio of expenses
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			to average net assets before waivers/ reimburse- ments7			to average net assets after waivers/ reimburse- ments2,7			Net effective expense ratio2,8,9			Ratio of net income to average net assets2
Managed Risk Growth Fund
Class P1:
12/31/2022	$	18.53	$	.06		$	(4.46	)	$	(4.40	)	$	(.22	)	$	(2.54	)	$	(2.76	)	$	11.37		(24.62	)%	$	9			.41	%		.36	%		.69	%		.47	%
12/31/2021		17.25		.04			2.16			2.20			(.18	)		(.74	)		(.92	)		18.53		13.08			13			.41			.36			.69			.19
12/31/2020		13.78		.07			4.20			4.27			(.12	)		(.68	)		(.80	)		17.25		32.45			11			.42			.37			.72			.49
12/31/2019		12.30		.15			2.44			2.59			(.19	)		(.92	)		(1.11	)		13.78		22.01			6			.42			.37			.73			1.19
12/31/2018		13.22		.11			(.04	)		.07			(.10	)		(.89	)		(.99	)		12.30		(.04	)10		3			.42	10		.37	10		.71	10		.82	10
Class P2:
12/31/2022		18.42		.03			(4.45	)		(4.42	)		(.18	)		(2.54	)		(2.72	)		11.28		(24.88	)		445			.67			.62			.95			.20
12/31/2021		17.11		(.01	)		2.16			2.15			(.10	)		(.74	)		(.84	)		18.42		12.89			584			.67			.62			.95			(.07	)
12/31/2020		13.71		.03			4.16			4.19			(.11	)		(.68	)		(.79	)		17.11		32.03			554			.67			.62			.97			.20
12/31/2019		12.21		.09			2.45			2.54			(.12	)		(.92	)		(1.04	)		13.71		21.74			434			.68			.63			.99			.73
12/31/2018		13.14		.06			(.04	)		.02			(.06	)		(.89	)		(.95	)		12.21		(.37	)		340			.68			.63			.97			.46
Managed Risk International Fund
Class P1:
12/31/2022	$	10.55	$	.15		$	(1.75	)	$	(1.60	)	$	(.34	)	$	—		$	(.34	)	$	8.61		(15.27	)%10	$	2			.44	%10		.37	%10		.87	%10		1.70	%10
12/31/2021		11.07		.24			(.67	)		(.43	)		(.09	)		—			(.09	)		10.55		(3.92	)10		2			.44	10		.36	10		.87	10		2.12	10
12/31/2020		11.01		.08			.22			.30			(.16	)		(.08	)		(.24	)		11.07		3.13	10		2			.43	10		.35	10		.86	10		.82	10
12/31/2019		9.82		.17			1.54			1.71			(.20	)		(.32	)		(.52	)		11.01		17.91	10		1			.41	10		.33	10		.84	10		1.64	10
12/31/2018		11.25		.32			(1.44	)		(1.12	)		(.26	)		(.05	)		(.31	)		9.82		(10.11	)10		—	6		.33	10		.28	10		.77	10		3.02	10
Class P2:
12/31/2022		10.48		.12			(1.74	)		(1.62	)		(.28	)		—			(.28	)		8.58		(15.54	)		124			.70			.63			1.13			1.36
12/31/2021		10.99		.20			(.65	)		(.45	)		(.06	)		—			(.06	)		10.48		(4.13	)		160			.71			.63			1.14			1.79
12/31/2020		10.92		.04			.23			.27			(.12	)		(.08	)		(.20	)		10.99		2.80			168			.71			.63			1.14			.42
12/31/2019		9.76		.13			1.55			1.68			(.20	)		(.32	)		(.52	)		10.92		17.64			165			.71			.63			1.14			1.21
12/31/2018		11.15		.16			(1.32	)		(1.16	)		(.18	)		(.05	)		(.23	)		9.76		(10.50	)		151			.69			.64			1.13			1.49
Managed Risk Washington Mutual Investors Fund
Class P1:
12/31/2022	$	12.95	$	.23		$	(1.38	)	$	(1.15	)	$	(.56	)	$	—		$	(.56	)	$	11.24		(8.92	)%10	$	3			.41	%10		.36	%10		.75	%10		1.96	%10
12/31/2021		11.24		.16			1.79			1.95			(.24	)		—			(.24	)		12.95		17.46	10		2			.41	10		.36	10		.77	10		1.33	10
12/31/2020		12.01		.18			(.35	)		(.17	)		(.26	)		(.34	)		(.60	)		11.24		(.93	)10		2			.40	10		.35	10		.76	10		1.66	10
12/31/2019		11.28		.25			1.28			1.53			(.20	)		(.60	)		(.80	)		12.01		14.14	10		1			.38	10		.33	10		.74	10		2.14	10
12/31/2018		13.04		.40			(1.27	)		(.87	)		(.45	)		(.44	)		(.89	)		11.28		(6.99	)10		—	6		.33	10		.28	10		.67	10		3.21	10
Class P2:
12/31/2022		12.88		.19			(1.37	)		(1.18	)		(.52	)		—			(.52	)		11.18		(9.16	)		321			.67			.62			1.01			1.62
12/31/2021		11.18		.11			1.79			1.90			(.20	)		—			(.20	)		12.88		17.11			371			.68			.62			1.03			.91
12/31/2020		11.91		.13			(.33	)		(.20	)		(.19	)		(.34	)		(.53	)		11.18		(1.25	)		355			.68			.63			1.04			1.18
12/31/2019		11.21		.18			1.31			1.49			(.19	)		(.60	)		(.79	)		11.91		13.88			365			.68			.63			1.04			1.62
12/31/2018		12.96		.19			(1.10	)		(.91	)		(.40	)		(.44	)		(.84	)		11.21		(7.38	)		336			.68			.63			1.02			1.49

Refer to the end of the tables for footnotes.

American Funds Insurance Series 367

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions																Ratio of expenses			Ratio of expenses
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		to average net assets before waivers/ reimburse- ments7			to average net assets after waivers/ reimburse- ments2,7			Net effective expense ratio2,8,9			Ratio of net income to average net assets2
Managed Risk Growth-Income Fund
Class P1:
12/31/2022	$	15.73	$	.18		$	(2.79	)	$	(2.61	)	$	(.30	)	$	(.31	)	$	(.61	)	$	12.51		(16.74	)%	$	1,833		.41	%		.36	%		.65	%		1.33	%
12/31/2021		14.01		.14			1.99			2.13			(.21	)		(.20	)		(.41	)		15.73		15.32			2,328		.41			.36			.66			.96
12/31/2020		13.76		.17			1.08			1.25			(.26	)		(.74	)		(1.00	)		14.01		9.85			2,120		.41			.36			.66			1.24
12/31/2019		11.73		.22			2.01			2.23			(.10	)		(.10	)		(.20	)		13.76		19.14			1,987		.42			.37			.67			1.71
12/31/2018		12.66		(.02	)		(.15	)		(.17	)		(.19	)		(.57	)		(.76	)		11.73		(1.66	)		1,662		.40			.35			.64			(.20	)
Class P2:
12/31/2022		15.64		.15			(2.78	)		(2.63	)		(.26	)		(.31	)		(.57	)		12.44		(16.93	)		268		.66			.61			.90			1.10
12/31/2021		13.93		.10			1.98			2.08			(.17	)		(.20	)		(.37	)		15.64		15.05			340		.66			.61			.91			.70
12/31/2020		13.69		.14			1.07			1.21			(.23	)		(.74	)		(.97	)		13.93		9.58			315		.66			.61			.91			1.02
12/31/2019		11.67		.19			2.00			2.19			(.07	)		(.10	)		(.17	)		13.69		18.84			283		.67			.62			.92			1.47
12/31/2018		12.58		.16			(.36	)		(.20	)		(.14	)		(.57	)		(.71	)		11.67		(1.97	)		230		.69			.64			.93			1.25
Managed Risk Asset Allocation Fund
Class P1:
12/31/2022	$	15.33	$	.24		$	(2.34	)	$	(2.10	)	$	(.32	)	$	(.48	)	$	(.80	)	$	12.43		(13.75	)%	$	7		.41	%		.36	%		.64	%		1.80	%
12/31/2021		13.84		.21			1.55			1.76			(.27	)		—			(.27	)		15.33		12.82			7		.41			.36			.66			1.43
12/31/2020		13.81		.25			.51			.76			(.21	)		(.52	)		(.73	)		13.84		6.10			5		.41			.36			.66			1.91
12/31/2019		12.23		.26			1.92			2.18			(.03	)		(.57	)		(.60	)		13.81		18.25			2		.41			.36			.65			2.01
12/31/2018		13.59		.22			(.80	)		(.58	)		(.25	)		(.53	)		(.78	)		12.23		(4.63	)		2		.37			.32			.59			1.67
Class P2:
12/31/2022		14.93		.18			(2.25	)		(2.07	)		(.29	)		(.48	)		(.77	)		12.09		(13.97	)		2,182		.66			.61			.89			1.40
12/31/2021		13.45		.15			1.53			1.68			(.20	)		—			(.20	)		14.93		12.50			2,812		.66			.61			.91			1.03
12/31/2020		13.46		.15			.56			.71			(.20	)		(.52	)		(.72	)		13.45		5.88			2,773		.66			.61			.91			1.15
12/31/2019		12.22		.19			1.93			2.12			(.31	)		(.57	)		(.88	)		13.46		17.98			2,830		.66			.61			.90			1.51
12/31/2018		13.55		.17			(.79	)		(.62	)		(.18	)		(.53	)		(.71	)		12.22		(4.89	)		2,541		.62			.57			.84			1.27

Refer to the end of the tables for footnotes.

368 American Funds Insurance Series

Financial highlights (continued)

Portfolio turnover rate for all share classes	Year ended December 31,
excluding mortgage dollar roll transactions11,12	2022			2021			2020			2019			2018
Capital Income Builder		48	%		60	%		110	%		44	%		42	%
Asset Allocation Fund		42			45			49			47			34
American Funds Global Balanced Fund		111			36			68			60			30
The Bond Fund of America		77			87			72			146			98
Capital World Bond Fund		114			64			88			110			78
American Funds Mortgage Fund		56			38			123			84			60
U.S. Government Securities Fund		77			126			112			103			76
Portfolio turnover rate for all share classes		Year ended December 31,
including mortgage dollar roll transactions11,12		2022			2021			2020			2019			2018
Global Growth Fund		29	%		18	%		17	%		14	%		25	%
Global Small Capitalization Fund		40			29			38			50			43
Growth Fund		29			25			32			21			35
International Fund		42			44			40			32			29
New World Fund		40			43			70			38			58
Washington Mutual Investors Fund		30			90			40			37			49
Capital World Growth and Income Fund		42			85			36			29			49
Growth-Income Fund		25			24			33			27			39
International Growth and Income Fund		48			41			56			28			38
Capital Income Builder		126			93			184			72			98
Asset Allocation Fund		118			124			145			79			86
American Funds Global Balanced Fund		126			39			86			74			51
The Bond Fund of America		415			456			461			373			514
Capital World Bond Fund		188			91			145			159			125
American High-Income Trust		34			56			78			58			67
American Funds Mortgage Fund		1141			975			1143			350			811
Ultra-Short Bond Fund		—	13		—	13		—	13		—	13		—	13
U.S. Government Securities Fund		695			433			867			277			446
Managed Risk Growth Fund		97			32			80			10			7
Managed Risk International Fund		82			24			71			8			8
Managed Risk Washington Mutual Investors Fund		70			16			101			13			11
Managed Risk Growth-Income Fund		67			13			38			6			14
Managed Risk Asset Allocation Fund		48			5			30			8			12

1	Based on average shares outstanding.
2	This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the years shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.
3	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.
4	Amount less than $.01.
5	Amount less than .01%.
6	Amount less than $1 million.
7	This column does not include expenses of the underlying funds in which each fund invests.
8	This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.
9	Unaudited.
10	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Certain fees (including, where applicable, fees for distribution services) are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
11	Refer to Note 5 for further information on mortgage dollar rolls.
12	Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable.
13	Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

American Funds Insurance Series 369

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund^®, Washington Mutual Investors Fund, Capital World Growth and Income Fund^®, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder^®, Asset Allocation Fund, American Funds^® Global Balanced Fund, The Bond Fund of America^®, Capital World Bond Fund^®, American High-Income Trust^®, American Funds Mortgage Fund^®, Ultra-Short Bond Fund, U.S. Government Securities Fund^®, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund^®, Washington Mutual Investors Fund, Capital World Growth and Income Fund^®, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder^®, Asset Allocation Fund, American Funds^® Global Balanced Fund (formerly Global Balanced Fund), The Bond Fund of America^®, Capital World Bond Fund^®, American High Income Trust^®, American Funds Mortgage Fund^®, Ultra-Short Bond Fund, U.S. Government Securities Fund^®, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Los Angeles, California
February 13, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

370 American Funds Insurance Series

Expense example unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Insurance Series 371

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1		Annualized expense ratio
Global Growth Fund
Class 1 – actual return	$	1,000.00	$	1,045.68	$	2.11		.41	%
Class 1 – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class 1A – actual return		1,000.00		1,044.04		3.40		.66
Class 1A – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 2 – actual return		1,000.00		1,043.99		3.40		.66
Class 2 – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 4 – actual return		1,000.00		1,042.74		4.69		.91
Class 4 – assumed 5% return		1,000.00		1,020.62		4.63		.91
Global Small Capitalization Fund
Class 1 – actual return	$	1,000.00	$	1,038.40	$	3.34		.65	%
Class 1 – assumed 5% return		1,000.00		1,021.93		3.31		.65
Class 1A – actual return		1,000.00		1,036.94		4.62		.90
Class 1A – assumed 5% return		1,000.00		1,020.67		4.58		.90
Class 2 – actual return		1,000.00		1,037.29		4.62		.90
Class 2 – assumed 5% return		1,000.00		1,020.67		4.58		.90
Class 4 – actual return		1,000.00		1,035.94		5.90		1.15
Class 4 – assumed 5% return		1,000.00		1,019.41		5.85		1.15
Growth Fund
Class 1 – actual return	$	1,000.00	$	1,000.70	$	1.77		.35	%
Class 1 – assumed 5% return		1,000.00		1,023.44		1.79		.35
Class 1A – actual return		1,000.00		999.41		3.02		.60
Class 1A – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 2 – actual return		1,000.00		999.43		3.02		.60
Class 2 – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 3 – actual return		1,000.00		999.93		2.67		.53
Class 3 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 4 – actual return		1,000.00		998.12		4.28		.85
Class 4 – assumed 5% return		1,000.00		1,020.92		4.33		.85
International Fund
Class 1 – actual return	$	1,000.00	$	1,025.33	$	2.71		.53	%
Class 1 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 1A – actual return		1,000.00		1,024.07		3.98		.78
Class 1A – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 2 – actual return		1,000.00		1,023.84		3.98		.78
Class 2 – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 3 – actual return		1,000.00		1,024.24		3.62		.71
Class 3 – assumed 5% return		1,000.00		1,021.63		3.62		.71
Class 4 – actual return		1,000.00		1,022.83		5.25		1.03
Class 4 – assumed 5% return		1,000.00		1,020.01		5.24		1.03
New World Fund
Class 1 – actual return	$	1,000.00	$	1,024.46	$	2.91		.57	%
Class 1 – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class 1A – actual return		1,000.00		1,022.80		4.18		.82
Class 1A – assumed 5% return		1,000.00		1,021.07		4.18		.82
Class 2 – actual return		1,000.00		1,022.92		4.18		.82
Class 2 – assumed 5% return		1,000.00		1,021.07		4.18		.82
Class 4 – actual return		1,000.00		1,021.54		5.45		1.07
Class 4 – assumed 5% return		1,000.00		1,019.81		5.45		1.07

Refer to the end of the tables for footnotes.

372 American Funds Insurance Series

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1		Annualized expense ratio
Washington Mutual Investors Fund
Class 1 – actual return	$	1,000.00	$	1,052.84	$	1.40		.27	%
Class 1 – assumed 5% return		1,000.00		1,023.84		1.38		.27
Class 1A – actual return		1,000.00		1,052.10		2.69		.52
Class 1A – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 2 – actual return		1,000.00		1,052.45		2.69		.52
Class 2 – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 4 – actual return		1,000.00		1,051.21		3.98		.77
Class 4 – assumed 5% return		1,000.00		1,021.32		3.92		.77
Capital World Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	1,051.64	$	2.12		.41	%
Class 1 – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class 1A – actual return		1,000.00		1,050.71		3.41		.66
Class 1A – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 2 – actual return		1,000.00		1,050.34		3.41		.66
Class 2 – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 4 – actual return		1,000.00		1,048.71		4.70		.91
Class 4 – assumed 5% return		1,000.00		1,020.62		4.63		.91
Growth-Income Fund
Class 1 – actual return	$	1,000.00	$	1,042.31	$	1.49		.29	%
Class 1 – assumed 5% return		1,000.00		1,023.74		1.48		.29
Class 1A – actual return		1,000.00		1,041.04		2.78		.54
Class 1A – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 2 – actual return		1,000.00		1,041.03		2.78		.54
Class 2 – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 3 – actual return		1,000.00		1,041.33		2.42		.47
Class 3 – assumed 5% return		1,000.00		1,022.84		2.40		.47
Class 4 – actual return		1,000.00		1,039.68		4.06		.79
Class 4 – assumed 5% return		1,000.00		1,021.22		4.02		.79
International Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	1,049.28	$	3.00		.58	%
Class 1 – assumed 5% return		1,000.00		1,022.28		2.96		.58
Class 1A – actual return		1,000.00		1,047.38		4.28		.83
Class 1A – assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 2 – actual return		1,000.00		1,048.38		4.29		.83
Class 2 – assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 4 – actual return		1,000.00		1,046.04		5.57		1.08
Class 4 – assumed 5% return		1,000.00		1,019.76		5.50		1.08
Capital Income Builder
Class 1 – actual return	$	1,000.00	$	1,030.31	$	1.38		.27	%
Class 1 – assumed 5% return		1,000.00		1,023.84		1.38		.27
Class 1A – actual return		1,000.00		1,029.07		2.66		.52
Class 1A – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 2 – actual return		1,000.00		1,028.17		2.66		.52
Class 2 – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 4 – actual return		1,000.00		1,026.94		3.93		.77
Class 4 – assumed 5% return		1,000.00		1,021.32		3.92		.77

Refer to the end of the tables for footnotes.

American Funds Insurance Series 373

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1		Annualized expense ratio
Asset Allocation Fund
Class 1 – actual return	$	1,000.00	$	1,030.72	$	1.54		.30	%
Class 1 – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class 1A – actual return		1,000.00		1,029.04		2.81		.55
Class 1A – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 2 – actual return		1,000.00		1,029.79		2.81		.55
Class 2 – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 3 – actual return		1,000.00		1,029.98		2.46		.48
Class 3 – assumed 5% return		1,000.00		1,022.79		2.45		.48
Class 4 – actual return		1,000.00		1,027.95		4.09		.80
Class 4 – assumed 5% return		1,000.00		1,021.17		4.08		.80
American Funds Global Balanced Fund
Class 1 – actual return	$	1,000.00	$	1,023.65	$	2.65		.52	%
Class 1 – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 1A – actual return		1,000.00		1,022.93		3.93		.77
Class 1A – assumed 5% return		1,000.00		1,021.32		3.92		.77
Class 2 – actual return		1,000.00		1,022.09		3.92		.77
Class 2 – assumed 5% return		1,000.00		1,021.32		3.92		.77
Class 4 – actual return		1,000.00		1,021.56		5.20		1.02
Class 4 – assumed 5% return		1,000.00		1,020.06		5.19		1.02
The Bond Fund of America
Class 1 – actual return	$	1,000.00	$	974.47	$	1.00		.20	%
Class 1 – assumed 5% return		1,000.00		1,024.20		1.02		.20
Class 1A – actual return		1,000.00		973.31		2.24		.45
Class 1A – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class 2 – actual return		1,000.00		972.85		2.24		.45
Class 2 – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class 4 – actual return		1,000.00		971.88		3.48		.70
Class 4 – assumed 5% return		1,000.00		1,021.68		3.57		.70
Capital World Bond Fund
Class 1 – actual return	$	1,000.00	$	983.53	$	2.40		.48	%
Class 1 – assumed 5% return		1,000.00		1,022.79		2.45		.48
Class 1A – actual return		1,000.00		982.42		3.65		.73
Class 1A – assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 2 – actual return		1,000.00		982.33		3.65		.73
Class 2 – assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 4 – actual return		1,000.00		981.07		4.89		.98
Class 4 – assumed 5% return		1,000.00		1,020.27		4.99		.98
American High-Income Trust
Class 1 – actual return	$	1,000.00	$	1,038.86	$	1.59		.31	%
Class 1 – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class 1A – actual return		1,000.00		1,037.88		2.88		.56
Class 1A – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 2 – actual return		1,000.00		1,037.22		2.88		.56
Class 2 – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 3 – actual return		1,000.00		1,038.14		2.52		.49
Class 3 – assumed 5% return		1,000.00		1,022.74		2.50		.49
Class 4 – actual return		1,000.00		1,036.07		4.16		.81
Class 4 – assumed 5% return		1,000.00		1,021.12		4.13		.81

Refer to the end of the tables for footnotes.

374 American Funds Insurance Series

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1		Annualized expense ratio
American Funds Mortgage Fund
Class 1 – actual return	$	1,000.00	$	968.01	$	1.64		.33	%
Class 1 – assumed 5% return		1,000.00		1,023.54		1.68		.33
Class 1A – actual return		1,000.00		966.87		2.88		.58
Class 1A – assumed 5% return		1,000.00		1,022.28		2.96		.58
Class 2 – actual return		1,000.00		967.70		2.93		.59
Class 2 – assumed 5% return		1,000.00		1,022.23		3.01		.59
Class 4 – actual return		1,000.00		966.53		4.16		.84
Class 4 – assumed 5% return		1,000.00		1,020.97		4.28		.84
Ultra-Short Bond Fund
Class 1 – actual return	$	1,000.00	$	1,013.26	$	1.57		.31	%
Class 1 – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class 1A – actual return		1,000.00		1,013.23		1.52		.30
Class 1A – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class 2 – actual return		1,000.00		1,012.64		2.84		.56
Class 2 – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 3 – actual return		1,000.00		1,012.86		2.49		.49
Class 3 – assumed 5% return		1,000.00		1,022.74		2.50		.49
Class 4 – actual return		1,000.00		1,010.10		4.10		.81
Class 4 – assumed 5% return		1,000.00		1,021.12		4.13		.81
U.S. Government Securities Fund
Class 1 – actual return	$	1,000.00	$	960.56	$	1.09		.22	%
Class 1 – assumed 5% return		1,000.00		1,024.10		1.12		.22
Class 1A – actual return		1,000.00		959.29		2.27		.46
Class 1A – assumed 5% return		1,000.00		1,022.89		2.35		.46
Class 2 – actual return		1,000.00		959.68		2.27		.46
Class 2 – assumed 5% return		1,000.00		1,022.89		2.35		.46
Class 3 – actual return		1,000.00		959.92		1.93		.39
Class 3 – assumed 5% return		1,000.00		1,023.24		1.99		.39
Class 4 – actual return		1,000.00		958.46		3.50		.71
Class 4 – assumed 5% return		1,000.00		1,021.63		3.62		.71

Refer to the end of the tables for footnotes.

American Funds Insurance Series 375

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Managed Risk Growth Fund
Class P1 – actual return	$	1,000.00	$	968.78	$	1.84		.37	%	$	3.42		.69	%
Class P1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.52		.69
Class P2 – actual return		1,000.00		967.08		3.07		.62			4.71		.95
Class P2 – assumed 5% return		1,000.00		1,022.08		3.16		.62			4.84		.95
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	1,004.86	$	1.82		.36	%	$	4.40		.87	%
Class P1 – assumed 5% return		1,000.00		1,023.39		1.84		.36			4.43		.87
Class P2 – actual return		1,000.00		1,003.52		3.13		.62			5.71		1.13
Class P2 – assumed 5% return		1,000.00		1,022.08		3.16		.62			5.75		1.13
Managed Risk Washington Mutual Investors Fund
Class P1 – actual return	$	1,000.00	$	1,005.83	$	1.87		.37	%	$	3.79		.75	%
Class P1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.82		.75
Class P2 – actual return		1,000.00		1,004.38		3.18		.63			5.10		1.01
Class P2 – assumed 5% return		1,000.00		1,022.03		3.21		.63			5.14		1.01
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	989.69	$	1.81		.36	%	$	3.26		.65	%
Class P1 – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.31		.65
Class P2 – actual return		1,000.00		989.03		3.06		.61			4.51		.90
Class P2 – assumed 5% return		1,000.00		1,022.13		3.11		.61			4.58		.90
Managed Risk Asset Allocation Fund
Class P1 – actual return	$	1,000.00	$	1,007.60	$	1.82		.36	%	$	3.24		.64	%
Class P1 – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.26		.64
Class P2 – actual return		1,000.00		1,006.19		3.03		.60			4.50		.89
Class P2 – assumed 5% return		1,000.00		1,022.18		3.06		.60			4.53		.89

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

376 American Funds Insurance Series

Liquidity Risk Management Program unaudited

The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

American Funds Insurance Series 377

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378 American Funds Insurance Series

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American Funds Insurance Series 379

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380 American Funds Insurance Series

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American Funds Insurance Series 381

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the series2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Francisco G. Cigarroa, MD, 1957	2021	Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research	86	None
James G. Ellis, 1947	2010	Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California	96	Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	91	None
Jennifer C. Feikin, 1968	2022	Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents	97	Hertz Global Holdings, Inc.
Leslie Stone Heisz, 1961	2022	Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management	97	Edwards Lifesciences; Public Storage
Mary Davis Holt, 1950	2015–2016; 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	87	None
Merit E. Janow, 1958	2007	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	93	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2010	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center	91	None
Alexandra Trower, 1964	2018	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	86	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	86	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.

Interested trustees^4,5

Name, year of birth and position with series	Year first elected a trustee or officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Donald D. O’Neal, 1960 Co-President and Trustee	1998	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company5	35	None
Michael C. Gitlin, 1970 Trustee	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.5	86	None

The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.

382 American Funds Insurance Series

Other officers⁵

Name, year of birth and position with series	Year first elected an officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series
Alan N. Berro, 1960 Co-President	1998	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company5; Director, The Capital Group Companies, Inc.5
Maria Manotok, 1974 Principal Executive Officer	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.5; Senior Vice President, Secretary and Director, Capital Group Companies Global5; Senior Vice President, Secretary and Director, Capital Group International, Inc.5
Michael W. Stockton, 1967 Executive Vice President	2021	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Patrice Collette, 1967 Senior Vice President	2022	Partner — Capital World Investors, Capital International, Inc.5
Peter Eliot, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company
Irfan M. Furniturewala, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company
Sung Lee, 1966 Senior Vice President	2008	Partner — Capital Research Global Investors, Capital International, Inc.5; Director, The Capital Group Companies, Inc.5
Keiko McKibben, 1969 Senior Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company
Carlos A. Schonfeld, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited5
Alan J. Wilson, 1961 Senior Vice President	2022	Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Steven I. Koszalka, 1964 Secretary	2003	Vice President — Fund Business Management Group, Capital Research and Management Company
Gregory F. Niland, 1971 Treasurer	2008	Vice President — Investment Operations, Capital Research and Management Company
Susan K. Countess, 1966 Assistant Secretary	2014	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2015	Senior Vice President — Investment Operations, Capital Research and Management Company

1	The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940.
2	Trustees and officers of the series serve until their resignation, removal or retirement.
3	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
4	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).
5	Company affiliated with Capital Research and Management Company.

American Funds Insurance Series 383

Office of the series
333 South Hope Street
Los Angeles, CA 90071-1406

Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Investment subadviser
Milliman Financial Risk Management LLC
(Managed Risk Funds only)
71 South Wacker Drive, 31st Floor
Chicago, IL 60606-4637

Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111-2900

Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

384 American Funds Insurance Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/afis.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and our website.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate, and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet’s methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group^® as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.

Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the applicable underlying funds in certain rising market conditions.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^TM — has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds Insurance Series’ superior outcomes

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.² Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.⁴

1	Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022.
2	Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.
3	Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

American Funds Insurance Series^®
Portfolio Series   Annual report
for the year ended
December 31, 2022

Portfolios that invest
in global companies
for the long term

American Funds Insurance Series — Portfolio Series, from Capital Group, serves as an underlying investment vehicle for variable annuities and insurance products. For over 90 years, Capital has invested with a long-term focus based on thorough research and attention to risk.

American Funds Global Growth Portfolio^SM seeks to provide long-term growth of capital.

American Funds Growth and Income Portfolio^SM seeks to provide long-term growth of capital while providing current income.

American Funds Managed Risk Growth Portfolio^SM seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.

American Funds Managed Risk Growth and Income Portfolio^SM seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.

American Funds Managed Risk Global Allocation Portfolio^SM seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2022. Also shown are the estimated gross and net expense ratios as of the series prospectus dated May 1, 2023 (unaudited):

	Cumulative total returns			Average annual total returns						Gross			Net
	1 year			5 years			Lifetime*			expense ratio			expense ratio
American Funds Global Growth Portfolio, Class 4		–24.75	%		4.67	%		6.22	%		0.98	%		0.98	%
American Funds Growth and Income Portfolio, Class 4		–15.74			4.63			5.26			0.80			0.80
American Funds Managed Risk Growth Portfolio, Class P2		–20.36			2.84			3.87			1.00			0.95
American Funds Managed Risk Growth and Income Portfolio, Class P2		–15.10			2.36			3.30			0.96			0.91
American Funds Managed Risk Global Allocation Portfolio, Class P2		–18.25			1.03			2.20			1.08	†		1.03	†

*	Since May 1, 2015, for all funds.
†	The expense ratio is restated to reflect current fees.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund’s daily net assets for the three managed risk portfolios. Investment results and net expense ratios shown reflect the waiver, without which the results would have been lower and the expenses would have been higher. This waiver will be in effect through at least May 1, 2024, unless modified or terminated by the series board. The waiver may only be modified or terminated with the approval of the series board. Refer to the fund’s most recent prospectus for details.

Investing outside the United States involves risks such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the funds’ prospectuses. These risks may be heightened in connection with investments in developing countries. Small-company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. The return of principal for bond funds and funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the underlying funds in certain market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Contents

1	Letter to investors
4	The value of a hypothetical $10,000 investment
	Investment portfolios
8	American Funds Global Growth Portfolio
9	American Funds Growth and Income Portfolio
11	American Funds Managed Risk Growth Portfolio
13	American Funds Managed Risk Growth and Income Portfolio
15	American Funds Managed Risk Global Allocation Portfolio
17	Financial statements
39	Board of trustees and other officers

Fellow investors:

We are pleased to present this annual report for American Funds Insurance Series (AFIS) — Portfolio Series, a suite of funds that offers variable annuity investors objective-based portfolios to help meet retirement goals. The investment adviser’s Portfolio Solutions Committee develops the allocation approach and selects the underlying funds in which the fund invests. The members of the Portfolio Solutions Committee, who are jointly and primarily responsible for the portfolio management of the fund, include Alan N. Berro, Michelle J. Black, Samir Mathur, Wesley K. Phoa, John R. Queen, William L. Robbins and Andrew B. Suzman.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times, and all but one sector declined in the MSCI All Country World Index (ACWI)¹. Communication services, consumer discretionary and information technology stocks suffered the biggest losses.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top sector in the S&P 500 Index for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

The S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined by 18.11%. The Bloomberg U.S. Aggregate Index,³ which measures investment-grade U.S. bonds (rated BBB/Baa and above), was down 13.01%.

American Funds Global Growth Portfolio declined by 24.75%. Its benchmark, the MSCI ACWI,^1,4 a free float-adjusted, market capitalization-weighted index designed to measure the results of more than 40 developed and emerging equity markets, fell by 18.36%. The Morningstar U.S. Insurance World Large-Stock Growth Category Average,⁵ a peer fund comparison for the insurance industry that includes portfolios that invest the majority of their assets in the U.S., Europe and Japan (and typically have 20%–60% of assets in the U.S.), was down 26.11%.

American Funds Growth and Income Portfolio fell by 15.74%. It’s benchmark, the AFIS Growth and Income Portfolio Series Custom Index⁶ declined 15.35%. The Morningstar U.S. Insurance Allocation — 50% to 70% Equity Category Average,⁵ a peer fund comparison for the insurance industry that includes funds that seek to provide both income and capital appreciation by investing in multiple asset classes including stocks, bonds and cash, was down 16.01%.

American Funds Managed Risk Growth Portfolio was down 20.36%. The S&P 500 Managed Risk Index — Moderate⁷ fell 13.13%.

Past results are not predictive of results in future periods.

See page 2 for footnotes.

American Funds Insurance Series – Portfolio Series 1

American Funds Managed Risk Growth and Income Portfolio decreased 15.10%. The S&P 500 Managed Risk Index —Moderate⁷ fell 13.13%.

American Funds Managed Risk Global Allocation Portfolio finished down 18.25%. The S&P Global LargeMidCap Managed Risk Index — Moderate⁷ was down 14.78%.

Historically, stock markets have experienced periods of volatility, and we know these events can be unsettling for shareholders. We strive to construct portfolios we believe will decline less than the market during periods of correction. In line with this idea, American Funds Global Growth Portfolio and American Funds Growth and Income Portfolio are more conservatively positioned than their benchmark indexes. It is also important to emphasize that all the managed risk portfolios employ a specific risk-management overlay. As such, the funds seek to buffer the effects of volatility and provide a measure of downside protection.

Thank you for placing your trust in us and for your investment in the American Funds Insurance Series — Portfolio Series.

Sincerely,

Donald D. O’Neal

Co-President

Alan N. Berro

Co-President

February 17, 2023

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest) are assigned by credit agencies such as Standard & Poor’s, Moody’s and/or Finch as an indication of an issuer’s creditworthiness.

Past results are not predictive of results in future periods.

1	Source: MSCI.
2	Source: S&P Dow Jones Indices LLC.
3	Source: Bloomberg Index Services Ltd.
4	MSCI index results reflect dividends net of withholding taxes. Source: MSCI.
5	Source: Morningstar, Inc. © 2023 All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from this information. Past performance is no guarantee of future results.
6	The American Funds Insurance Series Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI ACWI ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. The MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index results reflect dividends net of withholding taxes. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.
7	Source: S&P Dow Jones Indices LLC. The S&P Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index. These indices are generated and published under agreements between S&P Dow Jones Indices and Milliman Financial Risk Management LLC.

2 American Funds Insurance Series – Portfolio Series

Results at a glance

For periods ended December 31, 2022, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			Lifetime (since 5/1/15)
American Funds Global Growth Portfolio (Class 4)		–24.75	%		4.67	%		6.22	%
MSCI ACWI (All Country World Index)1		–18.36			5.23			6.26
Morningstar U.S. Insurance World Large-Stock Growth Category Average2		–26.11			5.30			6.51
American Funds Growth and Income Portfolio (Class 4)		–15.74			4.63			5.26
AFIS Growth and Income Portfolio Series Custom Index3		–15.35			4.26			5.11
Morningstar U.S. Insurance — 50% to 70% Equity Allocation Category Average2		–16.01			3.55			4.40
American Funds Managed Risk Growth Portfolio (Class P2)		–20.36			2.84			3.87
S&P 500 Managed Risk Index — Moderate4		–13.13			4.99			5.72
American Funds Managed Risk Growth and Income Portfolio (Class P2)		–15.10			2.36			3.30
S&P 500 Managed Risk Index — Moderate4		–13.13			4.99			5.72
American Funds Managed Risk Global Allocation Portfolio (Class P2)		–18.25			1.03			2.20
S&P Global LargeMidCap Managed Risk Index — Moderate4		–14.78			2.88			3.54
S&P 500 Index3		–18.11			9.42			10.20
Bloomberg U.S. Aggregate Index3		–13.01			0.02			0.77
Bloomberg Global Aggregate Index5		–16.25			–1.66			–0.15
MSCI ACWI ex USA6		–16.00			0.88			2.49

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

Past results are not predictive of results in future periods.

1	MSCI ACWI is a free float-adjusted, market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Index results reflect dividends net of withholding taxes. Source: MSCI.
2	Source: Morningstar, Inc.
3	The American Funds Insurance Series Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI ACWI ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Source: S&P Dow Jones Indices LLC. The MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index results reflect dividends net of withholding taxes. Source: MSCI. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.
4	The S&P Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index. Source: S&P Dow Jones Indices LLC. These indices are generated and published under agreements between S&P Dow Jones Indices and Milliman Financial Risk Management LLC.
5	Bloomberg Global Aggregate Index represents the global investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.
6	The MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index results reflect dividends net of withholding taxes. Source: MSCI.

The Portfolio Series features five objective-based portfolios that offer retirement investors a structured approach with broad diversification.

The funds invest in underlying American Funds Insurance Series funds that are aligned to help investors pursue retirement goals such as accumulating assets, planning an income strategy or preserving capital.

The managed risk strategy is operated by Milliman Financial Risk Management LLC.

American Funds Insurance Series – Portfolio Series 3

The value of a hypothetical $10,000 investment

(for the year ended December 31, 2022, with all distributions reinvested)

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Growth Portfolio

Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		5 years		Lifetime (since 5/1/15)
Class 4 shares		–24.75%		4.67%		6.22%

Growth and Income Portfolio

Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		5 years		Lifetime (since 5/1/15)
Class 4 shares		–15.74%		4.63%		5.26%

4 American Funds Insurance Series – Portfolio Series

Managed Risk Growth Portfolio

Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		5 years		Lifetime (since 5/1/15)
Class P2 shares		–20.36%		2.84%		3.87%

Managed Risk Growth and Income Portfolio

Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		5 years		Lifetime (since 5/1/15)
Class P2 shares		–15.10%		2.36%		3.30%

Managed Risk Global Allocation Portfolio

Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		5 years		Lifetime (since 5/1/15)
Class P2 shares		–18.25%		1.03%		2.20%

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

1	Results reflect dividends net of withholding taxes. Source: MSCI.
2	Source: S&P Dow Jones Indices LLC.
3	The American Funds Insurance Series Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI ACWI ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. MSCI index results reflect dividends net of withholding taxes.
4	Source: Bloomberg Index Services Ltd.
5	Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee equal to 0.05% of the funds’ net assets for the three managed risk portfolios. Investment results shown reflect the waiver, without which the results would have been lower. This waiver will be in effect through at least May 1, 2023, unless modified or terminated by the series board. The waiver may only be modified or terminated with the approval of the series board. Refer to the funds’ most recent prospectuses for details.
6	Source: S&P Dow Jones Indices LLC. The S&P Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. These indexes are generated and published under agreements between S&P Dow Jones Indices and Milliman Financial Risk Management LLC.

Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the managed risk strategy for the managed risk funds.

American Funds Insurance Series – Portfolio Series 5

American Funds Global Growth Portfolio

Underlying allocations as of 12/31/22:
30.0%	Global Growth Fund
20.0%	Growth Fund
15.0%	Global Small Capitalization Fund
10.0%	International Fund
5.0%	New World Fund
20.0%	Capital World Growth and Income Fund

The fund’s investment objective is to provide long-term growth of capital. The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) Funds in different combinations and weightings. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income funds. Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks.

For the 12 months ended December 31, 2022, the fund’s shares declined 24.75%. All the underlying funds had negative returns.

American Funds Growth and Income Portfolio

Underlying allocations as of 12/31/22:
9.8%	Growth Fund
20.1%	Capital World Growth and Income Fund
20.1%	Growth-Income Fund
10.0%	Asset Allocation Fund
10.1%	Capital Income Builder Fund
29.9%	The Bond Fund of America

The fund’s investment objective is to provide long-term growth of capital while providing current income. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed income funds.

For the 12 months ended December 31, 2022, the fund’s shares were down 15.74%. All the underlying funds had negative returns.

American Funds Managed Risk Growth Portfolio

Underlying allocations as of 12/31/22:
29.8%	Growth Fund
15.0%	Global Growth Fund
10.0%	Global Small Capitalization Fund
15.0%	Growth-Income Fund
5.0%	Washington Mutual Investors Fund
19.0%	The Bond Fund of America
6.2%	Cash & equivalents in support of managed risk strategy*,†

The fund’s investment objective is to provide long-term growth of capital while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income and fixed income funds. The managed risk strategy was modestly additive to returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

For the 12 months ended December 31, 2022, the fund’s shares dropped 20.36%. All the underlying funds had negative returns.

See page 7 for footnotes.

6 American Funds Insurance Series – Portfolio Series

American Funds Managed Risk Growth and Income Portfolio

Underlying allocations as of 12/31/22:
10.0%	Growth Fund
25.0%	Capital World Growth and Income Fund
25.0%	Growth-Income Fund
5.0%	Asset Allocation Fund
15.0%	Capital Income Builder Fund
14.4%	The Bond Fund of America
5.6%	Cash & equivalents in support of managed risk strategy*,†

The fund’s investment objective is to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed income funds. The managed risk strategy was additive to returns overall. Within the strategy, the equity future overlay contributed while the Treasury future and option overlays detracted.

For the 12 months ended December 31, 2022, the fund’s shares declined 15.10%. All the underlying funds had negative returns.

American Funds Managed Risk Global Allocation Portfolio

Underlying allocations as of 12/31/22:
24.9%	Global Growth Fund
20.0%	Capital World Growth and Income Fund
10.0%	Asset Allocation Fund
24.9%	Global Balanced Fund
15.0%	Capital World Bond Fund
5.2%	Cash & equivalents in support of managed risk strategy*,†

The fund’s investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds may include growth, growth-and-income, equity-income, balanced, asset allocation and fixed income funds. The managed risk strategy was modestly additive to returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

For the 12 months ended December 31, 2022, the fund’s shares fell 18.25%. All the underlying funds had negative returns.

*	Cash and equivalents includes short-term securities, accrued income and other assets less liabilities. It also may include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
†	The managed risk strategy is operated by Milliman Financial Risk Management LLC. Futures contracts may not provide an effective hedge of the underlying securities because changes in the prices of futures contracts may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the fund from market declines and will limit the fund’s participation in market gains. The use of the managed risk strategy could cause the fund’s return to lag that of the underlying funds in certain rising market conditions.
The Portfolio Series funds are actively monitored; allocations and funds may change.

Allocations may not achieve fund objectives. The portfolios’ risks are directly related to the risks of the underlying funds. Underlying fund allocations are as of December 2022. Allocation percentages and underlying funds are subject to the Portfolio Solutions Committee’s discretion and will evolve over time. Underlying funds may be added or removed during the year.

American Funds Insurance Series – Portfolio Series 7

American Funds^® Global Growth Portfolio

Investment portfolio December 31, 2022

Growth funds 80.06%	Shares		Value (000)
American Funds Insurance Series - Global Growth Fund, Class 1		609,300	$	18,388
American Funds Insurance Series - Growth Fund, Class 1		160,232		12,224
American Funds Insurance Series - Global Small Capitalization Fund, Class 11		569,453		9,237
American Funds Insurance Series - International Fund, Class 1		401,899		6,153
American Funds Insurance Series - New World Fund, Class 1		138,894		3,097
Total growth funds (cost: $58,722,000)				49,099
Growth-and-income funds 20.02%
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1		1,052,166		12,279
Total growth-and-income funds (cost: $13,978,000)				12,279
Total investment securities 100.08% (cost: $72,700,000)				61,378
Other assets less liabilities (0.08)%				(51	)
Net assets 100.00%			$	61,327

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80.06%
American Funds Insurance Series - Global Growth Fund, Class 1	$	25,184	$	3,928	$	1,954	$	(484	)	$	(8,286	)	$	18,388	$	185	$	2,268
American Funds Insurance Series - Growth Fund, Class 1		16,742		4,136		1,668		(540	)		(6,446	)		12,224		80		1,931
American Funds Insurance Series - Global Small Capitalization Fund, Class 11		12,680		4,444		764		(395	)		(6,728	)		9,237		—		3,329
American Funds Insurance Series - International Fund, Class 1		8,437		1,573		1,126		(355	)		(2,376	)		6,153		132		900
American Funds Insurance Series - New World Fund, Class 1		4,217		538		388		(104	)		(1,166	)		3,097		53		300
														49,099
Growth-and-income funds 20.02%
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1		16,853		4,060		2,584		(254	)		(5,796	)		12,279		338		2,897
Total 100.08%							$	(2,132	)	$	(30,798	)	$	61,378	$	788	$	11,625

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

8 American Funds Insurance Series – Portfolio Series

American Funds^® Growth and Income Portfolio

Investment portfolio December 31, 2022

Growth funds 9.86%	Shares		Value (000)
American Funds Insurance Series - Growth Fund, Class 1		420,345	$	32,068
Total growth funds (cost: $32,534,000)				32,068
Growth-and-income funds 40.19%
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1		5,602,737		65,384
American Funds Insurance Series - Growth-Income Fund, Class 1		1,301,174		65,332
Total growth-and-income funds (cost: $146,427,000)				130,716
Asset allocation funds 10.01%
American Funds Insurance Series - Asset Allocation Fund, Class 1		1,466,444		32,555
Total asset allocation funds (cost: $41,375,000)				32,555
Equity-income funds 10.10%
American Funds Insurance Series - Capital Income Builder, Class 1		2,988,378		32,842
Total equity-income funds (cost: $28,991,000)				32,842
Fixed income funds 29.92%
American Funds Insurance Series - The Bond Fund of America, Class 1		10,341,834		97,317
Total fixed income funds (cost: $115,183,000)				97,317
Total investment securities 100.08% (cost: $364,510,000)				325,498
Other assets less liabilities (0.08)%				(270	)
Net assets 100.00%			$	325,228

American Funds Insurance Series – Portfolio Series 9

American Funds^® Growth and Income Portfolio (continued)

Investments in affiliates¹

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 9.86%
American Funds Insurance Series - Growth Fund, Class 1	$	37,645	$	12,860	$	1,769	$	(467	)	$	(16,201	)	$	32,068	$	207	$	4,750
Growth-and-income funds 40.19%
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1		75,361		22,903		3,572		(1,379	)		(27,929	)		65,384		1,763		14,711
American Funds Insurance Series - Growth-Income Fund, Class 1		75,346		12,638		2,939		(401	)		(19,312	)		65,332		1,037		6,454
														130,716
Asset allocation funds 10.01%
American Funds Insurance Series - Asset Allocation Fund, Class 1		37,647		4,167		141		(38	)		(9,080	)		32,555		722		3,432
Equity-income funds 10.10%
American Funds Insurance Series - Capital Income Builder, Class 1		37,800		1,200		2,637		(10	)		(3,511	)		32,842		1,027		—
Fixed income funds 29.92%
American Funds Insurance Series - The Bond Fund of America, Class 1		113,219		16,185		14,077		(1,190	)		(16,820	)		97,317		3,262		1,145
Total 100.08%							$	(3,485	)	$	(92,853	)	$	325,498	$	8,018	$	30,492

¹ Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

10 American Funds Insurance Series – Portfolio Series

American Funds Managed Risk Growth Portfolio

Investment portfolio December 31, 2022

Growth funds 54.89%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1		6,180,000	$	471,472
American Funds Insurance Series – Global Growth Fund, Class 1		7,813,452		235,810
American Funds Insurance Series – Global Small Capitalization Fund, Class 11		9,692,149		157,207
Total growth funds (cost: $974,627,000)				864,489
Growth-and-income funds 19.96%
American Funds Insurance Series – Growth-Income Fund, Class 1		4,696,475		235,810
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1		6,194,116		78,603
Total growth-and-income funds (cost: $338,430,000)				314,413
Fixed income funds 18.96%
American Funds Insurance Series – The Bond Fund of America, Class 1		31,732,625		298,604
Total fixed income funds (cost: $324,846,000)				298,604
Short-term securities 2.30%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%2		36,195,248		36,195
Total short-term securities (cost: $36,195,000)				36,195
Options purchased 0.05%
Options purchased*				820
Total options purchased (cost: $4,575,000)				820
Total investment securities 96.16% (cost: $1,678,673,000)				1,514,521
Other assets less liabilities 3.84%				60,507
Net assets 100.00%			$	1,575,028

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 12/31/2022 (000)
S&P 500 Index	260	USD	99,827	USD	2,700.00	3/17/2023	$	107
S&P 500 Index	520		199,654		2,800.00	3/17/2023		260
S&P 500 Index	390		149,740		2,850.00	3/17/2023		208
S&P 500 Index	365		140,142		2,900.00	3/17/2023		245
							$	820

American Funds Insurance Series – Portfolio Series 11

American Funds Managed Risk Growth Portfolio (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures	Long	1,003	March 2023		USD108,253			$	(632	)
Nikkei 225 Index Contracts	Short	55	March 2023		(10,812	)			736
Japanese Yen Currency Contracts	Short	124	March 2023		(11,946	)			(503	)
FTSE 100 Index Contracts	Short	193	March 2023		(17,428	)			(22	)
British Pound Currency Contracts	Short	241	March 2023		(18,201	)			450
Russell 2000 Mini Index Contracts	Short	289	March 2023		(25,589	)			639
Mini MSCI Emerging Market Index Contracts	Short	949	March 2023		(45,523	)			679
S&P Mid 400 E-mini Index Contracts	Short	219	March 2023		(53,493	)			990
Euro Stoxx 50 Index Contracts	Short	1,686	March 2023		(68,269	)			3,645
Euro Currency Contracts	Short	558	March 2023		(75,009	)			(199	)
S&P 500 E-mini Index Contracts	Short	2,413	March 2023		(465,830	)			12,739
								$	18,522

Investments in affiliates³

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 54.89%
American Funds Insurance Series – Growth Fund, Class 1	$	594,971	$	610,806	$	485,512	$	(74,595	)	$	(174,198	)	$	471,472	$	3,035	$	73,126
American Funds Insurance Series – Global Growth Fund, Class 1		298,430		199,629		157,673		(63,977	)		(40,599	)		235,810		2,306		28,510
American Funds Insurance Series – Global Small Capitalization Fund, Class 11		198,324		193,830		120,373		(49,894	)		(64,680	)		157,207		—		55,512
														864,489
Growth-and-income funds 19.96%
American Funds Insurance Series – Growth-Income Fund, Class 1		298,430		174,061		163,203		27,479			(100,957	)		235,810		3,775		24,366
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1		100,106		60,366		54,457		6,411			(33,823	)		78,603		1,724		18,483
														314,413
Fixed income funds 18.96%
American Funds Insurance Series – The Bond Fund of America, Class 1		398,536		265,026		303,889		(50,923	)		(10,146	)		298,604		10,438		3,634
Total 93.81%							$	(205,499	)	$	(424,403	)	$	1,477,506	$	21,278	$	203,631

1	Fund did not produce income during the last 12 months.
2	Rate represents the seven-day yield at 12/31/2022.
3	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

12 American Funds Insurance Series – Portfolio Series

American Funds Managed Risk Growth and Income Portfolio

Investment portfolio December 31, 2022

Growth funds 9.98%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1		1,662,632	$	126,842
Total growth funds (cost: $139,120,000)				126,842
Growth-and-income funds 49.93%
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1		27,182,977		317,226
American Funds Insurance Series – Growth-Income Fund, Class 1		6,317,971		317,226
Total growth-and-income funds (cost: $712,977,000)				634,452
Asset allocation funds 4.99%
American Funds Insurance Series – Asset Allocation Fund, Class 1		2,856,806		63,421
Total asset allocation funds (cost: $74,571,000)				63,421
Equity-income funds 14.97%
American Funds Insurance Series – Capital Income Builder Fund, Class 1		17,312,400		190,263
Total equity-income funds (cost: $186,414,000)				190,263
Fixed income funds 14.47%
American Funds Insurance Series – The Bond Fund of America, Class 1		19,544,014		183,909
Total fixed income funds (cost: $200,329,000)				183,909
Short-term securities 2.26%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		28,679,353		28,679
Total short-term securities (cost: $28,679,000)				28,679
Options purchased 0.05%
Options purchased*				594
Total options purchased (cost: $3,164,000)				594
Total investment securities 96.65% (cost: $1,345,254,000)				1,228,160
Other assets less liabilities 3.35%				42,621
Net assets 100.00%			$	1,270,781

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 12/31/2022 (000)
S&P 500 Index	100		USD38,395		USD2,700.00	3/17/2023	$	41
S&P 500 Index	300		115,185		2,800.00	3/17/2023		150
S&P 500 Index	405		155,500		2,850.00	3/17/2023		215
S&P 500 Index	280		107,506		2,900.00	3/17/2023		188
							$	594

American Funds Insurance Series – Portfolio Series 13

American Funds Managed Risk Growth and Income Portfolio (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures	Long	720	March 2023		USD77,709			$	(251	)
Russell 2000 Mini Index Contracts	Short	39	March 2023		(3,453	)			85
Nikkei 225 Index Contracts	Short	60	March 2023		(11,795	)			773
Japanese Yen Currency Contracts	Short	137	March 2023		(13,198	)			(550	)
FTSE 100 Index Contracts	Short	226	March 2023		(20,407	)			(29	)
British Pound Currency Contracts	Short	283	March 2023		(21,374	)			507
S&P Mid 400 E-mini Index Contracts	Short	121	March 2023		(29,556	)			494
Mini MSCI Emerging Market Index Contracts	Short	688	March 2023		(33,003	)			384
Euro Stoxx 50 Index Contracts	Short	1,229	March 2023		(49,764	)			2,002
Euro Currency Contracts	Short	419	March 2023		(56,324	)			(159	)
S&P 500 E-mini Index Contracts	Short	1,760	March 2023		(339,768	)			8,554
								$	11,810

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 9.98%
American Funds Insurance Series – Growth Fund, Class 1	$	152,822	$	182,784	$	143,439	$	(28,675	)	$	(36,650	)	$	126,842	$	812	$	19,581
Growth-and-income funds 49.93%
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1		382,784		303,748		225,697		(17,063	)		(126,546	)		317,226		8,493		72,892
American Funds Insurance Series – Growth-Income Fund, Class 1		382,784		278,821		248,906		30,763			(126,236	)		317,226		5,044		32,314
														634,452
Asset allocation funds 4.99%
American Funds Insurance Series – Asset Allocation Fund, Class 1		77,139		32,563		28,374		(6,205	)		(11,702	)		63,421		1,412		6,848
Equity-income funds 14.97%
American Funds Insurance Series – Capital Income Builder Fund, Class 1		229,961		80,029		99,546		16,756			(36,937	)		190,263		6,034		—
Fixed income funds 14.47%
American Funds Insurance Series – The Bond Fund of America, Class 1		229,961		161,401		171,292		(28,820	)		(7,341	)		183,909		6,301		2,213
Total 94.34%							$	(33,244	)	$	(345,412	)	$	1,198,887	$	28,096	$	133,848

1	Rate represents the seven-day yield at 12/31/2022.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

14 American Funds Insurance Series – Portfolio Series

American Funds Managed Risk Global Allocation Portfolio

Investment portfolio December 31, 2022

Growth funds 24.95%	Shares		Value (000)
American Funds Insurance Series – Global Growth Fund, Class 1		3,082,175	$	93,020
Total growth funds (cost: $99,633,000)				93,020
Growth-and-income funds 19.96%
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1		6,377,301		74,423
Total growth-and-income funds (cost: $85,463,000)				74,423
Asset allocation funds 9.98%
American Funds Insurance Series – Asset Allocation Fund, Class 1		1,676,992		37,229
Total asset allocation funds (cost: $39,765,000)				37,229
Balanced funds 24.94%
American Funds Insurance Series – American Funds Global Balanced Fund, Class 11		7,411,955		93,020
Total balanced funds (cost: $96,573,000)				93,020
Fixed income funds 14.97%
American Funds Insurance Series – Capital World Bond Fund, Class 1		5,845,671		55,826
Total fixed income funds (cost: $59,716,000)				55,826
Short-term securities 2.38%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%2		8,870,516		8,871
Total short-term securities (cost: $8,871,000)				8,871
Options purchased 0.05%
Options purchased*				196
Total options purchased (cost: $1,050,000)				196
Total investment securities 97.23% (cost: $391,071,000)				362,585
Other assets less liabilities 2.77%				10,312
Net assets 100.00%			$	372,897

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 12/31/2022 (000)
S&P 500 Index	35		USD13,438		USD2,700.00	3/17/2023	$	14
S&P 500 Index	95		36,475		2,800.00	3/17/2023		48
S&P 500 Index	145		55,673		2,850.00	3/17/2023		77
S&P 500 Index	85		32,636		2,900.00	3/17/2023		57
							$	196

American Funds Insurance Series – Portfolio Series 15

American Funds Managed Risk Global Allocation Portfolio (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures	Long	195	March 2023		USD21,046			$	(32	)
Russell 2000 Mini Index Contracts	Short	12	March 2023		(1,062	)			24
Nikkei 225 Index Contracts	Short	18	March 2023		(3,538	)			245
Japanese Yen Currency Contracts	Short	41	March 2023		(3,950	)			(169	)
S&P Mid 400 E-mini Index Contracts	Short	22	March 2023		(5,374	)			76
FTSE 100 Index Contracts	Short	74	March 2023		(6,682	)			(13	)
British Pound Currency Contracts	Short	93	March 2023		(7,024	)			162
Mini MSCI Emerging Market Index Contracts	Short	311	March 2023		(14,919	)			203
Euro Stoxx 50 Index Contracts	Short	589	March 2023		(23,849	)			938
Euro Currency Contracts	Short	195	March 2023		(26,213	)			(77	)
S&P 500 E-mini Index Contracts	Short	332	March 2023		(64,093	)			1,542
								$	2,899

Investments in affiliates³

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 24.95%
American Funds Insurance Series – Global Growth Fund, Class 1	$	120,215	$	101,081	$	86,466	$	(17,519	)	$	(24,291	)	$	93,020	$	917	$	11,561
Growth-and-income funds 19.96%
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1		96,446		68,848		55,497		(698	)		(34,676	)		74,423		2,021		17,806
Asset allocation funds 9.98%
American Funds Insurance Series – Asset Allocation Fund, Class 1		47,995		19,622		19,466		446			(11,368	)		37,229		834		4,164
Balanced funds 24.94%
American Funds Insurance Series – American Funds Global Balanced Fund, Class 11		120,215		35,303		45,375		(544	)		(16,579	)		93,020		—		568
Fixed income funds 14.97%
American Funds Insurance Series – Capital World Bond Fund, Class 1		72,221		46,740		49,395		(12,487	)		(1,253	)		55,826		181		987
Total 94.80%							$	(30,802	)	$	(88,167	)	$	353,518	$	3,953	$	35,086

1	Fund did not produce income during the last 12 months.
2	Rate represents the seven-day yield at 12/31/2022.
3	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

16 American Funds Insurance Series – Portfolio Series

Financial statements

Statements of assets and liabilities
at December 31, 2022 (dollars and shares in thousands, except per-share amounts)

		Global Growth Portfolio			Growth and Income Portfolio			Managed Risk Growth Portfolio			Managed Risk Growth and Income Portfolio			Managed Risk Global Allocation Portfolio
Assets:
Investment securities, at value:
Unaffiliated issuers		$	—		$	—		$	37,015		$	29,273		$	9,067
Affiliated issuers			61,378			325,498			1,477,506			1,198,887			353,518
Cash collateral pledged for futures contracts			—			—			46,390			33,122			8,615
Receivables for:
Sales of investments			40			113			14,088			9,253			1,576
Sales of fund’s shares			—	*		—	*		224			—			—
Dividends			—			—			156			124			39
Variation margin on futures contracts			—			—			3,861			2,748			958
			61,418			325,611			1,579,240			1,273,407			373,773
Liabilities:
Payables for:
Purchases of investments			—			—			952			720			275
Repurchases of fund’s shares			40			113			1,394			373			128
Investment advisory services			—			—			135			109			32
Insurance administrative fees			38			200			985			791			234
Services provided by related parties			13			68			328			265			78
Trustees’ deferred compensation			—	*		2			11			9			3
Variation margin on futures contracts			—			—			407			359			126
			91			383			4,212			2,626			876
Net assets at December 31, 2022		$	61,327		$	325,228		$	1,575,028		$	1,270,781		$	372,897
Net assets consist of:
Capital paid in on shares of beneficial interest		$	64,008		$	335,831		$	1,748,600		$	1,308,993		$	407,471
Total accumulated loss			(2,681	)		(10,603	)		(173,572	)		(38,212	)		(34,574	)
Net assets at December 31, 2022		$	61,327		$	325,228		$	1,575,028		$	1,270,781		$	372,897
Investment securities, at cost:
Unaffiliated issuers		$	—		$	—		$	40,770		$	31,843		$	9,921
Affiliated issuers			72,700			364,510			1,637,903			1,313,411			381,150
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 4:	Net assets	$	61,327		$	325,228
	Shares outstanding		5,527			29,903			Not applicable			Not applicable			Not applicable
	Net asset value per share	$	11.09		$	10.88
Class P2:	Net assets							$	1,575,028		$	1,270,781		$	372,897
	Shares outstanding		Not applicable			Not applicable			169,362			128,603			39,896
	Net asset value per share							$	9.30		$	9.88		$	9.35

* Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series – Portfolio Series 17

Financial statements (continued)

Statements of operations
for the year ended December 31, 2022 (dollars in thousands)

	Global Growth Portfolio			Growth and Income Portfolio			Managed Risk Growth Portfolio			Managed Risk Growth and Income Portfolio			Managed Risk Global Allocation Portfolio
Investment income:
Income:
Dividends:
Unaffiliated issuers	$	—		$	—		$	814		$	628		$	189
Affiliated issuers		788			8,018			21,278			28,096			3,953
		788			8,018			22,092			28,724			4,142
Fees and expenses:
Investment advisory services		—			—			2,542			2,013			611
Distribution services		167			837			4,237			3,354			1,019
Insurance administrative services		167			837			4,237			3,354			1,019
Transfer agent services		—	*		—	*		—	*		—	*		—	*
Accounting and administrative services		—			—			92			75			29
Reports to shareholders		1			4			11			9			3
Registration statement and prospectus		1			4			18			11			3
Trustees’ compensation		—	*		—	*		2			1			—	*
Auditing and legal		2			8			41			33			10
Custodian		6			26			3			3			4
Other		—	*		—	*		1			1			—	*
Total fees and expenses before waivers		344			1,716			11,184			8,854			2,698
Less waivers of fees and expenses:
Investment advisory services waivers		—			—			848			672			204
Total fees and expenses after waivers		344			1,716			10,336			8,182			2,494
Net investment income		444			6,302			11,756			20,542			1,648
Net realized gain (loss) and unrealized depreciation:
Net realized (loss) gain on:
Investments in:
Unaffiliated issuers		—			—			(11,359	)		(10,694	)		(2,781	)
Affiliated issuers		(2,132	)		(3,485	)		(205,499	)		(33,244	)		(30,802	)
Futures contracts		—			—			(1,952	)		(8,831	)		(5,949	)
Currency transactions		—			—			(190	)		(304	)		(54	)
Capital gain distributions received from affiliated issuers		11,625			30,492			203,631			133,848			35,086
		9,493			27,007			(15,369	)		80,775			(4,500	)
Net unrealized (depreciation) appreciation on:
Investments in:
Unaffiliated issuers		—			—			446			1,072			117
Affiliated issuers		(30,798	)		(92,853	)		(424,403	)		(345,412	)		(88,167	)
Futures contracts		—			—			19,387			12,550			2,667
		(30,798	)		(92,853	)		(404,570	)		(331,790	)		(85,383	)
Net realized gain (loss) and unrealized depreciation		(21,305	)		(65,846	)		(419,939	)		(251,015	)		(89,883	)
Net decrease in net assets resulting from operations	$	(20,861	)	$	(59,544	)	$	(408,183	)	$	(230,473	)	$	(88,235	)

* Amount less than one thousand.

Refer to the notes to financial statements.

18 American Funds Insurance Series – Portfolio Series

Financial statements (continued)

Statements of changes in net assets (dollars in thousands)

	Global Growth Portfolio						Growth and Income Portfolio						Managed Risk Growth Portfolio
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	444		$	381		$	6,302		$	4,363		$	11,756		$	4,460
Net realized gain (loss)		9,493			8,596			27,007			29,430			(15,369	)		282,863
Net unrealized (depreciation) appreciation		(30,798	)		804			(92,853	)		5,432			(404,570	)		(87,129	)
Net (decrease) increase in net assets resulting from operations		(20,861	)		9,781			(59,544	)		39,225			(408,183	)		200,194
Distributions paid to shareholders		(9,974	)		(1,572	)		(35,419	)		(10,434	)		(259,110	)		(18,360	)
Net capital share transactions		8,118			5,159			43,477			35,193			248,176			59,229
Total (decrease) increase in net assets		(22,717	)		13,368			(51,486	)		63,984			(419,117	)		241,063
Net assets:
Beginning of year		84,044			70,676			376,714			312,730			1,994,145			1,753,082
End of year	$	61,327		$	84,044		$	325,228		$	376,714		$	1,575,028		$	1,994,145
	Managed Risk Growth and Income Portfolio						Managed Risk Global Allocation Portfolio
	Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021
Operations:
Net investment income	$	20,542		$	15,751		$	1,648		$	3,149
Net realized gain (loss)		80,775			121,319			(4,500	)		44,187
Net unrealized (depreciation) appreciation		(331,790	)		14,188			(85,383	)		(8,638	)
Net (decrease) increase in net assets resulting from operations		(230,473	)		151,258			(88,235	)		38,698
Distributions paid to shareholders		(112,305	)		(16,939	)		(40,195	)		(3,407	)
Net capital share transactions		79,014			10,702			18,917			(949	)
Total (decrease) increase in net assets		(263,764	)		145,021			(109,513	)		34,342
Net assets:
Beginning of year		1,534,545			1,389,524			482,410			448,068
End of year	$	1,270,781		$	1,534,545		$	372,897		$	482,410

Refer to the notes to financial statements.

American Funds Insurance Series – Portfolio Series 19

Notes to financial statements

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 34 different funds (the “funds”), including five funds in the series covered in this report. The other 29 funds in the series are covered in separate reports. Twenty-three funds in the series are covered in the American Funds Insurance Series report and six funds in the series are covered in the American Funds Insurance Series — Target Date Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), three of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund in the American Funds Insurance Series – Portfolio Series are as follows:

Global Growth Portfolio — Seeks to provide long-term growth of capital.

Growth and Income Portfolio — Seeks to provide long-term growth of capital while providing current income.

Managed Risk Growth Portfolio — Seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Growth and Income Portfolio — Seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.

Managed Risk Global Allocation Portfolio — Seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund offers one share class (Class 4 for Global Growth Portfolio and Growth and Income Portfolio, and Class P2 for the three managed risk funds). Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.

20 American Funds Insurance Series – Portfolio Series

Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

Distributions paid to shareholders — Income dividends and capital gain distributions paid to shareholders are recorded on each fund’s ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in each fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued.

Processes and structure — The series’ board of trustees has designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.

Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. As of December 31, 2022, all of the investment securities held by each fund were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Allocation risk — Investments in each fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of each fund’s assets could cause each fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. Some of the funds may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. To the extent that any of the funds that invest in the non-diversified investment company invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on that fund’s investment results.

American Funds Insurance Series – Portfolio Series 21

Fund structure — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by a fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

Underlying fund risks — Because each fund’s investments consist of underlying funds, each fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in each fund and the applicable underlying funds.

Market conditions — The prices of, and the income generated by, the securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of each fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

Investing in income-oriented stocks — The value of an underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the underlying fund invests.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds, which could impact the liquidity of the funds’ portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

22 American Funds Insurance Series – Portfolio Series

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying funds’ rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the underlying fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

American Funds Insurance Series – Portfolio Series 23

Liquidity risk — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or try to limit losses, or may be forced to sell at a loss.

Management — The investment adviser to the funds and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which the fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, a fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying fund, or to those of unhedged funds in general.

Short positions — A fund may suffer losses from short positions in futures and options contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

24 American Funds Insurance Series – Portfolio Series

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in future delivery contracts — The underlying funds may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the underlying fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund’s market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While the underlying fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the underlying fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of the underlying fund.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

Asset allocation — A certain fund’s percentage allocation to equity securities, debt securities and money market instruments (through its investments in the underlying funds) could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

Currency — The prices of, and the income generated by, many debt securities held by the underlying funds may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of an underlying fund’s securities denominated in such currencies would generally fall and vice versa.

Nondiversification risk — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than a diversified fund. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on a managed risk fund’s investment results.

Management — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. The occurrence of either or both of these events could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

American Funds Insurance Series – Portfolio Series 25

5. Certain investment techniques

Options contracts — The managed risk funds have entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of their managed risk strategy, the fund will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the fund obtains the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the fund pays the current market price, or the option premium, for the option.

The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire premium. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in the fund’s statement of operations. The average month-end notional amount of options contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $845,906,000, $739,642,000 and $205,037,000, respectively.

Futures contracts — The managed risk funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract. When initial margin is deposited with brokers, a receivable is recorded in each fund’s statement of assets and liabilities.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations. The average month-end notional amount of futures contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $1,394,639,000, $1,600,393,000 and $551,847,000, respectively.

The tables on the following page identify the location and fair value amounts on each fund’s statement of assets and liabilities and the effect on each fund’s statement of operations resulting from the managed risk funds’ use of options purchased and futures contracts as of December 31, 2022 (dollars in thousands):

26 American Funds Insurance Series – Portfolio Series

Managed Risk Growth Portfolio

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers*	$	820		Investment securities from unaffiliated issuers*	$	—
Futures	Currency	Unrealized appreciation†		450		Unrealized depreciation†		702
Futures	Equity	Unrealized appreciation†		19,428		Unrealized depreciation†		22
Futures	Interest	Unrealized appreciation†		—		Unrealized depreciation†		632
			$	20,698			$	1,356
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(11,359	)	Net unrealized appreciation on investments in unaffiliated issuers	$	446
Futures	Currency	Net realized gain on futures contracts		3,921		Net unrealized depreciation on futures contracts		(168	)
Futures	Equity	Net realized gain on futures contracts		12,464		Net unrealized appreciation on futures contracts		20,103
Futures	Interest	Net realized loss on futures contracts		(18,337	)	Net unrealized depreciation on futures contracts		(548	)
			$	(13,311	)		$	19,833

Managed Risk Growth and Income Portfolio

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers*	$	594		Investment securities from unaffiliated issuers*	$	—
Futures	Currency	Unrealized appreciation†		507		Unrealized depreciation†		709
Futures	Equity	Unrealized appreciation†		12,292		Unrealized depreciation†		29
Futures	Interest	Unrealized appreciation†		—		Unrealized depreciation†		251
			$	13,393			$	989
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(10,694	)	Net unrealized appreciation on investments in unaffiliated issuers	$	1,072
Futures	Currency	Net realized gain on futures contracts		5,166		Net unrealized depreciation on futures contracts		(125	)
Futures	Equity	Net realized gain on futures contracts		2,807		Net unrealized appreciation on futures contracts		12,783
Futures	Interest	Net realized loss on futures contracts		(16,804	)	Net unrealized depreciation on futures contracts		(108	)
				(19,525	)		$	13,622

Refer to the end of the tables for footnotes.

American Funds Insurance Series – Portfolio Series 27

Managed Risk Global Allocation Portfolio

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers*	$	196		Investment securities from unaffiliated issuers*	$	—
Futures	Currency	Unrealized appreciation†		162		Unrealized depreciation†		246
Futures	Equity	Unrealized appreciation†		3,028		Unrealized depreciation†		13
Futures	Interest	Unrealized appreciation†		—		Unrealized depreciation†		32
			$	3,386			$	291
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(2,781	)	Net unrealized appreciation on investments in unaffiliated issuers	$	117
Futures	Currency	Net realized gain on futures contracts		1,663		Net unrealized depreciation on futures contracts		(83	)
Futures	Equity	Net realized loss on futures contracts		(3,328	)	Net unrealized appreciation on futures contracts		2,756
Futures	Interest	Net realized loss on futures contracts		(4,284	)	Net unrealized depreciation on futures contracts		(6	)
			$	(8,730	)		$	2,784

*	Includes options purchased as reported in the fund’s investment portfolio.
†	Includes cumulative appreciation/depreciation on futures contracts as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.

Collateral — Funds that invest in futures contracts participate in a collateral program. The program calls for each fund to pledge highly liquid assets, such as cash or U.S. government securities, as collateral for initial and variation margin by contract. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses and capital losses related to sales of certain securities within 30 days of purchase. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

28 American Funds Insurance Series – Portfolio Series

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

	Global Growth Portfolio			Growth and Income Portfolio			Managed Risk Growth Portfolio			Managed Risk Growth and Income Portfolio			Managed Risk Global Allocation Portfolio
Undistributed ordinary income	$	537		$	5,747		$	17,068		$	19,332		$	2,811
Undistributed long-term capital gains		8,800			25,351			272,779			182,472			34,930
Gross unrealized appreciation on investments		841			6,662			4,492			7,191			1,100
Gross unrealized depreciation on investments		(12,860	)		(48,360	)		(467,911	)		(247,207	)		(73,415	)
Net unrealized depreciation on investments		(12,019	)		(41,698	)		(463,419	)		(240,016	)		(72,315	)
Cost of investments		73,397			367,196			1,996,462			1,479,986			437,799
Reclassification to total accumulated loss from capital paid in on shares of beneficial interest		(1	)		—			—			—			—

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Portfolio

	Year ended December 31, 2022						Year ended December 31, 2021
Share class		Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 4	$	1,799	$	8,175	$	9,974	$	214	$	1,358	$	1,572

Growth and Income Portfolio

	Year ended December 31, 2022						Year ended December 31, 2021
Share class		Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 4	$	10,097	$	25,322	$	35,419	$	5,732	$	4,702	$	10,434

Managed Risk Growth Portfolio

	Year ended December 31, 2022						Year ended December 31, 2021
Share class		Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P2	$	29,570	$	229,540	$	259,110	$	18,360	$	—	$	18,360

Managed Risk Growth and Income Portfolio

	Year ended December 31, 2022						Year ended December 31, 2021
Share class		Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P2	$	34,140	$	78,165	$	112,305	$	16,939	$	—	$	16,939

Managed Risk Global Allocation Portfolio

	Year ended December 31, 2022						Year ended December 31, 2021
Share class		Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P2	$	6,466	$	33,729	$	40,195	$	3,407	$	—	$	3,407

American Funds Insurance Series – Portfolio Series 29

7. Fees and transactions

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company^® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on an annual rate of 0.150% of daily net assets for the three managed risk funds. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

Investment advisory services waivers — CRMC waived a portion of the investment advisory services fees equal to 0.05% of each fund’s daily net assets for the three managed risk funds. For the year ended December 31, 2022, total investment advisory services fees waived by CRMC were $1,724,000. CRMC does not intend to recoup these waivers. Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC.

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.25% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 4		0.25	%		0.25	%
Class P2		0.25			0.50

Insurance administrative services — The series has an insurance administrative services plan for all share classes. Under the plan, each share class pays 0.25% of each insurance company’s respective average daily net assets to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to the funds. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC to provide administrative services to all of the funds. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. CRMC receives administrative services fee at the annual rate of 0.03% of average daily net assets from the Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The three managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which each fund compensates BNY Mellon for providing accounting and administrative services. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

30 American Funds Insurance Series – Portfolio Series

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation in each fund’s statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.

Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

8. Indemnifications

The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.

9. Capital share transactions

Capital share transactions in each fund were as follows (dollars and shares in thousands):

Global Growth Portfolio

	Sales				Reinvestments of distributions				Repurchases						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended December 31, 2022
Class 4	$	6,416		505	$	9,974		853	$	(8,272	)		(678	)	$	8,118		680
Year ended December 31, 2021
Class 4	$	12,509		747	$	1,572		93	$	(8,922	)		(529	)	$	5,159		311
Growth and Income Portfolio
		Sales				Reinvestments of distributions				Repurchases						Net increase
Share class		Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended December 31, 2022
Class 4	$	32,757		2,764	$	35,420		3,125	$	(24,700	)		(2,083	)	$	43,477		3,806
Year ended December 31, 2021
Class 4	$	46,703		3,326	$	10,433		745	$	(21,943	)		(1,582	)	$	35,193		2,489
Managed Risk Growth Portfolio
		Sales				Reinvestments of distributions				Repurchases						Net increase
Share class		Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended December 31, 2022
Class P2	$	66,751		6,086	$	259,110		26,420	$	(77,685	)		(7,596	)	$	248,176		24,910
Year ended December 31, 2021
Class P2	$	129,307		9,721	$	18,360		1,371	$	(88,438	)		(6,636	)	$	59,229		4,456

American Funds Insurance Series – Portfolio Series 31

Managed Risk Growth and Income Portfolio
	Sales				Reinvestments of distributions				Repurchases						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P2	$	48,413		4,527	$	112,305		10,888	$	(81,704	)		(7,614	)	$	79,014			7,801
Year ended December 31, 2021
Class P2	$	64,009		5,216	$	16,939		1,367	$	(70,246	)		(5,764	)	$	10,702			819
Managed Risk Global Allocation Portfolio
		Sales				Reinvestments of distributions				Repurchases						Net increase (decrease)
Share class		Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P2	$	12,516		1,158	$	40,195		4,150	$	(33,794	)		(3,420	)	$	18,917			1,888
Year ended December 31, 2021
Class P2	$	22,259		1,801	$	3,407		275	$	(26,615	)		(2,176	)	$	(949	)		(100	)

10. Ownership concentration

At December 31, 2022, Managed Risk Growth and Income Portfolio held 18% and 17% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of American Funds Insurance Series -American Funds Global Balanced Fund.

11. Investment transactions

Each fund engaged in purchases and sales of investment securities during the year ended December 31, 2022, as follows (dollars in thousands):

	Global Growth Portfolio		Growth and Income Portfolio		Managed Risk Growth Portfolio		Managed Risk Growth and Income Portfolio		Managed Risk Global Allocation Portfolio
Purchases of investment securities*	$	18,679	$	69,953	$	1,503,718	$	1,039,346	$	271,594
Sales of investment securities*		8,484		25,136		1,285,107		917,254		256,199

* Excludes short-term securities and U.S. government obligations, if any.

32 American Funds Insurance Series – Portfolio Series

Financial highlights

			(Loss) income from investment operations1								Dividends and distributions																Ratio of expenses			Ratio of expenses
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		to average net assets before waivers/ reimburse- ments3			to average net assets after waivers/ reimburse- ments2,3			Net effective expense ratio2,4,5			Ratio of net income to average net assets2
Global Growth Portfolio
Class 4:
12/31/2022	$	17.34	$	.08	$	(4.30	)	$	(4.22	)	$	(.31	)	$	(1.72	)	$	(2.03	)	$	11.09		(24.75	)%	$	61		.51	%		.51	%		.98	%		.66	%
12/31/2021		15.58		.08		2.02			2.10			(.05	)		(.29	)		(.34	)		17.34		13.49			84		.52			.52			1.04			.48
12/31/2020		13.35		.03		2.91			2.94			(.12	)		(.59	)		(.71	)		15.58		23.80			71		.55			.55			1.15			.24
12/31/2019		10.68		.12		3.18			3.30			(.09	)		(.54	)		(.63	)		13.35		31.67			54		.61			.56			1.18			.97
12/31/2018		12.17		.08		(1.22	)		(1.14	)		(.12	)		(.23	)		(.35	)		10.68		(9.77	)		36		.59			.58			1.20			.69
Growth and Income Portfolio
Class 4:
12/31/2022	$	14.44	$	.22	$	(2.46	)	$	(2.24	)	$	(.31	)	$	(1.01	)	$	(1.32	)	$	10.88		(15.74	)%	$	325		.51	%		.51	%		.80	%		1.88	%
12/31/2021		13.25		.18		1.44			1.62			(.23	)		(.20	)		(.43	)		14.44		12.32			377		.52			.52			.84			1.28
12/31/2020		12.13		.18		1.53			1.71			(.22	)		(.37	)		(.59	)		13.25		14.86			313		.52			.52			.91			1.49
12/31/2019		10.59		.22		1.81			2.03			(.19	)		(.30	)		(.49	)		12.13		19.57			257		.52			.52			.96			1.92
12/31/2018		11.40		.20		(.58	)		(.38	)		(.16	)		(.27	)		(.43	)		10.59		(3.51	)		168		.53			.53			.97			1.81
Managed Risk Growth Portfolio
Class P2:
12/31/2022	$	13.80	$	.07	$	(2.80	)	$	(2.73	)	$	(.19	)	$	(1.58	)	$	(1.77	)	$	9.30		(20.36	)%	$	1,575		.66	%		.61	%		.99	%		.69	%
12/31/2021		12.52		.03		1.38			1.41			(.13	)		—			(.13	)		13.80		11.29			1,994		.66			.61			1.01			.24
12/31/2020		11.61		.07		1.38			1.45			(.13	)		(.41	)		(.54	)		12.52		13.35			1,753		.66			.61			1.03			.65
12/31/2019		10.28		.13		1.80			1.93			(.14	)		(.46	)		(.60	)		11.61		19.26			1,474		.66			.61			1.02			1.20
12/31/2018		11.16		.12		(.53	)		(.41	)		(.14	)		(.33	)		(.47	)		10.28		(3.98	)		1,073		.66			.61			1.00			1.06
Managed Risk Growth and Income Portfolio
Class P2:
12/31/2022	$	12.70	$	.16	$	(2.05	)	$	(1.89	)	$	(.28	)	$	(.65	)	$	(.93	)	$	9.88		(15.10	)%	$	1,271		.66	%		.61	%		.99	%		1.53	%
12/31/2021		11.58		.13		1.13			1.26			(.14	)		—			(.14	)		12.70		10.93			1,535		.66			.61			1.04			1.07
12/31/2020		11.55		.13		.39			.52			(.18	)		(.31	)		(.49	)		11.58		4.96			1,390		.66			.61			1.05			1.16
12/31/2019		10.18		.18		1.74			1.92			(.18	)		(.37	)		(.55	)		11.55		19.29			1,288		.67			.62			1.08			1.66
12/31/2018		11.13		.17		(.67	)		(.50	)		(.17	)		(.28	)		(.45	)		10.18		(4.72	)		974		.66			.61			1.07			1.54
Managed Risk Global Allocation Portfolio
Class P2:
12/31/2022	$	12.69	$	.04	$	(2.32	)	$	(2.28	)	$	(.17	)	$	(.89	)	$	(1.06	)	$	9.35		(18.25	)%	$	373		.66	%		.61	%		1.11	%		.40	%
12/31/2021		11.76		.08		.94			1.02			(.09	)		—			(.09	)		12.69		8.70			482		.67			.62			1.19			.68
12/31/2020		11.60		.07		.52			.59			(.12	)		(.31	)		(.43	)		11.76		5.65			448		.68			.63			1.20			.61
12/31/2019		10.07		.13		1.89			2.02			(.15	)		(.34	)		(.49	)		11.60		20.44			424		.68			.63			1.20			1.20
12/31/2018		11.04		.14		(.88	)		(.74	)		(.10	)		(.13	)		(.23	)		10.07		(6.90	)		325		.68			.63			1.20			1.27

Refer to the next page for footnotes.

American Funds Insurance Series – Portfolio Series 33

Financial highlights (continued)

	Year ended December 31,
Portfolio turnover rate	2022			2021			2020			2019			2018
Global Growth Portfolio		13	%		36	%		14	%		14	%		12	%
Growth and Income Portfolio		7			36			7			6			5
Managed Risk Growth Portfolio		80			46			80			6			4
Managed Risk Growth and Income Portfolio		72			44			73			5			4
Managed Risk Global Allocation Portfolio		66			29			49			6			3

1	Based on average shares outstanding.
2	This column reflects the impact of certain waivers/reimbursements from CRMC. During the years shown, CRMC waived a portion of investment advisory services fees on each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the funds.
3	This column does not include expenses of the underlying funds in which each fund invests.
4	This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.
5	Unaudited.

34 American Funds Insurance Series – Portfolio Series

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of American Funds Global Growth Portfolio, American Funds Growth and Income Portfolio, American Funds Managed Risk Growth Portfolio, American Funds Managed Risk Growth and Income Portfolio and American Funds Managed Risk Global Allocation Portfolio

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of American Funds Global Growth Portfolio, American Funds Growth and Income Portfolio, American Funds Managed Risk Growth Portfolio, American Funds Managed Risk Growth and Income Portfolio and American Funds Managed Risk Global Allocation Portfolio (five of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California
February 17, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

American Funds Insurance Series – Portfolio Series 35

Expense example unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

Actual expenses:

The first line of each share class in the tables on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

36 American Funds Insurance Series – Portfolio Series

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Global Growth Portfolio
Class 4 – actual return	$	1,000.00	$	1,030.53	$	2.61		.51	%	$	5.02		.98	%
Class 4 – assumed 5% return		1,000.00		1,022.63		2.60		.51			4.99		.98
Growth and Income Portfolio
Class 4 – actual return	$	1,000.00	$	1,015.72	$	2.59		.51	%	$	4.06		.80	%
Class 4 – assumed 5% return		1,000.00		1,022.63		2.60		.51			4.08		.80
Managed Risk Growth Portfolio
Class P2 – actual return	$	1,000.00	$	981.66	$	3.05		.61	%	$	4.94		.99	%
Class P2 – assumed 5% return		1,000.00		1,022.13		3.11		.61			5.04		.99
Managed Risk Growth and Income Portfolio
Class P2 – actual return	$	1,000.00	$	992.56	$	3.06		.61	%	$	4.97		.99	%
Class P2 – assumed 5% return		1,000.00		1,022.13		3.11		.61			5.04		.99
Managed Risk Global Allocation Portfolio
Class P2 – actual return	$	1,000.00	$	994.42	$	3.07		.61	%	$	5.58		1.11	%
Class P2 – assumed 5% return		1,000.00		1,022.13		3.11		.61			5.65		1.11

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

American Funds Insurance Series – Portfolio Series 37

Liquidity Risk Management Program unaudited

The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

38 American Funds Insurance Series – Portfolio Series

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first  elected  a trustee  of the series2	Principal occupation(s) during past five years	Number of  portfolios in  fund complex  overseen by  trustee	Other directorships3 held by trustee
Francisco G. Cigarroa, MD, 1957	2021	Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research	86	None
James G. Ellis, 1947	2010	Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California	96	Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	91	None
Jennifer C. Feikin, 1968	2022	Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents	97	Hertz Global Holdings, Inc.
Leslie Stone Heisz, 1961	2022	Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management	97	Edwards Lifesciences; Public Storage
Mary Davis Holt, 1950	2015–2016; 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	87	None
Merit E. Janow, 1958	2007	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	93	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2010	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center	91	None
Alexandra Trower, 1964	2018	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	86	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	86	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.
Interested trustees4,5
Name, year of birth and position with series	Year first elected a trustee or officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Donald D. O’Neal, 1960 Co-President and Trustee	1998	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company5	35	None
Michael C. Gitlin, 1970 Trustee	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.5	86	None

The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.

American Funds Insurance Series – Portfolio Series 39

Other officers⁵

Name, year of birth and position with series	Year first  elected  an officer  of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series
Alan N. Berro, 1960 Co-President	1998	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company5; Director, The Capital Group Companies, Inc.5
Maria Manotok, 1974 Principal Executive Officer	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.5; Senior Vice President, Secretary and Director, Capital Group Companies Global5; Senior Vice President, Secretary and Director, Capital Group International, Inc.5
Michael W. Stockton, 1967 Executive Vice President	2021	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Patrice Collette, 1967 Senior Vice President	2022	Partner — Capital World Investors, Capital International, Inc.5
Peter Eliot, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company
Irfan M. Furniturewala, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company
Sung Lee, 1966 Senior Vice President	2008	Partner — Capital Research Global Investors, Capital International, Inc.5; Director, The Capital Group Companies, Inc.5
Keiko McKibben, 1969 Senior Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company
Carlos A. Schonfeld, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited5
Alan J. Wilson, 1961 Senior Vice President	2022	Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Steven I. Koszalka, 1964 Secretary	2003	Vice President — Fund Business Management Group, Capital Research and Management Company
Gregory F. Niland, 1971 Treasurer	2008	Vice President — Investment Operations, Capital Research and Management Company
Susan K. Countess, 1966 Assistant Secretary	2014	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2015	Senior Vice President — Investment Operations, Capital Research and Management Company

1	The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940.
2	Trustees and officers of the series serve until their resignation, removal or retirement.
3	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
4	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).
5	Company affiliated with Capital Research and Management Company.

40 American Funds Insurance Series – Portfolio Series

Office of the series

333 South Hope Street
Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Investment subadviser

Milliman Financial Risk Management LLC
(Managed Risk Funds only)
71 South Wacker Drive, 31st Floor
Chicago, IL 60606

Custodian of assets

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Counsel

Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/individual/investments.

“Proxy Voting Guidelines for American Funds Insurance Series — Portfolio Series” — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

American Funds Insurance Series — Portfolio Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of American Funds Insurance Series — Portfolio Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series — Portfolio Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

American Funds Insurance Series – Portfolio Series 41

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^TM — has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds Insurance Series’ superior outcomes

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.² Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.⁴

1	Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022.
2	Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.
3	Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

American Funds Insurance Series^®
Target Date Series   Annual report
for the year ended
December 31, 2022

Offering variable
annuity investors
a balanced approach
to building and
preserving wealth
through retirement

Depending on the proximity to its target date, each fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. Each fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, each fund seeks to balance total return and stability over time.

American Funds, by Capital Group, is one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class 4 shares at net asset value. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Each target date fund is composed of a mix of the American Funds and is subject to the risks and returns of the underlying funds. Investing outside the United States involves risks such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Small company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Investments in mortgage-related securities involve additional risks, such as prepayment risk, as more fully described in the prospectus. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. While not directly correlated to changes in interest rates, the values of inflation linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations. Fund shares of U.S. Government Securities Fund^® are not guaranteed by the U.S. government.

The funds’ allocation strategy does not guarantee that investors’ retirement savings goals will be met. The allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The funds may seek dividend income to help dampen risk while maintaining equity exposure, and may invest in fixed income securities to help provide current income, capital preservation and inflation protection. The funds’ risks are directly related to the risks of the underlying funds. Refer to the series prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the series.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Contents

1	Letter to investors
4	The value of a $10,000 investment
6	Investment approach for American Funds Insurance Series – Target Date Series
	Investment portfolios
7	American Funds IS 2035 Target Date Fund
9	American Funds IS 2030 Target Date Fund
11	American Funds IS 2025 Target Date Fund
13	American Funds IS 2020 Target Date Fund
15	American Funds IS 2015 Target Date Fund
17	American Funds IS 2010 Target Date Fund
19	Financial statements
43	Board of trustees and other officers

Fellow investors:

It is our pleasure to present the annual report for American Funds Insurance Series^® — Target Date Series for the year ended December 31, 2022.

All six of the funds declined amid a wide market downturn. However, three of the six funds outpaced their respective S&P Target Date Index¹ (as shown in the table on page 3). We continue to maintain a long-term perspective regarding the series’ results – balancing investors’ need to build wealth with the need to preserve it near and during retirement. Although comparisons with indexes can provide insights, we believe a comparison of absolute returns should be accompanied by an analysis of risk to fully assess whether a target date series is meeting its objectives.

About the series

Launched December 6, 2019, the series offers a suite of funds that offer variable annuity investors objective-based portfolios to help meet retirement goals. It is managed by the Target Date Solutions Committee (“the Committee”), a group of seasoned investment professionals with varied backgrounds, diverse investment approaches and decades of experience. The members of the committee include Michelle J. Black, David A. Hoag, Jessica C. Spaly, Samir Mathur, Wesley K. Phoa, Bradley J. Vogt and Shannon Ward.

In managing the series, the Committee carefully selects a mix of individual American Funds, employing an objective-based framework supported by rigorous analysis. The Committee regularly monitors each fund in the series.

Investment objectives

Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, each fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. Each fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the funds seek to balance total return and stability over time.

The investment environment

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Communication services, consumer discretionary and information technology stocks suffered the biggest losses. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. equities had their worst year since 2008 as the S&P 500 Index² fell 18.11%. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index³ lost 12.46% in one of the worst bond market

See page 2 for footnotes.

Past results are not predictive of results in future periods.

American Funds Insurance Series – Target Date Series 1

declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies.

For the fiscal year, the MSCI All Country World Index ex USA⁴ fell 16.00%. The Bloomberg U.S. Aggregate Index⁵ declined 13.01%, while the Bloomberg Global Aggregate Index⁶ was down 16.25%.

Inside the series

Over the year ended December 31, 2022, the more conservative 2010, 2015 and 2020 funds beat their respective S&P Target Date Index. These funds benefited from the relative resiliency of their underlying fixed income funds, resulting in a positive excess return for eight out of the 10 underlying funds.

Despite declines for American High-Income Trust^® (8.84%) and American Funds Mortgage Fund^® (9.74%), both fixed income funds outpaced their benchmarks, by 2.34 and 2.07 percentage points, respectively. Capital World Bond Fund^® was the relative laggard among the fixed income funds, declining by 17.17% for the year, versus a 16.25% decline for its benchmark, resulting in a difference of –0.92 percentage points.

Results in the underlying equity funds were mixed as growth-oriented stocks declined across the board. However, 11 of the 17 underlying equity funds outpaced their benchmarks, led by American Mutual Fund^® and Washington Mutual Investors Fund, which exceeded by 13.92 and 9.93 percentage points, respectively.

Over their lifetimes, Target Date Series funds have outpaced their benchmarks by an average of 0.66%.

Looking ahead

Big questions remain about how the U.S. economy will do in 2023. It is possible that the delayed impact of higher rates will keep growth slow, or even cause a mild recession. However, we have confidence in the long-term trajectory of the economy and the stock market has likely digested much of the potential bad news already, given the decline this year. Investors have reason for hope, as we’ve already taken a measure of pain, in both stocks and bonds. Inflation may persist above the levels we’ve been used to the past 10 years, but is likely to gently decline over the coming year from the 6.5% figure published in January 2023. That would be good news on its own, and would also lighten the upward pressure we’ve seen on interest rates this past year. The global negative impact of COVID-19 has already persisted longer than anyone predicted back in early 2020, but should also decline with time, particularly as China has decided to end lockdowns. That will eventually help economic growth.

Thus, as 2023 progresses we may see, out of many fears, a reason for optimism. The ongoing war in Ukraine remains a wild card, and we hope it does not spill over into a larger conflict. That may be the biggest risk to a mildly positive outlook for stocks. There can still be bumps in the road, but with our world-class research, we will continue to focus on finding those companies with the best fundamentals and the best risk-versus-return tradeoffs. We believe that we will find plenty of attractive securities for the long term in this environment. In the event of periods of volatility, we remain committed to our process, and will look for opportunities at that time as well.

Our time-tested process is based on extensive research, a long-term framework and close attention to valuation, and has resulted in superior outcomes for investors over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.

Sincerely,

 

Donald D. O’Neal
Co-President

 

Alan N. Berro
Co-President

February 17, 2023

Past results are not predictive of results in future periods.

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

1	Source: S&P Dow Jones Indices LLC. The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.
2	Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
3	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.
4	Source: MSCI. MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes.
5	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/ or Fitch as an indication of an issuer’s creditworthiness.
6	Source: Bloomberg Index Services Ltd. Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets.

2 American Funds Insurance Series – Target Date Series

Results at a glance

For periods ended December 31, 2022, with all distributions reinvested

	Cumulative total returns			Average annual total returns
Class 4 shares	1 year			Lifetime (since 12/6/19)			Expense  ratio
American Funds IS 2035 Target Date Fund		–16.79	%		4.36	%		0.86	%
S&P Target Date 2035 Index		–14.99			3.97
American Funds IS 2030 Target Date Fund		–14.87			3.49			0.63
S&P Target Date 2030 Index		–13.96			3.33
American Funds IS 2025 Target Date Fund		–13.25			3.21			0.86
S&P Target Date 2025 Index		–13.13			2.77
American Funds IS 2020 Target Date Fund		–11.51			2.88			0.84
S&P Target Date 2020 Index		–12.81			1.93
American Funds IS 2015 Target Date Fund		–10.63			2.82			0.83
S&P Target Date 2015 Index		–12.16			1.91
American Funds IS 2010 Target Date Fund		–9.56			2.67			0.83
S&P Target Date 2010 Index		–11.44			1.59
S&P 500 Index		–18.11			8.46
MSCI All Country World Index (ACWI) ex USA		–16.00			1.31
Bloomberg U.S. Aggregate Index		–13.01			–2.61

The target date funds invest in Class R-6 shares of the underlying funds.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/ or expense reimbursements, without which they would have been lower. Expense ratios are as of the series prospectus dated May 1, 2023 (unaudited), and are restated to reflect current fees. Visit capitalgroup.com/afis for more information.

Past results are not predictive of results in future periods.

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time. Source: S&P Dow Jones Indices LLC.

S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Source: S&P Dow Jones Indices LLC.

MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure developed and emerging equity markets excluding the U.S., and its results reflect dividends net of withholding taxes. Source: MSCI.

Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.

American Funds Insurance Series – Target Date Series 3

The value of a $10,000 investment

(for periods ended December 31, 2022, with all distributions reinvested)

Fund results shown are for Class 4 shares and reflect a hypothetical $10,000 investment. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis.

2035 Fund

Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		Lifetime (since 12/6/19)		Expense ratio
Class 4 shares		–16.79%		4.36%		0.86%

2030 Fund

Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		Lifetime (since 12/6/19)		Expense ratio
Class 4 shares		–14.87%		3.49%		0.63%

2025 Fund

Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		Lifetime (since 12/6/19)		Expense ratio
Class 4 shares		–13.25%		3.21%		0.86%

2020 Fund

Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		Lifetime (since 12/6/19)		Expense ratio
Class 4 shares		–11.51%		2.88%		0.84%

4 American Funds Insurance Series – Target Date Series

2015 Fund

Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		Lifetime (since 12/6/19)		Expense ratio
Class 4 shares		–10.63%		2.82%		0.83%

2010 Fund

Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2022)
	1 year		Lifetime (since 12/6/19)		Expense ratio
Class 4 shares		–9.56%		2.67%		0.83%

Past results are not predictive of results in future periods.

1	The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time. Source: S&P Dow Jones Indices LLC.
2	Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Expense ratios are as of the series prospectus dated May 1, 2023, and are restated to reflect current fees. Visit capitalgroup.com/afis for more information.

The results shown are before taxes on fund distributions and sale of fund shares.

American Funds Insurance Series – Target Date Series 5

Investment approach for American Funds Insurance Series – Target Date Series

The glide path illustrates the investment approach of the funds by showing how investments in the various fund categories will change over time. Each fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. As you can see, even into retirement a fairly substantial portion will remain invested in funds that concentrate on stocks. We believe that with retirement lasting two decades or longer for many people, an equity component makes sense, particularly in the early years of retirement. The allocations shown reflect the target allocations as of December 31, 2022.

American Funds Insurance Series — Target Date Series glide path

The Target Date Solutions Committee continually monitors the funds in the series. Each target date fund will continue to be managed for approximately 30 years after the fund reaches its target date. The target date is the year that corresponds roughly to the year in which an investor is assumed to retire and begin taking withdrawals. The funds may be subject to an allocation approach that will not meet an investor’s retirement goals. The funds’ investment adviser anticipates that the funds will invest their assets within a range that deviates no more than 10% above or below these allocations. The investment adviser will monitor the funds on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.

6 American Funds Insurance Series – Target Date Series

American Funds^® IS 2035 Target Date Fund

Investment portfolio December 31, 2022

Growth funds 28.65%	Shares		Value (000)
AMCAP Fund, Class R-61		1,856	$	57
The Growth Fund of America, Class R-6		1,153		57
SMALLCAP World Fund, Inc., Class R-6		734		43
New Perspective Fund, Class R-6		865		41
American Funds Global Insight Fund, Class R-6		1,943		36
The New Economy Fund, Class R-6		326		14
New World Fund, Inc., Class R-6		107		7
Total growth funds (cost: $249,000)				255
Growth-and-income funds 31.80%
American Mutual Fund, Class R-6		1,288		62
Capital World Growth and Income Fund, Class R-6		1,212		62
Fundamental Investors, Class R-6		948		57
Washington Mutual Investors Fund, Class R-6		928		48
The Investment Company of America, Class R-6		868		36
International Growth and Income Fund, Class R-6		559		18
Total growth-and-income funds (cost: $269,000)				283
Equity-income funds 7.64%
The Income Fund of America, Class R-6		1,576		36
Capital Income Builder, Class R-6		510		32
Total equity-income funds (cost: $65,000)				68
Balanced funds 13.03%
American Balanced Fund, Class R-6		2,471		71
American Funds Global Balanced Fund, Class R-6		1,372		45
Total balanced funds (cost: $110,000)				116
Fixed income funds 18.99%
U.S. Government Securities Fund, Class R-6		3,617		44
American Funds Inflation Linked Bond Fund, Class R-6		4,072		37
American Funds Mortgage Fund, Class R-6		2,958		27
American Funds Multi-Sector Income Fund, Class R-6		2,582		23
Intermediate Bond Fund of America, Class R-6		1,289		16
American Funds Strategic Bond Fund, Class R-6		1,126		11
Capital World Bond Fund, Class R-6		662		11
Total fixed income funds (cost: $168,000)				169
Total investment securities 100.11% (cost: $861,000)				891
Other assets less liabilities (0.11)%				(1	)
Net assets 100.00%			$	890

American Funds Insurance Series – Target Date Series 7

American Funds^® IS 2035 Target Date Fund (continued)

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)			Capital gain distributions received (000)
Growth funds 28.65%
AMCAP Fund, Class R-61	$	10	$	63	$	16	$	(1	)	$	1		$	57	$	—		$	—	3
The Growth Fund of America, Class R-6		10		64		14		(1	)		(2	)		57		—	3		1
SMALLCAP World Fund, Inc., Class R-6		7		47		11		(1	)		1			43		—	3		—
New Perspective Fund, Class R-6		8		45		12		—	3		—	3		41		—	3		1
American Funds Global Insight Fund, Class R-6		5		38		9		—	3		2			36		—	3		—
The New Economy Fund, Class R-6		4		15		4		(1	)		—	3		14		—	3		—
New World Fund, Inc., Class R-6		2		7		2		—	3		—	3		7		—	3		—
														255
Growth-and-income funds 31.80%
American Mutual Fund, Class R-6		10		68		17		—	3		1			62		1			1
Capital World Growth and Income Fund, Class R-6		10		67		18		—	3		3			62		1			—
Fundamental Investors, Class R-6		10		62		15		(1	)		1			57		1			1
Washington Mutual Investors Fund, Class R-6		8		52		13		—	3		1			48		—	3		1
The Investment Company of America, Class R-6		6		39		9		—	3		—	3		36		—	3		1
International Growth and Income Fund, Class R-6		3		19		5		—	3		1			18		—	3		—	3
														283
Equity-income funds 7.64%
The Income Fund of America, Class R-6		6		39		9		—	3		—	3		36		1			1
Capital Income Builder, Class R-6		5		35		9		—	3		1			32		1			—
														68
Balanced funds 13.03%
American Balanced Fund, Class R-6		11		77		19		—	3		2			71		1			—	3
American Funds Global Balanced Fund, Class R-6		7		48		12		—	3		2			45		—	3		—
														116
Fixed income funds 18.99%
U.S. Government Securities Fund, Class R-6		10		49		15		(1	)		1			44		—	3		—
American Funds Inflation Linked Bond Fund, Class R-6		4		44		10		—	3		(1	)		37		2			—
American Funds Mortgage Fund, Class R-6		2		31		7		—	3		1			27		—	3		—
American Funds Multi-Sector Income Fund, Class R-6		—		29		6		—	3		—	3		23		—	3		—
Intermediate Bond Fund of America, Class R-6		2		19		5		—	3		—	3		16		—	3		—
American Funds Strategic Bond Fund, Class R-6		—		14		3		—	3		—	3		11		—	3		—
Capital World Bond Fund, Class R-6		2		13		5		—	3		1			11		—	3		—
														169
Total 100.11%							$	(6	)	$	16		$	891	$	8		$	7

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
3	Amount less than one thousand.

Refer to the notes to financial statements.

8 American Funds Insurance Series – Target Date Series

American Funds^® IS 2030 Target Date Fund

Investment portfolio December 31, 2022

Growth funds 19.07%	Shares		Value (000)
AMCAP Fund, Class R-61	950	$	29
The Growth Fund of America, Class R-6	465		23
American Funds Global Insight Fund, Class R-6	922		17
SMALLCAP World Fund, Inc., Class R-6	234		13
New Perspective Fund, Class R-6	247		12
Total growth funds (cost: $109,000)			94
Growth-and-income funds 28.80%
American Mutual Fund, Class R-6	716		35
Capital World Growth and Income Fund, Class R-6	670		34
Washington Mutual Investors Fund, Class R-6	477		25
Fundamental Investors, Class R-6	343		21
The Investment Company of America, Class R-6	408		17
International Growth and Income Fund, Class R-6	313		10
Total growth-and-income funds (cost: $148,000)			142
Equity-income funds 8.11%
Capital Income Builder, Class R-6	317		20
The Income Fund of America, Class R-6	880		20
Total equity-income funds (cost: $41,000)			40
Balanced funds 12.98%
American Balanced Fund, Class R-6	1,378		39
American Funds Global Balanced Fund, Class R-6	767		25
Total balanced funds (cost: $70,000)			64
Fixed income funds 31.24%
American Funds Inflation Linked Bond Fund, Class R-6	3,027		27
American Funds Mortgage Fund, Class R-6	2,743		25
U.S. Government Securities Fund, Class R-6	2,013		25
Intermediate Bond Fund of America, Class R-6	1,674		21
The Bond Fund of America, Class R-6	1,822		21
American Funds Multi-Sector Income Fund, Class R-6	1,663		15
American Funds Strategic Bond Fund, Class R-6	1,051		10
Capital World Bond Fund, Class R-6	615		10
Total fixed income funds (cost: $166,000)			154
Total investment securities 100.20% (cost: $534,000)			494
Other assets less liabilities (0.20)%			(1	)
Net assets 100.00%		$	493

American Funds Insurance Series – Target Date Series 9

American Funds^® IS 2030 Target Date Fund (continued)

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)			Capital gain distributions received (000)
Growth funds 19.07%
AMCAP Fund, Class R-61	$	17	$	21	$	2	$	—	3	$	(7	)	$	29	$	—		$	1
The Growth Fund of America, Class R-6		14		18		2		(1	)		(6	)		23		—	3		1
American Funds Global Insight Fund, Class R-6		10		10		1		—	3		(2	)		17		—	3		—
SMALLCAP World Fund, Inc., Class R-6		9		9		1		(1	)		(3	)		13		—	3		—
New Perspective Fund, Class R-6		7		9		1		—	3		(3	)		12		—	3		—	3
														94
Growth-and-income funds 28.80%
American Mutual Fund, Class R-6		20		22		4		—	3		(3	)		35		1			1
Capital World Growth and Income Fund, Class R-6		19		23		4		—	3		(4	)		34		1			—
Washington Mutual Investors Fund, Class R-6		14		16		2		—	3		(3	)		25		—	3		1
Fundamental Investors, Class R-6		13		14		3		—	3		(3	)		21		—	3		—	3
The Investment Company of America, Class R-6		10		11		1		—	3		(3	)		17		—	3		1
International Growth and Income Fund, Class R-6		6		6		1		—	3		(1	)		10		—	3		—	3
														142
Equity-income funds 8.11%
Capital Income Builder, Class R-6		11		12		2		—	3		(1	)		20		1			—
The Income Fund of America, Class R-6		11		13		2		—	3		(2	)		20		1			1
														40
Balanced funds 12.98%
American Balanced Fund, Class R-6		22		25		3		(1	)		(4	)		39		1			—	3
American Funds Global Balanced Fund, Class R-6		14		15		2		—	3		(2	)		25		—	3		—
														64
Fixed income funds 31.24%
American Funds Inflation Linked Bond Fund, Class R-6		12		21		2		—	3		(4	)		27		2			—
American Funds Mortgage Fund, Class R-6		14		16		3		—	3		(2	)		25		—	3		—
U.S. Government Securities Fund, Class R-6		18		17		7		(1	)		(2	)		25		1			—
Intermediate Bond Fund of America, Class R-6		16		16		9		(1	)		(1	)		21		1			—
The Bond Fund of America, Class R-6		6		18		2		—	3		(1	)		21		—	3		—	3
American Funds Multi-Sector Income Fund, Class R-6		—		16		1		—	3		—	3		15		—	3		—
American Funds Strategic Bond Fund, Class R-6		—		12		1		—	3		(1	)		10		—	3		—
Capital World Bond Fund, Class R-6		14		9		10		(3	)		—	3		10		—	3		—
														154
Total 100.20%							$	(8	)	$	(58	)	$	494	$	9		$	6

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
3	Amount less than one thousand.

Refer to the notes to financial statements.

10 American Funds Insurance Series – Target Date Series

American Funds^® IS 2025 Target Date Fund

Investment portfolio December 31, 2022

Growth funds 10.68%	Shares		Value (000)
AMCAP Fund, Class R-61	1,860	$	57
American Funds Global Insight Fund, Class R-6	2,301		42
The Growth Fund of America, Class R-6	442		22
New Perspective Fund, Class R-6	256		12
SMALLCAP World Fund, Inc., Class R-6	208		12
Total growth funds (cost: $173,000)			145
Growth-and-income funds 25.70%
American Mutual Fund, Class R-6	1,817		88
Capital World Growth and Income Fund, Class R-6	1,704		88
Washington Mutual Investors Fund, Class R-6	1,329		69
Fundamental Investors, Class R-6	693		42
The Investment Company of America, Class R-6	1,016		42
International Growth and Income Fund, Class R-6	624		20
Total growth-and-income funds (cost: $360,000)			349
Equity-income funds 11.12%
The Income Fund of America, Class R-6	3,850		87
Capital Income Builder, Class R-6	1,021		64
Total equity-income funds (cost: $158,000)			151
Balanced funds 12.66%
American Balanced Fund, Class R-6	3,838		110
American Funds Global Balanced Fund, Class R-6	1,917		62
Total balanced funds (cost: $187,000)			172
Fixed income funds 39.91%
The Bond Fund of America, Class R-6	8,869		101
American Funds Inflation Linked Bond Fund, Class R-6	10,183		93
Intermediate Bond Fund of America, Class R-6	6,002		75
American Funds Mortgage Fund, Class R-6	8,224		74
U.S. Government Securities Fund, Class R-6	5,399		66
American Funds Multi-Sector Income Fund, Class R-6	5,460		49
American Funds Strategic Bond Fund, Class R-6	3,551		34
Capital World Bond Fund, Class R-6	1,683		27
American High-Income Trust, Class R-6	2,539		23
Total fixed income funds (cost: $609,000)			542
Total investment securities 100.07% (cost: $1,487,000)			1,359
Other assets less liabilities (0.07)%			(1	)
Net assets 100.00%		$	1,358

American Funds Insurance Series – Target Date Series 11

American Funds^® IS 2025 Target Date Fund (continued)

Investments in affiliates²

	Value of							Net			Net			Value of					Capital gain
	affiliates at							realized			unrealized			affiliates at		Dividend			distributions
	1/1/2022		Additions		Reductions			loss			depreciation			12/31/2022		income			received
	(000)		(000)		(000)			(000)			(000)			(000)		(000)			(000)
Growth funds 10.68%
AMCAP Fund, Class R-61	$	57	$	29	$	6		$	(2	)	$	(21	)	$	57	$	—		$	4
American Funds Global Insight Fund, Class R-6		35		15		2			—	3		(6	)		42		1			—
The Growth Fund of America, Class R-6		29		11		7			(3	)		(8	)		22		—	3		1
New Perspective Fund, Class R-6		15		5		3			(1	)		(4	)		12		—	3		1
SMALLCAP World Fund, Inc., Class R-6		14		5		3			(1	)		(3	)		12		—	3		—
															145
Growth-and-income funds 25.70%
American Mutual Fund, Class R-6		77		32		14			—	3		(7	)		88		2			2
Capital World Growth and Income Fund, Class R-6		77		37		10			(2	)		(14	)		88		2			—
Washington Mutual Investors Fund, Class R-6		59		25		6			—	3		(9	)		69		2			3
Fundamental Investors, Class R-6		36		17		2			(1	)		(8	)		42		1			1
The Investment Company of America, Class R-6		36		17		2			(1	)		(8	)		42		1			2
International Growth and Income Fund, Class R-6		19		8		3			(1	)		(3	)		20		1			—	3
															349
Equity-income funds 11.12%
The Income Fund of America, Class R-6		64		35		2			—	3		(10	)		87		3			3
Capital Income Builder, Class R-6		51		22		3			—	3		(6	)		64		2			—
															151
Balanced funds 12.66%
American Balanced Fund, Class R-6		94		38		6			(1	)		(15	)		110		2			1
American Funds Global Balanced Fund, Class R-6		53		21		3			—	3		(9	)		62		1			—
															172
Fixed income funds 39.91%
The Bond Fund of America, Class R-6		68		47		—			—			(14	)		101		3			—	3
American Funds Inflation Linked Bond Fund, Class R-6		64		46		—	3		—	3		(17	)		93		6			—
Intermediate Bond Fund of America, Class R-6		100		41		56			(5	)		(5	)		75		2			—
American Funds Mortgage Fund, Class R-6		60		26		3			—	3		(9	)		74		2			—
U.S. Government Securities Fund, Class R-6		63		24		11			(2	)		(8	)		66		2			—
American Funds Multi-Sector Income Fund, Class R-6		—		50		—			—			(1	)		49		1			—
American Funds Strategic Bond Fund, Class R-6		—		37		—			—			(3	)		34		1			—
Capital World Bond Fund, Class R-6		54		27		42			(10	)		(2	)		27		1			—
American High-Income Trust, Class R-6		20		16		9			(1	)		(3	)		23		1			—
															542
Total 100.07%								$	(31	)	$	(193	)	$	1,359	$	37		$	18

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
3	Amount less than one thousand.

Refer to the notes to financial statements.

12 American Funds Insurance Series – Target Date Series

American Funds^® IS 2020 Target Date Fund

Investment portfolio December 31, 2022

Growth funds 4.32%	Shares		Value (000)
American Funds Global Insight Fund, Class R-6		3,548	$	65
AMCAP Fund, Class R-61		1,496		46
Total growth funds (cost: $136,000)				111
Growth-and-income funds 22.93%
American Mutual Fund, Class R-6		3,190		155
Capital World Growth and Income Fund, Class R-6		2,700		139
Washington Mutual Investors Fund, Class R-6		2,478		129
The Investment Company of America, Class R-6		1,889		78
Fundamental Investors, Class R-6		1,286		77
International Growth and Income Fund, Class R-6		361		11
Total growth-and-income funds (cost: $626,000)				589
Equity-income funds 16.23%
The Income Fund of America, Class R-6		11,947		270
Capital Income Builder, Class R-6		2,334		147
Total equity-income funds (cost: $439,000)				417
Balanced funds 12.18%
American Balanced Fund, Class R-6		7,245		208
American Funds Global Balanced Fund, Class R-6		3,246		105
Total balanced funds (cost: $354,000)				313
Fixed income funds 44.42%
The Bond Fund of America, Class R-6		17,831		203
American Funds Inflation Linked Bond Fund, Class R-6		21,777		199
American Funds Mortgage Fund, Class R-6		17,012		153
Intermediate Bond Fund of America, Class R-6		12,145		151
U.S. Government Securities Fund, Class R-6		10,343		127
American Funds Multi-Sector Income Fund, Class R-6		11,538		103
American High-Income Trust, Class R-6		8,446		77
American Funds Strategic Bond Fund, Class R-6		8,009		76
Capital World Bond Fund, Class R-6		3,221		52
Total fixed income funds (cost: $1,305,000)				1,141
Total investment securities 100.08% (cost: $2,860,000)				2,571
Other assets less liabilities (0.08)%				(2	)
Net assets 100.00%			$	2,569

American Funds Insurance Series – Target Date Series 13

American Funds^® IS 2020 Target Date Fund (continued)

Investments in affiliates²

	Value of						Net			Net			Value of					Capital gain
	affiliates at						realized			unrealized			affiliates at		Dividend			distributions
	1/1/2022		Additions		Reductions		loss			depreciation			12/31/2022		income			received
	(000)		(000)		(000)		(000)			(000)			(000)		(000)			(000)
Growth funds 4.32%
American Funds Global Insight Fund, Class R-6	$	78	$	3	$	3	$	—	3	$	(13	)	$	65	$	1		$	—
AMCAP Fund, Class R-61		66		6		4		(1	)		(21	)		46		—			4
														111
Growth-and-income funds 22.93%
American Mutual Fund, Class R-6		179		11		20		—	3		(15	)		155		4			4
Capital World Growth and Income Fund, Class R-6		167		15		11		(3	)		(29	)		139		4			—
Washington Mutual Investors Fund, Class R-6		149		14		13		(1	)		(20	)		129		3			6
The Investment Company of America, Class R-6		90		11		4		(1	)		(18	)		78		1			4
Fundamental Investors, Class R-6		89		10		3		(1	)		(18	)		77		1			3
International Growth and Income Fund, Class R-6		18		1		5		(1	)		(2	)		11		—	3		—	3
														589
Equity-income funds 16.23%
The Income Fund of America, Class R-6		286		33		12		(1	)		(36	)		270		10			9
Capital Income Builder, Class R-6		161		8		6		—	3		(16	)		147		6			—
														417
Balanced funds 12.18%
American Balanced Fund, Class R-6		239		9		6		(1	)		(33	)		208		4			1
American Funds Global Balanced Fund, Class R-6		119		7		2		—	3		(19	)		105		2			—
														313
Fixed income funds 44.42%
The Bond Fund of America, Class R-6		239		11		11		(1	)		(35	)		203		6			—	3
American Funds Inflation Linked Bond Fund, Class R-6		209		39		12		(1	)		(36	)		199		12			—
American Funds Mortgage Fund, Class R-6		179		6		11		(1	)		(20	)		153		3			—
Intermediate Bond Fund of America, Class R-6		268		10		105		(9	)		(13	)		151		5			—
U.S. Government Securities Fund, Class R-6		149		7		9		(1	)		(19	)		127		4			—
American Funds Multi-Sector Income Fund, Class R-6		—		108		3		—	3		(2	)		103		3			—
American High-Income Trust, Class R-6		149		8		60		(8	)		(12	)		77		6			—
American Funds Strategic Bond Fund, Class R-6		—		83		—		—			(7	)		76		3			—
Capital World Bond Fund, Class R-6		149		4		74		(19	)		(8	)		52		2			—
														1,141
Total 100.08%							$	(50	)	$	(392	)	$	2,571	$	80		$	31

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
3	Amount less than one thousand.

Refer to the notes to financial statements.

14 American Funds Insurance Series – Target Date Series

American Funds^® IS 2015 Target Date Fund

Investment portfolio December 31, 2022

Growth funds 1.21%	Shares		Value (000)
American Funds Global Insight Fund, Class R-6		11,156	$	205
AMCAP Fund, Class R-61		3,314		102
Total growth funds (cost: $368,000)				307
Growth-and-income funds 20.97%
American Mutual Fund, Class R-6		31,567		1,529
Capital World Growth and Income Fund, Class R-6		24,724		1,275
Washington Mutual Investors Fund, Class R-6		21,618		1,124
The Investment Company of America, Class R-6		18,632		768
Fundamental Investors, Class R-6		10,180		613
Total growth-and-income funds (cost: $5,248,000)				5,309
Equity-income funds 18.72%
The Income Fund of America, Class R-6		141,629		3,206
Capital Income Builder, Class R-6		24,321		1,531
Total equity-income funds (cost: $4,773,000)				4,737
Balanced funds 11.46%
American Balanced Fund, Class R-6		65,382		1,881
American Funds Global Balanced Fund, Class R-6		31,386		1,020
Total balanced funds (cost: $3,126,000)				2,901
Fixed income funds 47.72%
The Bond Fund of America, Class R-6		189,097		2,152
American Funds Inflation Linked Bond Fund, Class R-6		221,536		2,020
Intermediate Bond Fund of America, Class R-6		158,357		1,968
American Funds Mortgage Fund, Class R-6		167,052		1,502
American Funds Multi-Sector Income Fund, Class R-6		112,535		1,007
American Funds Strategic Bond Fund, Class R-6		95,717		903
Short-Term Bond Fund of America, Class R-6		80,585		762
American High-Income Trust, Class R-6		83,620		758
Capital World Bond Fund, Class R-6		31,313		505
U.S. Government Securities Fund, Class R-6		40,890		501
Total fixed income funds (cost: $13,399,000)				12,078
Total investment securities 100.08% (cost: $26,914,000)				25,332
Other assets less liabilities (0.08)%				(21	)
Net assets 100.00%			$	25,311

American Funds Insurance Series – Target Date Series 15

American Funds^® IS 2015 Target Date Fund (continued)

Investments in affiliates²

	Value of						Net			Net			Value of				Capital gain
	affiliates at						realized			unrealized			affiliates at		Dividend		distributions
	1/1/2022		Additions		Reductions		loss			depreciation			12/31/2022		income		received
	(000)		(000)		(000)		(000)			(000)			(000)		(000)		(000)
Growth funds 1.21%
American Funds Global Insight Fund, Class R-6	$	231	$	71	$	57	$	(6	)	$	(34	)	$	205	$	3	$	—
AMCAP Fund, Class R-61		115		48		18		(3	)		(40	)		102		—		7
														307
Growth-and-income funds 20.97%
American Mutual Fund, Class R-6		1,150		621		132		(2	)		(108	)		1,529		31		41
Capital World Growth and Income Fund, Class R-6		959		615		97		(14	)		(188	)		1,275		26		—
Washington Mutual Investors Fund, Class R-6		882		495		121		(3	)		(129	)		1,124		22		42
The Investment Company of America, Class R-6		576		364		36		(4	)		(132	)		768		11		31
Fundamental Investors, Class R-6		499		271		41		(4	)		(112	)		613		10		18
														5,309
Equity-income funds 18.72%
The Income Fund of America, Class R-6		2,376		1,286		104		(3	)		(349	)		3,206		99		107
Capital Income Builder, Class R-6		1,148		560		45		(2	)		(130	)		1,531		51		—
														4,737
Balanced funds 11.46%
American Balanced Fund, Class R-6		1,450		686		23		(3	)		(229	)		1,881		33		9
American Funds Global Balanced Fund, Class R-6		763		410		18		(4	)		(131	)		1,020		16		—
														2,901
Fixed income funds 47.72%
The Bond Fund of America, Class R-6		1,532		966		65		(5	)		(276	)		2,152		54		2
American Funds Inflation Linked Bond Fund, Class R-6		1,344		1,128		135		(7	)		(310	)		2,020		125		—
Intermediate Bond Fund of America, Class R-6		2,106		971		899		(73	)		(137	)		1,968		51		—
American Funds Mortgage Fund, Class R-6		1,148		560		46		(3	)		(157	)		1,502		30		—
American Funds Multi-Sector Income Fund, Class R-6		—		1,035		8		—	3		(20	)		1,007		24		—
American Funds Strategic Bond Fund, Class R-6		—		979		7		—	3		(69	)		903		35		—
Short-Term Bond Fund of America, Class R-6		382		422		14		(1	)		(27	)		762		11		—
American High-Income Trust, Class R-6		959		356		408		(49	)		(100	)		758		49		—
Capital World Bond Fund, Class R-6		956		375		623		(154	)		(49	)		505		18		—
U.S. Government Securities Fund, Class R-6		574		122		117		(12	)		(66	)		501		15		—
														12,078
Total 100.08%							$	(352	)	$	(2,793	)	$	25,332	$	714	$	257

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
3	Amount less than one thousand.

Refer to the notes to financial statements.

16 American Funds Insurance Series – Target Date Series

American Funds^® IS 2010 Target Date Fund

Investment portfolio December 31, 2022

Growth-and-income funds 17.67%	Shares		Value (000)
American Mutual Fund, Class R-6		480,502	$	23,276
Washington Mutual Investors Fund, Class R-6		332,424		17,289
Capital World Growth and Income Fund, Class R-6		318,494		16,422
The Investment Company of America, Class R-6		315,240		13,000
Fundamental Investors, Class R-6		100,483		6,054
Total growth-and-income funds (cost: $77,876,000)				76,041
Equity-income funds 22.60%
The Income Fund of America, Class R-6		3,041,645		68,833
Capital Income Builder, Class R-6		451,261		28,411
Total equity-income funds (cost: $101,401,000)				97,244
Balanced funds 9.81%
American Balanced Fund, Class R-6		1,047,795		30,145
American Funds Global Balanced Fund, Class R-6		371,303		12,067
Total balanced funds (cost: $46,107,000)				42,212
Fixed income funds 50.00%
Intermediate Bond Fund of America, Class R-6		3,531,254		43,894
The Bond Fund of America, Class R-6		3,629,297		41,301
American Funds Inflation Linked Bond Fund, Class R-6		3,489,751		31,827
Short-Term Bond Fund of America, Class R-6		3,095,463		29,252
American Funds Mortgage Fund, Class R-6		3,157,007		28,382
American Funds Strategic Bond Fund, Class R-6		1,822,389		17,185
American Funds Multi-Sector Income Fund, Class R-6		1,633,420		14,619
American High-Income Trust, Class R-6		566,427		5,132
Capital World Bond Fund, Class R-6		219,810		3,541
Total fixed income funds (cost: $236,591,000)				215,133
Total investment securities 100.08% (cost: $461,975,000)				430,630
Other assets less liabilities (0.08)%				(352	)
Net assets 100.00%			$	430,278

American Funds Insurance Series – Target Date Series 17

American Funds^® IS 2010 Target Date Fund (continued)

Investments in affiliates¹

	Value of						Net			Net			Value of				Capital gain
	affiliates at						realized			unrealized			affiliates at		Dividend		distributions
	1/1/2022		Additions		Reductions		loss			depreciation			12/31/2022		income		received
	(000)		(000)		(000)		(000)			(000)			(000)		(000)		(000)
Growth-and-income funds 17.67%
American Mutual Fund, Class R-6	$	17,676	$	9,162	$	1,762	$	(63	)	$	(1,737	)	$	23,276	$	481	$	632
Washington Mutual Investors Fund, Class R-6		12,626		7,580		860		(84	)		(1,973	)		17,289		345		665
Capital World Growth and Income Fund, Class R-6		13,257		7,996		1,979		(226	)		(2,626	)		16,422		366		—
The Investment Company of America, Class R-6		9,469		6,746		875		(138	)		(2,202	)		13,000		201		546
Fundamental Investors, Class R-6		5,050		2,714		511		(83	)		(1,116	)		6,054		106		187
														76,041
Equity-income funds 22.60%
The Income Fund of America, Class R-6		47,346		30,485		1,423		(143	)		(7,432	)		68,833		2,153		2,336
Capital Income Builder, Class R-6		20,201		11,006		377		(35	)		(2,384	)		28,411		951		—
														97,244
Balanced funds 9.81%
American Balanced Fund, Class R-6		22,095		11,896		144		(20	)		(3,682	)		30,145		535		157
American Funds Global Balanced Fund, Class R-6		10,100		4,007		234		(31	)		(1,775	)		12,067		206		—
														42,212
Fixed income funds 50.00%
Intermediate Bond Fund of America, Class R-6		49,239		23,264		23,632		(2,031	)		(2,946	)		43,894		1,210		—
The Bond Fund of America, Class R-6		27,776		18,877		—		—			(5,352	)		41,301		1,043		43
American Funds Inflation Linked Bond Fund, Class R-6		19,570		17,439		201		(22	)		(4,959	)		31,827		1,961		—
Short-Term Bond Fund of America, Class R-6		22,095		12,501		3,977		(194	)		(1,173	)		29,252		470		—
American Funds Mortgage Fund, Class R-6		20,201		11,132		—		—			(2,951	)		28,382		556		—
American Funds Strategic Bond Fund, Class R-6		—		18,546		—		—			(1,361	)		17,185		667		—
American Funds Multi-Sector Income Fund, Class R-6		—		15,020		72		(4	)		(325	)		14,619		348		—
American High-Income Trust, Class R-6		9,469		1,936		4,914		(598	)		(761	)		5,132		414		—
Capital World Bond Fund, Class R-6		9,469		2,016		6,089		(1,478	)		(377	)		3,541		153		—
														215,133
Total 100.08%							$	(5,150	)	$	(45,132	)	$	430,630	$	12,166	$	4,566

¹ Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

18 American Funds Insurance Series – Target Date Series

Financial statements

Statements of assets and liabilities
at December 31, 2022 (dollars and shares in thousands, except per-share amounts)

		IS 2035 Fund			IS 2030 Fund			IS 2025 Fund			IS 2020 Fund			IS 2015 Fund			IS 2010 Fund
Assets:
Investment securities of affiliated issuers, at value		$	891		$	494		$	1,359		$	2,571		$	25,332		$	430,630
Cash			—	*		—	*		—	*		—	*		1			—
Receivables for:
Sales of investments			—	*		—	*		—	*		—	*		1			—
Sales of fund’s shares			—			—			—			—			—			253
Dividends and capital gain distributions			—	*		—	*		2			3			29			499
Total assets			891			494			1,361			2,574			25,363			431,382
Liabilities:
Payables for:
Purchases of investments			—	*		1			2			3			29			747
Repurchases of fund’s shares			—	*		—	*		—	*		—	*		2			5
Insurance administrative fees			1			—	*		1			1			15			254
Services provided by related parties			—	*		—	*		—	*		1			6			98
Total liabilities			1			1			3			5			52			1,104
Net assets at December 31, 2022		$	890		$	493		$	1,358		$	2,569		$	25,311		$	430,278
Net assets consist of:
Capital paid in on shares of beneficial interest		$	853		$	530		$	1,484		$	2,852		$	26,698		$	457,163
Total distributable earnings (accumulated loss)			37			(37	)		(126	)		(283	)		(1,387	)		(26,885	)
Net assets at December 31, 2022		$	890		$	493		$	1,358		$	2,569		$	25,311		$	430,278
Investment securities from affiliated issuers, at cost		$	861		$	534		$	1,487		$	2,860		$	26,914		$	461,975
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	12		$	11		$	11		$	11		$	11		$	11
	Shares outstanding		1			1			1			1			1			1
	Net asset value per share	$	9.95		$	9.95		$	10.17		$	10.06		$	10.09		$	10.17
Class 1A:	Net assets	$	11		$	11		$	11		$	11		$	11		$	11
	Shares outstanding		1			1			1			1			1			1
	Net asset value per share	$	9.95		$	9.95		$	10.17		$	10.06		$	10.08		$	10.17
Class 2:	Net assets	$	11		$	11		$	11		$	11		$	11		$	11
	Shares outstanding		1			1			1			1			1			1
	Net asset value per share	$	9.95		$	9.95		$	10.17		$	10.06		$	10.08		$	10.17
Class 4:	Net assets	$	856		$	460		$	1,325		$	2,536		$	25,278		$	430,245
	Shares outstanding		87			47			131			254			2,519			42,536
	Net asset value per share	$	9.90		$	9.92		$	10.13		$	10.01		$	10.04		$	10.11

* Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series – Target Date Series 19

Financial statements (continued)

Statements of operations
for the year ended December 31, 2022 (dollars in thousands)

	IS 2035 Fund			IS 2030 Fund			IS 2025 Fund			IS 2020 Fund			IS 2015 Fund			IS 2010 Fund
Investment income:
Income:
Dividends from affiliated issuers	$	8		$	9		$	37		$	80		$	714		$	12,166
Fees and expenses*:
Distribution services		—	†		1			3			7			55			946
Insurance administrative services		—	†		1			3			7			55			946
Transfer agent services		—	†		—			—	†		—	†		—	†		—	†
Reports to shareholders		1			—	†		—	†		—	†		1			28
Registration statement and prospectus		—	†		—	†		—	†		—	†		1			21
Auditing and legal		—	†		—	†		1			1			4			78
Custodian		—	†		—	†		—	†		—	†		2			36
Other		—	†		—	†		—	†		—	†		1			12
Total fees and expenses		1			2			7			15			119			2,067
Net investment income		7			7			30			65			595			10,099
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized loss on investments in affiliated issuers		(6	)		(8	)		(31	)		(50	)		(352	)		(5,150	)
Capital gain distributions received from affiliated issuers		7			6			18			31			257			4,566
		1			(2	)		(13	)		(19	)		(95	)		(584	)
Net unrealized appreciation (depreciation) on investments in affiliated issuers		16			(58	)		(193	)		(392	)		(2,793	)		(45,132	)
Net realized gain (loss) and unrealized appreciation (depreciation)		17			(60	)		(206	)		(411	)		(2,888	)		(45,716	)
Net increase (decrease) in net assets resulting from operations	$	24		$	(53	)	$	(176	)	$	(346	)	$	(2,293	)	$	(35,617	)

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.
†	Amount less than one thousand.

Refer to the notes to financial statements.

20 American Funds Insurance Series – Target Date Series

Financial statements (continued)

Statements of changes in net assets (dollars in thousands)

	IS 2035 Fund						IS 2030 Fund						IS 2025 Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	7		$	2		$	7		$	3		$	30		$	13
Net realized gain (loss)		1			8			(2	)		15			(13	)		39
Net unrealized appreciation (depreciation)		16			8			(58	)		14			(193	)		25
Net increase (decrease) in net assets resulting from operations		24			18			(53	)		32			(176	)		77
Distributions paid to shareholders		(10	)		(2	)		(20	)		(3	)		(61	)		(10	)
Net capital share transactions		734			2			290			74			451			549
Total increase (decrease) in net assets		748			18			217			103			214			616
Net assets:
Beginning of year		142			124			276			173			1,144			528
End of year	$	890		$	142		$	493		$	276		$	1,358		$	1,144
	IS 2020 Fund						IS 2015 Fund						IS 2010 Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	65		$	35		$	595		$	268		$	10,099		$	3,575
Net realized gain (loss)		(19	)		73			(95	)		531			(584	)		6,436
Net unrealized appreciation (depreciation)		(392	)		45			(2,793	)		594			(45,132	)		6,256
Net increase (decrease) in net assets resulting from operations		(346	)		153			(2,293	)		1,393			(35,617	)		16,267
Distributions paid to shareholders		(132	)		(22	)		(964	)		(198	)		(13,384	)		(2,239	)
Net capital share transactions		66			1,804			9,434			6,227			163,880			175,011
Total increase (decrease) in net assets		(412	)		1,935			6,177			7,422			114,879			189,039
Net assets:
Beginning of year		2,981			1,046			19,134			11,712			315,399			126,360
End of year	$	2,569		$	2,981		$	25,311		$	19,134		$	430,278		$	315,399

Refer to the notes to financial statements.

American Funds Insurance Series – Target Date Series 21

Notes to financial statements

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 34 different funds (the “funds”), including six funds in the American Funds Insurance Series — Target Date Series covered in this report. The other 28 funds in the series are covered in separate reports. Twenty-three funds in the series are covered in the American Funds Insurance Series report and five funds in the series are covered in the American Funds Insurance Series — Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

Each fund in the American Funds Insurance Series — Target Date Series is designed for investors who plan to retire in, or close to, the year designated in the fund’s name. Depending on its proximity to its target date, each fund seeks to achieve the following objectives to varying degrees: growth, income and conservation of capital. As each fund approaches and passes its target date, it will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds. Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the “underlying funds”) in different combinations and weightings. CRMC is also the investment adviser of the underlying funds.

Each fund offers four share classes (Classes 1, 1A, 2 and 4). Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.

Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions paid to shareholders are recorded on each fund’s ex-dividend date.

22 American Funds Insurance Series – Target Date Series

3. Valuation

Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Processes and structure — The series’ board of trustees has designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.

Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. As of December 31, 2022, all of the investment securities held by each fund were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Allocation risk — Investments in each fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of each fund’s assets could cause each fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, each fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk each fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.

Fund structure — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

American Funds Insurance Series – Target Date Series 23

Underlying fund risks — Because each fund’s investments consist of underlying funds, each fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in each fund and the applicable underlying funds, as described below.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the underlying funds may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting, and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds, which could impact the liquidity of the funds’ portfolios. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

24 American Funds Insurance Series – Target Date Series

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which an underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.”

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk, and credit risk.

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund.

American Funds Insurance Series – Target Date Series 25

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and system failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

Interest rate risk — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

Liquidity risk — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or try to limit losses, or may be forced to sell at a loss.

Management — The investment adviser to the funds and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

26 American Funds Insurance Series – Target Date Series

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses, capital losses related to sales of certain securities within 30 days of purchase, and net capital losses. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

	IS 2035 Fund			IS 2030 Fund			IS 2025 Fund			IS 2020 Fund			IS 2015 Fund			IS 2010 Fund
Undistributed ordinary income	$	11		$	5		$	15		$	30		$	303		$	5,077
Undistributed long-term capital gain		7			1			—			—			—			480
Capital loss carryforward*		—			—			(11	)		(16	)		(25	)		—
Gross unrealized appreciation on investments		24			—			3			5			204			481
Gross unrealized depreciation on investments		(4	)		(43	)		(133	)		(301	)		(1,869	)		(32,923	)
Net unrealized appreciation (depreciation) on investments		20			(43	)		(130	)		(296	)		(1,665	)		(32,442	)
Cost of investments		871			537			1,489			2,867			26,997			463,072

* Each fund’s capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

IS 2035 Fund
	Year ended December 31, 2022									Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class 1	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†
Class 1A		—	†		—	†		—	†		—	†		—	†		—	†
Class 2		—	†		—	†		—	†		—	†		—	†		—	†
Class 4		3			7			10			1			1			2
Total	$	3		$	7		$	10		$	1		$	1		$	2
IS 2030 Fund
	Year ended December 31, 2022									Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class 1	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†
Class 1A		—	†		—	†		—	†		—	†		—	†		—	†
Class 2		—	†		—	†		—	†		—	†		—	†		—	†
Class 4		10			10			20			2			1			3
Total	$	10		$	10		$	20		$	2		$	1		$	3

Refer to the next page for footnote.

American Funds Insurance Series – Target Date Series 27

IS 2025 Fund
	Year ended December 31, 2022									Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class 1	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†
Class 1A		—	†		—	†		—	†		—	†		—	†		—	†
Class 2		—	†		—	†		—	†		—	†		—	†		—	†
Class 4		32			29			61			5			5			10
Total	$	32		$	29		$	61		$	5		$	5		$	10
IS 2020 Fund
	Year ended December 31, 2022										Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class 1	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†
Class 1A		—	†		—	†		—	†		—	†		—	†		—	†
Class 2		—	†		—	†		—	†		—	†		—	†		—	†
Class 4		74			58			132			15			7			22
Total	$	74		$	58		$	132		$	15		$	7		$	22
IS 2015 Fund
	Year ended December 31, 2022									Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class 1	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†
Class 1A		—	†		—	†		—	†		—	†		—	†		—	†
Class 2		—	†		—	†		—	†		—	†		—	†		—	†
Class 4		580			384			964			142			56			198
Total	$	580		$	384		$	964		$	142		$	56		$	198
IS 2010 Fund
	Year ended December 31, 2022									Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class 1	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†	$	—	†
Class 1A		—	†		—	†		—	†		—	†		—	†		—	†
Class 2		—	†		—	†		—	†		—	†		—	†		—	†
Class 4		7,953			5,431			13,384			1,695			544			2,239
Total	$	7,953		$	5,431		$	13,384		$	1,695		$	544		$	2,239

^† Amount less than one thousand.

28 American Funds Insurance Series – Target Date Series

6. Fees and transactions

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company^® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables.

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments are based on an annualized percentage of average net assets as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 4		0.25			0.25

Insurance administrative services — The series has an insurance administrative services plan for Class 1A and 4 shares. Under the plan, each share class pays 0.25% of each insurance company’s respective average daily net assets to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to the funds. These services include recordkeeping, shareholder communications and transaction processing. In addition, the funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each underlying fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets for Class R-6 shares. Currently CRMC receives an administrative services fee at the annual rate of 0.03% of the average daily net assets of the Class R-6 shares of each underlying fund for CRMC’s provision of administrative services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

American Funds Insurance Series – Target Date Series 29

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

IS 2035 Fund
Share class	Distribution services			Insurance administrative services
Class 1	Not applicable			Not applicable
Class 1A		$—			$—
Class 2		—			Not applicable
Class 4		—	*		—	*
Total class-specific expenses		$—	*		$—	*
IS 2030 Fund
Share class	Distribution services			Insurance administrative services
Class 1	Not applicable			Not applicable
Class 1A		$—			$—
Class 2		—			Not applicable
Class 4		1			1
Total class-specific expenses		$1			$1
IS 2025 Fund
Share class	Distribution services			Insurance administrative services
Class 1	Not applicable			Not applicable
Class 1A		$—			$—
Class 2		—			Not applicable
Class 4		3			3
Total class-specific expenses		$3			$3
IS 2020 Fund
Share class	Distribution services			Insurance administrative services
Class 1	Not applicable			Not applicable
Class 1A		$—			$—
Class 2		—			Not applicable
Class 4		7			7
Total class-specific expenses		$7			$7
IS 2015 Fund
Share class	Distribution services			Insurance administrative services
Class 1	Not applicable			Not applicable
Class 1A		$—			$—
Class 2		—			Not applicable
Class 4		55			55
Total class-specific expenses		$55			$55
IS 2010 Fund
Share class	Distribution services			Insurance administrative services
Class 1	Not applicable			Not applicable
Class 1A		$—			$—
Class 2		—			Not applicable
Class 4		946			946
Total class-specific expenses		$946			$946

* Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation in each fund’s statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.

Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

7. Indemnifications

The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.

30 American Funds Insurance Series – Target Date Series

8. Capital share transactions

Capital share transactions in each fund were as follows (dollars and shares in thousands):

IS 2035 Fund
	Sales						Reinvestments of distributions						Repurchases						Net increase
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	—			—		$	1			—	*	$	—			—		$	1			—	*
Class 1A		—			—			1			—	*		—			—			1			—	*
Class 2		—			—			1			—	*		—			—			1			—	*
Class 4		956			101			7			1			(232	)		(23	)		731			79
Total net increase (decrease)	$	956			101		$	10			1		$	(232	)		(23	)	$	734			79
Year ended December 31, 2021
Class 1	$	—			—		$	—	*		—	*	$	—			—		$	—	*		—	*
Class 1A		—			—			—	*		—	*		—			—			—	*		—	*
Class 2		—			—			—	*		—	*		—			—			—	*		—	*
Class 4		—	*		—	*		2			—	*		—	*		—	*		2			—	*
Total net increase	$	—	*		—	*	$	2			—	*	$	—	*		—	*	$	2			—	*
IS 2030 Fund
	Sales						Reinvestments of distributions						Repurchases						Net increase
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	—			—		$	1			—	*	$	—			—		$	1			—	*
Class 1A		—			—			1			—	*		—			—			1			—	*
Class 2		—			—			1			—	*		—			—			1			—	*
Class 4		309			30			18			2			(40	)		(4	)		287			28
Total net increase (decrease)	$	309			30		$	21			2		$	(40	)		(4	)	$	290			28
Year ended December 31, 2021
Class 1	$	—			—		$	—	*		—	*	$	—			—		$	—	*		—	*
Class 1A		—			—			—	*		—	*		—			—			—	*		—	*
Class 2		—			—			—	*		—	*		—			—			—	*		—	*
Class 4		188			16			3			—	*		(117	)		(10	)		74			6
Total net increase (decrease)	$	188			16		$	3			—	*	$	(117	)		(10	)	$	74			6

Refer to the end of the tables for footnote.

American Funds Insurance Series – Target Date Series 31

IS 2025 Fund
	Sales				Reinvestments of distributions						Repurchases						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	—		—	$	1			—	*	$	—			—		$	1			—	*
Class 1A		—		—		1			—	*		—			—			1			—	*
Class 2		—		—		1			—	*		—			—			1			—	*
Class 4		456		40		58			6			(66	)		(6	)		448			40
Total net increase (decrease)	$	456		40	$	61			6		$	(66	)		(6	)	$	451			40
Year ended December 31, 2021
Class 1	$	—		—	$	—	*		—	*	$	—			—		$	—	*		—	*
Class 1A		—		—		—	*		—	*		—			—			—	*		—	*
Class 2		—		—		—	*		—	*		—			—			—	*		—	*
Class 4		573		49		10			1			(34	)		(3	)		549			47
Total net increase (decrease)	$	573		49	$	10			1		$	(34	)		(3	)	$	549			47
IS 2020 Fund
	Sales				Reinvestments of distributions						Repurchases						Net increase
Share class		Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	—		—	$	1			—	*	$	—			—		$	1			—	*
Class 1A		—		—		1			—	*		—			—			1			—	*
Class 2		—		—		1			—	*		—			—			1			—	*
Class 4		57		5		130			13			(124	)		(11	)		63			7
Total net increase (decrease)	$	57		5	$	133			13		$	(124	)		(11	)	$	66			7
Year ended December 31, 2021
Class 1	$	—		—	$	—	*		—	*	$	—			—		$	—	*		—	*
Class 1A		—		—		—	*		—	*		—			—			—	*		—	*
Class 2		—		—		—	*		—	*		—			—			—	*		—	*
Class 4		2,214		190		22			2			(432	)		(38	)		1,804			154
Total net increase (decrease)	$	2,214		190	$	22			2		$	(432	)		(38	)	$	1,804			154
IS 2015 Fund
	Sales				Reinvestments of distributions						Repurchases						Net increase
Share class		Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	—		—	$	1			—	*	$	—			—		$	1			—	*
Class 1A		—		—		1			—	*		—			—			1			—	*
Class 2		—		—		1			—	*		—			—			1			—	*
Class 4		9,603		905		961			96			(1,133	)		(108	)		9,431			893
Total net increase (decrease)	$	9,603		905	$	964			96		$	(1,133	)		(108	)	$	9,434			893
Year ended December 31, 2021
Class 1	$	—		—	$	—	*		—	*	$	—			—		$	—	*		—	*
Class 1A		—		—		—	*		—	*		—			—			—	*		—	*
Class 2		—		—		—	*		—	*		—			—			—	*		—	*
Class 4		7,058		621		198			17			(1,029	)		(90	)		6,227			548
Total net increase (decrease)	$	7,058		621	$	198			17		$	(1,029	)		(90	)	$	6,227			548

Refer to the end of the tables for footnote.

32 American Funds Insurance Series – Target Date Series

IS 2010 Fund
	Sales				Reinvestments of distributions						Repurchases						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	—		—	$	1			—	*	$	—			—		$	1			—	*
Class 1A		—		—		—	*		—	*		—			—			—	*		—	*
Class 2		—		—		—	*		—	*		—			—			—	*		—	*
Class 4		163,223		15,214		13,384			1,321			(12,728	)		(1,232	)		163,879			15,303
Total net increase (decrease)	$	163,223		15,214	$	13,385			1,321		$	(12,728	)		(1,232	)	$	163,880			15,303
Year ended December 31, 2021
Class 1	$	—		—	$	—	*		—	*	$	—			—		$	—	*		—	*
Class 1A		—		—		—	*		—	*		—			—			—	*		—	*
Class 2		—		—		—	*		—	*		—			—			—	*		—	*
Class 4		175,669		15,529		2,239			195			(2,897	)		(259	)		175,011			15,465
Total net increase (decrease)	$	175,669		15,529	$	2,239			195		$	(2,897	)		(259	)	$	175,011			15,465

* Amount less than one thousand.

9. Investment transactions

Each fund engaged in purchases and sales of investment securities of affiliated issuers during the year ended December 31, 2022, as follows (dollars in thousands):

	IS 2035 Fund		IS 2030 Fund		IS 2025 Fund		IS 2020 Fund		IS 2015 Fund		IS 2010 Fund
Purchases of investment securities*	$	983	$	350	$	631	$	402	$	12,341	$	212,323
Sales of investment securities*		244		67		193		373		3,015		47,052

* Excludes short-term securities and U.S. government obligations, if any.

American Funds Insurance Series – Target Date Series 33

Financial highlights

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			expenses to average net assets before reimburse- ments3			expenses to average net assets after reimburse- ments3			Net effective expense ratio2,4,5			Ratio of net income to average net assets2
IS 2035 Fund
Class 1:
12/31/2022	$	12.93	$	.22	$	(2.35	)	$	(2.13	)	$	(.09	)	$	(.76	)	$	(.85	)	$	9.95		(16.33	)%	$	—	6		.03	%		.03	%		.37	%		2.04	%
12/31/2021		11.39		.17		1.58			1.75			(.10	)		(.11	)		(.21	)		12.93		15.46			—	6		4.86			.06			.40			1.40
12/31/2020		10.19		.15		1.43			1.58			(.12	)		(.26	)		(.38	)		11.39		16.03			—	6		46.43			.06			.42			1.52
12/31/20197,8		10.00		.08		.19			.27			(.08	)		—			(.08	)		10.19		2.70	9		—	6		—	9		—	9		.37	10		.75	9
Class 1A:
12/31/2022		12.93		.22		(2.35	)		(2.13	)		(.09	)		(.76	)		(.85	)		9.95		(16.33	)		—	6		.03			.03			.37			2.04
12/31/2021		11.38		.17		1.59			1.76			(.10	)		(.11	)		(.21	)		12.93		15.56			—	6		4.86			.06			.40			1.40
12/31/2020		10.19		.15		1.42			1.57			(.12	)		(.26	)		(.38	)		11.38		15.93			—	6		46.43			.06			.42			1.51
12/31/20197,8		10.00		.08		.19			.27			(.08	)		—			(.08	)		10.19		2.70	9		—	6		—	9		—	9		.37	10		.75	9
Class 2:
12/31/2022		12.93		.22		(2.35	)		(2.13	)		(.09	)		(.76	)		(.85	)		9.95		(16.33	)11		—	6		.03	11		.03	11		.37	11		2.04	11
12/31/2021		11.38		.17		1.59			1.76			(.10	)		(.11	)		(.21	)		12.93		15.56	11		—	6		4.86	11		.06	11		.40	11		1.40	11
12/31/2020		10.19		.15		1.42			1.57			(.12	)		(.26	)		(.38	)		11.38		15.93	11		—	6		46.43	11		.06	11		.42	11		1.51	11
12/31/20197,8		10.00		.08		.19			.27			(.08	)		—			(.08	)		10.19		2.70	9,11		—	6		—	9,11		—	9,11		.37	10,11		.75	9,11
Class 4:
12/31/2022		12.92		.28		(2.47	)		(2.19	)		(.07	)		(.76	)		(.83	)		9.90		(16.79	)		1			.50			.50			.84			2.70
12/31/2021		11.39		.12		1.58			1.70			(.06	)		(.11	)		(.17	)		12.92		14.99			—	6		5.31			.49			.83			.97
12/31/2020		10.19		.35		1.22			1.57			(.11	)		(.26	)		(.37	)		11.39		16.01			—	6		52.83			.18			.54			3.35
12/31/20197,8		10.00		.08		.19			.27			(.08	)		—			(.08	)		10.19		2.70	9		—	6		—	9		—	9		.37	10		.75	9
IS 2030 Fund
Class 1:
12/31/2022	$	12.41	$	.24	$	(2.04	)	$	(1.80	)	$	(.14	)	$	(.52	)	$	(.66	)	$	9.95		(14.44	)%	$	—	6		.04	%		.04	%		.36	%		2.29	%
12/31/2021		11.14		.19		1.27			1.46			(.12	)		(.07	)		(.19	)		12.41		13.07			—	6		2.53			.06			.38			1.59
12/31/2020		10.15		.17		1.16			1.33			(.13	)		(.21	)		(.34	)		11.14		13.41			—	6		45.36			.06			.41			1.71
12/31/20197,8		10.00		.07		.16			.23			(.08	)		—			(.08	)		10.15		2.28	9		—	6		—	9		—	9		.35	10		.69	9
Class 1A:
12/31/2022		12.41		.24		(2.04	)		(1.80	)		(.14	)		(.52	)		(.66	)		9.95		(14.44	)		—	6		.04			.04			.36			2.29
12/31/2021		11.14		.19		1.27			1.46			(.12	)		(.07	)		(.19	)		12.41		13.07			—	6		2.53			.06			.38			1.59
12/31/2020		10.15		.17		1.16			1.33			(.13	)		(.21	)		(.34	)		11.14		13.41			—	6		45.36			.06			.41			1.71
12/31/20197,8		10.00		.07		.16			.23			(.08	)		—			(.08	)		10.15		2.28	9		—	6		—	9		—	9		.35	10		.69	9
Class 2:
12/31/2022		12.41		.24		(2.04	)		(1.80	)		(.14	)		(.52	)		(.66	)		9.95		(14.44	)11		—	6		.04	11		.04	11		.36	11		2.29	11
12/31/2021		11.14		.19		1.27			1.46			(.12	)		(.07	)		(.19	)		12.41		13.07	11		—	6		2.53	11		.06	11		.38	11		1.59	11
12/31/2020		10.15		.17		1.16			1.33			(.13	)		(.21	)		(.34	)		11.14		13.41	11		—	6		45.36	11		.06	11		.41	11		1.72	11
12/31/20197,8		10.00		.07		.16			.23			(.08	)		—			(.08	)		10.15		2.28	9,11		—	6		—	9,11		—	9,11		.35	10,11		.69	9,11
Class 4:
12/31/2022		12.40		.25		(2.10	)		(1.85	)		(.11	)		(.52	)		(.63	)		9.92		(14.87	)		—	6		.52			.52			.84			2.38
12/31/2021		11.14		.13		1.27			1.40			(.07	)		(.07	)		(.14	)		12.40		12.55			—	6		2.93			.53			.85			1.10
12/31/2020		10.15		.46		.87			1.33			(.13	)		(.21	)		(.34	)		11.14		13.39			—	6		44.54			.25			.60			4.38
12/31/20197,8		10.00		.07		.16			.23			(.08	)		—			(.08	)		10.15		2.28	9		—	6		—	9		—	9		.35	10		.69	9

Refer to the end of the tables for footnotes.                      

34 American Funds Insurance Series – Target Date Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			expenses to average net assets before reimburse- ments3			expenses to average net assets after reimburse- ments3			Net effective expense ratio2,4,5			Ratio of net income to average net assets2
IS 2025 Fund
Class 1:
12/31/2022	$	12.27	$	.28	$	(1.87	)	$	(1.59	)	$	(.21	)	$	(.30	)	$	(.51	)	$	10.17		(12.87	)%	$	—	6		.04	%		.04	%		.35	%		2.63	%
12/31/2021		11.17		.21		1.06			1.27			(.09	)		(.08	)		(.17	)		12.27		11.42			—	6		1.26			.06			.37			1.77
12/31/2020		10.12		.19		1.10			1.29			(.19	)		(.05	)		(.24	)		11.17		12.75			—	6		20.72			.06			.38			1.85
12/31/20197,8		10.00		.07		.13			.20			(.08	)		—			(.08	)		10.12		1.98	9		—	6		—	9		—	9		.33	10		.66	9
Class 1A:
12/31/2022		12.27		.28		(1.87	)		(1.59	)		(.21	)		(.30	)		(.51	)		10.17		(12.87	)		—	6		.04			.04			.35			2.63
12/31/2021		11.17		.21		1.06			1.27			(.09	)		(.08	)		(.17	)		12.27		11.42			—	6		1.26			.06			.37			1.77
12/31/2020		10.12		.19		1.10			1.29			(.19	)		(.05	)		(.24	)		11.17		12.75			—	6		20.72			.06			.38			1.85
12/31/20197,8		10.00		.07		.13			.20			(.08	)		—			(.08	)		10.12		1.98	9		—	6		—	9		—	9		.33	10		.66	9
Class 2:
12/31/2022		12.27		.28		(1.87	)		(1.59	)		(.21	)		(.30	)		(.51	)		10.17		(12.87	)11		—	6		.04	11		.04	11		.35	11		2.63	11
12/31/2021		11.17		.21		1.06			1.27			(.09	)		(.08	)		(.17	)		12.27		11.42	11		—	6		1.26	11		.06	11		.37	11		1.77	11
12/31/2020		10.12		.19		1.10			1.29			(.19	)		(.05	)		(.24	)		11.17		12.75	11		—	6		20.72	11		.06	11		.38	11		1.85	11
12/31/20197,8		10.00		.07		.13			.20			(.08	)		—			(.08	)		10.12		1.98	9,11		—	6		—	9,11		—	9,11		.33	10,11		.66	9,11
Class 4:
12/31/2022		12.22		.24		(1.87	)		(1.63	)		(.16	)		(.30	)		(.46	)		10.13		(13.25	)		1			.54			.54			.85			2.21
12/31/2021		11.16		.18		1.02			1.20			(.06	)		(.08	)		(.14	)		12.22		10.77			1			1.35			.55			.86			1.48
12/31/2020		10.12		.20		1.06			1.26			(.17	)		(.05	)		(.22	)		11.16		12.42			1			7.44			.54			.86			1.93
12/31/20197,8		10.00		.07		.13			.20			(.08	)		—			(.08	)		10.12		1.98	9		—	6		—	9		—	9		.33	10		.66	9
IS 2020 Fund
Class 1:
12/31/2022	$	11.97	$	.31	$	(1.64	)	$	(1.33	)	$	(.27	)	$	(.31	)	$	(.58	)	$	10.06		(11.08	)%	$	—	6		.05	%		.05	%		.34	%		2.94	%
12/31/2021		10.94		.24		.93			1.17			(.09	)		(.05	)		(.14	)		11.97		10.68			—	6		.68			.06			.35			2.09
12/31/2020		10.09		.25		.81			1.06			(.19	)		(.02	)		(.21	)		10.94		10.52			—	6		14.67			.06			.36			2.41
12/31/20197,8		10.00		.07		.10			.17			(.08	)		—			(.08	)		10.09		1.68	9		—	6		—	9		—	9		.31	10		.65	9
Class 1A:
12/31/2022		11.97		.31		(1.64	)		(1.33	)		(.27	)		(.31	)		(.58	)		10.06		(11.08	)		—	6		.05			.05			.34			2.94
12/31/2021		10.95		.24		.92			1.16			(.09	)		(.05	)		(.14	)		11.97		10.58			—	6		.68			.06			.35			2.09
12/31/2020		10.09		.25		.82			1.07			(.19	)		(.02	)		(.21	)		10.95		10.62			—	6		14.67			.06			.36			2.41
12/31/20197,8		10.00		.07		.10			.17			(.08	)		—			(.08	)		10.09		1.68	9		—	6		—	9		—	9		.31	10		.65	9
Class 2:
12/31/2022		11.97		.31		(1.64	)		(1.33	)		(.27	)		(.31	)		(.58	)		10.06		(11.08	)11		—	6		.05	11		.05	11		.34	11		2.94	11
12/31/2021		10.94		.24		.93			1.17			(.09	)		(.05	)		(.14	)		11.97		10.68	11		—	6		.68	11		.06	11		.35	11		2.09	11
12/31/2020		10.09		.25		.81			1.06			(.19	)		(.02	)		(.21	)		10.94		10.52	11		—	6		14.67	11		.06	11		.36	11		2.41	11
12/31/20197,8		10.00		.07		.10			.17			(.08	)		—			(.08	)		10.09		1.68	9,11		—	6		—	9,11		—	9,11		.31	10,11		.65	9,11
Class 4:
12/31/2022		11.91		.26		(1.63	)		(1.37	)		(.22	)		(.31	)		(.53	)		10.01		(11.51	)		3			.55			.55			.84			2.42
12/31/2021		10.92		.23		.87			1.10			(.06	)		(.05	)		(.11	)		11.91		10.10			3			.94			.56			.85			1.96
12/31/2020		10.09		.29		.73			1.02			(.17	)		(.02	)		(.19	)		10.92		10.15			1			5.79			.54			.84			2.75
12/31/20197,8		10.00		.07		.10			.17			(.08	)		—			(.08	)		10.09		1.68	9		—	6		—	9		—	9		.31	10		.65	9

Refer to the end of the tables for footnotes.

American Funds Insurance Series – Target Date Series 35

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions																	Ratio of			Ratio of
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			expenses to average net assets before reimburse- ments3			expenses to average net assets after reimburse- ments3			Net effective expense ratio2,4,5			Ratio of net income to average net assets2
IS 2015 Fund
Class 1:
12/31/2022	$	11.79	$	.32	$	(1.52	)	$	(1.20	)	$	(.23	)	$	(.27	)	$	(.50	)	$	10.09		(10.13	)%	$	—	6		.04	%		.04	%		.33	%		3.03	%
12/31/2021		10.85		.25		.86			1.11			(.13	)		(.04	)		(.17	)		11.79		10.26			—	6		.12			.06			.34			2.16
12/31/2020		10.09		.76		.20			.96			(.20	)		—	12		(.20	)		10.85		9.62			—	6		7.60			.06			.35			7.46
12/31/20197,8		10.00		.07		.10			.17			(.08	)		—			(.08	)		10.09		1.69	9		—	6		—	9		—	9		.30	10		.65	9
Class 1A:
12/31/2022		11.79		.32		(1.53	)		(1.21	)		(.23	)		(.27	)		(.50	)		10.08		(10.13	)		—	6		.04			.04			.33			3.03
12/31/2021		10.85		.25		.86			1.11			(.13	)		(.04	)		(.17	)		11.79		10.26			—	6		.12			.06			.34			2.16
12/31/2020		10.09		.76		.20			.96			(.20	)		—	12		(.20	)		10.85		9.62			—	6		7.60			.06			.35			7.46
12/31/20197,8		10.00		.07		.10			.17			(.08	)		—			(.08	)		10.09		1.69	9		—	6		—	9		—	9		.30	10		.65	9
Class 2:
12/31/2022		11.79		.32		(1.53	)		(1.21	)		(.23	)		(.27	)		(.50	)		10.08		(10.13	)11		—	6		.04	11		.04	11		.33	11		3.03	11
12/31/2021		10.85		.25		.86			1.11			(.13	)		(.04	)		(.17	)		11.79		10.26	11		—	6		.12	11		.06	11		.34	11		2.16	11
12/31/2020		10.09		.76		.20			.96			(.20	)		—	12		(.20	)		10.85		9.62	11		—	6		7.60	11		.06	11		.35	11		7.46	11
12/31/20197,8		10.00		.07		.10			.17			(.08	)		—			(.08	)		10.09		1.69	9,11		—	6		—	9,11		—	9,11		.30	10,11		.65	9,11
Class 4:
12/31/2022		11.75		.29		(1.55	)		(1.26	)		(.18	)		(.27	)		(.45	)		10.04		(10.63	)		25			.54			.54			.83			2.71
12/31/2021		10.83		.20		.85			1.05			(.09	)		(.04	)		(.13	)		11.75		9.74			19			.62			.56			.84			1.76
12/31/2020		10.09		.27		.65			.92			(.18	)		—	12		(.18	)		10.83		9.20			12			.93			.56			.85			2.58
12/31/20197,8		10.00		.07		.10			.17			(.08	)		—			(.08	)		10.09		1.69	9		—	6		—	9		—	9		.30	10		.65	9
IS 2010 Fund
Class 1:
12/31/2022	$	11.63	$	.32	$	(1.38	)	$	(1.06	)	$	(.22	)	$	(.18	)	$	(.40	)	$	10.17		(9.15	)%	$	—	6		.04	%		.04	%		.32	%		3.00	%
12/31/2021		10.76		.23		.76			.99			(.09	)		(.03	)		(.12	)		11.63		9.28			—	6		.08			.06			.33			2.07
12/31/2020		10.08		.25		.65			.90			(.22	)		—	12		(.22	)		10.76		9.02			—	6		.10			.08			.37			2.51
12/31/20197,8		10.00		.06		.09			.15			(.07	)		—			(.07	)		10.08		1.54	9		—	6		—	9		—	9		.30	10		.62	9
Class 1A:
12/31/2022		11.63		.32		(1.38	)		(1.06	)		(.22	)		(.18	)		(.40	)		10.17		(9.15	)		—	6		.04			.04			.32			3.00
12/31/2021		10.76		.23		.76			.99			(.09	)		(.03	)		(.12	)		11.63		9.28			—	6		.08			.06			.33			2.07
12/31/2020		10.08		.26		.64			.90			(.22	)		—	12		(.22	)		10.76		9.02			—	6		.10			.08			.37			2.51
12/31/20197,8		10.00		.06		.09			.15			(.07	)		—			(.07	)		10.08		1.54	9		—	6		—	9		—	9		.30	10		.62	9
Class 2:
12/31/2022		11.63		.32		(1.38	)		(1.06	)		(.22	)		(.18	)		(.40	)		10.17		(9.15	)11		—	6		.04	11		.04	11		.32	11		3.00	11
12/31/2021		10.76		.23		.76			.99			(.09	)		(.03	)		(.12	)		11.63		9.28	11		—	6		.08	11		.06	11		.33	11		2.07	11
12/31/2020		10.08		.25		.65			.90			(.22	)		—	12		(.22	)		10.76		9.02	11		—	6		.10	11		.08	11		.37	11		2.51	11
12/31/20197,8		10.00		.06		.09			.15			(.07	)		—			(.07	)		10.08		1.54	9,11		—	6		—	9,11		—	9,11		.30	10,11		.62	9,11
Class 4:
12/31/2022		11.58		.28		(1.40	)		(1.12	)		(.17	)		(.18	)		(.35	)		10.11		(9.56	)		430			.55			.55			.83			2.67
12/31/2021		10.74		.20		.73			.93			(.06	)		(.03	)		(.09	)		11.58		8.75			315			.58			.56			.83			1.81
12/31/2020		10.08		.24		.62			.86			(.20	)		—	12		(.20	)		10.74		8.55			126			.55			.55			.84			2.36
12/31/20197,8		10.00		.06		.09			.15			(.07	)		—			(.07	)		10.08		1.54	9		—	6		—	9		—	9		.30	10		.62	9

Refer to the end of the tables for footnotes.

36 American Funds Insurance Series – Target Date Series

Financial highlights (continued)

	Year ended December 31,
Portfolio turnover rate for all share classes	2022		2021		2020		2019
IS 2035 Fund	88	%	18	%	48	%	—	%13
IS 2030 Fund	21		60		45		—	13
IS 2025 Fund	14		10		10		—	13
IS 2020 Fund	14		30		15		—	13
IS 2015 Fund	14		15		5		—	13
IS 2010 Fund	12		7		1		—	13

1	Based on average shares outstanding.
2	This column reflects the impact of certain reimbursements from CRMC. During some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for each of the funds. No expenses were accrued on any of the funds during the period December 6, 2019, commencement of operations, through December 31, 2019.
3	This column does not include expenses of the underlying funds in which each fund invests.
4	This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.
5	Unaudited.
6	Amount less than $1 million.
7	Based on operations for a period that is less than a full year.
8	For the period December 6, 2019, commencement of operations, through December 31, 2019.
9	Not annualized.
10	Annualized.
11	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
12	Amount less than $.01.
13	There was no turnover.

American Funds Insurance Series – Target Date Series 37

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of American Funds IS 2035 Target Date Fund, American Funds IS 2030 Target Date Fund, American Funds IS 2025 Target Date Fund, American Funds IS 2020 Target Date Fund, American Funds IS 2015 Target Date Fund and American Funds IS 2010 Target Date Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of American Funds IS 2035 Target Date Fund, American Funds IS 2030 Target Date Fund, American Funds IS 2025 Target Date Fund, American Funds IS 2020 Target Date Fund, American Funds IS 2015 Target Date Fund and American Funds IS 2010 Target Date Fund (six of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 17, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

38 American Funds Insurance Series – Target Date Series

Expense example unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Insurance Series – Target Date Series 39

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
IS 2035 Fund
Class 1 – actual return	$	1,000.00	$	1,021.08	$	.15		.03	%	$	1.88		.37	%
Class 1 – assumed 5% return		1,000.00		1,025.05		.15		.03			1.89		.37
Class 1A – actual return		1,000.00		1,021.08		.15		.03			1.88		.37
Class 1A – assumed 5% return		1,000.00		1,025.05		.15		.03			1.89		.37
Class 2 – actual return		1,000.00		1,021.08		.15		.03			1.88		.37
Class 2 – assumed 5% return		1,000.00		1,025.05		.15		.03			1.89		.37
Class 4 – actual return		1,000.00		1,018.58		2.59		.51			4.32		.85
Class 4 – assumed 5% return		1,000.00		1,022.63		2.60		.51			4.33		.85
IS 2030 Fund
Class 1 – actual return	$	1,000.00	$	1,015.39	$	.30		.06	%	$	1.93		.38	%
Class 1 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.94		.38
Class 1A – actual return		1,000.00		1,015.39		.30		.06			1.93		.38
Class 1A – assumed 5% return		1,000.00		1,024.90		.31		.06			1.94		.38
Class 2 – actual return		1,000.00		1,015.39		.30		.06			1.93		.38
Class 2 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.94		.38
Class 4 – actual return		1,000.00		1,013.00		2.74		.54			4.36		.86
Class 4 – assumed 5% return		1,000.00		1,022.48		2.75		.54			4.38		.86
IS 2025 Fund
Class 1 – actual return	$	1,000.00	$	1,011.23	$	.30		.06	%	$	1.88		.37	%
Class 1 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.89		.37
Class 1A – actual return		1,000.00		1,011.23		.30		.06			1.88		.37
Class 1A – assumed 5% return		1,000.00		1,024.90		.31		.06			1.89		.37
Class 2 – actual return		1,000.00		1,011.23		.30		.06			1.88		.37
Class 2 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.89		.37
Class 4 – actual return		1,000.00		1,008.18		2.78		.55			4.35		.86
Class 4 – assumed 5% return		1,000.00		1,022.43		2.80		.55			4.38		.86
IS 2020 Fund
Class 1 – actual return	$	1,000.00	$	1,010.11	$	.30		.06	%	$	1.77		.35	%
Class 1 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.79		.35
Class 1A – actual return		1,000.00		1,010.11		.30		.06			1.77		.35
Class 1A – assumed 5% return		1,000.00		1,024.90		.31		.06			1.79		.35
Class 2 – actual return		1,000.00		1,010.11		.30		.06			1.77		.35
Class 2 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.79		.35
Class 4 – actual return		1,000.00		1,007.75		2.83		.56			4.30		.85
Class 4 – assumed 5% return		1,000.00		1,022.38		2.85		.56			4.33		.85
IS 2015 Fund
Class 1 – actual return	$	1,000.00	$	1,010.09	$	.25		.05	%	$	1.72		.34	%
Class 1 – assumed 5% return		1,000.00		1,024.95		.26		.05			1.73		.34
Class 1A – actual return		1,000.00		1,010.09		.25		.05			1.72		.34
Class 1A – assumed 5% return		1,000.00		1,024.95		.26		.05			1.73		.34
Class 2 – actual return		1,000.00		1,010.09		.25		.05			1.72		.34
Class 2 – assumed 5% return		1,000.00		1,024.95		.26		.05			1.73		.34
Class 4 – actual return		1,000.00		1,007.60		2.83		.56			4.30		.85
Class 4 – assumed 5% return		1,000.00		1,022.38		2.85		.56			4.33		.85

Refer to the next page for footnotes.

40 American Funds Insurance Series – Target Date Series

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
IS 2010 Fund
Class 1 – actual return	$	1,000.00	$	1,007.44	$	.30		.06	%	$	1.72		.34	%
Class 1 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.73		.34
Class 1A – actual return		1,000.00		1,007.44		.30		.06			1.72		.34
Class 1A – assumed 5% return		1,000.00		1,024.90		.31		.06			1.73		.34
Class 2 – actual return		1,000.00		1,007.44		.30		.06			1.72		.34
Class 2 – assumed 5% return		1,000.00		1,024.90		.31		.06			1.73		.34
Class 4 – actual return		1,000.00		1,005.87		2.83		.56			4.25		.84
Class 4 – assumed 5% return		1,000.00		1,022.38		2.85		.56			4.28		.84

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

American Funds Insurance Series – Target Date Series 41

Liquidity Risk Management Program unaudited

The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

42 American Funds Insurance Series – Target Date Series

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the series2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Francisco G. Cigarroa, MD, 1957	2021	Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research	86	None
James G. Ellis, 1947	2010	Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California	96	Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	91	None
Jennifer C. Feikin, 1968	2022	Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents	97	Hertz Global Holdings, Inc.
Leslie Stone Heisz, 1961	2022	Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management	97	Edwards Lifesciences; Public Storage
Mary Davis Holt, 1950	2015–2016; 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	87	None
Merit E. Janow, 1958	2007	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	93	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2010	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center	91	None
Alexandra Trower, 1964	2018	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	86	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	86	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.
Interested trustees4,5
Name, year of birth and position with series	Year first elected a trustee or officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Donald D. O’Neal, 1960 Co-President and Trustee	1998	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company5	35	None
Michael C. Gitlin, 1970 Trustee	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.5	86	None

The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.

American Funds Insurance Series – Target Date Series 43

Other officers⁵

Name, year of birth and position with series	Year first elected an officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series
Alan N. Berro, 1960 Co-President	1998	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company5; Director, The Capital Group Companies, Inc.5
Maria Manotok, 1974 Principal Executive Officer	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.5; Senior Vice President, Secretary and Director, Capital Group Companies Global5; Senior Vice President, Secretary and Director, Capital Group International, Inc.5
Michael W. Stockton, 1967 Executive Vice President	2021	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Patrice Collette, 1967 Senior Vice President	2022	Partner — Capital World Investors, Capital International, Inc.5
Peter Eliot, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company
Irfan M. Furniturewala, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company
Sung Lee, 1966 Senior Vice President	2008	Partner — Capital Research Global Investors, Capital International, Inc.5; Director, The Capital Group Companies, Inc.5
Keiko McKibben, 1969 Senior Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company
Carlos A. Schonfeld, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited5
Alan J. Wilson, 1961 Senior Vice President	2022	Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Steven I. Koszalka, 1964 Secretary	2003	Vice President — Fund Business Management Group, Capital Research and Management Company
Gregory F. Niland, 1971 Treasurer	2008	Vice President — Investment Operations, Capital Research and Management Company
Susan K. Countess, 1966 Assistant Secretary	2014	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2015	Senior Vice President — Investment Operations, Capital Research and Management Company

1	The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940.
2	Trustees and officers of the series serve until their resignation, removal or retirement.
3	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
4	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).
5	Company affiliated with Capital Research and Management Company.

44 American Funds Insurance Series – Target Date Series

Office of the series

333 South Hope Street

Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

Counsel

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“Proxy Voting Guidelines for American Funds Insurance Series — Target Date Series” — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

American Funds Insurance Series — Target Date Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of American Funds Insurance Series — Target Date Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series — Target Date Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^TM — has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds Insurance Series’ superior outcomes

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.² Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.⁴

	1	Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022.
	2	Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.
	3	Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	4	Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

(b)        Not applicable.

Item 2.  Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions (the “Code of Ethics”). During the period covered by this report, no material amendments were made to the provisions of the Code of Ethics, nor did the registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

Item 3.  Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Robert J. Boulware, Susan C. Gause, Nancy Hawthorne, and Dawn M. Vroegop have each been determined to be an “audit committee financial expert” and each is “independent” (as each term is defined in Item 3 of Form N-CSR).

Item 4.  Principal Accountant Fees and Services.

Information provided in response to Item 4 includes amounts billed during the applicable time period for services rendered by Deloitte & Touche LLP (“Deloitte”), the registrant’s principal accountant.

(a)        Audit Fees

The aggregate fees billed for professional services rendered by Deloitte for the audit of the registrant’s annual financial statements and for services that are normally provided by Deloitte in connection with statutory and regulatory filings for the fiscal years ended December 31, 2021 and December 31, 2022 were $2,568,503 and $2,575,395, respectively.

(b)        Audit-Related Fees

During the fiscal years ended December 31, 2021 and December 31, 2022, Deloitte billed $84,910 and $88,299, respectively, for assurance and related services that relate directly to the operations and financial reporting of the registrant, the registrant’s investment adviser or any other entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant. Represent fees for services rendered to the registrant for 17f-2 security count procedures for select portfolios for the years ended December 31, 2021 and 2022.

(c)        Tax Fees

The aggregate fees billed for professional services rendered by Deloitte for tax compliance, tax advice and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended December 31, 2021 and December 31, 2022 were $297,143 and $311,570, respectively. Represent fees for services rendered to the registrant for review of tax returns for the fiscal years ended December 31, 2021 and December 31, 2022.

During the fiscal years ended December 31, 2021 and December 31, 2022, no fees for tax compliance, tax advice or tax planning services that relate directly to the operations and financial reporting of the registrant were billed by Deloitte to the registrant’s investment adviser or any other entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant.

(d)        All Other Fees

The registrant was not billed for any other products or services provided by Deloitte for the fiscal years ended December 31, 2021 and December 31, 2022 other than the services reported in paragraphs (a) through (c) above.

During the fiscal years ended December 31, 2021 and December 31, 2022, no fees for other products or services that relate directly to the operations and financial reporting of the registrant, other than the services reported in paragraphs (a) through (c) above, were billed by Deloitte to the registrant’s investment adviser or any other entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant.

(e)(1)        The registrant’s Audit Committee has established pre-approval procedures pursuant to paragraph (c)(7)(i)(B) of Rule 2-01 of Regulation S-X, which include regular pre-approval procedures and interim pre-approval procedures. Under the regular pre-approval procedures, the Audit Committee pre-approves at its regularly scheduled meetings audit and non-audit services that are required to be pre-approved under paragraph (c)(7) of Rule 2-01 of Regulation S-X. Under the interim pre-approval procedures, any member of the Audit Committee who is an independent Trustee is authorized to pre-approve proposed services that arise between regularly scheduled Audit Committee meetings and that need to commence prior to the next regularly scheduled Audit Committee meeting. Such Audit Committee member must report to the Audit Committee at its next regularly scheduled meeting on the pre-approval decision.

(2)        Not applicable.

(f)        Not applicable.

(g)        The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and adviser affiliates that provide ongoing services to the registrant for 2021 and 2022 were $142,033 and $43,280, respectively.

(h)        The Audit Committee of the registrant’s Board of Trustees considered the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services are compatible with maintaining the principal accountant’s independence.

(i)        Not applicable.

(j)        Not applicable.

Item 5.  Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)        Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b)        Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

The registrant does not have procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.  Controls and Procedures.

(a)        The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)        There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)        Not applicable.

(b)        Not applicable.

Item 13.  Exhibits

(a)(1)   Code of Ethics is attached hereto.

(a)(2)    The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3)   Not applicable.

(a)(4)   Not applicable.

(b)(1)    The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(b)(2)   The certification required under Section  906 of the Sarbanes-Oxley Act of 2002, regarding American Funds Growth Portfolio, a series of the Trust, by American Funds Insurance Series, is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BRIGHTHOUSE FUNDS TRUST I

By:	/s/ Kristi Slavin
	Kristi Slavin
	President and Chief Executive Officer
Date:	March 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kristi Slavin
	Kristi Slavin
	President and Chief Executive Officer
Date:	March 6, 2023

By:	/s/ Alan R. Otis
	Alan R. Otis
	Chief Financial Officer and Treasurer
Date:	March 6, 2023